AN2 Therapeutics
Market cap $151M 37.7M shares (10-Q, Aug 6, 2026) × $4.00 close Nov 6, 2026
Most recent annual filing: 2026-03-17
- AN2-502998 Chagas Ph2 startLate 2026 (guided): Chagas Phase 2 start with DNDiAN2-502998 Chagas Ph2 start, Late 2026 (guided): Chagas Phase 2 start with DNDi, routine
- AN2 Therapeutics corporate updateNov 2026AN2 Therapeutics corporate update, Nov 2026, routine
- Epetraborole PV interim2027Epetraborole PV interim, 2027, major
- Divesiran competitor Ph3 start1H 2027Divesiran competitor Ph3 start, 1H 2027, routine
- Silence Therapeutics / Merck KGaA1Q 2027Silence Therapeutics / Merck KGaA, 1Q 2027, routine
- PN-8047 Protagonist Ph1 start1Q 2027PN-8047 Protagonist Ph1 start, 1Q 2027, routine
- AN2-502998 Chagas Ph2 topline2H 2027AN2-502998 Chagas Ph2 topline, 2H 2027, major
- Epetraborole REBOUND toplineLate 2027 (guided): REBOUND toplineEpetraborole REBOUND topline, Late 2027 (guided): REBOUND topline, major
- AN2 Therapeutics options repricing corporateSep 19, 2027AN2 Therapeutics options repricing corporate, Sep 19, 2027, routine
- Epetraborole PV Ph3 readout~2028Epetraborole PV Ph3 readout, ~2028, notable
- Epetraborole composition patent litigation rulingJun 2028Epetraborole composition patent litigation ruling, Jun 2028, routine
Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.
Pipeline (6 active programs)
AN2-502998
AN2-503321
AN2-504661
- Hypophosphatasia
Technology platforms
Boron Chemistry Platform · GSK
Boron-based small molecule discovery platform enabling high ligand efficiency against difficult or undruggable targets; current focus areas include infectious diseases (Chagas disease, NTM/M. abscessus, melioidosis, tuberculosis) and oncology (ENPP1, PI3Kα solid-tumor targets); has produced first-in-class molecules against CPSF3 and LeuRS targets
Targets: LeuRS, PI3Kα, ENPP1, CPSF3
Boron Chemistry Platform
Boron-based small molecule discovery platform enabling inhibitors against targets considered undruggable or difficult to access with traditional chemistry. Focus areas include infectious diseases (Chagas disease, NTM, melioidosis, tuberculosis) and oncology (ENPP1, PI3Kα). Has produced first-in-class molecules against CPSF3 and LeuRS targets.
Targets: ENPP1, PI3Kα, CPSF3, LeuRS
Boron Chemistry
Boron-based small molecule discovery platform enabling novel binding modes against difficult or undruggable targets; current disease focus includes infectious diseases (NTM, Chagas), hematologic diseases (polycythemia vera), oncology (solid tumors), and bone disorders. Known target classes include CPSF3, LeuRS, ENPP1, and PI3Kα.
Targets: PI3Kα, ENPP1, LeuRS, CPSF3
boron chemistry platform · Gates Foundation
Boron chemistry platform for discovery and development of novel small molecule therapeutics; disease focus spans hematologic diseases, infectious diseases and oncology, including tuberculosis, malaria, melioidosis, and bone disorders.
Capital (as filed)
- Cash
- $44.3M cash and cash equivalents · Jun 30, 2026 (10-Q)
- Short-term investments
- $34.1M Jun 30, 2026
- Long-term investments
- $1.5M Jun 30, 2026
- Operating cash flow
- −$7.0M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
- As stated in coverage
- $79.9M cash, runway into 2029 per the deep dive of Oct 26, 2026 — the company's own words as read there, not the filed figure
Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.
Biotech Distilled coverage (1)
- 2026-10-27 AN2 Therapeutics (ANTX) - Scientific Deep Dive for Epetraborole and AN2-502998 and Pipeline Products 🔒 Paid
Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.
Verdict history (1 call)
Every verdict Biotech Distilled has published on AN2 Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.
- 2026-10-27 Watch AN2 Therapeutics (ANTX) - Scientific Deep Dive for Epetraborole and AN2-502998 and Pipeline Products The PV thesis rests on an adverse event in non-PV patients with a controlled hematocrit effect smaller than phlebotomy-dependent patients need and a platelet signal pointing the wrong way; wait for Part 1 PV data before taking a position.
Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.
Timing, in the company's words (2 quotes from 1 filing)
Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.
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“We expect to initiate a Phase 2 proof-of-concept study in adults with chronic Chagas disease in late 2026.”
matched to AN2-502998 (Chagas) · topline data · read as late 2026 -
“The 84-patient multicenter, randomized, double-blind, placebo-controlled, prospective clinical study is being led by Dr. Kevin Winthrop, Professor of Public Health and Infectious Diseases at the Oregon Health and Science University, in conjunction with other investigators across an estimated 10-15 sites in the U.S. We anticipate reporting topline results in late 2027, subject to enrollment progress.”
matched to Epetraborole (M. abscessus, REBOUND) · topline data · read as late 2027
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Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.
Filings & releases (19)
SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Nov 2, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →
- Nov 4, 2026ReleaseAN2 Therapeutics to Present at Jefferies Global Healthcare Conference in LondonAN2 Therapeutics has nominated AN2-504661 — a novel oral ENPP1 inhibitor — as a development candidate for hypophosphatasia (HPP), delivering on the catalyst the prior writeup flagged as a guided end-2026 milestone and adding a fourth rare-disease leg to the platform.
- Nov 4, 2026ReleaseAN2 Therapeutics Advances Pipeline With Development Candidate Nomination for Hypophosphatasia (HPP)Summary on the release
- Nov 2, 2026ReleaseAN2 Therapeutics Receives U.S. FDA IND Clearance to Proceed with Planned Phase 2 Global Study of Oral Epetraborole in Polycythemia VeraThe FDA has cleared AN2's IND for epetraborole in polycythemia vera, completing regulatory authorization across all three planned jurisdictions and setting the clock for a 4Q 2026 first patient — the last scheduled milestone before the 2027 data that carry the entire thesis.
- Aug 11, 20268-KCurrent report: results of operations · EX-99.1
- Aug 11, 202610-QQuarterly report
- Jun 9, 20268-KCurrent report: shareholder vote
- Jun 4, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1
- May 11, 20268-KCurrent report: results of operations · EX-99.1
- May 11, 202610-QQuarterly report
- Apr 22, 2026DEFA14AProxy soliciting material
- Apr 22, 2026DEF 14AProxy statement
- Apr 20, 2026424B5Prospectus supplement (offering)
- Apr 20, 2026424B3Prospectus (resale / update)
- Apr 9, 2026S-3Shelf registration
- Apr 9, 20268-KCurrent report: other events
- Mar 20, 20268-KCurrent report: officer / director change
- Mar 17, 20268-KCurrent report: results of operations · EX-99.1
- Mar 17, 202610-KAnnual report
- Mar 10, 20268-KCurrent report: material agreement, unregistered sale of equity, Reg FD disclosure · EX-99.1
11 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)
- Sep 14, 2026S-8Employee plan registration
- May 15, 2026SCHEDULE 13G/A13G amendment
- Apr 22, 2026ARSAnnual report to shareholders
- Apr 20, 2026EFFECTRegistration effective
- Apr 16, 2026CORRESPCORRESP
- Apr 15, 2026UPLOADUPLOAD
- Mar 25, 2026DForm D (exempt offering)
- Mar 17, 2026S-8Employee plan registration
- Mar 16, 2026SCHEDULE 13GPassive >5% holder (13G)
- Mar 13, 2026SCHEDULE 13GPassive >5% holder (13G)
- Mar 13, 2026SCHEDULE 13GPassive >5% holder (13G)