AN2 Therapeutics Reports 55% Decrease in Net Losses for Q2 2025

AN2 Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a significant reduction in operating expenses and net losses compared to the same period in 2024. The company recorded a net loss of $6.5 million for the three months ended June 30, 2025, a 55% decrease from the $14.4 million loss reported in the prior year. For the first half of 2025, the net loss was $17.1 million, down from $31.1 million in the same period of 2024. This improvement is attributed to a substantial decrease in research and development expenses, which fell to $3.2 million from $12.1 million year-over-year, primarily due to reduced clinical trial costs following the termination of the EBO-301 trial.

Total operating expenses for the second quarter of 2025 were $7.2 million, a 55% decrease from $15.9 million in the same quarter of 2024. The reduction in expenses was driven by lower clinical trial and personnel-related costs, reflecting the company's restructuring efforts initiated in 2024. General and administrative expenses increased slightly to $4.0 million from $3.7 million, primarily due to higher professional service costs. The company also reported interest income of $0.8 million, down from $1.4 million in the previous year, reflecting lower cash balances and interest rates.

AN2 Therapeutics has made strategic advancements in its product pipeline, including the initiation of Phase 1 activities for AN2-502998, a boron-based small molecule aimed at treating chronic Chagas disease. The company has also entered into a collaboration with the Drugs for Neglected Diseases initiative to expedite the clinical development of this candidate. Additionally, the company is exploring oncology targets and anticipates advancing its first oncology compound into development later this year.

As of June 30, 2025, AN2 Therapeutics reported total assets of $75.8 million, down from $92.1 million at the end of 2024. The company had cash, cash equivalents, and investments totaling $71.2 million, which management believes will be sufficient to fund operations for at least the next 12 months. The company has an accumulated deficit of $222.9 million and continues to rely on equity financing to support its operations, having raised significant capital through various offerings, including a recent underwritten offering that generated $65.5 million in net proceeds.

Looking ahead, AN2 Therapeutics expects to continue incurring losses as it advances its product candidates through clinical trials and seeks regulatory approvals. The company acknowledges the need for substantial additional capital to support its ongoing research and development activities and has indicated that it may pursue various financing options, including public or private equity offerings, to meet its future funding requirements.