AN2 Therapeutics Q2 2024 Update

TL;DR

AN2 Therapeutics Q2 10-Q shows ongoing R&D, collaborations with UGA and NIAID. Financials look stable.

AI Summary

AN2 Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial condition and results of operations, including details on investments, equity incentive plans, and collaborations. Key activities during the period involved research and development efforts, with specific mentions of collaborations with the University of Georgia Research Foundation and the National Institute of Allergy and Infectious Diseases.

Why It Matters

This filing provides insight into AN2 Therapeutics' financial health and ongoing research initiatives, which are crucial for investors and stakeholders evaluating the company's progress in drug development.

Risk Assessment

Risk Level: medium — Biotech companies like AN2 Therapeutics are inherently risky due to the long and uncertain drug development process, regulatory hurdles, and market competition.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240813 — Filing Date (Date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• AN2 Therapeutics, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• University of Georgia Research Foundation (company) — Collaboration partner
• National Institute of Allergy and Infectious Diseases (company) — Collaboration partner
• 2024-01-01 (date) — Start of reporting period
• 2024-06-30 (date) — End of reporting period

FAQ

Key Financial Figures

• $0.00001 — had 29,842,431 shares of common stock, $0.00001 par value per share, outstanding. Tab

Filing Documents

• antx-20240630.htm (10-Q) — 2000KB
• antx-ex31_1.htm (EX-31.1) — 17KB
• antx-ex31_2.htm (EX-31.2) — 17KB
• antx-ex32_1.htm (EX-32.1) — 8KB
• antx-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-096243.txt ( ) — 7042KB
• antx-20240630.xsd (EX-101.SCH) — 967KB
• antx-20240630_htm.xml (XML) — 1039KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Balance Sheets 3 Condensed Statements of Operations and Comprehensive Loss 4 Condensed Statements of Stockholders' Equity 5 Condensed Statements of Cash Flows 6 Notes to Unaudited Condensed Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 87 Item 3. Defaults Upon Senior Securities 87 Item 4. Mine Safety Disclosures 87 Item 5. Other Information 87 Item 6. Exhibits 88

Signatures

Signatures 89 i SPECIAL NOTE REGA RDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements. All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy, product candidates, planned preclinical and nonclinical studies and clinical trials, results of preclinical and nonclinical studies, clinical trials, research and development costs, regulatory approvals, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "believe," "estimate," "predict," "potential," or "continue," or the negative of these terms or other similar expressions. Forward-looking statements contained in this Form 10-Q include, but are not limited to, statements about: the initiation, timing, progress, and results of our preclinical and nonclinical studies and clinical trials, and our research and development programs, including the manufacture of clinical trial material and drug product for launch; the sufficiency of our existing cash to fund our future operating expenses and capital expenditure requirements; the accuracy of our estimates regarding expenses, capital requirements and needs for additional financing; our use of the net proceeds from financing activities; the translation of our preclinical resul

—FIN ANCIAL INFORMATION

PART I—FIN ANCIAL INFORMATION Ite m 1. Financial Statements. AN2 THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 26,769 $ 15,647 Short-term investments 77,771 91,648 Prepaid expenses and other current assets 2,898 3,212 Total current assets 107,438 110,507 Long-term investments — 27,194 Other assets, long-term 1,043 1,043 Total assets $ 108,481 $ 138,744 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,885 $ 2,676 Accrued compensation 1,840 4,018 Accrued liabilities 5,843 6,681 Other current liabilities 559 668 Total liabilities 10,127 14,043 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.00001 par value; 10,000,000 shares authorized at June 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock, $ 0.00001 par value; 500,000,000 shares authorized at June 30, 2024 and December 31, 2023; 29,829,040 and 29,741,445 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 283,888 278,881 Accumulated other comprehensive (loss) gain ( 27 ) 275 Accumulated deficit ( 185,507 ) ( 154,455 ) Total stockholders' equity 98,354 124,701 Total liabilities and stockholders' equity $ 108,481 $ 138,744 The accompanying notes are an integral part of these unaudited interim condensed financial statements. 3 AN2 THERAPEUTICS, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Operating expenses: Research and develo

View Full Filing

View this 10-Q filing on SEC EDGAR