AN2 Therapeutics (ANTX) Stifel 2026 Targeted Oncology Virtual Forum summary

Company overview and strategic direction

• Focuses on boron chemistry platform with over 20 years of expertise, expanding from infectious diseases into hematology and oncology.

• Currently has three clinical programs and plans to advance three more within the next year.

• Pivot to oncology driven by biological insights and platform versatility, leveraging internal drug discovery capabilities.

• Acquired a boron company with a PI3K program, expanding into solid tumors.

Lead asset development and clinical rationale

• Epetraborole (EBO), initially developed for NTM, showed red cell-specific effects, prompting evaluation in polycythemia vera (PV).

• Observed predictable, reversible reduction in hematocrit and hemoglobin, with no impact on precursor or white cells.

• Phase II PV trial to start in India, with initial data expected in Q4 and dose-ranging expansion in 2025.

• Oral, red cell-specific mechanism could offer advantages over current PV therapies, with potential for broad use.

Pipeline and innovation

• ENPP1 inhibitor nominated as a solid tumor candidate, aiming to stimulate innate immunity and synergize with DNA-damaging agents.

• PI3K alpha program targets both kinase and helical mutants, aiming for a profile similar to recent high-value acquisitions.

• Chagas disease program leverages antiparasitic success in NHPs, targeting a large, underserved market.

• NTM abscesses program offers an oral alternative to current IV-heavy regimens, with phase II data expected next year.