AN2 Therapeutics Q2 2024 Financial Results and Business Updates

MENLO PARK, Calif.--AN2 Therapeutics, Inc. (Nasdaq: ANTX), a biopharmaceutical company specializing in the development of novel small molecule therapeutics from its boron chemistry platform, has announced its financial results for the quarter ending June 30, 2024.

Eric Easom, Co-Founder, Chairman, President, and CEO, commented on the recent progress in the company's clinical studies. He noted that the results from the EBO-301 Phase 2/3 trial for treatment-refractory Mycobacterium avium complex (MAC) lung disease, reported last week, will undergo further data analysis. Despite the setback in the EBO-301 trial, Easom emphasized the company's robust position, highlighting the boron chemistry platform and its promising drug development pipeline.

In 2025, AN2 expects to advance two key programs into clinical trials. One of these, AN2-502998, aims to treat chronic Chagas disease, a life-threatening condition causing severe cardiac issues with limited treatment options. The second program will initiate a Phase 2 trial of epetraborole for melioidosis treatment, a severe bacterial infection and potential bioterrorism threat. Additionally, the company continues its research into boron-based compounds targeting infectious diseases and oncology, ensuring financial stability to reach multiple milestones over the next three years.

Key updates from the second quarter of 2024 include:

1. Termination of Epetraborole Phase 2/3 Study in MAC Lung Disease:
AN2 recently disclosed results from the Phase 2 segment of the EBO-301 study, which assessed epetraborole in combination with an optimized background regimen (OBR) for treating refractory MAC lung disease. While the primary objective of validating a novel patient-reported outcome (PRO) tool was achieved, the critical secondary endpoint of sputum culture conversion at six months showed no significant difference between treatment groups. Due to these results, the company has terminated the EBO-301 trial's Phase 2 and Phase 3 segments. Despite this, epetraborole was generally well-tolerated, and the termination was not due to safety concerns. Further analysis of the EBO-301 data is planned to understand better its implications for developing epetraborole for nontuberculous mycobacteria (NTM) lung disease.

2. New Epetraborole Data Published:
In July, a study showcasing the efficacy of epetraborole against Mycobacterium abscessus in a mouse lung infection model was published in the journal Antimicrobial Agents in Chemotherapy. This research suggests that epetraborole could become a vital therapy for M. abscessus lung disease, addressing the significant need for effective oral treatment options.

Financial Overview:

- Research and Development (R&D) Expenses: R&D expenses for Q2 2024 were reported at $12.1 million, down from $13.5 million in the same period in 2023. This decrease was attributed to reduced chemistry manufacturing and controls activity and lower expenses for completed Phase 1 clinical trials, partially offset by increased Phase 2/3 trial costs, consulting, and personnel-related expenses.

- General and Administrative (G&A) Expenses: G&A expenses for Q2 2024 totaled $3.7 million, up from $3.1 million in Q2 2023, driven by higher personnel-related expenditures and professional services.

- Other Income, Net: The company reported $1.4 million in other income for Q2 2024, a rise from $0.8 million in Q2 2023, thanks to increased interest income from higher interest rates and larger cash, cash equivalents, and investment balances.

- Net Loss: AN2 reported a net loss of $14.4 million for Q2 2024, compared to $15.8 million in Q2 2023.

- Cash Position: As of June 30, 2024, the company had $104.5 million in cash, cash equivalents, and investments, expected to fund operations through 2027.

About AN2 Therapeutics, Inc.:
AN2 Therapeutics, Inc. is dedicated to developing innovative small molecule therapeutics using its boron chemistry platform. The company’s pipeline includes treatments for Chagas disease, NTM, and melioidosis, alongside early-stage programs targeting infectious diseases and oncology.

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