- Enrolling
U.S. Patients in the EBO-301 Pivotal Phase 2/3 Trial of Epetraborole in Treatment-Refractory MAC Lung Disease; Topline Results from Phase 2 Part of Trial Expected in Mid-2023 - Completed Enrollment in Phase 1 PK/Safety Study of Epetraborole in
Healthy Volunteers inJapan - Plan to Include Japanese Patients in EBO-301 Pivotal Phase 2/3 Trial; Gained Alignment with the PMDA on the Use of a Microbiological Primary Endpoint to Support Potential Registration in
Japan
“We’ve made significant strides with the epetraborole clinical program, initiating the pivotal Phase 2/3 trial in treatment-refractory MAC lung disease in the
Initiated Pivotal Phase 2/3 Trial for Epetraborole in Treatment-Refractory MAC Lung Disease. In
Expanded Company’s Board of Directors. During the second quarter of 2022,
Advancing Epetraborole Clinical Development.
Financial Results for Second Quarter 2022:
- Research and Development (R&D) Expenses: R&D expenses increased for the three months ended
June 30, 2022 , compared to the same period during 2021 due to higher clinical trial activity, additional R&D personnel and related expenses, increased outside consultant costs and research studies related to our research and development activities. These increases were partially offset by lower clinical manufacturing costs for our clinical trials and lower related party license fees. - General and Administrative (G&A) Expenses: G&A expenses increased for the three months ended
June 30, 2022 , compared to the same period during 2021 due to additional G&A personnel and related expenses, higher outside legal and accounting professional service costs and increased consulting services, as we expanded our post-initial public offering (IPO) activities. - Cash Position: Cash, cash equivalents and investments totaled
$115.8 million onJune 30, 2022 . The Company expects that current cash, cash equivalents and investments, including net proceeds from the underwriters’ IPO over-allotment option exercised in April, will be sufficient to fund its operating expenses through mid-2024.
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding: AN2's anticipated progress, business plans, business strategy and planned clinical trials; the timing of anticipated results from AN2's recently initiated Phase 2/3 pivotal clinical trial; the potential clinical benefits and therapeutic potential of epetraborole; AN2's estimated cash runway and the timing of use of its capital resources; the timing of initial data from AN2's research and development programs; ability of AN2 to expand into other markets and initiate clinical trials in other jurisdictions; and other statements that are not historical fact. These statements are based on AN2's current plans, objectives, estimates, expectations and intentions, are not guarantees of future performance and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but are not limited to, risks and uncertainties related to: the effects of the evolving COVID-19 pandemic; AN2's ability to continue enrollment in its Phase 2/3 pivotal clinical trial of epetraborole and the ability to enable epetraborole development in
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended | ||||||||
2022 | 2021 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 6,698 | $ | 3,850 | ||||
Research and development - related party | — | 250 | ||||||
General and administrative | 3,635 | 898 | ||||||
Total operating expenses | 10,333 | 4,998 | ||||||
Loss from operations | (10,333 | ) | (4,998 | ) | ||||
Interest income | 228 | 15 | ||||||
Other expense | (15 | ) | (24 | ) | ||||
Net loss | (10,120 | ) | (5,007 | ) | ||||
Accretion to redemption value and cumulative dividends on preferred stock | — | (1,904 | ) | |||||
Net loss attributable to common stockholders | $ | (10,120 | ) | $ | (6,911 | ) | ||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.53 | ) | $ | (2.62 | ) | ||
Weighted-average number of shares used in computing net loss per share, basic and diluted | 19,258,066 | 2,633,954 | ||||||
Other comprehensive loss: | ||||||||
Unrealized loss on investments | (202 | ) | — | |||||
Comprehensive loss | $ | (10,322 | ) | $ | (5,007 | ) |
CONDENSED BALANCE SHEETS
(in thousands)
2022 (unaudited) | 2021 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 40,616 | $ | 12,097 | ||||
Short-term investments | 72,773 | 46,458 | ||||||
Prepaid expenses and other current assets | 3,488 | 1,551 | ||||||
Deferred offering costs | — | 1,724 | ||||||
Long-term investments | 2,419 | 3,486 | ||||||
Other assets, long-term | 720 | — | ||||||
Total assets | $ | 120,016 | $ | 65,316 | ||||
Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) | ||||||||
Accounts payable | $ | 1,612 | $ | 1,063 | ||||
Other current liabilities | 2,537 | 2,332 | ||||||
Other liabilities, long-term | 4 | 13 | ||||||
Total liabilities | 4,153 | 3,408 | ||||||
Redeemable convertible preferred stock | — | 109,319 | ||||||
Stockholders’ equity (deficit) | 115,863 | (47,411 | ) | |||||
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ | 120,016 | $ | 65,316 |
Company Contacts:Lucy O. Day Chief Financial Officer l.day@an2therapeutics.comAnne Bowdidge Investor Relations abowdidge@an2therapeutics.com
Source:
2022 GlobeNewswire, Inc., source