AN2 Therapeutics Announces \$40 Million Private Placement Financing: Key Details for Investors

Menlo Park, Calif. – AN2 Therapeutics, Inc. (Nasdaq: ANTX), a clinical-stage biopharmaceutical company specializing in novel small molecule therapeutics derived from its proprietary boron chemistry platform, has announced a significant financial development: the company has entered into a securities purchase agreement for a private placement expected to raise approximately \$40 million in gross proceeds, before deducting placement agent fees and other expenses.

Key Points of the Financing

• Transaction Structure: AN2 Therapeutics will sell 8,245,611 shares of common stock at \$2.85 per share and offer pre-funded warrants (in lieu of common stock for certain investors) to purchase up to 5,789,493 shares of common stock at \$2.84999 per pre-funded warrant.
• Pre-funded Warrants: Each warrant has an exercise price of \$0.00001 per share, is immediately exercisable, and remains exercisable until exercised in full, subject to ownership limitations. This feature allows investors flexibility and immediate access to underlying shares.
• Investor Participation: The placement includes both new and existing institutional investors, notably Coatlands Capital, Commodore Capital, and Vivo Capital. This signals continued and expanded institutional confidence in AN2’s pipeline and business model.
• Timing: The private placement is expected to close on March 10, 2026, pending satisfaction of customary closing conditions. Leerink Partners is acting as the exclusive placement agent for this transaction.
• Regulatory Compliance: The placement is conducted under Nasdaq rules and priced to satisfy the “Minimum Price” requirement, ensuring compliance and transparency.
• Registration Statement: The securities sold have not been registered under the Securities Act of 1933 or state securities laws. AN2 will file a registration statement with the SEC to register the resale of common stock issued in the private placement and the shares issuable upon exercise of the pre-funded warrants, enhancing liquidity for investors and potentially impacting future trading volumes.

Company Pipeline and Focus

AN2’s pipeline consists of boron-based compounds targeting several critical diseases, including:

• Polycythemia vera
• Nontuberculous mycobacterial (NTM) lung disease caused by M. abscessus
• Chagas disease
• Melioidosis

The company is also advancing research programs focused on oncology and infectious diseases, highlighting its commitment to addressing unmet medical needs and improving patient outcomes.

Shareholder Considerations and Potential Price Sensitivity

• Capital Raise: The addition of \$40 million in capital will strengthen AN2’s balance sheet, potentially accelerating clinical development and commercialization efforts.
• Dilution Risk: The issuance of new shares and pre-funded warrants increases the total shares outstanding, which may dilute existing shareholders’ stakes. However, the strategic capital infusion and institutional support could offset dilution concerns if it translates into pipeline progress.
• Market Impact: The registration of shares for resale could increase share liquidity, but may also introduce selling pressure as warrants are exercised and shares become available for trading.
• Institutional Confidence: Continued backing by reputable institutional investors may signal positive prospects for AN2’s pipeline and future milestones.
• Regulatory and Closing Risks: The transaction is subject to customary closing conditions; any delay or failure to close could impact the company’s cash runway and investor sentiment.

Contact Information

AN2 Company Contact: Lucy O. Day, Chief Financial Officer ([email protected])
Investor and Media Contact: Anne Bowdidge ([email protected])

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. Investors are encouraged to conduct their own due diligence and consult with financial advisors before making investment decisions. The information presented is based on company disclosures and may be subject to change.

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