UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41331 AN2 Therapeutics, Inc. (Exact name of Registrant as specified in its Charter) Delaware 82-0606654 (State or other jurisdiction ...

Exhibit 99.1 "Our recent decision to advance oral epetraborole into a Phase 2 study for polycythemia vera highlights the growing opportunity across AN2's boron chemistry pipeline and our commitment to addressing serious, underserved diseases. It also represents one of three proof-of-concept catalysts we believe we are well positioned to achieve in the next two years, including the Phase 2 investigator- initiated trial in M. abscessus complex lung disease and a Phase 2 proof-of-concept study in chronic Chaga ...

AN2 Therapeutics Inc. (NASDAQ:ANTX) shares were down during Wednesday’s premarket session in a volatile session. At the open, the stock recovered the losses.AN2 Therapeutics’ $40 Million FinancingThe company surged over 90% on Tuesday following a recent announcement regarding a $40 million private placement financing.The financing includes the sale of around 8.2 million shares at $2.85 each, along with pre-funded warrants for up to 5.8 million additional shares at a nearly identical purchase price.Focuses O ...

AN2 Therapeutics Inc (NASDAQ:ANTX) shares are surging Monday afternoon after the clinical-stage biopharmaceutical company announced a $40 million private placement financing. Here’s what investors need to know.AN2 Therapeutics stock is approaching key resistance levels. What’s behind ANTX new highs?AN2 Therapeutics Prices $40M Private Placement With WarrantsAccording to the company, the financing includes the sale of 8,245,611 common shares at $2.85 each, along with pre-funded warrants for up to 5,789,493 a ...

Open AAI reportedly [music] will not be expanding its data center deal with Oracle that has shares down 3% today. Dear Jabosa has more in today's tech check. Dearra.Hey Kelly. So OpenAI executives they're saying that they're instead choosing to put additional capacity into other locations because it turns out the chip cycle moves faster than data center concrete drives. And Oracle is finding that out the hard way.A source familiar with OpenAI thinking tells me that the calculus was straightforward. the comp ...

Summary of AN2 Therapeutics Conference Call Company Overview - **Company**: AN2 Therapeutics (NasdaqGS:ANTX) - **Focus**: Development of epetraborole for the treatment of polycythemia vera (PV) and other diseases Key Industry Insights - **Polycythemia Vera (PV)**: A blood disorder characterized by an increase in red blood cells, leading to a higher risk of blood clots - **Market Opportunity**: Over 150,000 PV patients in the U.S. alone, indicating a significant market for effective treatments [5] Core Points and Arguments 1. **Expansion of Epetraborole Development**: AN2 is expanding the development of epetraborole into PV, supported by compelling clinical data from non-PV patients [2][3] 2. **Clinical Data Support**: Multiple studies show epetraborole provides consistent dose-dependent control of hematocrit without affecting white blood cells and platelets [4] 3. **Unmet Need**: Current treatments for PV, such as phlebotomies and medications, often fail to achieve durable hematocrit control, highlighting the need for new therapies [4][19] 4. **Phase 2 Study Plans**: AN2 plans to initiate a Phase 2 study in Q3 2026, with first data readouts expected in Q4 2026 and additional updates throughout 2027 [5][11] 5. **Unique Mechanism of Action**: Epetraborole is hypothesized to work by decreasing globin synthesis, targeting red blood cell production specifically, which differentiates it from existing therapies [41][42] 6. **Patient-Centric Approach**: The study design includes patient-reported outcomes to assess treatment effects on quality of life [13][57] Additional Important Insights 1. **Current Treatment Limitations**: Existing therapies for PV, such as hydroxyurea and ruxolitinib, have significant side effects and limitations, creating a gap for new treatments like epetraborole [24][25][28] 2. **Potential Role of Epetraborole**: It could serve as an initial treatment to quickly control hematocrit levels without the burden of frequent phlebotomies, or as an adjunct therapy when current treatments are insufficient [30][46] 3. **Regulatory Considerations**: The company is preparing for regulatory filings and has a comprehensive eligibility package for the Phase 2 study, ensuring patient safety and addressing unmet medical needs [12][51] 4. **Market Dynamics**: The potential for epetraborole to address the high unmet need in PV treatment could position AN2 favorably in the market, especially given the lack of FDA-approved oral therapies for erythrocytosis [5][49] Conclusion - AN2 Therapeutics is poised to make significant advancements in the treatment of polycythemia vera with epetraborole, addressing a critical unmet need in the market. The upcoming Phase 2 study is expected to provide valuable data that could influence the future of PV treatment and the company's growth trajectory.

AN2Therapeutics INVESTOR WEBCAST EPETRABOROLE IN POLYCYTHEMIA VERA (PV) MARCH 4, 2026 Forward-Looking Statements This presentation contains forward-boking statements within the meaning of the Private Securities Lifigation Reform Act of 1995. Forward-looking statements expressed or im this presentation include, but are not limited to, statements regarding; the potential and competitive advantage of the Company's boron chemistry plaftorm; the addressable indications; the initiation of proof-of-concept clinica ...

Core Viewpoint - AN2 Therapeutics, Inc. (ANTX) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in a company's earnings picture, which is crucial for near-term stock price movements [2][4]. - Rising earnings estimates for AN2 Therapeutics indicate an improvement in the company's underlying business, likely leading to an increase in stock price [5][10]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - The system maintains a balanced distribution of "buy" and "sell" ratings, ensuring that only the top 20% of stocks receive a "Strong Buy" or "Buy" rating [9][10]. Earnings Estimate Revisions for AN2 Therapeutics - For the fiscal year ending December 2025, AN2 Therapeutics is expected to earn -$1.12 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 5.2% over the past three months [8].

Summary of AN2 Therapeutics FY Conference Call Company Overview - **Company**: AN2 Therapeutics (NasdaqGS:ANTX) - **Focus**: Biotech company specializing in boron chemistry platform for drug development, particularly in oncology and infectious diseases Key Points Industry and Company Transition - 2025 marked a significant transition year for AN2 Therapeutics, highlighted by a phase 3 readout of their lead compound, epetraborole, for nontuberculous mycobacteria lung disease (NTM) caused by MAC, which did not yield expected results from phase 2 trials [3][4] - The company has expanded its therapeutic focus to oncology, with two oncology programs set to enter development soon [3][4] Oncology Programs - **Lead Oncology Compounds**: 1. **ENPP1 Inhibitor**: Targets innate immune response in tumors, aiming to convert cold tumors to hot tumors and prevent metastasis [5][6] 2. **PI3K Alpha Inhibitor**: Aims to address issues with existing treatments that cause hyperglycemia and have limited efficacy [6][7] - Both compounds leverage the company's boron chemistry platform, which allows for the development of highly selective and potent compounds [8][9] - Preclinical development for these oncology programs is expected to take 6 to 9 months before entering clinical trials [9][10] Infectious Disease Programs - **Chagas Disease**: Affects approximately 7 to 10 million people globally, with a significant market potential. AN2 has a compound that has shown 100% curative results in non-human primate models [12][13] - **Mycobacterium Abscessus**: A $1 billion market in the U.S. with no FDA-approved drugs. The company is gearing up for a phase 3 enabling study [11][12] - **Melioidosis**: A global health concern with high mortality rates, potentially eligible for priority review vouchers (PRV) [15][16] Financial Position and Strategy - The company has sufficient cash flow to support operations until early 2028, allowing for the advancement of multiple programs [4][20] - AN2 is open to partnerships and non-dilutive funding to enhance its pipeline and extend its cash runway [19][20] Future Milestones - Key milestones for 2026 include: - Initiation of the abscessus trial - Completion of phase one for Chagas and initiation of phase two - Development of two cancer programs [21][22] - The company plans to proactively share preclinical data and results from ongoing trials [23] Conclusion - AN2 Therapeutics is positioned to leverage its boron chemistry platform to address significant unmet medical needs in oncology and infectious diseases, with a robust pipeline and strategic focus on partnerships to enhance its development capabilities [20][21]

Financial Performance - For the nine months ended September 30, 2025, the net loss was $26.5 million, compared to $43.8 million for the same period in 2024, representing a 39% decrease in net loss [135]. - The company reported a net loss of $26.5 million for the nine months ended September 30, 2025, compared to a net loss of $43.8 million in 2024, reflecting a 40% improvement [160]. - Interest income decreased to $2.3 million for the nine months ended September 30, 2025, down from $4.4 million in 2024, a decline of 47% [159]. - Cash used in operating activities was $43.9 million for the nine months ended September 30, 2025, compared to $24.6 million in 2024 [170]. - Net cash used in operating activities was $44.0 million for the nine months ended September 30, 2024, primarily due to a net loss of $43.8 million [171]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $10.0 million, a decrease of 28% from $14.0 million in the same period of 2024 [148]. - Total operating expenses for the nine months ended September 30, 2025, were $28.8 million, a decrease of 40% from $48.2 million in 2024 [154]. - Research and development expenses decreased to $7.0 million for the three months ended September 30, 2025, down 16% from $8.3 million in the same period of 2024 [149]. - Research and development expenses for the nine months ended September 30, 2025, were $17.9 million, a decrease of 49% from $35.1 million in 2024 [155]. - Clinical trials expenses decreased by $11.3 million, primarily due to the termination of the EBO-301 trial in August 2024 [155]. - General and administrative expenses remained stable at $10.9 million for both the nine months ended September 30, 2025, and 2024 [157]. - The company expects general and administrative expenses to continue increasing due to compliance and regulatory requirements [144]. Cash and Funding - As of September 30, 2025, the company had cash, cash equivalents, and investments totaling $65.1 million, expected to fund operations for at least the next twelve months [136]. - The company had cash, cash equivalents, and investments totaling $65.1 million as of September 30, 2025 [160]. - The accumulated deficit as of September 30, 2025, was $232.2 million [160]. - The company expects to require substantial additional funding to support ongoing operations and product development efforts [162]. - The company completed a workforce reduction of approximately 50% in August 2024, incurring severance and related charges of $2.2 million [133]. Research and Development - The company anticipates Phase 1 data for AN2-502998 in the first quarter of 2026 and plans to initiate a Phase 2 study in 2026, depending on Phase 1 outcomes [129]. - The company is pursuing oncology targets with plans to advance the first oncology compound into development in early 2026 [130]. - The company is collaborating with DNDi to advance clinical development of AN2-502998, leveraging DNDi's expertise in Chagas disease [129]. Risk and Compliance - The company does not believe that inflation has had a material effect on its financial statements for the periods presented [188]. - The company is exposed to interest rate risk, but a hypothetical 10% change in interest rates would not have had a material impact on its financial statements [186]. - The company was not exposed to material foreign currency risk during the quarter ended September 30, 2025 [187]. - The company has made significant judgments and estimates in preparing its financial statements, particularly regarding research and development and stock-based compensation [179]. - The company intends to rely on exemptions provided by the JOBS Act, including not complying with certain auditor attestation requirements [181]. Licensing and Agreements - The company entered into a license agreement with Anacor, involving an upfront payment of $2.0 million and potential future payments totaling up to $127.0 million based on development and sales milestones [176].