ANVS · Annovis Bio, Inc.

Annovis Bio's Q1 2026 results reflect heavy investment in advancing its Phase 3 programs for buntanetap in Alzheimer's disease (AD) and Parkinson's disease (PD), with research and development expenses surging to $16.7 million from $5.0 million year-over-year, primarily funding clinical trial enrollment and operations. This drove a net loss of $17.6 million, or $0.63 per basic and diluted share, compared to $5.5 million or $0.32 per share in Q1 2025, on higher weighted-average shares outstanding. General and administrative expenses remained stable at $1.3 million. Balance sheet shows cash and equivalents at $14.2 million as of March 31, 2026, down from $19.5 million at December 31, 2025, excluding $10.0 million from a subsequent April offering, signaling a runway supporting near-term milestones amid 28.5 million shares outstanding. CEO Maria Maccecchini highlighted strong momentum, with the pivotal Phase 3 AD trial (NCT06709014) at 85% enrollment, screening closed May 15, 2026, after DSMB safety clearance at 6 months, targeting early AD pTau217+ patients for symptomatic (6 months) and disease-modifying (18 months) effects. PD open-label extension (NCT07284784) at 40% enrollment incorporates skin and AI digital biomarkers for 36-month safety/efficacy in prior trial and DBS patients. Corporate updates include key publications in The Scientist and Nature NPJ Dementia affirming buntanetap's cognitive and biomarker benefits, conference presentations, and a new U.S. patent. Upcoming catalysts: AD full enrollment summer 2026, PD Q4 2026, with NDA engagements for AD symptomatic early 2027 and disease-modifying early 2028, positioning buntanetap as a multi-protein neurotoxic inhibitor.