AN2 Therapeutics(ANTX) - 2025 Q3 - Quarterly Results

Financial Performance - Net loss for Q3 2025 was $9.4 million, an improvement from $12.7 million in Q3 2024[12] - Cash position at September 30, 2025, was $65.1 million, projected to sustain operations into 2028[12] - Total assets decreased from $92,087 million in December 2024 to $67,235 million in September 2025, representing a decline of approximately 27%[18] - Cash and cash equivalents decreased from $21,351 million to $18,003 million, a reduction of about 16%[18] - Short-term investments fell from $62,267 million to $43,918 million, indicating a decrease of approximately 29%[18] - Total liabilities decreased from $10,238 million to $6,858 million, a decline of about 33%[18] - Stockholders' equity decreased from $81,849 million to $60,377 million, representing a drop of approximately 26%[18] - Accounts payable decreased from $3,317 million to $2,226 million, a reduction of about 33%[18] - Other current liabilities decreased from $6,921 million to $4,632 million, indicating a decline of approximately 33%[18] - Long-term investments decreased from $5,021 million to $3,219 million, a reduction of about 36%[18] - Prepaid expenses and other current assets decreased from $2,644 million to $2,095 million, a decline of approximately 21%[18] - Other long-term assets decreased from $804 million to $0, indicating a complete reduction[18] Research and Development - R&D expenses for Q3 2025 were $7.0 million, down from $8.3 million in Q3 2024, attributed to decreased clinical trial and personnel-related expenses[12] - The Phase 1 trial for oral AN2-502998 for Chagas disease is ongoing, with data expected in Q1 2026 and a Phase 2 study planned for 2026[4] - The first oncology compound from the boron chemistry pipeline is anticipated to enter development in early 2026, with a second compound expected in mid-2026[5] - AN2 is advancing a program for M. abscessus lung disease through an investigator-initiated trial, with enrollment expected to begin in early 2026[6] - A collaboration with GSK was announced to develop boron-based LeuRS-inhibitors targeting tuberculosis, supported by a third year of funding from the Gates Foundation[8] - The company completed enrollment in a 200-patient observational trial for acute melioidosis, with plans to optimize future clinical studies based on insights gained[7] - The company aims to lower the mortality rate of melioidosis, which currently approaches 40%, by using epetraborole alongside standard care[7] General and Administrative Expenses - G&A expenses for Q3 2025 were $3.0 million, compared to $3.5 million in Q3 2024, due to reduced personnel-related and professional service expenses[12]