AN2 Therapeutics (ANTX) investor relations material

Executive summary

• Focused on developing novel small molecule therapeutics, with three Phase 2 studies expected to be active in 2026 and two preclinical candidates advancing in the pipeline.

• Advanced oral epetraborole program for polycythemia vera toward Phase 2, with trial initiation planned for Q3 2026 and data readouts expected from Q4 2026 through 2027.

• Commenced Phase 2 investigator-initiated trial of epetraborole for M. abscessus lung disease, with topline results anticipated in late 2027.

• Completed dosing in Phase 1 trial for AN2-502998 (Chagas disease); Phase 1 and non-human primate data expected in Q2 2026, with Phase 2 study planned for later in 2026.

• Declared ENPP1 candidate for solid tumors, transitioning from early research to development.

Financial highlights

• Net loss was $10.0 million for Q1 2026, compared to $10.6 million in Q1 2025.

• Total operating expenses decreased 9% year-over-year to $10.6 million, driven by lower R&D costs.

• R&D expenses for Q1 2026 were $6.7M, down from $7.7M in Q1 2025, mainly due to lower CMC and license fees, partially offset by higher personnel and clinical trial costs.

• Cash, cash equivalents, and investments totaled $85.3 million as of March 31, 2026, bolstered by a $40M private placement in March 2026.

• Net cash used in operating activities was $12.1 million for Q1 2026.

Outlook and guidance

• Plans to advance three programs into Phase 2 development in 2026.

• Multiple data readouts expected within the current cash runway, which is projected to last into 2029.

• Anticipates increased operating expenses as clinical and preclinical programs advance.