AN2 Therapeutics Reports $35.2 Million Net Loss for 2025, Advances Product Pipeline

AN2 Therapeutics, Inc., a clinical-stage biopharmaceutical company, reported a net loss of $35.2 million for the year ended December 31, 2025, a decrease from a loss of $51.3 million in 2024. The company attributed this reduction in losses primarily to a significant decrease in research and development expenses, which fell by 39% to $24.8 million, largely due to the termination of the EBO-301 trial for treatment-refractory MAC lung disease. General and administrative expenses also decreased slightly to $13.3 million, reflecting cost management efforts. The company’s accumulated deficit reached $241.0 million as of the end of 2025.

In terms of operational developments, AN2 Therapeutics is advancing its product pipeline, which includes three Phase 2 studies expected to initiate in 2026. The company plans to expand the development of its lead candidate, epetraborole, into a Phase 2 proof-of-concept study for adults with phlebotomy-dependent polycythemia vera (PV) and is collaborating with Oregon Health and Sciences University on an investigator-initiated trial for epetraborole in treating Mycobacterium abscessus lung disease. Additionally, the company has commenced a Phase 1 trial for AN2-502998, targeting Chagas disease, with initial data expected in early 2026.

AN2 Therapeutics has also undergone significant organizational changes, including a workforce reduction of approximately 50% in August 2024, which was part of a restructuring effort following the discontinuation of the EBO-301 trial. This restructuring resulted in severance charges of $2.2 million in 2024. As of March 2026, the company employed 21 full-time staff members, reflecting a lean operational model aimed at conserving resources while advancing its clinical programs.

Looking ahead, AN2 Therapeutics anticipates that its cash reserves of $60.0 million will be sufficient to fund operations for at least the next 12 months. The company plans to finance its future activities through a combination of equity offerings, collaborations, and non-dilutive funding. However, it acknowledges the inherent risks in drug development and the potential need for additional capital to support its ongoing and future clinical trials. The company’s ability to generate revenue will depend on the successful development and commercialization of its product candidates, which remain subject to regulatory approval processes.