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Forward-Looking Statements This presentation contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this presentation include, but are not limited to, statements regarding: anticipated milestones, catalysts,
value-creation opportunities, and inflection points, and potential of the Company's boron chemistry platform and pipeline programs; cash runway, and cash burn reduction and ability to achieve catalysts/inflection points within cash runway;
patentability and patent and exclusivity periods; design, initiation, and timing of the Company's clinical trials and results, market size and revenue opportunity and medical needs; the Company's intellectual property; and other
statements that are not historical fact. These statements are based on AN2's current estimates, development pathways for AN2's product candidates; expectations, plans, objectives, and intentions, are not guarantees of future performance
and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, but
are not limited to, risks and uncertainties related to: AN2's ability to implement its plans for its internal boron chemistry platform and pipeline programs; timely enrollment of patients in AN2's clinical trials; AN2's ability to
procure sufficient supply of its product candidates for its clinical trials; the potential for results from clinical trials to differ from preclinical, early clinical, preliminary or expected results; significant adverse events, toxicities or other
undesirable side effects associated with AN2's product candidates; the significant uncertainty associated with AN2's product candidates ever receiving any regulatory approvals; continued funding by the National Institute of Allergy and
Infectious Disease (NIAID) of AN2's development program for melioidosis; AN2's ability to obtain, maintain or protect intellectual property rights related to its current and future product candidates; implementation of AN2's
strategic plans for its business and product candidates; the sufficiency of AN2's capital resources and need for additional capital to achieve its goals; global macroeconomic conditions and global conflicts and other risks, including those
described under the heading "Risk Factors" in AN2's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and AN2's other reports filed with the U.S. Securities and Exchange Commission (SEC). These filings, when
made, are available on the investor relations section of AN2's website at www.an2therapeutics.com and on the SEC's website at www.sec.gov. Forward-looking statements contained in this presentation are made as of this date, and AN2
undertakes no duty to update such information except as required under applicable law. 2
Advancing Novel Product Candidates With Our Boron Chemistry Platform
Clinical-Stage Boron Chemistry National Defense & Platform Opportunities Global Health Unique model that leverages non- Founded by AN2 team originally from Chagas: Phase 1 start up activities dilutive funding sources to
advance Anacor underway; complete in 2H/2025 important global health and national Established record of platform Melioidosis: Phase 2 start anticipated defense programs, some with dual productivity at Anacor 2H/2025 opportunities -
Novel targets First oncology candidate expected to Funding/scientific partners include advance into development 2H/2025 NIAID, Gates Foundation, University - 15+ development candidates of Georgia, DNDi - 2 FDA approved drugs, 1
pending (EMA) M. abscessus: Enabling data from EBO-301 informs path for potential - Anacor sold to Pfizer for $5.2B further development Disciplined Capital Management $78.5M cash, cash equivalents and investments (unaudited) as of
3/31/25 Runway into 2028 3
Product Portfolio Provides Multiple Paths to Significant Value Creation
Program Potential Worldwide Opportunity Chagas disease $1B+/yr Phase 1 start up activities underway with product candidate in development for chronic, life-threatening illness; ~300K PRV patients in U.S.; ~6-7M globally Melioidosis PRV potential,
endemic country sales High priority biothreat and government High mortality with no approved treatments stockpiling Emerging oncology programs ENPP1 (immuno-oncology) >$1B/yr/program PI3K (targeted therapy) 4
Validated Boron-Based Drug Discovery is Uniquely Suited to Deliver Novel
Drug Candidates that Have Potential to be First in Class, if Approved I N F L A M M A T O R Y O N C O L O G Y R E S P O N S E Undruggable Targets: first-in-class LeuRS: epetraborole,GSK656 CPSF3: AN2-502998, acoziborole Significant
potential through differentiated binding modes, excellent drug-like design properties and oral PK (e.g. oncology targets: ENPP1, PI3K ) Demonstrated track record of two boron-based FDA-approved drugs (Anacor) and one pending P A R A S I T E S B
A C T E R I A L D I S E A S E S 5
Broad Pipeline of Novel Clinical & Preclinical Programs Discovered
Internally from our Boron Chemistry Platform Pathogen Target RESEARCH PRECLINICAL PHASE 1 PHASE 2 Status & Anticipated Inflections AN2-502998 Initiated Ph1 start up activities; complete Chagas disease Ph1 2H/2025; initiate Ph2 2026; target T.
cruzi CPSF3 (chronic) data 2027 Epetraborole Observational trial data 2Q/2025; Ph2 study planned 2H/2025; target topline Ph2 Melioidosis - acute IV B. pseudomallei LeuRS data YE 2026; initiate Ph3 2027; NIH funded Ph2 POC (non-dilutive)
planning 2H/2025 NTM - oral LeuRS M. abscessus Boron Platform PI3K Solid Tumors (oncology) First oncology candidates(s) on track to enter preclinical development in 2025; potential POC within cash runway Solid Tumors (oncology ENPP1 Solid
Tumors (oncology) Multiple targets Lead op stage, development candidate Tuberculosis & malaria LeuRS anticipated 2026 *programs with light blue arrows leverage nondilutive funding 6
AN2-502998 for Chagas Disease 7
Chagas Disease: Hidden Threat to the Heart Parasitic disease caused by
Trypanosoma cruzi (T. cruzi) Usually spreads through contact with triatomine bugs ("kissing bugs"). Other transmission routes include: congenital, blood-borne, organ-derived, oral T. cruzi parasite lives in heart, GI, and other muscle
tissue for decades Significant morbidity and mortality if untreated Can cause arrhythmia, cardiac arrest, cardiomyopathy, heart failure, emboli, megaesophagus, megacolon, and other conditions CDC - Chagas Disease - Detailed FAQs; Cleveland Clinic:
Causes, Symptoms, Treatments 1. Bern C, et al. Chagas Disease in the United States: a Public Health Approach. Clin Microbiol Rev. 2019 Nov 27;33(1):e00023-19. doi: 10.1128/CMR.00023-19. 8 Image: Bern C. Chagas' Disease. N Engl J Med. 2015 Jul
30;373(5):456-66. doi: 10.1056/NEJMra1410150. 8
Global Threat Hiding in Plain Sight in the U.S. Estimated Prevalence
~300K U.S. 6-7M GLOBAL ~100K EU & UK ~4-5M countries in Latin America Global: WHO Chagas Fact Sheet (4 April 2024); dndi.org/diseases/chagas/facts USA: Irish A, et al. Updated Estimates and Mapping for Prevalence of Chagas Disease among Adults,
United States. Emerg Infect Dis. 2022 Jul;28(7):1313-1320. doi: 10.3201/eid2807.212221; Manne-Goehler J, et al. Estimating the burden of chagas disease in the United States. PLoS Negl Trop Dis 2016; 10:e0005033 9 Europe & UK: Basile L, et al,
Working Group on Chagas Disease Collective. Chagas disease in European countries: the challenge of a surveillance system. Euro Surveill. 2011;16(37):pii=19968. https://doi.org/10.2807/ese.16.37.19968-en
Expanding U.S. Prevalence Growing impact in the U.S.: ~300K infected T.
cruzi & kissing bug' vector present in ~27 U.S. states CDC estimates that 5.5%-7.5% of confirmed infections in blood donors are related to locally acquired infection $1B+ estimated peak sales potential Confirmed' and
Indeterminate' Chagas Disease Among Blood Donors in the United States (2007-2019). Source: AABB Chagas Biovigilance Network. https://www.aabb.org/docs/default-source/default-document-library/resources/chagas-graph-builder.html Higuita N
et al. Chagas disease in the United States: a call for increased investment and collaborative research. The Lancet Regional Health - Americas, Volume 34, 100768. June 2024. Manne-Goehler, J. et al. Access to care for Chagas disease in the
United States: A health systems analysis. Am J Trop Med Hyg. 2015; 93:108-113 10 https://asm.org/articles/2021/april/chagas-disease-in-the-u-s-what-we-know-about-the-k
No Approved Treatments for Adults with Chagas Disease in U.S. Two
products in the U.S. approved for pediatrics only: benznidazole and nifuritmox No FDA-approved therapies for adults Rarely used; most cases are found in adults where safety and with Chagas disease efficacy in Chagas has not been established
AN-502998 Potential Product Profile Long treatment duration (40-120 days) Potential cure Oral treatment Significant tolerability and safety issues: ~80% TEAE rate, ~15% discontinuation, genotoxic Favorable non-clinical safety
to date 1. Aldasoro E, et al, 2018. What to expect and when: benznidazole toxicity in chronic Chagas' disease treatment. J Antimicrob Chemother 73: 1060-1067 2. Lascano F, et al Review of pharmacological options for the treatment of
Chagas disease. Br J Clin Pharmacol 2022;88:383-402. https://doi.org/10.1111/bcp.14700. 3. Molina I, et al, 2015. Toxic profile of benznidazole in patients with chronic Chagas disease: risk factors and comparison of the product from two
different manufacturers. AAC. 59: 6125-6131 4. Viotti R, et al, 2014. Towards a paradigm shift in the treatment of chronic Chagas disease. Antimicrob Agents Chemother 58:635-639. doi: 10.1128/AAC.01662-13 5. Molina I, et al. Randomized
Trial of Posaconazole and Benznidazole for Chronic Chagas' Disease. N Engl J Med 2014;370:1899-908. https://doi.org/10.1056/nejmoa1313122. 6. Bosch-Nicolau P, et al. Efficacy of three benznidazole dosing strategies for adults living with
chronic Chagas disease (MULTIBENZ): an international, randomized, double-blind, phase 2b trial. Lancet Infect Dis 2024. https://doi.org/10.1016/s1473-3099(23)00629-1. 7. FDA Labels: BENZNIDAZOLE tablets, for oral use (fda.gov) & LAMPIT
(nifurtimox) tablets label (fda.gov) 11
AN2-502998: Phase 1 Candidate with Curative Potential for Chronic
Chagas Disease - Oral, small molecule benzoxaborole Novel target (CPSF3) is essential part of complex involved in 1 T. cruzi RNA processing Chemical class with 2 FDA-approved drugs (crisaborole and tavaborole) Target
proof-of-concept through benzoxaborole acoziborole, human African trypanosomiasis drug candidate with ~95% 2 cure rate in Ph 2/3 study - In vitro potency against a spectrum of genetically diverse 1 strains of T. cruzi Killed both actively
dividing and dormant intracellular T. cruzi faster than benznidazole 1 - Cured T. cruzi infection in mouse models - Exclusivity potential into mid-2040s with pending, granted, and filed cases AN2-502998 is formerly known as AN15368. 1. Padilla,
A.M., et al. Discovery of an orally active benzoxaborole prodrug effective in the treatment of Chagas disease in non-human primates. Nat Microbiol 7, 1536-1546 (2022) 12 2. Betu Kumeso VK, et al. Efficacy and safety of acoziborole in patients
with human African trypanosomiasis caused by Trypanosoma brucei gambiense: a multicentre, open-label, single-arm, phase 2/3 trial. Lancet Infect Dis. 2023 Apr;23(4):463-470..
AN2-502998 Cured Chronic T. cruzi Infection in Nonhuman Primates
AN2-502998: only compound, of which we are aware, to have demonstrated curative activity in nonhuman primates (NHPs) with 1 long-term, naturally acquired infection of diverse T. cruzi genetic types NHPs naturally acquire T. cruzi-infection and
develop chronic disease comparable to chronic Chagas disease in humans T. cruzi-infected NHP study data mirrored human clinical trial results for 2,3,4 benznidazole and E1224 (Eisai) up to 1-yr post-treatment For benznidazole and E1224, mouse models
did not predict the clinical trial failure, hence the importance of studying drug candidates in 5 naturally infected NHPs to de-risk translation to human efficacy Ongoing studies of AN2-502998 in naturally infected NHPs to enable Ph 2 dose selection
# 1 AN2-502998 was dosed at 30 mg/kg x 60 days in rhesus macaques ; half followed for >4 years * Benznidazole (15 mg/kg BID x 60 days) and E1224 (20 mg/kg x 60 days) NHP study was in cynomolgus macaques ^ Parasites screened by blood PCR and
hemoculture for 52 weeks 1 Padilla, A.M., et al. Discovery of an orally active benzoxaborole prodrug effective in the treatment of Chagas disease in non-human primates. Nat Microbiol 7, 1536-1546 (2022) 2. Torrico F, et al. E1224 Study Group.
Treatment of adult chronic indeterminate Chagas disease with benznidazole and three E1224 dosing regimens: a proof-of-concept, randomised, placebo-controlled trial. Lancet Infect Dis. 2018 Apr;18(4):419-430. 3. Bosch-Nicolau, P et al. Efficacy of
three benznidazole dosing strategies for adults living with chronic Chagas disease (MULTIBENZ): an international, randomised, double-blind, phase 2b trial. Lancet Infect Dis. 2024 Apr;24(4):386-394. 13 4. Molina I, et al. 2014. Randomized trial of
posaconazole and benznidazole for chronic Chagas' disease. N Engl J Med 370:1899-1908. doi: 10.1056/NEJMoa13131224 5. Tarleton RL. Avoiding Clinical Trial Failures in Neglected Tropical Diseases: The Example of Chagas Disease. Clin Infect Dis
2022;76:1516-20. https://doi.org/10.1093/cid/ciac884.
Chagas Disease: Drug Development Landscape Novartis Eisai Merck Failed
in clinic Phase 2 planned Failed in clinic Phase 1 FIH E1224 protease inhibitor (posaconazole) Start up activities (ravuconazole) underway 14
Chagas Disease: Potential for Ph 2 PoC Within Projected Runway Planned
timeline Collaborating with DNDi Chagas Clinical Research Platform for Phase 2 2027 Initiated YE-2025 2026 Phase 1 Start Phase 2 Phase 1 FIH Phase 2 Up Activities Data Complete Initiate 2027 2025 2026 Developed under license agreement with
University of Georgia Research Foundation. Agreement includes pre-NDA milestones of approximately $0.4M, sharing of proceeds from the potential sale of any PRV, and low single-digit royalties on commercialization 15
Epetraborole in Melioidosis 16
Melioidosis - Under-Reported, High Unmet Medical Need Disease High
Mortality - New approaches needed to address Caused by the Gram-negative bacterium significant unmet clinical need Burkholderia pseudomallei Mortality: 89,000/year Third most common cause of death from an infectious disease in SE
Asia after HIV/AIDS & TB ~40% mortality 90-day all cause in AN2 observational trial recently conducted using IV standard of care treatment in Incidence (estimated): 165,000 cases/year hospital settings Potential emerging
pathogen in U.S. B. pseudomallei endemic in US (Gulf Coast of MS, US Virgin Islands and Puerto Rico) Melioidosis endemic but underreported Melioidosis predicted to be endemic but never reported Not a surveillance priority 17 Limmathurotsakul D, et
al Predicted global distribution of Burkholderia pseudomallei and burden of melioidosis' Nat Microbiol. 2016 January 1; 1(1)
Market Opportunity: Melioidosis 100% Funded to date Market potential by
the U.S. Government (non-dilutive) High priority biothreat Priority review voucher target (second highest potential behind anthrax, plague, Government(s) stockpiling smallpox) Treatment sales (e.g., Military
force protection Thailand, India, China, U.S. civilian population Brazil) Government funded: $18M NATIONAL SECURITY High Priority Biothreat 18
Potential to Reduce Mortality in Patients vs. SOC Alone
Epetraborole showed cidal activity against multiple isolates (10) in an acute pulmonary murine infection model of B. pseudomallei MSHR435 melioidosis when subcutaneous (SC) dosing was delayed EBO 1 g/mL; CAZ 8 g/mL 12-hours after
infection MIC of 1 g/mL against 242 recent clinical isolates from 90 NE Thailand Epetraborole plus ceftazidime (CAZ) exhibited improved activity vs EBO or CAZ alone in a macrophage and murine infection models of infection (PLoS
Negl. Trop Dis 17:e0011795) EBO showed an additive effect to CAZ in macrophages and murine infection models (PLoS Negl. Trop Dis 17: e0011795) PLoS Negl Trop Dis 17: e0011795 19 Lung Log CFU 10
Goal: Significantly Reduce Mortality in Melioidosis Patients Planned
timeline Anticipated primary endpoint will be to 200 patients enrolled at 3 sites in 12 months 1 2 evaluate mortality (Thailand and Laos) Confirmed high mortality (~27% 28-day; ~50% (epetraborole + ceftazidime/meropenem vs. placebo +
ceftazidime/meropenem) 90-day all-cause) Oct. 24 2Q25 2H25 YE 2026 2027 Completed enrollment Observational trial data Initiate Phase 2* Initiate Phase 3* Topline data of observational trial 2024 2025 2026 2027 20 *Subject to regulatory
allowance to proceed with trial and continued U.S. government funding and timelines
Oncology Programs 21
Boron's Validated Binding Modes Enable Access to Undruggable
Targets Diverse, covalent and non-covalent binding modes Empty p-orbital allows for unique Tunable tetrahedral or trigonal geometry binding modes not Covalently binds amino acids (e.g., S, T, Y, K) possible with Binds ribose
covalently carbon-based H-bonding Metal coordination chemistry Integrated into approved and clinical compounds: Validated chemical 5 approved boron containing medicines space with 15 boron compounds listed in active
clinical dev. multiple FDA Tunable PK - can be oral, IV, sub-q, and topical approved drugs Differentiated structures facilitate strong IP 22
ENPP1 - Promising Immuno-Oncology Target Blocking ENPP1