What AN2 Therapeutics does

AN2 Therapeutics, Inc. is a clinical-stage biopharmaceutical company headquartered in Menlo Park, California, and listed on NASDAQ under the ticker ANTX. Founded in 2017, the company is built around a proprietary boron chemistry drug discovery platform that exploits boron's distinctive ability to bind biological targets through reversible covalent bonds, enabling the design of small-molecule therapeutics against targets that have historically been difficult to inhibit with traditional carbon-based molecules. The platform produces a pipeline spanning hematologic, infectious, and oncologic diseases, with lead candidate epetraborole (an oral leucyl-tRNA synthetase inhibitor) advancing in three Phase 2 programs covering polycythemia vera, Mycobacterium abscessus complex lung disease, and a historical Phase II/III program for treatment-refractory MAC lung disease. Additional programs include AN2-502998 (oral Chagas disease candidate, Phase 1 complete with Phase 2 planned for late 2026 in collaboration with DNDi), two early-stage oncology programs targeting PI3Kα and ENPP1 expected to enter development in 2026, and global health programs in tuberculosis (in collaboration with GSK and funded by the Gates Foundation) and melioidosis (U.S. government-funded).

The company's business model is currently pre-commercial: there are no approved products, no product revenue, and the operating model centers on advancing pipeline assets through clinical development toward eventual commercialization. Capital is raised primarily through dilutive equity financings, including a $70M underwritten public offering in August 2023, a $40M private placement in March 2026 from Coastlands Capital, Commodore Capital, and Vivo Capital, and an $80M at-the-market sales agreement with Jefferies established in April 2026. Non-dilutive grant funding from the Bill & Melinda Gates Foundation (into its third year in 2025) and U.S. government sources support global health programs. Strategic licensing and co-development partnerships — with Brii Biosciences for epetraborole rights in China, Hong Kong, Taiwan, and Macau; with DNDi for Chagas disease; and with GSK for tuberculosis — define the company's distribution and development channels for non-U.S. geographies and global health indications. Following an August 2024 50% workforce reduction triggered by the failure of the lead MAC lung disease Phase II/III trial, the company operates with a leaner cost base (FY2025 net loss of $35.2M vs. $51.3M in FY2024; R&D expenses of $24.8M vs. $40.5M) and approximately $60M of cash on hand, with runway extended into 2029 by the March 2026 financing.

Name

AN2 Therapeutics

Legal name

AN2 Therapeutics, Inc.

Website

https://an2therapeutics.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

AN2 Therapeutics is a clinical-stage biopharmaceutical company developing oral boron-based small-molecule therapeutics for rare infectious diseases (M. abscessus, Chagas), hematologic conditions (polycythemia vera), and oncology, using its proprietary boron chemistry platform.

Ownership category

akta.pro rank

Product category

Biopharmaceutical Therapeutics

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Pharmaceutical Preparation Manufacturing (325412), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Gastroenterology Specialty Pharmaceuticals (HLAIACAE)

akta.pro secondary industry

Clinical Development (Phase I–III Trial Design & Execution) (HLAIALAE)

Keywords

• Clinical-stage biopharmaceuticals
• Boron chemistry therapeutics
• Infectious disease drug development
• Rare disease therapeutics
• Small-molecule drug discovery

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations

Revenue model

1. Equity / capital raises: Clinical-stage biotech with no commercial product revenue; finances operations primarily through equity financing including private placements (e.g., $40M in March 2026 from Coastlands Capital, Commodore Capital, Vivo Capital), at-the-market (ATM) sales agreement with Jefferies ($80M facility in April 2026), underwritten stock offerings (e.g., $70M in August 2023), and stock option exercises.
2. Non-dilutive grant funding: Research grants from the Bill & Melinda Gates Foundation supporting boron-based therapy discovery for tuberculosis and malaria (aminoacyl-tRNA synthetase inhibitors). U.S. government funding for melioidosis program. Funding primarily non-dilutive and tied to global health initiatives.
3. Out-licensing (future / current): Strategic licensing arrangement with Brii Biosciences granting rights to develop, manufacture, and commercialize certain compounds including epetraborole in China, Hong Kong, Taiwan, and Macau. Future licensing/royalty revenue from any approved products in out-licensed territories.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels8 records

Core offering

AN2 Therapeutics is a clinical-stage biopharmaceutical company developing boron-based small-molecule therapeutics using its proprietary boron chemistry drug discovery platform. Its lead candidate is oral epetraborole, a leucyl-tRNA synthetase (LeuRS) inhibitor being advanced in Phase 2 studies for polycythemia vera, Mycobacterium abscessus lung disease, and historically treatment-refractory MAC lung disease. The pipeline also includes AN2-502998 for chronic Chagas disease, early-stage oncology programs targeting PI3Kα and ENPP1, and global health programs for tuberculosis and melioidosis supported by the Gates Foundation and U.S. government.

Product overview

AN2 Therapeutics is a clinical-stage biopharmaceutical company built around a single core technology — its proprietary boron chemistry drug discovery platform — which powers a portfolio of small-molecule therapeutic candidates spanning hematologic diseases, infectious diseases, and oncology. The platform-based architecture generates discrete pipeline products including the lead clinical asset oral epetraborole (a leucyl-tRNA synthetase inhibitor advancing in three Phase 2 programs: polycythemia vera, M. abscessus lung disease, and the historical EBO-301 program for TR-MAC lung disease), the oral Chagas disease candidate AN2-502998 (in Phase 1 with Phase 2 planned), early-stage oncology programs targeting PI3Kα and ENPP1, and global health programs for melioidosis (U.S. government-funded) and tuberculosis (in collaboration with GSK and supported by the Gates Foundation). Global health initiatives are advanced primarily through non-dilutive funding from foundations and public agencies, while commercial-stage indications are funded through equity financings including a March 2026 $40 million private placement and a prior $70 million underwritten offering.

Differentiator

Problem solved

Functional benefit

Brands

• Epetraborole: Investigational oral boron-based small-molecule antibacterial (leucyl-tRNA synthetase inhibitor) being developed by AN2 for polycythemia vera and Mycobacterium abscessus complex lung disease.
• AN2-502998

Products and services

• Epetraborole (oral)
• AN2-502998 (oral)
• Boron-based Oncology Programs (PI3Kα and ENPP1)
• Melioidosis Program
• Tuberculosis Program

Quantifiable outcome

• 100% parasite elimination in nonhuman primates with chronic Chagas disease after 28-day treatment at target human-achievable exposures (AN2-502998)
• +5 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and major.

• Brii BiosciencescoreOEM/ Whitelabel/ Licensing PartnerStrategic partnership in which Brii Biosciences has licensed rights to develop, manufacture, and commercialize certain AN2 compounds, including epetraborole, in China, Hong Kong, Taiwan, and Macau. Brii is a clinical-stage company committed to serving patients' needs and improving public health in China and around the world.
• GSK (GlaxoSmithKline)coreStrategic or Co-development PartnerResearch collaboration announced November 2025 to advance boron-based LeuRS-inhibitors targeting tuberculosis (TB). Project supported by Gates Foundation (which is funding its third year of the program). Aims to address the global health challenge posed by TB using novel boron chemistry approaches.
• Drugs for Neglected Disease initiative (DNDi)coreStrategic or Co-development PartnerCo-development partnership for AN2-502998 in Chagas disease. AN2 plans to initiate a Phase 2 proof-of-concept study late 2026 in collaboration with DNDi. If approved, AN2-502998 would become the first FDA-approved therapy for adults with chronic Chagas disease, which affects over 300,000 people in the U.S. and approximately 10 million globally.
• Oregon Health and Sciences University (OHSU)majorImplementation/ SI/ Consulting PartnerInvestigator-initiated study partnership for Phase 2 evaluation of epetraborole in M. abscessus complex lung disease. Multicenter, randomized, double-blind, placebo-controlled, prospective clinical study led by Dr. Kevin Winthrop, Professor of Public Health and Infectious Diseases at OHSU, with investigators across 10-15 sites in the U.S.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Insmed Incorporated: Established commercial-stage biopharmaceutical company with Arikayce, the only FDA-approved therapy specifically indicated for refractory MAC lung disease — directly competing with AN2's epetraborole in the NTM lung disease space. Broader incumbent in rare pulmonary and infectious diseases with full commercial infrastructure AN2 would need to build.
• Pfizer Inc. Acquired Anacor Pharmaceuticals (AN2's founding team and boron chemistry platform) for $5.2B in 2016 and commercialized the resulting boron-based drugs KERYDIN and EUCRISA. As the dominant incumbent in boron chemistry drug development, Pfizer represents both a potential acquirer and a competitive threat to AN2's boron chemistry IP position.

Regional players

• Brii Biosciences: Clinical-stage biopharmaceutical company committed to serving patient needs in China and globally. Licensed rights from AN2 to develop, manufacture, and commercialize epetraborole in China, Hong Kong, Taiwan, and Macau. Comparable as a partner / regional player addressing the same molecule in a specific geographic market.

Emerging players

• VenatoRx Pharmaceuticals: Private clinical-stage pharmaceutical company developing novel antibiotics to combat MDR bacterial infections, including collaborations with Global Antibiotic R&D Partnership (GARDP). Comparable as a privately funded anti-infectives developer targeting indications with limited treatment options, supported by non-dilutive global health funding.
• Drugs for Neglected Diseases initiative (DNDi): Non-profit product development partnership focused on neglected tropical diseases including Chagas disease. Co-developing AN2-502998 for chronic Chagas Phase 2. DNDi is both a partner and a parallel developer of Chagas therapies, making it a partial peer in the neglected-disease drug development ecosystem.
• TB Alliance (Global Alliance for TB Drug Development): Non-profit product development partnership developing novel tuberculosis treatments. Overlaps with AN2's TB program via Melvin Spigelman (TB Alliance CEO) sitting on AN2's board. Comparable as a co-development partner and parallel developer of novel TB regimens leveraging novel mechanisms of action.

Direct peers

• ContraFect Corporation: Clinical-stage biotechnology company developing direct lytic agents and other anti-infectives for serious bacterial infections including MRSA bacteremia and pneumonia. Comparable as a small public infectious disease biotech targeting drug-resistant and difficult-to-treat pathogens.
• Cidara Therapeutics: Clinical-stage biotechnology company developing anti-infectives including antiviral conjugates and immunotherapy approaches for serious infections. Comparable as a small public anti-infectives biotech with a similarly focused pipeline of differentiated small molecules and biologics targeting serious infectious diseases.
• Spero Therapeutics: Clinical-stage biopharmaceutical company developing anti-infective therapies for rare and serious bacterial infections, including NTM lung disease and MDR gram-negative infections. Most directly comparable as a small-cap public biotech with similar pipeline breadth in infectious disease and comparable reliance on dilutive financings and partnership-driven economics.
• Iterum Therapeutics: Clinical-stage anti-infectives company developing oral antibiotics for complicated urinary tract infections and other MDR bacterial infections. Directly comparable as a micro-cap public anti-infectives biotech with similar business model (in-licensed / developed antibiotics with potential for FDA approval in indications lacking treatment options).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/an2-therapeutics-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds8 records

Investors21 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AN2 Therapeutics