Annovis Bio (ANVS), a biotechnology company focused on innovative treatments for neurodegenerative diseases, released its earnings results for the second quarter on August 12, 2025. The company reported a net loss per share of $(0.32) (GAAP), which was $0.08 better than analyst expectations of $(0.40) (GAAP). No revenue was reported, matching estimates, as Annovis remains in a pre-commercial stage. The quarter featured ongoing cost discipline, an improved cash position as of June 30, 2025 compared to December 31, 2024, and continuing clinical progress with its lead drug candidate, buntanetap. Overall, the period revealed steady operational management during a critical stage for the business.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.32) | $(0.40) | $(0.44) | N/A |
| Revenue (GAAP) | $0 | $0 | $0 | — |
| Research & Development Expense | $5.2 million | $5.8 million | (10.3%) | |
| General & Administrative Expense | $1.1 million | $2.0 million | (45.0%) | |
| Cash and Cash Equivalents | $17.1 million(as of June 30, 2025) | N/A | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
Business Model and Strategic Focus
Annovis Bio develops therapies for neurodegenerative diseases such as Alzheimer’s disease (AD) and Parkinson’s disease (PD). The company’s primary asset, buntanetap, aims to block the production of several toxic brain proteins involved in these diseases. This multi-target approach is designed to address the complex biological processes behind AD and PD, going beyond the single-protein focus of many competing drugs.
The company’s primary focus is on advancing clinical trials and expanding intellectual property (IP) protections. Annovis aims to drive buntanetap through late-stage trials while securing patents to support long-term value. Key factors for success include demonstrating clinical benefit, progressing on regulatory milestones, and ensuring sufficient funding to reach commercialization.
Quarterly Highlights and Recent Developments
During the quarter, Annovis made progress on several fronts. Research and development expenses for the three months ending June 30, 2025, were $5.2 million, compared to $5.8 million for the same period in 2024. General and administrative expenses for the three months ending June 30, 2025, were $1.1 million, compared to $2.0 million for the same period in 2024.
The company’s net loss per share (GAAP) narrowed to $(0.32), comfortably ahead of analyst estimates. Cash and cash equivalents (GAAP) rose to $17.1 million as of June 30, 2025, while total liabilities declined from $4.6 million to $3.1 million. Shareholder equity (GAAP) increased to $18.3 million as of June 30, 2025, up from $9.3 million as of December 31, 2024, while total liabilities (GAAP) declined from $4.6 million as of December 31, 2024, to $3.1 million as of June 30, 2025, mainly due to reduced accounts payable and warrant liabilities.
The company continued its pivotal Phase 3 Alzheimer’s trial of buntanetap, a small molecule drug candidate. As of August 2025, Annovis had secured 76 U.S. study sites, with 46 actively enrolling patients. About 400 patients were screened, and 38 had entered the dosing phase (buntanetap or placebo). The screen failure rate in the pivotal Phase 3 trial was 50%. Buntanetap’s design to block multiple neurotoxic proteins—APP, tau, and α-synuclein—remained a centerpiece of the company's research and communications.
A robust scientific presence was established through multiple poster presentations at the 2025 Alzheimer’s Association International Conference (AAIC). Annovis also achieved a key milestone in intellectual property by “the successful transfer of all patent families to crystal buntanetap, achieving comprehensive global IP coverage for both the original and new forms.” No commercial revenue was generated or expected at this stage, given that no drugs have reached market approval. No dividends were declared or changed during the period.
Looking Ahead
Management did not provide forward earnings or operational guidance for the next quarter or for fiscal 2025. The company stated that its main focus remains on advancing the pivotal Phase 3 Alzheimer’s study, with intentions to complete enrollment “as planned.” There remained no disclosure of clinical data release timelines or regulatory filing expectations.
The expanded cash cushion provides some runway for advancing trials, but more capital will be needed if the study timeline extends or moves toward commercialization. Investors should monitor the pace of patient enrollment, particularly since the 50% screen failure rate in the pivotal Phase 3 study could continue to affect timelines. ANVS does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
