Company: ANTX
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001193125-25-277673
Chunk: 12

Company: AN2 Therapeutics, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 12
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Note 1. Organization and Description of the BusinessDescription of BusinessAN2 Therapeutics, Inc. (the “Company”) is a biopharmaceutical company focused on discovering and developing novel small molecule therapeutics derived from its boron chemistry platform. The Company has a pipeline of boron-based compounds in development for Chagas disease, non-tuberculous mycobacterial (“NTM”) lung disease caused by M. abscessus, and melioidosis along with programs focused on targets in oncology and infectious diseases. We are committed to delivering high-impact drugs to patients that address critical medical needs and improve health outcomes. The Company was incorporated in the state of Delaware in February 2017, began operations in November 2019, began trading on the Nasdaq Global Select Market on March 25, 2022 under the symbol “ANTX”, and is based in Menlo Park, California.Since launching operations in November 2019, the Company has devoted substantially all of its resources to performing research and development activities, business planning and restructuring, hiring personnel, raising capital, and providing general and administrative support for these operations.At-The-Market OfferingOn April 6, 2023, the Company entered into a sales agreement (“Sales Agreement”) with Cowen and Company, LLC as the Company’s sales agent (“Agent”) to issue and sell up to an aggregate gross sales of $100.0 million in shares (“Shares”) of the Company’s common stock through an “at-the-market” equity offering program (“ATM Offering”). The Company will pay commissions to the Agent of up to 3.0% of the gross proceeds of the sale of the Shares sold under the Sales Agreement and reimburse the Agent for certain expenses. During the year ended December 31, 2023, the Company issued and sold 2,502,000 shares of common stock under the ATM Offering, resulting in net proceeds of $19.1 million, after deducting commissions and other offering costs. The Company did not sell any shares of common stock through the ATM Offering during the nine months ended September 30, 2025.Underwritten OfferingOn August 15, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cowen and Company, LLC, Leerink Partners LLC and Evercore Group L.L.C., as representatives of several underwriters, to issue and sell 7,777,778 shares of common stock at an offering price of $9.00 per share, resulting in