Company: ANTX
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0000950170-25-044366
Chunk: 135

Company: AN2 Therapeutics, Inc.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 1B
Chunk 135
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 Preclinical and research study expenses

    3,569

    3,517

    52

    1
    %

    Chemistry manufacturing and controls

    2,909

    7,316

    (4,407
    )

    (60
    %)

    Other expenses

    433

    1,507

    (1,074
    )

    (71
    %)

    Total research and development expenses
     
    $
    40,488

    $
    54,871

    $
    (14,383
    )

    (26
    %)

79

General and Administrative Expenses

General and administrative expenses were $14.1 million for the year ended December 31, 2024 compared to $14.8 million for the year ended December 31, 2023. The decrease of $0.7 million was primarily attributable to $0.4 million decrease in professional services expenses, $0.4 million decrease in facilities and miscellaneous expenses and $0.2 million decrease in D&O insurance expenses. These decreases were partially offset by $0.3 million increase in personnel related expenses, primarily related to stock-based compensation expense.

Restructuring Charges

Restructuring charges were $2.2 million for the year ended December 31, 2024 consisting of severance payments and other employee termination-related expenses. We had no restructuring charges for the year ended December 31, 2023.

Interest Income

Interest Income was $5.5 million for the year ended December 31, 2024 compared to $4.9 million for the year ended December 31, 2023. The increase of $0.6 million was due to higher interest rates despite lower cash, cash equivalents and short and long-term investment balances in 2024 as compared to 2023.

Liquidity and Capital Resources

Sources of Liquidity

We have incurred net losses since our inception. For the years ended December 31, 2024 and 2023, we had net losses of $51.3 million and $64.7 million, respectively, and we expect to incur substantial additional losses in future periods. As of December 31, 2024, we had an accumulated deficit of $205.8 million. As of December 31, 2024, we had cash, cash equivalents, short-term investments and long-term investments of $88.6 million. Based on our current