AN2 Therapeutics announced that it has entered into a securities purchase agreement for a private placement expected to generate approximately $40 million in gross proceeds before deducting placement agent fees and other expenses. The financing includes participation from Coastlands Capital, Commodore Capital, Vivo Capital, and other new and existing institutional investors.
Under the terms of the private placement, the clinical-stage biopharmaceutical company will sell 8,245,611 shares of common stock at $2.85 per share. In addition, certain investors will have the option to receive pre-funded warrants instead of common stock. These warrants allow investors to purchase up to 5,789,493 shares of common stock at $2.84999 per warrant.
Each pre-funded warrant carries an exercise price of $0.00001 per share and is exercisable immediately. The warrants remain exercisable until they are exercised in full, subject to ownership limitations.
The transaction is expected to close on March 10, 2026, subject to customary closing conditions. The offering was structured in accordance with applicable Nasdaq rules and priced to satisfy the exchange’s minimum price requirement.
Leerink Partners is acting as the exclusive placement agent for the private placement.
The securities offered in the transaction have not been registered under the Securities Act of 1933 or applicable state securities laws. As a result, they may not be offered or sold in the United States unless registered with the Securities and Exchange Commission or sold under an applicable exemption. AN2 Therapeutics said it plans to file a registration statement with the SEC to allow the resale of the common shares issued in the private placement and the shares issuable upon exercise of the pre-funded warrants.
AN2 Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel small-molecule therapeutics derived from its boron chemistry platform. The company’s pipeline includes boron-based compounds being developed for polycythemia vera, nontuberculous mycobacterial lung disease caused by Mycobacterium abscessus, Chagas disease, and melioidosis. It also has research programs targeting oncology and infectious diseases.
