AN2 Therapeutics (NASDAQ: ANTX) is a clinical-stage biopharmaceutical company developing boron-based small molecule treatments for neglected infectious diseases. The company has generated no revenue since inception and funds operations through equity financing. Its primary asset is AN2-502998 (formerly AN15368), an oral boron-based small molecule licensed exclusively from Anacor in November 2019 and further advanced under an exclusive license with the University of Georgia Research Foundation signed in October 2023, targeting chronic Chagas disease. A Phase 1 first-in-human trial of AN2-502998 commenced in August 2025, evaluating safety, tolerability, and pharmacokinetics in healthy volunteers, with Phase 1 data anticipated in the first quarter of 2026. As of December 31, 2025, the company carried an accumulated deficit of $241.0 million and reported a net loss of $35.2 million for the year ended December 31, 2025. No products are approved for sale.

Revenue model

AN2 Therapeutics has generated no revenue since inception. Operations are funded through equity issuances. If products are approved and commercialized, the Anacor license agreement obligates the company to pay sales royalties as a percentage of net sales ranging from single to mid-teens digits, commercial milestone payments up to $125.0 million, and up to 50% of royalties received under sublicensing arrangements.

Products and services

AN2-502998 (formerly AN15368): oral boron-based small molecule in Phase 1 clinical development for chronic Chagas disease as of August 2025. The compound is exclusively licensed from Anacor with further development rights obtained from the University of Georgia Research Foundation in October 2023. No products are approved or commercialized as of the filing date.

Customers and end markets

No commercial customers. End market is patients with chronic Chagas disease, a parasitic infection caused by Trypanosoma cruzi. The company noted there are no FDA-approved treatments for the target indication as of the filing.

Value-chain role

Clinical-stage drug developer. AN2 Therapeutics licenses compound IP from Anacor and the University of Georgia Research Foundation, contracts research and manufacturing to third-party CROs and CMOs, and bears full development risk. The company is pre-commercial with no internal manufacturing.

Geographic exposure

Operations are U.S.-based. Patent maintenance obligations extend to the USPTO and non-U.S. patent agencies. The Anacor license grants worldwide, sublicensable rights. No specific international commercial operations are disclosed in the filing.

Source: SEC 10-K, filed 2026-03-17

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