--- title: "AN2 Therapeutics sets up $80 million at-the-market program" url: "https://aibio.space/news/an2-therapeutics-sets-up-80-million-market-program-jefferies/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-04-09" section: "Financings" tickers: "NASDAQ:ANTX" source: "https://www.sec.gov/Archives/edgar/data/1880438/000119312526149822/d127053d8k.htm" summary: "AN2 Therapeutics set up an $80 million at-the-market sales program with Jefferies LLC on April 9, 2026 and ended an earlier agreement with TD Securities, a" --- By the aibio.space news desk. Sources - [AN2 Therapeutics, Inc. 8-K (2026-04-09)](https://www.sec.gov/Archives/edgar/data/1880438/000119312526149822/d127053d8k.htm) - [AN2 Therapeutics, Inc. S-3 (2026-04-09)](https://www.sec.gov/Archives/edgar/data/1880438/000119312526149869/d44885ds3.htm) - [AN2 Therapeutics, Inc. 10-K (2026-03-17): business](https://www.sec.gov/Archives/edgar/data/1880438/000119312526110693/antx-20251231.htm) - [AN2 Therapeutics, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1880438/000119312526110693/) [ANTX](https://aibio.space/companies/an2-therapeutics/) 2026-04-09 # AN2 Therapeutics sets up $80 million at-the-market program with Jefferies Tickers [ANTX](https://aibio.space/companies/an2-therapeutics/) AN2 Therapeutics set up an $80 million at-the-market sales program with Jefferies LLC on April 9, 2026 and ended an earlier agreement with TD Securities, against a 2025 net loss of $35.2 million and cash used in operations of $29.8 million. ## Key facts - **Company**: AN2 Therapeutics, Inc. (NASDAQ: ANTX) - **News type**: Financings - **Primary source**: [AN2 Therapeutics, Inc. 8-K (2026-04-09)](https://www.sec.gov/Archives/edgar/data/1880438/000119312526149822/d127053d8k.htm) *An empty boardroom with a long table. CC0, via rawpixel. The picture shows the field, not the companies named.* AN2 Therapeutics, Inc. (Nasdaq: [ANTX](https://aibio.space/companies/an2-therapeutics/)) entered into an Open Market Sale Agreement with Jefferies LLC on April 9, 2026, and reported it in an 8-K under Item 8.01, other events. Under the agreement the company may issue and sell, at its option and from time to time, up to an aggregate of $80 million of common stock through Jefferies, which acts as the company's sales agent. The last reported sale price of the stock on April 8, 2026 was $3.34 per share. Sales would be at-the-market offerings at prevailing prices, including directly on the Nasdaq Global Select Market. Jefferies will use commercially reasonable efforts to sell the shares based on the company's instructions, which can set price, time or size limits. The company will pay Jefferies a commission of up to 3.0% of the gross proceeds from any shares sold, and has agreed to give Jefferies customary indemnification rights. The program ends when all the shares are sold or when either party gives ten days' prior written notice. ## The earlier program On the same day, AN2 terminated a sales agreement dated April 6, 2023, which it had signed with Cowen and Company, LLC and which was later assigned to TD Securities (USA) LLC. Before the termination, the company had sold 2,502,000 shares under that agreement for an aggregate offering price of $20,016,251. ## The shelf and the private placement The company also filed a Form S-3 shelf registration statement on April 9, 2026. It covers up to $300,000,000 of securities offered by the company, and the $80 million program sits inside that figure. It also covers the resale of up to 14,035,104 shares of common stock by selling securityholders, and AN2 says it will not receive any proceeds from those sales. The prospectus supplement discloses a recent private placement. After December 31, 2025, the company sold 8,245,611 shares of common stock at $2.85 per share and pre-funded warrants for up to 5,789,493 shares at $2.84999 per warrant, for aggregate gross proceeds of approximately $40 million. Each warrant has an exercise price of $0.00001 per share. ## Dilution and use of proceeds AN2 had 27,413,171 shares of common stock outstanding at December 31, 2025. It also had options on 5,466,222 shares with a weighted-average exercise price of $6.56, restricted stock units covering 856,160 shares and pre-funded warrants for 2,952,000 shares at $0.00001, all before the private placement and any ATM sales. The company says it intends to use net proceeds from the ATM primarily to fund research and development of its product candidates and for working capital and general corporate purposes. ## Banks and counsel Jefferies LLC is the only sales agent named for the new program. TD Securities (USA) LLC is named as the assignee of the earlier agreement. The 8-K names no placement agent or financial adviser for the private placement. Latham & Watkins LLP, with Kathleen M. Wells and Richard Kim listed, appears in the S-3 as counsel to the company and will pass on certain legal matters. The filings name no counsel for Jefferies. ## Recent finances The annual report for 2025, filed March 17, 2026, reports a net loss of $35.2 million for 2025, down from $51.3 million in 2024. Research and development expense fell to $24.8 million from $40.5 million. Cash used in operations was $29.8 million in 2025, compared with $49.3 million in 2024. At the end of 2024 the company held $21.4 million in cash and cash equivalents and $62.3 million in short-term investments. The S-3 gives no cash balance for the end of 2025. Spending fell in 2025, but the company still used $29.8 million in operations. ## The business and what comes next AN2 describes itself as a clinical stage biopharmaceutical company developing small-molecule therapeutics from its boron chemistry platform, with a pipeline spanning hematologic diseases, infectious diseases and oncology. The 8-K reports no sale under the new agreement as of its date and gives no expected number of shares or net proceeds. Any sale would appear in later filings, and the company has no obligation to make one. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ANTX AN2 Therapeutics, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/an2-therapeutics-sets-up-80-million-market-program-jefferies/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "AN2 Therapeutics sets up $80 million at-the-market program", 2026-04-09, https://aibio.space/news/an2-therapeutics-sets-up-80-million-market-program-jefferies/