AN2 Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $9.4 million, a decrease from the $12.7 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company incurred a net loss of $26.5 million, significantly lower than the $43.8 million loss reported for the same period in the previous year. The reduction in losses is attributed to a 49% decrease in research and development expenses, which totaled $17.9 million for the nine months ended September 30, 2025, compared to $35.1 million in 2024. This decline was primarily due to reduced clinical trial expenses and personnel-related costs following a workforce reduction in August 2024.
Total operating expenses for the third quarter of 2025 were $10.0 million, down 28% from $14.0 million in the prior year. The decrease was driven by lower research and development costs, which fell to $7.0 million from $8.3 million, and the absence of restructuring charges, which had amounted to $2.2 million in the third quarter of 2024. Interest income also decreased to $0.7 million from $1.3 million, reflecting lower cash balances and interest rates.
As of September 30, 2025, AN2 Therapeutics had cash, cash equivalents, and investments totaling $65.1 million, down from $92.1 million at the end of 2024. The company’s accumulated deficit increased to $232.2 million, up from $205.8 million at the end of the previous fiscal year. The company has funded its operations through various financing activities, including a recent underwritten offering that raised approximately $65.5 million in net proceeds.
Strategically, AN2 Therapeutics has made significant advancements in its product pipeline, including the initiation of Phase 1 clinical activities for AN2-502998, a boron-based small molecule for chronic Chagas disease. The company has also entered into collaborations to enhance its clinical development efforts. However, it continues to face challenges, including the need for substantial additional capital to support ongoing research and development activities. The company anticipates that its current cash reserves will be sufficient to fund operations for at least the next 12 months, but it may need to seek additional financing to continue its development programs.
Looking ahead, AN2 Therapeutics plans to advance its oncology targets and continue its work on epetraborole for treating melioidosis and non-tuberculous mycobacterial lung disease. The company is also preparing for potential regulatory submissions and commercialization efforts, contingent upon successful clinical outcomes.
About AN2 Therapeutics, Inc.
AN2 Therapeutics, Inc. is a biopharmaceutical company specializing in novel small molecule therapeutics derived from boron chemistry. Its lead candidate, epetraborole, targets treatment-refractory non-tuberculous mycobacterial lung disease, addressing a significant unmet need. With a focus on infectious diseases and oncology, AN2 is advancing multiple programs, including a partnership with the Bill and Melinda Gates Foundation for tuberculosis and malaria treatments, leveraging non-dilutive funding for global health initiatives.
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