An2 Therapeutics, Inc. · NASDAQ:ANTX
An2 Therapeutics — Investor Presentation (June 2025)
40 slides from An2 Therapeutics's investor presentation, Jun 11, 2025
Slide 1: Investor Overview June 2025
Exhibit 99.1 Investor Overview June 2025 A N 2 T H E R A P E U T I C S . C O M
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this presentation include, but are not limited to, statements regarding: anticipated milesto
Slide 3: Advancing Novel Product Candidates With Our Boron Chemistry Platform
Advancing Novel Product Candidates With Our Boron Chemistry Platform Clinical-Stage Boron Chemistry National Defense & Platform Opportunities Global Health • Unique model that leverages non- • Founded by AN2 team originally from • Chagas: Phase 1 start up activities dilutive funding sources to advan
Slide 4: Product Portfolio Provides Multiple Paths to Significant Value Creation
Product Portfolio Provides Multiple Paths to Significant Value Creation Program Potential Worldwide Opportunity Chagas disease $1B+/yr Phase 1 start up activities underway with product candidate in development for chronic, life-threatening illness; ~300K PRV patients in U.S.; ~6-7M globally Melioido
Slide 5: Validated Boron-Based Drug Discovery Suited to Deliver Novel Drug Candidates
Validated Boron-Based Drug Discovery is Uniquely Suited to Deliver Novel Drug Candidates that Have Potential to be First in Class, if Approved I N F L A M M A T O R Y O N C O L O G Y R E S P O N S E Undruggable Targets: first-in-class • LeuRS: epetraborole,GSK656 • CPSF3: AN2-502998, acoziborole Sig
Slide 6: Broad Pipeline of Novel Clinical & Preclinical Programs
Broad Pipeline of Novel Clinical & Preclinical Programs Discovered Internally from our Boron Chemistry Platform Pathogen Target RESEARCH PRECLINICAL PHASE 1 PHASE 2 Status & Anticipated Inflections AN2-502998 Initiated Ph1 start up activities; complete Chagas disease Ph1 2H/2025; initiate Ph2 2026;
Slide 7: AN2-502998 for Chagas Disease
AN2-502998 for Chagas Disease 7
Slide 8: Chagas Disease: Hidden Threat to the Heart
Chagas Disease: Hidden Threat to the Heart Parasitic disease caused by Trypanosoma cruzi (T. cruzi) Usually spreads through contact with triatomine bugs (“kissing bugs”). Other transmission routes include: congenital, blood-borne, organ-derived, oral T. cruzi parasite lives in heart, GI, and other m
Slide 9: Global Threat Hiding in Plain Sight in the U.S.
Global Threat Hiding in Plain Sight in the U.S. Estimated Prevalence ~300K U.S. 6-7M GLOBAL ~100K EU & UK ~4-5M countries in Latin America Global: WHO Chagas Fact Sheet (4 April 2024); dndi.org/diseases/chagas/facts USA: Irish A, et al. Updated Estimates and Mapping for Prevalence of Chagas Disease
Slide 10: Expanding U.S. Prevalence
Expanding U.S. Prevalence Growing impact in the U.S.: ~300K infected T. cruzi & ‘kissing bug’ vector present in ~27 U.S. states CDC estimates that 5.5%–7.5% of confirmed infections in blood donors are related to locally acquired infection $1B+ estimated peak sales potential Confirmed’ and ‘Indetermi
Slide 11: No Approved Treatments for Adults with Chagas Disease in U.S.
No Approved Treatments for Adults with Chagas Disease in U.S. Two products in the U.S. approved for pediatrics only: benznidazole and nifuritmox No FDA-approved therapies for adults Rarely used; most cases are found in adults where safety and with Chagas disease efficacy in Chagas has not been estab
Slide 12: AN2-502998: Candidate with Curative Potential for Chronic Chagas Disease
AN2-502998: Phase 1 Candidate with Curative Potential for Chronic Chagas Disease - Oral, small molecule benzoxaborole • Novel target (CPSF3) is essential part of complex involved in 1 T. cruzi RNA processing • Chemical class with 2 FDA-approved drugs (crisaborole and tavaborole) • Target proof-of-co
Slide 13: AN2-502998 Cured Chronic T. cruzi Infection in Nonhuman Primates
AN2-502998 Cured Chronic T. cruzi Infection in Nonhuman Primates AN2-502998: only compound, of which we are aware, to have demonstrated curative activity in nonhuman primates (NHPs) with 1 long-term, naturally acquired infection of diverse T. cruzi genetic types NHPs naturally acquire T. cruzi-infec
Slide 14: Chagas Disease: Drug Development Landscape
Chagas Disease: Drug Development Landscape Novartis Eisai Merck Failed in clinic Phase 2 planned Failed in clinic Phase 1 FIH E1224 protease inhibitor (posaconazole) Start up activities (ravuconazole) underway 14
Slide 15: Chagas Disease: Potential for Ph2 PoC Within Projected Runway
Chagas Disease: Potential for Ph 2 PoC Within Projected Runway Planned timeline Collaborating with DNDi Chagas Clinical Research Platform for Phase 2 2027 Initiated YE-2025 2026 Phase 1 Start Phase 2 Phase 1 FIH Phase 2 Up Activities Data Complete Initiate 2027 2025 2026 Developed under license agre
Slide 16: Epetraborole in Melioidosis
Epetraborole in Melioidosis 16
Slide 17: Melioidosis - Under-Reported, High Unmet Medical Need Disease
Melioidosis - Under-Reported, High Unmet Medical Need Disease High Mortality - New approaches needed to address Caused by the Gram-negative bacterium significant unmet clinical need Burkholderia pseudomallei • Mortality: 89,000/year • Third most common cause of death from an infectious disease in SE
Slide 18: Market Opportunity: Melioidosis
Market Opportunity: Melioidosis 100% Funded to date Market potential by the U.S. Government (non-dilutive) • High priority biothreat • Priority review voucher target (second highest potential behind anthrax, plague, • Government(s) stockpiling smallpox) • Treatment sales (e.g., • Military force prot
Slide 19: Potential to Reduce Mortality in Patients vs. SOC Alone
Potential to Reduce Mortality in Patients vs. SOC Alone • Epetraborole showed cidal activity against multiple isolates (10) in an acute pulmonary murine infection model of B. pseudomallei MSHR435 melioidosis when subcutaneous (SC) dosing was delayed EBO 1 µg/mL; CAZ 8 µg/mL 12-hours after infection
Slide 20: Goal: Significantly Reduce Mortality in Melioidosis Patients
Goal: Significantly Reduce Mortality in Melioidosis Patients Planned timeline Anticipated primary endpoint will be to • 200 patients enrolled at 3 sites in 12 months 1 2 evaluate mortality (Thailand and Laos) • Confirmed high mortality (~27% 28-day; ~50% (epetraborole + ceftazidime/meropenem vs. pla
Slide 21: Oncology Programs
AN Therapeutics Oncology Programs
Slide 22: Boron's Validated Binding Modes Enable Access to Undruggable Targets
Boron’s Validated Binding Modes Enable Access to Undruggable Targets Diverse, covalent and non-covalent binding modes Empty p-orbital allows for unique • Tunable tetrahedral or trigonal geometry binding modes not • Covalently binds amino acids (e.g., S, T, Y, K) possible with • Binds ribose covalent
Slide 23: Oncology: ENPP1
Oncology ENPP'1 AN Therapeutics
Slide 24: ENPP1 – Promising Immuno-Oncology Target
ENPP1 – Promising Immuno-Oncology Target • Blocking ENPP1 has two essential roles: – Turns “cold” tumors “hot”, triggering innate immune system response – Inhibition of tumor metastasis • Potential synergy with checkpoint inhibitors PD-1 (e.g., Keytruda), PD-L1, and CTLA4 • Broad use across solid tu
Slide 25: ENPP1 - Immune System's On/Off Switch
ENPP1 - Immune System’s “On/Off” Switch No ENPP1 High ENPP1 Innate anti-tumor immunity combats cancer growth Immune response interrupted expression expression • Inhibiting ENPP1 on the cancer cells allows cGAMP to signal • AN2 boron heterocycles demonstrated excellent in vitro to the immune cells po
Slide 26: ENPP1 - Emerging Oncology Target
ENPP1 - Emerging Oncology Target Wang et. Al., PNAS, 2023 ENPP1 expression in different cancer types Li et. al., Cancer Discovery, 2020 Colon 6.08% of 592 cases 397/10,953 (4%) of NSCLC queried patients* 5.33% of 994 cases Breast 3.88% of 1082 cases High expression of ENPP1 translates to poorer outc
Slide 27: AN2 Boron Heterocycles – Opportunity for Best-In-Class Molecules
AN2 Boron Heterocycles – Opportunity for Best-In-Class Molecules AN2 Boron Heterocycles Liabilities of Other Binding Groups AN2 potential compounds Ideal TPP (preclinical observations) Sulfamide • hERG inhibition liability Sulfonamide • Poor physicochemical properties/PK Sulfoximine • pH dependent a
Slide 28: Oncology: PI3Kα
AN Therapeutics Oncology PI3Ka
Slide 29: PI3Kα – Developing Potential Next Generation Compound
PI3Kα – Developing Potential Next Generation Compound Potential 3rd generation First Generation Second Generation - 2 FDA-approved drugs; - Allosteric-site inhibitors❑ Allosteric-site inhibitors validates mechanism - Early clinical stage❑ Covalent boron binding - ATP-site inhibitors - Some selectivi
Slide 30: PI3Kα Signaling Pathway Has High Potential
PI3Kα Signaling Pathway Has High Potential Phosphoinositide 3-kinases (PI3Ks) are lipid kinases that mediate signaling cascades involved in cell proliferation, survival, metabolism, and migration Class IA PI3 Kinases are a heterodimer of p110 catalytic subunit and p85 regulatory subunit Stimulation
Slide 31: First Generation Inhibitors Provide Breakthrough Efficacy But Hyperglycemia Limits Use
st 1 Generation Inhibitors Provide Breakthrough Efficacy But Hyperglycemia Limits Use Major Opportunity for Best-in-Class Pan-Mutant WT-Sparing PI3Kα Tissues affected by PI3Ka mutations Targetable PI3Ka driver mutations are highly prevalent in cancer patients occur in 14% of all cancers (~35% in bre
Slide 32: AN2 Boron-based Mutant-Selective Inhibitors Bind Allosteric Site of PI3Kα
AN2 Boron-based Mutant-Selective Inhibitors Designed to Bind Covalently to an Allosteric Site of PI3Kα ATP-site inhibitors (non-WT sparing) Genentech and Novartis Kinase-domain inhibitors Kinase Allosteric Site 1 Synnovation Kinase Allosteric Site 2 Relay and Scorpion 32
Slide 33: Boron Chemistry Enables Selective Targeting PI3Kα
Boron Chemistry Enables Selective Targeting PI3Kα Potential Third Generation PI3Kα AN2 potential Covalent Mutant-Specific Borophore compounds (preclinical observations) Targeted profile • Novel covalent binding to PI3Kα allosteric site nM potency • Pan-mutant potency with 10-100 fold selectivity Hig
Slide 34: NTM: M. abscessus
NTM M. abscessus AN Therapeutics
Slide 35: Epetraborole Potential Path Forward in M. abscessus Lung Disease
Epetraborole Potential Path Forward in M. abscessus Lung Disease • Phase 3 study in treatment-refractory MAC lung disease enrolled patients with severe, advanced disease, and provides robust enabling clinical data to support potential development in M. abscessus • Supportive EBO preclinical M. absce
Slide 36: Epetraborole Exhibited Potent MICs for M. abscessus
Epetraborole Exhibited Potent MICs for M. abscessus Mycobacterium abscessus sensitivity to epetraborole Large collection of contemporary, international M. abscessus isolates MIC range of 0.03 – 0.25 mg/L, MIC50 of 0.06 mg/L and MIC90 of 0.12 mg/L Activity was not affected by subspecies, resistance t
Slide 37: Enabling Data in M. abscessus Paves Way for Phase Development
Enabling Data in M. abscessus Paves Way for Phase 2 Development SOC agent, Imipenem, is No FDA-approved treatments Off-label treatments have a parenteral only. EBO had cidal for NTM lung disease caused high rate of drug resistance or activity similar to imipenem in by M. abscessus tolerability limit
Slide 38: M. abscessus Lung Disease: Global Opportunity and Unmet Need
M. abscessus Lung Disease: Global Opportunity and Unmet Need 1 United States ~$1B Opportunity 2 Europe ~$350M Opportunity 3 Asia (ex China) ~$1B Opportunity 1. Assumes 2028 NTM prevalence of 115k (Strollo, The Burden of Pulmonary NTM in the U.S. , AnnalsATS Vol 12:10, 2015). Est. 10% due to M. absce
Slide 39: Leadership
AN Therapeutics Leadership
Slide 40: Team With Significant Experience in Bringing Medicines to Market
Team With Significant Experience in Bringing Medicines to Market SENIOR MANAGEMENT ADVISORS Eric Easom, MBA, MEng Sanjay Chanda, PhD Lucy Day Chris LeMasters Co-Founder, President & CEO Chief Development Officer Chief Financial Officer Oncology Advisor Josh Eizen Steve Prior, PhD Vincent Hernandez G