AN2 Therapeutics (ANTX) investor relations material

Executive summary

• Three Phase 2 programs are expected to be underway by year-end 2026, targeting polycythemia vera, M. abscessus lung disease, and chronic Chagas disease, with two preclinical candidates advancing and a new solid tumor candidate declared.

• Expanded development of epetraborole into Phase 2 for polycythemia vera, with IND filing expected in Q3 2026 and enrollment to begin in Q4 2026.

• Positive preclinical and Phase 1 results for AN2-502998 in Chagas disease support initiation of a Phase 2 trial in late 2026.

• Ongoing investigator-initiated trial for epetraborole in M. abscessus lung disease, with topline results expected in late 2027.

• Pipeline expansion includes plans to advance a second boron-based compound by end of 2026.

Financial highlights

• Net loss was $8.2 million for Q2 2026, up from $6.5 million in Q2 2025; net loss for the six months ended June 30, 2026 was $18.2 million, compared to $17.1 million in the prior year period.

• R&D expenses rose to $6.0 million in Q2 2026 from $3.2 million in Q2 2025, driven by higher CMC, consulting, preclinical, and clinical trial costs.

• G&A expenses decreased to $2.9 million in Q2 2026 from $4.0 million in Q2 2025 due to lower professional and personnel-related costs.

• Cash, cash equivalents, and investments totaled $79.9 million as of June 30, 2026.

• Net cash used in operating activities was $19.1 million for the six months ended June 30, 2026.

Outlook and guidance

• Available cash is expected to fund operations for at least 12 months from the reporting date, with some projections extending runway into 2029.

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

• Plans to initiate multiple Phase 2 studies in late 2026 and continue expanding the pipeline.

• IND filing for the Phase 2 polycythemia vera study expected in Q3 2026, with enrollment starting in Q4 2026.

• Topline results from the M. abscessus lung disease trial expected in late 2027, subject to enrollment.