AN2 Therapeutics, Inc.

What they do

AN2 Therapeutics is a clinical-stage biopharmaceutical company using its boron chemistry platform to discover and develop small-molecule therapeutics. Its pipeline includes oral epetraborole in Phase 2 development for polycythemia vera and M. abscessus lung disease, and AN2-502998 for chronic Chagas disease in Phase 1. The company also has preclinical candidates in oncology and other areas.

Revenue drivers

• Epetraborole — Primary clinical candidate; Phase 2 trials for polycythemia vera and M. abscessus lung disease. No approved product, so no revenue yet.
• AN2-502998 — Phase 1 for chronic Chagas disease; potential Phase 2 initiation by year-end 2026. No approved product, so no revenue yet.
• Boron chemistry platform — Platform yields pipeline candidates; first oncology development candidate declared in 2026. Not a direct revenue source.

Recent performance

For the quarter ended June 30, 2026, AN2 reported cash and equivalents of $44.3 million and total assets of $81.7 million. Net losses have narrowed from $64.7 million in 2023 to $35.2 million in 2025, with diluted EPS improving from -$2.74 to -$1.16 over that period. Operating cash flow was -$29.8 million in 2025. The company has no revenue and continues to fund operations through equity offerings, including an unregistered sale of equity noted in March 2026.

Strategy

AN2 is advancing three Phase 2 programs by end of 2026: epetraborole for polycythemia vera (global trial with sites in the U.S. and Australia), epetraborole for M. abscessus (enrollment ongoing in an investigator-initiated trial), and AN2-502998 for Chagas disease (Phase 2 planned by year-end). Management is also expanding the pipeline, having declared a first oncology development candidate in 2026 and expecting to advance a second boron-based compound by end of 2026. The company is investing in start-up activities and regulatory processes to support these trials.

Risks

• Clinical-stage with no approved products — AN2 has no products approved, no revenue, and relies on future capital raises to fund operations.
• Substantial funding needed — The company expects to incur losses for several years and may need to delay, reduce, or cease operations if funding is not obtained.
• Unproven clinical proof-of-concept — Clinical proof of concept has not been established for any product candidate, and preclinical results may not translate to human efficacy.
• Regulatory and trial execution risks — Phase 2 trials are subject to regulatory clearance (e.g., IND for PV, pre-IND meeting held), enrollment, and data readout timelines that may slip.

Outlook

Management expects to file an IND for epetraborole in polycythemia vera in Q3 2026, start Phase 2 enrollment in Q4 2026, and release Part 1 data periodically through 2027. For M. abscessus, enrollment is ongoing and topline results are expected late 2027. For AN2-502998, Phase 2 initiation in chronic Chagas disease is planned by year-end 2026, with Phase 1 data expected in Q1 2026. The company also plans to advance a second development candidate by end of 2026.