AN2 Therapeutics, Inc.

General Information

We are a clinical-stage biopharmaceutical company developing treatments for rare, chronic and serious infectious diseases with high unmet needs. Our initial product candidate is epetraborole, a once-daily oral treatment for patients with chronic non-tuberculous mycobacterial, or NTM, lung disease. Epetraborole has broad spectrum antimycobacterial activity through inhibition of an essential and universal step in bacterial protein synthesis. Its novel mechanism of action is enabled by boron chemistry, our core technology approach.

There are an estimated 200,000 patients with NTM lung disease in the United States; however, many remain underdiagnosed due to lack of clinical suspicion, nonspecific respiratory symptoms, and underlying lung diseases that are frequent in patients with this infection. We intend to conduct trials and pursue marketing authorizations with epetraborole in additional geographies outside of the United States and Europe, with an initial focus in Japan. We estimate that there are approximately 20,000 patients with NTM lung disease and approximately 5,600 patients with treatment-refractory MAC lung disease in Europe (United Kingdom, Germany, France, Italy, and Spain). We estimate that there are approximately 220,000 patients with NTM lung disease and approximately 21,000 patients with treatment-refractory MAC lung disease in Japan. 

We plan to conduct a Phase 2/3 pivotal clinical trial in treatment-refractory Mycobacterium avium complex, or MAC, lung disease, which is the most common type of NTM lung disease. Interim data from our completed Phase 1b dose-ranging study of epetraborole administered orally for 28 days in healthy volunteers in Australia and data from our two nonclinical chronic toxicology studies (six-month rats and nine-month non-human primates) have informed our selection of a 500 mg once-daily dose for our Phase 2/3 pivotal clinical trial in treatment-refractory MAC lung disease patients. We believe our Phase 2/3 pivotal clinical trial design, which is under review by the U.S. Food and Drug Administration, or FDA, has the potential to be sufficient for regulatory approval in the United States.

We recently received clearance of our Investigational New Drug, or IND, application by the FDA to begin our Phase 1 renal impairment study, for which enrollment commenced in February 2022, and plan to initiate patient enrollment in our Phase 2/3 pivotal clinical trial in the first half of 2022, with topline results for the Phase 2 part of the trial anticipated in the middle of 2023 and for the Phase 3 part of the trial anticipated in the middle of 2024, pending any sample size adjustments that may be required to the Phase 3 portion based on treatment effects of epetraborole-containing regimens that may be observed in the Phase 2 portion of the trial, if any. We also recently received Fast Track designation by the FDA to investigate epetraborole for treatment-refractory MAC lung disease. Epetraborole has also recently been designated as a Qualified Infectious Disease Product, or QIDP, for treatment-refractory MAC lung disease by the FDA and received FDA orphan drug designation for the treatment of infections caused by NTM. 

*Note: Net loss is for the year ended Dec. 31, 2021.

(Note: AN2 Therapeutics, Inc. upsized its IPO at pricing to 4.6 million shares and priced the IPO at $15 – the mid-point of its $14-to-$16 range – to raise $69 million.)

Industry: Pharmaceutical
Employees: 22
Founded: 2017
Contact Information
Address 1800 El Camino Real, Suite D, Menlo Park, California 94027
Phone Number (650) 331-9090
Web Address
View Prospectus: AN2 Therapeutics, Inc.
Financial Information
Market Cap $281.1mil
Revenues $0 mil (last 12 months)
Net Income $-21.57 mil (last 12 months)
IPO Profile
Symbol ANTX
Exchange NASDAQ
Shares (millions): 4.6
Price range $15.00 - $15.00
Est. $ Volume $69.0 mil
Manager / Joint Managers Cowen and Company/ SVB Leerink/ Evercore
CO-Managers Oppenheimer & Co.
Expected To Trade: 3/25/2022
Status: Priced
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