AN2 Therapeutics (ANTX) Evercore ISI 8th Annual HealthCONx Conference summary

Strategic pivots and pipeline evolution

• Major transition in 2025 following a phase III readout for epetraborole in NTM lung disease, leading to a shift in focus and learnings for future NTM strategies.

• Expanded therapeutic focus to oncology in 2024, leveraging boron chemistry platform.

• Entered the clinic with a novel compound for Chagas disease and exploring additional opportunities.

• Cash runway extends into early 2028, supporting a compact team and multiple programs.

Oncology program highlights

• Two lead oncology assets: ENPP1 inhibitor (innate immune response, tumor microenvironment) and PI3K alpha inhibitor (pan mutant, wild-type sparing, high selectivity).

• Boron chemistry enables highly potent, selective compounds with favorable PK profiles.

• ENPP1 program shows synergy with checkpoint inhibitors and DNA-damaging agents.

• PI3K compound demonstrates superior selectivity margins compared to competitors.

• Preclinical phase expected to last 6–9 months, with clinical entry anticipated soon.

Infectious disease pipeline and priorities

• Abscessus program (NTM lung disease) targets a $1B+ US market with no FDA-approved drugs; oral agent epetraborole moving toward NDA filing.

• Chagas disease program features a novel, 100% curative compound in non-human primates; phase I well underway, with phase II planned.

• Melioidosis program addresses a high-mortality infection, eligible for non-dilutive funding and PRV.

• Abscessus trial is a significant, investigator-led 90-patient study supporting phase III initiation.