Company: ANTX
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044366
Chunk: 133

Company: AN2 Therapeutics, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 133
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 and Administrative Expenses

Our general and administrative expenses consist primarily of payroll and personnel-related expenses, including salaries and bonuses, payroll taxes, employee benefit costs, and non-cash stock-based compensation. Other general and administrative expenses include legal costs of pursuing patent protection of our intellectual property, and professional service fees for auditing, tax, general legal services, and other external consulting and vendor services. We expect our general and administrative expenses to continue to increase in the future, including expenses related to legal, accounting, regulatory, and tax-related services associated with maintaining compliance with requirements of the Nasdaq Global Select Market and the Securities and Exchange Commission ("SEC"), directors and officers liability insurance premiums, and investor relations activities.

Restructuring Charges

Our restructuring charges consist primarily of employee severance payments and other employee termination-related expenses.

Interest Income

Interest income consists of interest income and investment income earned on our cash, cash equivalents, and investments.

78

Other Income

Other income consists of income associated with foreign currency fluctuations.

Results of Operations

Comparison of the Years Ended December 31, 2024 and 2023

The following table sets forth the significant components of our results of operations:

    Year Ended

    December 31,

    2024

    2023

    Change

    % Change

    (in thousands, except percentages)

    Operating Expenses:

    Research and development
     
    $
    40,488

    $
    54,871

    $
    (14,383
    )

    (26
    %)

    General and administrative

    14,066

    14,764

    (698
    )

    (5
    %)

    Restructuring charges

    2,234

    —

    2,234

    100
    %

    Total operating expenses

    56,788

    69,635

    (12,847
    )

    (18
    %)

    Loss from operations

    (56,788
    )

    (69,635
    )

    12,847

    (18
    %)

    Interest income

    5,467

    4,860

    607

    12
    %

    Other income

    —

    43

    (43
    )

    (100
    %)

    Net loss
     
    $
    (51,321
    )
     
    $
    (64,732
    )