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Braden Michael Leonard, a significant investor in AN2 Therapeutics , Inc. (NASDAQ:ANTX), has sold a substantial portion of his holdings, according to a recent SEC filing. Leonard, through BML Investment Partners, L.P., disposed of 2,532,000 shares of common stock across several transactions on May 28 and May 30, 2025. These sales were executed at prices ranging from $1.01 to $1.16 per share, totaling approximately $2.87 million. The transactions come as AN2 Therapeutics, currently valued at $36.5 million, trades near its 52-week low of $0.87, having declined 12% year-to-date.
Following these transactions, Leonard’s investment in AN2 Therapeutics now stands at 3,217,432 shares. The sales were conducted as part of his indirect ownership through BML Investment Partners, L.P., a Delaware limited partnership where Leonard exercises investment and voting control. Despite this control, Leonard disclaims beneficial ownership of the shares except for his pecuniary interest. According to InvestingPro analysis, AN2 Therapeutics appears undervalued at current levels, with a FAIR financial health rating.
In other recent news, AN2 Therapeutics has faced a significant setback as its Phase 3 study of epetraborole for MAC lung disease did not meet the primary endpoint. This development has led the company to halt further development of oral epetraborole for this condition. Despite this, AN2 Therapeutics remains committed to its boron chemistry pipeline, focusing on other potential uses such as M. abscessus lung disease and melioidosis. JMP Securities reacted by adjusting its price target for the company from $5.00 to $2.00, while maintaining a Market Outperform rating. The firm’s revised valuation is based on the projected year-end 2025 cash and platform value, reflecting a cautious yet positive outlook.
Additionally, AN2 Therapeutics has reported financial results for the fourth quarter and full fiscal year 2024, ending with approximately $89 million in cash reserves. The company anticipates that its financial resources will sustain operations through 2027, assuming the continuation of its current strategy. The company is also preparing for a Phase 1 study of AN2-502998 for chronic Chagas disease, expected to be completed in the second half of 2025. Meanwhile, AN2 Therapeutics plans to leverage non-dilutive funding to further develop epetraborole for M. abscessus lung disease. The company’s oncology efforts are progressing, with compounds expected to enter development in late 2025.
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