MALVERN, Pa., March 21, 2025 (GLOBE NEWSWIRE) -- 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 fourth quarter/full year 2024 financial results.
In 2024, Annovis made significant progress by advancing the buntanetap program, successfully completing two clinical trials—Phase 2/3 AD and Phase 3 PD. Both studies yielded promising results, reinforcing buntanetap’s ability to improve cognition in AD and PD patients, as well as motor function in PD patients. Building on this success, the FDA cleared Annovis to proceed with a pivotal Phase 3 trial in early AD, which was launched at the start of 2025. The Company also participated in multiple scientific and investor conferences, announced new publications in peer-reviewed journals, expanded its patent portfolio, and added accomplished professionals to its growing team.
“The last year was filled with extraordinary achievements for our company, and we are pleased with our continued momentum into 2025,” said Maria Maccecchini, Ph.D., Founder and CEO of Annovis. “We are deeply grateful to everyone who has supported and believed in our mission. As we move ahead, our focus remains on generating robust data for buntanetap and advancing its path to the patients who need it most.”
Clinical progress
Business highlights
Financial results
About Annovis
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 and quality of life. For more information, visit www.annovisbio.com and follow us on LinkedIn, YouTube, and X.
Investor Alerts
Interested investors and shareholders are encouraged to sign up for 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:
Annovis Bio Inc.
101 Lindenwood Drive
Suite 225
Malvern, PA 19355
www.annovisbio.com
Investor Contact:
Alexander Morin, Ph.D.
Director, Strategic Communications
Annovis Bio
ir@annovisbio.com
(Tables to follow)
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ANNOVIS BIO, INC. Balance Sheets (Unaudited) |
||||||||
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 10,551,916 | $ | 5,754,720 | ||||
| Prepaid expenses and other current assets | 3,373,717 | 4,453,544 | ||||||
| Total assets | $ | 13,925,633 | $ | 10,208,264 | ||||
| Liabilities and stockholders’ equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,305,974 | $ | 1,292,837 | ||||
| Accrued expenses | 1,575,013 | 2,986,273 | ||||||
| Total current liabilities | 3,880,987 | 4,279,110 | ||||||
| Non-current liabilities: | ||||||||
| Warrant liability | 737,000 | 13,680,000 | ||||||
| Total liabilities | 4,617,987 | 17,959,110 | ||||||
| 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 and 14,141,521 and 10,519,933 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 1,414 | 1,052 | ||||||
| Additional paid-in capital | 144,155,694 | 102,507,189 | ||||||
| Accumulated deficit | (134,849,462 | ) | (110,259,087 | ) | ||||
| Total stockholders’ equity (deficit) | 9,307,646 | (7,750,846 | ) | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 13,925,633 | $ | 10,208,264 |
|
ANNOVIS BIO, INC. Statements of Operations (Unaudited) |
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| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 4,998,578 | $ | 8,904,730 | $ | 19,995,447 | $ | 38,790,603 | ||||||||
| General and administrative | 1,736,293 | 1,537,094 | 6,699,481 | 6,244,408 | ||||||||||||
| Total operating expenses | 6,734,871 | 10,441,824 | 26,694,928 | 45,035,011 | ||||||||||||
| Operating loss | (6,734,871 | ) | (10,441,824 | ) | (26,694,928 | ) | (45,035,011 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 126,273 | 66,130 | 331,849 | 667,898 | ||||||||||||
| Other financing costs | 16,939 | — | (1,853,189 | ) | — | |||||||||||
| Change in fair value of warrants | 727,000 | (11,837,200 | ) | 3,625,893 | (11,837,200 | ) | ||||||||||
| Total other income (expense), net | 870,212 | (11,771,070 | ) | 2,104,553 | (11,169,302 | ) | ||||||||||
| Net loss | $ | (5,864,659 | ) | $ | (22,212,894 | ) | $ | (24,590,375 | ) | $ | (56,204,313 | ) | ||||
| Net loss per share | ||||||||||||||||
| Basic | $ | (0.43 | ) | $ | (2.24 | ) | $ | (2.02 | ) | $ | (6.23 | ) | ||||
| Diluted | $ | (0.43 | ) | $ | (2.24 | ) | $ | (2.31 | ) | $ | (6.23 | ) | ||||
| Weighted-average number of common shares used in computing net loss per share | ||||||||||||||||
| Basic | 13,794,519 | 9,903,564 | 12,182,475 | 9,023,138 | ||||||||||||
| Diluted | 13,794,519 | 9,903,564 | 12,235,444 | 9,023,138 |