ANTX

Item 1A—Risk Factors.” Components of Our Operating Results Operating Expenses Research and Development Expenses Substantially all of our research and development expenses consist of expenses incurred in connection with the development of our product candidates.
Results of Operations Comparison of the Years Ended December 31, 2025 and 2024 The following table sets forth the significant components of our results of operations: Year Ended December 31, 2025 2024 Change % Change (in thousands, except percentages) Operating Expenses: Research and development $ 24,769 $ 40,488 $ (15,719 ) (39 %) General and administrative 13,340 14,066 (726 ) (5 %) Restructuring charges — 2,234 (2,234 ) (100 %) Total operating expenses 38,109 56,788 (18,679 ) (33 %) Loss from operations (38,109 ) (56,788 ) 18,679 (33 %) Interest income 2,934 5,466 (2,532 ) (46 %) Other income — * Net loss $ (35,174 ) $ (51,321 ) $ 16,147 (31 %) *Change not meaningful Research and Development Expenses Research and development expenses were $24.8 million for the year ended December 31, 2025 compared to $40.5 million for the year ended December 31, 2024.
The decrease of $15.7 million was primarily due to decreases in clinical trial expenses, personnel-related expenses, consulting and outside services expenses, chemistry manufacturing and controls (“CMC”) expenses, and facilities and miscellaneous expenses, partially offset by increased preclinical and research study expenses and other expenses.
Clinical trial expenses decreased by $12.8 million primarily due to the termination of the EBO-301 trial in August 2024, partially offset by the initiation of the Phase 1 trial in Chagas disease.
Personnel-related expenses decreased by $4.3 million primarily due to our restructuring activities in 2024.
Consulting and outside services expenses decreased by $2.3 million primarily due to reduced activities related to the clinical development of epetraborole in treatment-refractory NTM, completion of the melioidosis observational study, and the timing of non-dilutive contract offsets.
CMC expenses decreased by $1.3 million due to decreases in expenses related to epetraborole development in treatment-refractory NTM and the timing of when receipt of research contract offsets became reasonably assured, partially offset by increased CMC activities for our Chagas program.
Allocated facilities and miscellaneous expenses decreased by $0.1 million.
These decreases were partially offset by increased preclinical and research study expenses of $5.0 million resulting from the prioritization and increased activities of certain research programs and increased other expenses of $0.1 million.
During the years ended December 31, 2025 and 2024, reimbursement of $5.2 million and $3.7 million, respectively, of operating expenses was recognized related to our funding arrangements.
The following table shows our research and development expenses by type of activity: Year Ended December 31, 2025 2024 Change % Change (in thousands, except percentages) Personnel-related expenses $ 8,971 $ 13,244 $ (4,273 ) (32 %) Preclinical and research study expenses 8,524 3,569 4,955 % Clinical trials expenses 2,783 15,626 (12,843 ) (82 %) Consulting and outside services 2,400 4,707 (2,307 ) (49 %) Chemistry manufacturing and controls 1,580 2,909 (1,329 ) (46 %) Other expenses % Total research and development expenses $ 24,769 $ 40,488 $ (15,719 ) (39 %) General and Administrative Expenses General and administrative expenses were $13.3 million for the year ended December 31, 2025 compared to $14.1 million for the year ended December 31, 2024.
The decrease of $0.8 million was primarily attributable to $0.6 million decrease in personnel-related expenses, primarily related to stock-based compensation expense, and a $0.3 million decrease in professional services expenses.
These decreases were partially offset by a $0.1 million increase in facilities and miscellaneous expenses.
Restructuring Charges There were no restructuring charges for the year ended December 31, 2025.
Restructuring charges were $2.2 million for the year ended December 31, 2024, consisting of severance payments and other employee termination-related expenses.
Interest Income Interest Income was $2.9 million for the year ended December 31, 2025 compared to $5.5 million for the year ended December 31, 2024.
The decrease of $2.6 million was due to lower cash, cash equivalents and short and long-term investment balances and lower interest rates in 2025 as compared to 2024.
For the years ended December 31, 2025 and 2024, we had net losses of $35.2 million and $51.3 million, respectively, and we expect to incur substantial additional losses in future periods.
As of December 31, 2025, we had an accumulated deficit of $241.0 million.
As of December 31, 2025, we had cash, cash equivalents, short-term investments and long-term investments of $60.0 million.
In March 2026, we generated aggregate gross proceeds from the Private Placement of $40.0 million before deducting the placement agent’s fees and other offering expenses.
Summary Statements of Cash Flows The following table sets forth a summary of the primary sources and uses of cash: Year Ended December 31, 2025 2024 (in thousands) Cash used in operating activities $ (29,834 ) $ (49,257 ) Cash provided by investing activities 28,311 54,589 Cash provided by financing activities Net (decrease) increase in cash and cash equivalents $ (1,410 ) $ 5,704 Cash Used in Operating Activities Net cash used in operating activities was $29.8 million for the year ended December 31, 2025, which consisted of a net loss of $35.2 million, primarily due to the use of funds to develop our product candidates, and a net decrease of $0.2 million in our net operating assets and liabilities, partially offset by a net increase of $5.2 million in non-cash charges.
The non-cash charges consisted of stock-based compensation expense of $6.2 million, partially offset by net accretion of discounts on investments of $1.0 million.
The net decrease in our operating assets and liabilities was primarily due to a decrease of $1.5 million in prepaid expenses and other current assets and increases of $0.7 million in accrued compensation, $0.4 million in other current liabilities, and $0.2 million in other non-current liabilities, partially offset by increases of $2.4 million in accrued liabilities and $0.3 million in accounts payable.
Net cash used in operating activities was $49.3 million for the year ended December 31, 2024, which consisted of a net loss of $51.3 million, primarily due to the use of funds to develop our product candidates, and a net decrease of $3.0 million in our net operating assets and liabilities offset by a net increase of $5.0 million in non-cash charges.
Cash Provided by Investing Activities Net cash provided by investing activities was $28.3 million for the year ended December 31, 2025, which primarily consisted of $74.5 million in proceeds from maturities of investments, partially offset by $46.2 million in purchases of investments.
Net cash provided by investing activities was $54.6 million for the year ended December 31, 2024, which primarily consisted of $101.3 million in proceeds from maturities of investments, partially offset by $46.7 million in purchases of investments.
Cash Provided by Financing Activities Net cash provided by financing activities was $0.1 million for the year ended December 31, 2025, which primarily consisted of net proceeds from the issuance of common stock under the ESPP and from the exercises of stock options.
Net cash provided by financing activities was $0.4 million for the year ended December 31, 2024, which primarily consisted of net proceeds from the issuance of common stock under the ESPP and from the exercises of stock options.
Critical Accounting Policies, Significant Judgments, and Use of Estimates Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S.
Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources.
We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgments and estimates.
Research and development expenses represent costs incurred by us for the discovery and development of our product candidates and the development of our technology and include: internal research and development expense, including employee-related expenses (such as salaries, bonus, benefits and non-cash stock-based compensation expense); external research and development expenses incurred under arrangements with third parties, such as CROs, preclinical testing organizations, CMOs, academic and non-profit institutions and consultants; license fees; and other expenses.
We had cash, cash equivalents and investments of $60.0 million as of December 31, 2025, which consisted primarily of money market funds and marketable securities, largely composed of investment grade, short and long-term fixed income securities and government securities.
Dollar may affect the price we pay for services performed outside the U.S.
We were not exposed to material foreign currency risk during the year ended December 31, 2025.
Our CEO and CFO have concluded that as of December 31, 2025, our disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting, as described below.
Management has evaluated the effectiveness of our internal control over financial reporting as of December 31, 2025 using the criteria set forth in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Based on its evaluation, management has concluded that as of December 31, 2025, our internal control over financial reporting was not effective due to material weaknesses in internal control over financial reporting, as described below.
The material weaknesses identified were as follows, and continue to exist as of December 31, 2025: • We did not design and maintain an effective control environment commensurate with our financial reporting requirements.

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Gone since FY2024

Item 1A—Risk Factors.” Components of Our Operating Results Operating Expenses Research and Development Expenses Substantially all of our research and development expenses consist of expenses incurred in connection with the development of our initial product candidate, epetraborole, and other product candidates.
Results of Operations Comparison of the Years Ended December 31, 2024 and 2023 The following table sets forth the significant components of our results of operations: Year Ended December 31, 2024 2023 Change % Change (in thousands, except percentages) Operating Expenses: Research and development $ 40,488 $ 54,871 $ (14,383 ) (26 %) General and administrative 14,066 14,764 (698 ) (5 %) Restructuring charges 2,234 — 2,234 % Total operating expenses 56,788 69,635 (12,847 ) (18 %) Loss from operations (56,788 ) (69,635 ) 12,847 (18 %) Interest income 5,467 4,860 % Other income — (43 ) (100 %) Net loss $ (51,321 ) $ (64,732 ) $ 13,411 (21 %) Research and Development Expenses Research and development expenses, including related-party research and development expenses, were $40.5 million for the year ended December 31, 2024 compared to $54.9 million for the year ended December 31, 2023.
The decrease of $14.4 million was primarily due to decreases in clinical trial costs, chemistry manufacturing and controls (“CMC”) expenses, personnel-related expenses, allocated facilities and miscellaneous expenses, licensing fees, and consulting and outside services, partially offset by an increase in preclinical and research expenses.
Clinical trials expenses decreased by $5.6 million due to decreased costs associated with the termination of our Phase 2/3 clinical trial in treatment refractory NTM lung disease in August 2024 and completion of our Phase 1 clinical trials in 2023.
Costs related to CMC activities decreased by $4.4 million due to completion of certain activities related to epetraborole and the timing of non-dilutive funding expense offsets.
Personnel-related costs decreased by $3.3 million due to our restructuring activities.
Allocated facilities and miscellaneous expenses decreased by $0.9 million due to recognition of our qualified small business payroll tax credit and our non-dilutive funding expense offset.
Licensing fees decreased by $0.2 million and consulting and outside services decreased by $0.1 million.
These decreases were partially offset by $0.1 million increase due to the prioritization of certain research programs.
During the years ended December 31, 2024 and 2023, a total reimbursement of $3.7 million and $2.5 million, respectively, of operating expenses were recognized related to our funding arrangements.
The following table shows our research and development expenses by type of activity: Year Ended December 31, 2024 2023 Change % Change (in thousands, except percentages) Clinical trials expenses $ 15,626 $ 21,200 $ (5,574 ) (26 %) Personnel-related expenses 13,244 16,561 (3,317 ) (20 %) Consulting and outside services 4,707 4,770 (63 ) (1 %) Preclinical and research study expenses 3,569 3,517 % Chemistry manufacturing and controls 2,909 7,316 (4,407 ) (60 %) Other expenses 1,507 (1,074 ) (71 %) Total research and development expenses $ 40,488 $ 54,871 $ (14,383 ) (26 %) General and Administrative Expenses General and administrative expenses were $14.1 million for the year ended December 31, 2024 compared to $14.8 million for the year ended December 31, 2023.
The decrease of $0.7 million was primarily attributable to $0.4 million decrease in professional services expenses, $0.4 million decrease in facilities and miscellaneous expenses and $0.2 million decrease in D&O insurance expenses.
These decreases were partially offset by $0.3 million increase in personnel related expenses, primarily related to stock-based compensation expense.
Restructuring Charges Restructuring charges were $2.2 million for the year ended December 31, 2024 consisting of severance payments and other employee termination-related expenses.
We had no restructuring charges for the year ended December 31, 2023.
Interest Income Interest Income was $5.5 million for the year ended December 31, 2024 compared to $4.9 million for the year ended December 31, 2023.
The increase of $0.6 million was due to higher interest rates despite lower cash, cash equivalents and short and long-term investment balances in 2024 as compared to 2023.
For the years ended December 31, 2024 and 2023, we had net losses of $51.3 million and $64.7 million, respectively, and we expect to incur substantial additional losses in future periods.
As of December 31, 2024, we had an accumulated deficit of $205.8 million.
As of December 31, 2024, we had cash, cash equivalents, short-term investments and long-term investments of $88.6 million.
Summary Statements of Cash Flows The following table sets forth a summary of the primary sources and uses of cash: Year Ended December 31, 2024 2023 (in thousands) Cash used in operating activities $ (49,257 ) $ (53,288 ) Cash provided by (used in) investing activities 54,589 (43,278 ) Cash provided by financing activities 84,994 Net increase (decrease) in cash and cash equivalents $ 5,704 $ (11,572 ) Cash Used in Operating Activities Net cash used in operating activities was $49.3 million for the year ended December 31, 2024, which consisted of a net loss of $51.3 million, primarily due to the use of funds to develop our product candidates, and a net decrease of $3.0 million in our net operating assets and liabilities offset by a net increase of $5.0 million in non-cash charges.
Net cash used in operating activities was $53.3 million for the year ended December 31, 2023, which consisted of a net loss of $64.7 million, due to the use of funds to develop our initial drug product candidate offset by a net increase of $5.8 million in our net operating assets and liabilities and $5.6 million in non-cash charges.
The net increase in our operating assets and liabilities was primarily due to an increase of $6.2 million in accounts payable, accrued compensation and accrued liabilities due to an increase in accrued research and development expenses, and an increase of $0.7 million in other current liabilities, partially offset by a decrease of $1.0 million in prepaid expenses and other current assets and a decrease of $0.1 million in operating lease liabilities.
The non-cash charges consisted of stock-based compensation expense of $8.4 million and non-cash operating lease expense of $0.1 million, partially offset by net accretion of discounts on investments of $2.9 million.
Cash Used in Investing Activities Net cash provided by investing activities was $54.6 million for the year ended December 31, 2024, which primarily consisted of $101.3 million in proceeds from maturities of investments, partially offset by $46.7 million in purchases of investments.
Net cash used in investing activities was $43.3 million for the year ended December 31, 2023, which primarily consisted of $132.2 million in purchases of investments, partially offset by $88.9 million in proceeds from maturities of investments.
Cash Provided by Financing Activities Net cash provided by financing activities was $0.4 million for the year ended December 31, 2024, which primarily consisted of net proceeds from the issuance of common stock under the ESPP and from the exercises of stock options.
Net cash provided by financing activities was $85.0 million for the year ended December 31, 2023, which primarily consisted of net proceeds from the issuance of common stock in our Underwritten Offering and ATM Offering.
Critical Accounting Policies, Significant Judgements, and Use of Estimates Our financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S.
Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgements about the carrying value of assets and liabilities that are not readily apparent from other sources.
We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgements and estimates.
Research and development expenses represent costs incurred by us for the discovery and development of our product candidates and the development of our technology and include: internal research and development expense, including employee-related expenses (such as salaries, bonus, benefits, travel and non-cash stock-based compensation expense); external research and development expenses incurred under arrangements with third parties, such as CROs, preclinical testing organizations, CMOs, academic and non-profit institutions and consultants; related-party milestone payments; license fees; and other expenses.
Stock-Based Compensation We use a fair value-based method to account for all stock-based compensation arrangements with employees and non-employees, which include stock options.
The fair value of the option granted is recognized on a straight-line basis over the period during which an optionee is required to provide services in exchange for the option award, known as the requisite service period, which usually is the vesting period.
We account for forfeitures as they occur.
In determining fair value of the stock options granted, we use the Black–Scholes option pricing model, which requires the input of subjective assumptions.
These assumptions include: the estimated length of time employees will retain their vested stock options before exercising them (expected term), the estimated volatility of our common stock price over the expected term (expected volatility), risk-free interest rate, and expected dividends.
See Note 9—Equity Incentive Plan and Stock-Based Compensation to our audited financial statements included elsewhere in this Form 10-K for information concerning certain of the specific assumptions we used in applying the Black-Scholes option pricing model to determine the estimated fair value of our stock options granted in the years ended December 31, 2024 and 2023.
Changes in the following assumptions can materially affect the estimate of fair value and ultimately how much stock-based compensation expense is recognized; and the resulting change in fair value, if any, is recognized in our statement of operations and comprehensive loss during the period the related services are rendered.
These inputs are subjective and generally require significant analysis and judgment to develop. • Fair Value of Common Stock—See the subsection titled “Common Stock Valuations” below. • Expected Term—The expected term is calculated using the simplified method which is used when there is insufficient historical data about exercise patterns and post-vesting employment termination behavior.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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