Annovis Bio — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and cash equivalents totaled $2.8 million as of September 30, 2026, a decrease from $19.5 million as of December 31, 2025.
• Research and development expenses for the three months ended September 30, 2026, were $15.8 million, compared to $6.3 million for the same period in 2025.
• General and administrative expenses for the three months ended September 30, 2026, were $1.2 million, compared to $1.1 million for the same period in 2025.
• Net loss per common share was $0.22 (basic and diluted) for the three months ended September 30, 2026, compared to $0.37 for the same period in 2025.
• Total operating expenses for the nine months ended September 30, 2026, were $49.4 million, compared to $20.0 million for the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $41.9 million, compared to $19.0 million for the same period in 2025.
• Total liabilities increased to $18.7 million as of September 30, 2026, from $4.2 million as of December 31, 2025, driven by a warrant liability increase to $12.5 million from $0.6 million.
• Stockholders' equity shifted to a deficit of $13.2 million as of September 30, 2026, from equity of $16.9 million as of December 31, 2025.

Guidance and Future Outlook:

• The company expects to fund operations through the 6-month data readout from the DUET-AD study using proceeds from a recent public offering.
• The company plans to present 6-month data from the DUET-AD study at the AD/PD 2027 conference in Barcelona.
• The company aims to prepare a significant portion of the New Drug Application (NDA) for buntanetap before the 6-month data readout from DUET-AD.

Business Segments and Product Lines:

• DUET-AD (Alzheimer's Disease): The pivotal Phase 3 trial is fully enrolled with 862 patients who have early AD and are positive for the plasma biomarker pTau217. The study features two prespecified data readouts at 6 months (symptomatic) and 18 months (disease-modifying).
• OLE-AD (Alzheimer's Disease): The open-label extension study is expected to begin patient rollover from DUET-AD by the end of November 2026, accepting patients from both buntanetap and placebo arms, as well as participants from prior AD trials.
• OLE-PD (Parkinson's Disease): The open-label extension study has enrolled 326 patients, including new patients with deep brain stimulation (DBS) and participants from prior trials. Enrollment is scheduled to close on January 29, 2027. The study evaluates safety and long-term efficacy over 36 months using NeuroRPM and a skin biopsy test for alpha-synuclein pathology.
• Weave Bio Partnership: In September, the company announced a partnership with Weave Bio, an AI platform, to support regulatory content and knowledge management for the planned NDA.

Market and Competitive Landscape:

• Annovis is a Phase 3 clinical-stage biotechnology company developing buntanetap, an investigational oral therapy for neurodegenerative diseases including Alzheimer's and Parkinson's.
• The company will deliver three presentations at the CTAD 2026 conference regarding proteostasis targeting, DUET-AD design, and AI for assessing blood-brain barrier permeability.
• Management will participate in a panel at U.S. Biotech Day 2026 alongside leaders from Pfizer, Merck, and Bristol Myers Squibb to discuss the translational path of small-molecule innovations.

Risks and Challenges:

• The press release notes that actual results may differ due to various risks and uncertainties, including those outlined in the Company's SEC filings under "Risk Factors" in its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
• The company has accumulated a deficit of $205.6 million as of September 30, 2026.

Management Commentary and Tone:

• CEO Maria Maccecchini stated that the third quarter marked a shift from enrolling patients in DUET-AD to executing the trial and preparing for the first data readout and NDA filing.
• Management expressed confidence in having dates set for the last patient visit, database lock, and financing in place to carry the company through topline results in March 2027.
• The CEO emphasized that the team is working hard to deliver clean data and an on-time readout.

Other Key Points:

• On November 6, 2026, Annovis closed an underwritten public offering with gross proceeds of approximately $21.0 million.
• The Chairman of the Board contributed $5.0 million as part of the public offering.
• The last patient, last visit of the 6-month treatment period in the DUET-AD study is scheduled for December 31, 2026, with database lock on February 8, 2027, and data readout in March 2027.
• There were 42.7 million shares of common stock outstanding as of September 30, 2026.
• A corporate update webinar and live Q&A were hosted on September 2, 2026.