AN2 Therapeutics (ANTX) Q4 2025 earnings summary

Executive summary

• Advanced oral epetraborole into Phase 2 for polycythemia vera, with trial initiation expected in 3Q26 and data readouts as early as 4Q26 and throughout 2027.

• Phase 2 investigator-initiated trial of epetraborole in M. abscessus complex lung disease to begin enrollment in 1Q26, topline results anticipated late 2027.

• Chagas disease program progressing, with Phase 1 trial of AN2-502998 nearing completion and Phase 2 proof-of-concept study planned for 2026 pending results.

• Two boron-based oncology compounds expected to enter development in 2026.

• March 2026 private placement extends cash runway into 2029.

Financial highlights

• Full year 2025 R&D expenses were $24.8M, down from $40.5M in 2024; Q4 2025 R&D expenses were $6.9M, up from $5.4M in Q4 2024.

• Full year 2025 G&A expenses were $13.3M, down from $14.1M in 2024; Q4 2025 G&A expenses were $2.4M, down from $3.2M in Q4 2024.

• No restructuring charges in 2025; 2024 full year restructuring charges were $2.2M.

• Interest income for 2025 was $2.9M, down from $5.5M in 2024.

• Net loss for 2025 was $35.2M, improved from $51.3M in 2024; Q4 2025 net loss was $8.7M, compared to $7.5M in Q4 2024.

• Cash, cash equivalents, and investments totaled $60.0M at year-end 2025.

Outlook and guidance

• Three Phase 2 studies expected to initiate in 2026: polycythemia vera, M. abscessus lung disease, and Chagas disease.

• Initial clinical data from Chagas disease Phase 1 trial expected in 1Q26; Phase 2 to follow pending results.

• Oncology pipeline to advance two candidates into development in 2026.

• Cash runway projected to sustain operations into 2029 under current plan.