AN2 Therapeutics, Inc.

ANTX

$5.95

+0.00%

N/A+$0.00

Healthcare

Biotechnology

NASDAQ

Active Trading

AN2 Therapeutics, Inc. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of treatments for uncommon, long-term, ...

Supply Chain of ANTX

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Undisclosed Small Molecule CDMO(s)

DNDi (Drugs for Neglected Diseases initiative)

Medical Technology Enterprise Consortium (MTEC)

Boron Chemical & Specialty Reagent Suppliers

Clinical CRO(s) (preclinical & clinical trial services)

Undisclosed Small Molecule CDMO(s)

Contract Development & Manufacturing Organization — manufacturing clinical trial supplies of epetraborole and AN2-502998 (drug substance and drug product)

DNDi (Drugs for Neglected Diseases initiative)

Clinical research collaboration partner — providing clinical trial network and expertise for AN2-502998 Chagas disease Phase 1/2 development

Medical Technology Enterprise Consortium (MTEC)

Preclinical research support — in vitro susceptibility testing, PK/PD analyses, and IND-enabling studies for infectious disease programs

Boron Chemical & Specialty Reagent Suppliers

Suppliers of boron-based chemical intermediates, reagents, and building blocks used in AN2's boron chemistry platform drug discovery

Clinical CRO(s) (preclinical & clinical trial services)

Contract Research Organizations providing clinical trial management, monitoring, data management, and regulatory support for ongoing Phase 1/2 studies

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

Brii Biosciences Limited

DNDi (Drugs for Neglected Diseases initiative)

Bill & Melinda Gates Foundation

Leerink Partners

Brii Biosciences Limited

HKEx:2137.HK

Licensee for Greater China — AN2 granted exclusive rights to develop, manufacture, and commercialize epetraborole and certain other boron-based compounds in China, Hong Kong, and Macau. Brii Bio was also an early Series A investor.

GSK plc

NYSE:GSK

Research collaboration (announced Nov 2025) — joint development of boron-based LeuRS inhibitors targeting tuberculosis (TB). Gates Foundation provides funding support. Preclinical stage.

DNDi (Drugs for Neglected Diseases initiative)

Clinical development collaboration (announced Jul 2025) — DNDi provides clinical trial network and expertise for AN2-502998 oral drug candidate for chronic Chagas disease. Phase 1 first-in-human trial commenced Aug 2025.

Bill & Melinda Gates Foundation

Grant funding provider — provides research funding to support AN2's global health programs including TB (with GSK) and melioidosis. Initial grant awarded Sep 2023; multi-year funding.

Jefferies LLC

NYSE:JEF

Sales agent for at-the-market (ATM) equity offering program (up to $80M, announced Apr 2026). Financial/distribution of equity securities.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Brii Biosciences Limited

Anacor Pharmaceuticals (acquired by Pfizer)

GSK plc

RA Capital Management (private investment fund)

Brii Biosciences Limited

HKEx:2137.HK

Strategic licensee for AN2's lead program in Greater China; provides partial geographic exposure to AN2's pipeline value in the Chinese market.

Anacor Pharmaceuticals (acquired by Pfizer)

Unconfirmed

Historical origin of AN2's boron chemistry platform and epetraborole asset. Anacor was acquired by Pfizer in 2016 for $5.2B, validating boron chemistry as a drug discovery approach.

GSK plc

NYSE:GSK

Direct research collaboration partner for TB program (Nov 2025). As a large-cap pharma partner, GSK's commitment validates AN2's boron chemistry approach for global health.

RA Capital Management (private investment fund)

Unconfirmed

Lead investor in AN2's $80M Series B financing and significant institutional holder. RA Capital is a well-known healthcare-dedicated investment firm whose continued involvement signals conviction in AN2's platform.

Geographic

Region-level exposures that can distort the supply network.

Geographic

China / Hong Kong / Macau

United States (California)

Global (Endemic Disease Regions)

Brii Biosciences Limited

Undisclosed CDMO Partners

DNDi (Drugs for Neglected Diseases initiative)

Bill & Melinda Gates Foundation

GSK plc

China / Hong Kong / Macau

Licensee dependency — development and commercialization rights for Greater China licensed to Brii Biosciences

Brii Biosciences LimitedHKEX:2137.HKExclusive licensee for development, manufacturing, and commercialization in China, Hong Kong, and Macau

United States (California)

Operational headquarters and primary R&D location; CDMO and CRO concentration risk

Undisclosed CDMO PartnersContract manufacturing for clinical supply (small molecule drug substance and drug product)

Global (Endemic Disease Regions)

Clinical trial operations for Chagas disease (Latin America), melioidosis (Southeast Asia, Northern Australia), and TB (global) depend on partnerships with DNDi, Gates Foundation, and GSK

DNDi (Drugs for Neglected Diseases initiative)Clinical development collaboration for Chagas disease

Bill & Melinda Gates FoundationGrant funder for global health programs (TB, melioidosis, malaria)

GSK plcNYSE:GSKResearch collaboration for TB drug development

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Foundry

High

As a clinical-stage biotech with no manufacturing capacity, AN2 is entirely dependent on external CDMO(s) for clinical trial material supply. Any disruption or quality issue at its manufacturing partner could delay clinical trials.

Customer

Critical

AN2 has no approved products, zero commercial revenue, and no established customer base. All future revenue depends on successful clinical development, regulatory approval, and commercialization of its pipeline, which may fail at any stage.

Other

Critical

Single-asset dependency — epetraborole is the lead candidate spanning PV, NTM, and melioidosis programs. The Phase 2/3 NTM lung disease trial (EBO-301) was terminated in Aug 2024 due to futility, and the company reduced headcount by ~50%, highlighting high pipeline concentration risk.

Other

Medium

Boron chemistry platform dependency — all pipeline assets rely on boron-based small molecule chemistry. Any fundamental scientific or manufacturing obstacle with boron-based therapeutics could impair the entire pipeline.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Pre-revenue / Clinical-stage (no approved products)

100.0%

$0.0B

As a development-stage company with no commercial revenue, AN2's supply chain is limited to clinical trial material manufacturing (CDMOs), research reagents/chemicals, and clinical research services (CROs). No commercial-scale manufacturing or distribution infrastructure yet exists.

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Plutux is not an investment adviser. Market data and AI-generated analysis are for information and education only, not investment advice. Disclaimer