BML Capital Urges AN2 Therapeutics, Inc. (ANTX) to Liquidate After Drug Failure

Key Summary: On May 7, 2025, BML Capital (19.1%) urged AN2’s Board to sell or liquidate the company after EBO-301’s Phase 3 failure, calling preclinical efforts too risky and vowing to withhold votes for all directors to push for a swift cash return.

Market Cap: $37 million| AN2 Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics.

On May 7, 2025, BML Capital (19.1%) sent a letter to the Board urging them to either sell the company or liquidate and return cash to shareholders following the failure of its lead drug, EBO-301, in Phase 3 trials. BML argues that pursuing preclinical assets is too risky and unlikely to succeed, and plans to withhold votes for all directors at the upcoming annual meeting to signal support for a swift cash return strategy.