AN2 Therapeutics (ANTX) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing novel small-molecule therapeutics from a boron chemistry platform, targeting hematologic diseases, infectious diseases, and oncology.

• Pipeline includes advanced research programs in oncology, bone disorders, and infectious diseases, aiming to address critical unmet needs.

• Incorporated in Delaware in 2017, with principal offices in Menlo Park, California.

Financial performance and metrics

• As of December 31, 2025, historical net tangible book value was $53.1 million, or $1.94 per share, based on 27,413,171 shares outstanding.

• After an assumed $80 million offering at $3.34 per share, as adjusted net tangible book value would be $130.5 million, or $2.54 per share.

• Immediate dilution to new investors is estimated at $0.80 per share at the assumed offering price.

Use of proceeds and capital allocation

• Net proceeds from the offering are intended primarily for research and development of product candidates, working capital, and general corporate purposes.

• A portion may be used for acquisitions or investments in complementary businesses or products, though no current plans exist.

• Proceeds from the exercise of pre-funded warrants, if any, will be used for general corporate purposes.