Stephen David Prior, Chief Strategy Officer of AN2 Therapeutics, Inc. (NASDAQ:ANTX), recently sold a portion of his holdings in the company. According to a recent SEC filing, Prior disposed of 2,029 shares of common stock on January 3, 2025, at an average price of $1.341 per share, totaling approximately $2,720. This transaction was executed to satisfy tax withholding obligations arising from the vesting of Restricted Stock Units (RSUs). The sale comes as ANTX shares trade near $1.35, significantly below their 52-week high of $22.22, with the stock down about 93% over the past year.
Following this sale, Prior retains ownership of 33,313 shares. This figure includes 10,125 RSUs that will vest annually over the next four years from November 4, 2024, and 12,031 RSUs set to vest on January 1, 2026, contingent upon his continued service to the company. With a market capitalization of $41.2 million, InvestingPro analysis indicates ANTX is currently undervalued, though the company maintains a "Fair" overall financial health score of 2 out of 5.
In other recent news, AN2 Therapeutics has experienced a series of significant developments. The company's clinical trial results for its drug candidate EBO, aimed at treating refractory nontuberculous mycobacterial infections, did not show a difference in culture conversion rates, leading TD Cowen to downgrade the stock from a Buy to a Hold status. The company is now deliberating on whether to proceed with the Phase 3 trial of EBO, with a decision expected following discussions with the FDA.
Despite this, AN2 Therapeutics has other projects in the pipeline, including a Phase 1 trial for a Chagas disease treatment and a Phase 2 proof-of-concept trial for a melioidosis therapy. However, TD Cowen expressed skepticism regarding the potential of these trials to significantly impact the company's valuation.
In addition to these developments, AN2 Therapeutics has been awarded an extension for its research grant from the Bill & Melinda Gates Foundation, bolstering the company's efforts to develop novel treatments for tuberculosis and malaria. The company also implemented a stockholder rights plan in response to a substantial acquisition of its shares by BML Investment Partners.
Evercore ISI has maintained its 'In Line' rating for AN2 Therapeutics amidst these recent developments. The company ended the quarter with $118 million in cash reserves, deemed sufficient for reaching the crucial data readout phase. These are the recent developments concerning AN2 Therapeutics.
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