AN2 Therapeutics is a clinical-stage biopharmaceutical company with no approved products or commercial revenue. AN2 is built around a proprietary boron chemistry platform, which it uses to develop novel small-molecule drugs across oncology, infectious disease, and global health. The company funds operations through equity financing and non-dilutive grants from the U.S. government, the Gates Foundation, and GSK. AN2's lead asset is epetraborole, an oral small-molecule licensed from Anacor Pharmaceuticals (a former GSK unit), currently in Phase 2 for two indications: polycythemia vera, a blood cancer where epetraborole would be positioned as the first oral red-cell targeting therapy; and Mycobacterium abscessus lung disease, a serious infection with no FDA-approved treatments. AN2's second lead asset, AN2-502998, targets Chagas disease, a parasitic infection with no FDA-approved adult treatment; it completed Phase 1 in early 2026 and is moving toward Phase 2. AN2 also has two preclinical oncology programs — a PI3Kα inhibitor for solid tumors and an ENPP1 immuno-oncology program — with both expected to advance in 2026. AN2 does not manufacture its own drugs, relying on contract manufacturers. If AN2 reaches approval for a tropical disease indication like Chagas, it would receive an FDA Priority Review Voucher, which can be sold for potentially hundreds of millions of dollars. AN2 also licensed epetraborole rights in China and select Asian markets to Brii Biosciences in exchange for milestones and royalties.