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Business Wire
6 days ago
- Business
- Business Wire
AN2 Therapeutics Reports Second Quarter 2025 Financial Results and Recent Business and Scientific Highlights
MENLO PARK, Calif.--(BUSINESS WIRE)--AN2 Therapeutics, Inc. (Nasdaq: ANTX), a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics derived from its boron chemistry platform, today reported financial results for the second quarter ended June 30, 2025. 'We saw continued momentum this quarter across our boron chemistry pipeline as we look to develop high-impact drugs that address serious and overlooked conditions. In our Chagas disease program, we recently dosed the first Phase 1 cohort and announced a collaboration with the Drugs for Neglected Diseases initiative that will rapidly advance preparations for our Phase 2 study and allow us to maintain critical investments in our other programs. In melioidosis, observational data shared this quarter underscore the acute lethality of this potential biothreat, emphasizing its potential danger to homeland security and to U.S. troops serving abroad. And in NTM, we presented preclinical data highlighting the therapeutic potential of epetraborole as a once daily oral treatment against M. abscessus, a disease with an 8-year all-cause mortality rate of 45% and burdensome IV treatments that are not FDA approved for the disease. We are actively exploring plans to initiate a proof-of-concept trial in M. abscessus and will provide an update in the coming months,' said Eric Easom, Co-Founder, Chairman, President, and CEO of AN2 Therapeutics. Easom continued: 'We are also excited about recent progress in our two oncology programs generated from our boron chemistry platform, where we expect to have two development candidates within the next 12 months—a 3rd generation wild-type sparing, pan mutant-inhibitor of PI3Kα and an ENPP1 inhibitor. We see ENPP1 as an emerging immuno-oncology target with significant market potential due to its ability to enable the host immune system by turning 'cold' tumors 'hot' and halt tumor metastasis. We believe boron chemistry may offer potential competitive advantages against these targets.' Second Quarter & Recent Business Updates: Chagas Disease Commenced dosing in Phase 1 FIH clinical trial of oral AN2-502998 In August, the Company announced that it has completed dosing the first single ascending dose cohort in a Phase 1 first in human clinical trial evaluating the safety, tolerability, and pharmacokinetics of oral AN2-502998 in healthy volunteers. Oral AN2-502998 is under development for chronic Chagas disease, an infectious disease caused by the parasite Trypanosoma cruzi (T. cruzi), which affects an estimated 6-7 million people worldwide, including approximately 300,000 in the U.S. and over 100,000 in Europe. Parallel planning for a Phase 2 proof-of-concept study in patients with chronic Chagas disease is underway, and the Company expects to initiate this Phase 2 study in 2026. There are no FDA approved treatments for adults with chronic Chagas disease. The Company estimates peak annual sales potential of $1 billion, and priority review voucher eligibility if approved. Collaboration with DNDi for AN2-502998 clinical development in chronic Chagas disease In July 2025, the Company announced a collaboration with the Drugs for Neglected Diseases initiative (DNDi) to advance the clinical development of AN2's oral drug candidate AN2-502998. The collaboration provides AN2 with access to DNDi's extensive clinical trial network and expertise in Chagas disease to rapidly advance Phase 2 planning. The operational efficiencies generated from this collaboration will allow the Company to conduct a cost-efficient Phase 2 trial and preserve capital for other critical pipeline programs. Melioidosis Reported key findings from 200-patient observational study Melioidosis is a highly lethal bacterial infection caused by Burkholderia pseudomallei and is recognized by the Centers for Disease Control and Prevention (CDC) as a bioterrorism agent, underscoring its potential use as a biological weapon and its ability to cause severe disease in civilian and military populations. It is endemic in warm tropical regions of the world including areas of the Mississippi Gulf Coast, Puerto Rico and the U.S. Virgin Islands and is a Nationally Notifiable Disease, designated by the CDC for monitoring, controlling and preventing serious U.S. public health disease. In June, the Company announced key insights from its 200-patient observational study in acute melioidosis. Data from the study will inform and help optimize the design of a Phase 2 trial. The study, conducted in acute hospital settings, evaluated patients receiving standard of care antibiotics, IV meropenem or ceftazidime, tracking patients while in hospital and at 28 and 90 days. A death rate of nearly 40% (by day 90) was observed among confirmed melioidosis cases. Principal investigators observed that approximately 25% of screened patients died in the short period (~3-4 days) before a definitive diagnosis of infection was confirmed and enrollment completed. These deaths were not included in the topline mortality rate. These mortality findings highlight the serious impact of melioidosis - even with current standard of care treatment - the threat it poses as a potential bioterrorism agent, and the critical need for better treatment options. Discussions are underway with the U.S. government to fund Phase 2 development of epetraborole in acute melioidosis. If approved for the treatment of melioidosis, the Company plans to seek a priority review voucher (through the medical countermeasure pathway) and could generate revenue from U.S. and other governmental stockpiling, as well as from use as treatment in disease-endemic countries, including the U.S. Nontuberculous Mycobacteria (NTM) Lung Disease Caused by M. abscessus Presented data demonstrating epetraborole's potent in vitro and in vivo activity in M. abscessus at the Nontuberculous Mycobacteria Conference at Colorado State University In May 2025, the Company presented a poster at the Nontuberculous Mycobacteria Conference at the Colorado State University highlighting epetraborole's potent in vivo activity against M. abscessus. The compound demonstrated an MIC90 that is 256-fold more potent than what was observed in the Phase 2/3 treatment-refractory NTM MAC study, reinforcing its potential as a candidate for this high-mortality condition. M. abscessus has an estimated all-cause 8-year mortality of 45% and current treatments involve burdensome IV therapies that lack FDA approval for the condition. The Company is evaluating the potential for a proof-of-concept study in M. abscessus and will provide an update on further development in the coming months. Boron Chemistry Pipeline Continuing to advance boron chemistry compounds in oncology The Company is pursuing a number of oncology targets where we believe boron chemistry offers a competitive advantage in terms of binding-site differentiation, pharmacodynamics, drug-like properties and IP, including initially ENPP1 and PI3Kα. The unique binding modes of boron-containing compounds enable the discovery of inhibitors with high ligand efficiency against targets considered undruggable or difficult to access with traditional chemistry approaches. Boron chemistry has produced first-in-class molecules against a number of targets including CPSF3 (AN2-502998 and acoziborole) and LeuRS (epetraborole, ganfeborole and tavaborole) as well as other important FDA-approved molecules including Velcade for oncology and multiple recent beta lactamase inhibitors to address multi-drug resistant bacteria. The Company has discovered preclinical compounds with profiles that are sub-nanomolar, highly selective and have excellent oral pharmacokinetics. The Company anticipates advancing the first oncology compound into development later this year with potential clinical proof of concept data within the Company's current cash runway. The Company expects to advance its second oncology compound into development in the first half of 2026. Global Health Through non-dilutive funding, the Company continues its efforts to tackle global health diseases, including tuberculosis and malaria, with projects that are currently funded by a grant from the Gates Foundation. Selected Second Quarter Financial Results Research and Development (R&D) Expenses: R&D expenses for the second quarter of 2025 were $3.2 million, compared to $12.1 million for the same period during 2024 due to decreased clinical trial expenses, chemistry manufacturing and controls expenses, personnel-related expenses, consulting and outside services and other expenses, primarily related to termination of the EBO-301 clinical study and corporate restructuring activities in August 2024, partially offset by increases in preclinical and research studies and expenses related to start-up activities of the Phase 1 trial in Chagas disease. General and Administrative (G&A) Expenses: G&A expenses for the second quarter of 2025 were $4.0 million, compared to $3.7 million for the same period during 2024 due to increased professional and outside services expenses. Interest Income: Interest income for the second quarter of 2025 was $0.8 million, compared to $1.4 million for the same period in 2024 due to lower cash, cash equivalents and investment balances and lower interest rates in 2025 as compared to 2024. Net loss: Net loss for the second quarter of 2025 was $6.5 million, compared to $14.4 million for the same period during 2024. Cash Position: The Company had cash, cash equivalents and investments of $71.2 million at June 30, 2025. The Company projects that existing cash, cash equivalents and investments will sustain operations into 2028 under the current operating plan. About AN2 Therapeutics, Inc. AN2 Therapeutics, Inc. is a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics derived from its boron chemistry platform. AN2 has a pipeline of boron-based compounds in development for Chagas disease, melioidosis, and NTM lung disease caused by M. abscessus, along with programs focused on targets in oncology and infectious diseases. We are committed to delivering high-impact drugs to patients that address critical unmet needs and improve health outcomes. For more information, please visit our website at Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding: the potential and competitive advantage of the Company's boron chemistry platform; high-impact nature of the Company's clinical programs; the Company's approach to capital allocation and the availability of and plans to use non-dilutive funding, including the possibility that the U.S. government will not fund the Phase 2 and other future melioidosis trials; expectations regarding the Company's clinical trials, including initiation, enrollment, conduct and the timing of data and related announcements; the ability of non-human primate models to de-risk translation to human efficacy; market and sales potential; priority review voucher eligibility and registrational pathways; cash runway; continued global health programs; and other statements that are not historical fact. These statements are based on AN2's current estimates, expectations, plans, objectives and intentions, are not guarantees of future performance and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but are not limited to, risks and uncertainties related to: AN2's ability to implement its plans for its internal boron chemistry platform and pipeline programs; timely enrollment of patients in AN2's clinical trials; disruptions at the FDA and other government agencies caused by funding shortages, staff reductions and statutory, regulatory and policy changes; AN2's ability to procure sufficient supply of its product candidates for its clinical trials; the potential for results from clinical trials to differ from preclinical, early clinical, preliminary or expected results, the ability of particular preclinical models in non-human primates to predict safety and efficacy in humans; significant adverse events, toxicities or other undesirable side effects associated with AN2's product candidates; the significant uncertainty associated with AN2's product candidates ever receiving any regulatory approvals; continued government funding of AN2's development program for melioidosis; AN2's ability to obtain, maintain or protect intellectual property rights related to its current and future product candidates; implementation of AN2's strategic plans for its business and product candidates; the sufficiency of AN2's capital resources and need for additional capital to achieve its goals; global macroeconomic conditions and global conflicts and other risks, including those described under the heading 'Risk Factors' in AN2's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the U.S. Securities and Exchange Commission (SEC). These filings, when made, are available on the investor relations section of AN2's website at and on the SEC's website at Forward-looking statements contained in this press release are made as of this date, and AN2 undertakes no duty to update such information except as required under applicable law. AN2 THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands) June 30, 2025 (unaudited) December 31, 2024 Assets Current assets: Cash and cash equivalents $ 18,220 $ 21,351 Short-term investments 44,696 62,267 Prepaid expenses and other current assets 4,608 2,644 Long-term investments 8,301 5,021 Other assets, long-term — 804 Total assets $ 75,825 $ 92,087 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 2,113 $ 3,317 Other current liabilities 4,870 6,921 Total liabilities 6,983 10,238 Stockholders' equity 68,842 81,849 Total liabilities and stockholders' equity $ 75,825 $ 92,087 Expand
Business Wire
30-06-2025
- Business
- Business Wire
AN2 Therapeutics Reports Key Insights from 200-Patient Observational Study in Acute Melioidosis, Laying Groundwork for Phase 2 Proof-of-Concept Trial of Epetraborole
MENLO PARK, Calif.--(BUSINESS WIRE)--AN2 Therapeutics, Inc. (Nasdaq: ANTX), a clinical-stage biopharmaceutical company developing novel small molecule therapeutics derived from its boron chemistry platform, today announced the completion of a 200-patient observational study in acute melioidosis, a highly lethal bacterial infection and recognized biothreat. The study, conducted under real-world conditions in acute hospital settings, evaluated patients receiving the current standard of care (SoC): IV meropenem or ceftazidime. Completed under a contract funded entirely by the National Institutes of Health, the study was completed in just 11 months across three sites in acute melioidosis-endemic regions, demonstrating efficient enrollment and strong site engagement. The study generated an important follow-up dataset for patients treated for acute melioidosis with current standard of care antibiotics, tracking patients for over 90 days. The results revealed a striking mortality rate of nearly 40% (by Day 90) among confirmed melioidosis cases. Principal Investigators observed that approximately 25% of screened patients died in the short period (~3-4 days) before a definitive diagnosis of infection with the causative pathogen (Burkholderia pseudomallei) was confirmed and were not included in the topline mortality rate. These mortality findings highlight the serious impact of melioidosis, the critical importance of early detection and the urgent need for more effective treatment options. 'The study represents a critical step in our mission to transform outcomes for patients with melioidosis,' said Eric Easom, Co-founder, Chairman, President and CEO of AN2 Therapeutics. 'It has given us a much deeper understanding of the patient population, clarified enrollment criteria, and provided the insights needed to design a Phase 2 proof-of-concept trial with the greatest chance of success. The data underscore the devastating impact of melioidosis and the limitations of current therapies, even under best-of-care conditions. We believe epetraborole has the potential to significantly reduce mortality when added to standard treatment. These findings will directly support our planned IND submission, and we look forward to initiating our Phase 2 trial later this year to address this urgent and unmet medical and biodefense need.' Easom continued,'AN2 recognizes and greatly acknowledges the invaluable contribution of all the organizations involved in the study, especially the University of Oxford, MORU (Mahidol Oxford Tropical Medicine Research Unit) and LOMWRU (Lao-Oxford-Mahosot Hospital-Wellcome Trust Research Unit), together with the hospital sites and the patient participants and their families, for enabling this valuable data to be documented in the battle against this disease.' Due to its high mortality and ease of environmental acquisition, B. pseudomallei is classified as a high priority biothreat agent. If approved for the treatment of acute melioidosis, the Company would seek a priority review voucher and could generate revenue from U.S. and other government stockpiling, as well as from use as a treatment in disease endemic countries, including the U.S. About Melioidosis Melioidosis is estimated to cause over 200,000 cases globally each year; the disease-causing pathogen is mostly found in tropical climates, especially in Southeast Asia and northern Australia, where it causes widespread melioidosis. In the United States, B. pseudomallei occurs in Puerto Rico, the U.S. Virgin Islands, and the Gulf Coast area of the state of Mississippi. Funding This project was funded in whole with Federal funds from the National Institute of Allergy and Infectious Diseases, National Institutes of Health, Department of Health and Human Services, under Contract No. 75N93022C00059. About AN2 Therapeutics AN2 Therapeutics, Inc. is a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics derived from its boron chemistry platform. AN2 has a pipeline of boron-based compounds in development for Chagas disease, melioidosis, and NTM lung disease caused by M. abscessus, along with early-stage programs focused on targets in infectious diseases and oncology. We are committed to delivering high-impact drugs to patients that address critical unmet needs and improve health outcomes. For more information, please visit our website at Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding: AN2's plans to transform melioidosis treatment for patients; the design, execution, and outcome of a potential Phase 2 proof of concept trial in melioidosis; epetraborole's potential to treat melioidosis; the impact of melioidosis and efficacy of current standard-of-care treatments; and the ability to obtain a priority review voucher upon potential FDA approval in melioidosis. These statements are based on AN2's current estimates, expectations, plans, objectives and intentions, are not guarantees of future performance and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but are not limited to, risks and uncertainties related to: AN2's ability to conduct Phase 2 and future trials in melioidosis; the continued availability of non-dilutive funding, including U.S. federal government funding, to support future development; timely enrollment of patients in AN2's clinical trials; disruptions at the FDA and other government agencies caused by funding shortages, staff reductions and statutory, regulatory and policy changes; AN2's ability to procure sufficient supply of its product candidates for its clinical trials; the potential for results from clinical trials to differ from preclinical, early clinical, preliminary or expected results, significant adverse events, toxicities or other undesirable side effects associated with AN2's product candidates; the significant uncertainty associated with AN2's product candidates ever receiving any regulatory approvals; AN2's ability to obtain, maintain or protect intellectual property rights related to its current and future product candidates; the sufficiency of AN2's capital resources and need for additional capital to achieve its goals; global macroeconomic conditions and global conflicts and other risks, including those described under the heading 'Risk Factors' in AN2's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the U.S. Securities and Exchange Commission (SEC). These filings, when made, are available on the investor relations section of AN2's website at and on the SEC's website at Forward-looking statements contained in this press release are made as of this date, and AN2 undertakes no duty to update such information except as required under applicable law.
Yahoo
15-03-2025
- Business
- Yahoo
Outgoing Victoria Centre Market trader slams 'disgusting' treatment of businesses as closure looms
An outgoing trader at the Victoria Centre Market has slammed the "disgusting" way in which his fellow businesses have been treated as the site nears its end. The group of around 20 remaining traders at the market, which has operated since 1971, are all set to be out by March 31 as some consider legal action against Nottingham City Council. John Easom, who has run the Gold Bank Jewellers in the market for nine years, has secured new premises and will be leaving in mid-March. Mr Easom said: "I think the way the traders are being treated is just disgusting. I've heard that at the end of February, they went round and said everyone will be out by March 31st. "They originally said they were going to help traders find new premises, but there's been none of that. They've put eviction notices on some traders and I've heard some of them are taking legal action." READ MORE: Long-awaited Nottingham Debenhams plans yet to be revealed amid silence over site's future READ MORE: Suspect, 19, charged after hundreds of cannabis plants found by police Nottinghamshire Live previously reported that a small group of remaining traders were considering legal action against the city council over the closure. The council has previously confirmed that eviction notices have been served against some traders due to rent arrears. Traders were first told Nottingham City Council would surrender its lease on the market on February 24 in 2022, with some having signed compensation offers and arranged new premises to move into. This date came and went with no further certainty and it was eventually confirmed that negotiations had fallen through with Global Mutual, the asset managers of the Victoria Centre Market. The city council said negotiations with Global Mutual had been "both complex and protracted" and that talks would continue over the termination of the lease agreement, which the council says would have cost it £39 million over the next 50 years. The Labour-led authority's next closure plan was for traders to leave the site last summer, which once again came and went. September 2024 then saw the council say it still intended to close the market and that traders who had not been paying rent would be asked to leave. Nottingham City Council has not responded to a request for comment in terms of what it will now be seeking to do with its lease for the market, which still has around 50 years left on it. Given that from the end of March, the council will be holding this lease without any income coming in from the market whatsoever, the authority was asked whether negotiations on exiting its lease had progressed any further. The Victoria Centre was asked the same question and a spokesperson said: "The market is run and operated by Nottingham City Council and they have been – and remain - fully responsible for all decisions regarding its future." A spokesperson for the Nottingham City Council previously said: "We have recently confirmed our plans to close the market and have served notice on traders with significant rent arrears. Unfortunately, several stallholders have breached their legal agreements by failing to pay rent, collectively owing the council over £400,000. "Any trader with more than three months of unpaid rent will be formally notified to vacate the market. With the council facing substantial financial challenges, it's crucial that we address these outstanding rent issues. Additionally, we will be terminating legal agreements with traders who have applicable break clauses to cease their occupancy at the market."
