Full Press Release Details
Annovis Provides Corporate Updates
and Reports First Quarter 2025 Financial Results
Malvern, Pa., May 13, 2025 - Annovis Bio Inc. (NYSE: ANVS)
("Annovis" or the "Company"), a late-stage clinical drug platform company pioneering transformative therapies for
neurodegenerative diseases such as Alzheimer's disease (AD) and Parkinson's disease (PD), today provided corporate updates and first quarter
2025 financial results.
The first quarter was largely dedicated to the initiation of a pivotal
Phase 3 clinical trial in early AD, with the first participants entering the study on February 5, 2025. The trial is currently in
the process of activating clinical sites across the U.S. and enrolling patients with the goal of treating an estimated 760 participants
with either buntanetap or placebo. This dual 6/18-month pivotal Phase 3 study will evaluate the symptomatic benefits of buntanetap during
the first 6 months and its potential disease-modifying effects over the subsequent 12 months. In addition, the first quarter was marked
by active conference participation from Annovis senior management.
"We are advancing as planned with our pivotal Phase 3 Alzheimer's
study, making steady progress every day," said Melissa Gaines, SVP, Clinical Operations. "Our team is grateful to all collaborators
for helping make this process efficient and to our community for their ongoing support. We look forward to providing continued updates
on the current trial and other initiatives we have planned for this year."
"In these times of great uncertainty, we are choosing resilience
and discipline, putting one foot in front of the other as we stay focused on advancing the Phase 3 AD study," added Maria Maccecchini,
Ph.D., Founder and CEO of Annovis. "Our mission remains clear: to deliver a potentially life-changing treatment to patients as soon
Headquartered in Malvern, Pennsylvania, Annovis is dedicated to addressing
neurodegeneration in diseases such as AD and PD. The Company is committed to developing innovative therapies that improve patient outcomes
press releases and industry updates by registering for email alerts at https://www.annovisbio.com/email-alerts.
Forward-Looking Statements
This press release contains forward-looking statements under the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended. Actual results may differ due to various risks and uncertainties, including
those outlined in the Company's SEC filings under "Risk Factors" in its Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. The Company undertakes no obligation to update forward-looking statements except as required by law.
Contact Information:
101 Lindenwood Drive
Alexander Morin, Ph.D.
Director, Strategic Communications
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,236,175 | $ | 10,551,916 | ||||
| Prepaid expenses and other current assets | 4,501,078 | 3,373,717 | ||||||
| Total assets | $ | 26,737,253 | $ | 13,925,633 | ||||
| Liabilities and stockholders' equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,370,189 | $ | 2,305,974 | ||||
| Accrued expenses | 1,134,177 | 1,575,013 | ||||||
| Total current liabilities | 2,504,366 | 3,880,987 | ||||||
| Non-current liabilities: | ||||||||
| Warrant liability | 179,000 | 737,000 | ||||||
| Total liabilities | 2,683,366 | 4,617,987 | ||||||
| Commitments and contingencies (Note 6) | ||||||||
| Stockholders' equity (deficit): | ||||||||
| Preferred stock - $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding | - | - | ||||||
| Common stock - $0.0001 par value, 70,000,000 shares authorized, 19,486,231 and 14,141,521 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively | 1,948 | 1,414 | ||||||
| Additional paid-in capital | 164,438,470 | 144,155,694 | ||||||
| Accumulated deficit | (140,386,531 | ) | (134,849,462 | ) | ||||
| Total stockholders' equity | 24,053,887 | 9,307,646 | ||||||
| Total liabilities and stockholders' equity | $ | 26,737,253 | $ | 13,925,633 |
Statements of Operations
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 5,011,517 | $ | 6,514,920 | ||||
| General and administrative | 1,271,164 | 1,294,887 | ||||||
| Total operating expenses | 6,282,681 | 7,809,807 | ||||||
| Operating loss | (6,282,681 | ) | (7,809,807 | ) | ||||
| Other income: | ||||||||
| Interest income | 187,612 | 44,168 | ||||||
| Change in fair value of warrants (Note 7) | 558,000 | 6,698,692 | ||||||
| Total other income, net | 745,612 | 6,742,860 | ||||||
| Net loss | $ | (5,537,069 | ) | $ | (1,066,947 | ) | ||
| Net loss per share (Note 9) | ||||||||
| Basic | $ | (0.32 | ) | $ | (0.10 | ) | ||
| Diluted | $ | (0.32 | ) | $ | (0.72 | ) | ||
| Weighted-average number of common shares used in computing net loss per share | ||||||||
| Basic | 17,431,234 | 10,625,065 | ||||||
| Diluted | 17,431,234 | 10,824,771 |