Annovis Bio reported a net loss of $0.37 per share for the third quarter of 2025, a narrower loss than the $0.97 per share recorded in the same period last year. The earnings miss of $0.01 per share was slightly below the consensus estimate of $0.36, reflecting the company’s continued investment in research and development without generating revenue.
Cash on hand stood at $15.3 million as of September 30, 2025, giving the company a runway that extends through the third quarter of 2026. Research and development expenses rose to $6.3 million from $2.7 million in Q3 2024, driven by the expansion of the pivotal Phase 3 Alzheimer’s trial. General and administrative costs fell to $1.1 million from $1.7 million, indicating tighter overhead management.
The Phase 3 study of buntanetap reached full activation across all 84 U.S. sites and is 25 % complete, with the first cohort of patients having finished the six‑month treatment period. New biomarker data from the Phase 2/3 study shows meaningful reductions in inflammatory markers and neurofilament light chain, supporting the drug’s disease‑modifying potential. A new crystal form of buntanetap has been secured, and all patents related to this form were transferred, extending intellectual‑property protection through 2046.
CEO Maria Maccecchini emphasized that the alignment of clinical milestones, intellectual‑property gains, and the appointment of seasoned chief financial officer Mark Guerin signals a strong foundation as the company moves toward its data readouts and potential NDA submission. Guerin noted that his focus will be on sustaining the company’s financial health while supporting the clinical program’s progress.
The company did not provide forward guidance. The earnings miss is largely attributable to the higher R&D spend required to advance the Phase 3 trial and the absence of revenue, underscoring the company’s status as a clinical‑stage biopharmaceutical that relies on cash reserves to fund its development pipeline.
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