Malvern, Pa., May  13, 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 first quarter 2025 financial results.

The first quarter was largely dedicated to the initiation of a pivotal Phase 3 clinical trial in early AD, with the first participants entering the study on February 5, 2025. The trial is currently in the process of activating clinical sites across the U.S. and enrolling patients with the goal of treating an estimated 760 participants with either buntanetap or placebo. This dual 6/18-month pivotal Phase 3 study will evaluate the symptomatic benefits of buntanetap during the first 6 months and its potential disease-modifying effects over the subsequent 12 months. In addition, the first quarter was marked by active conference participation from Annovis senior management.

“We are advancing as planned with our pivotal Phase 3 Alzheimer’s study, making steady progress every day,” said Melissa Gaines, SVP, Clinical Operations. “Our team is grateful to all collaborators for helping make this process efficient and to our community for their ongoing support. We look forward to providing continued updates on the current trial and other initiatives we have planned for this year.”

“In these times of great uncertainty, we are choosing resilience and discipline, putting one foot in front of the other as we stay focused on advancing the Phase 3 AD study,” added Maria Maccecchini, Ph.D., Founder and CEO of Annovis. “Our mission remains clear: to deliver a potentially life-changing treatment to patients as soon as possible.”

Business highlights

In January, Annovis was granted a U.S. patent covering methods for the treatment and prevention of acute brain and nerve injuries using buntanetap.In February, Annovis participated in Oppenheimer’s 35th Annual Healthcare Life Sciences Conference, which brought together leading innovators and investors in the healthcare sector.In February and March, Annovis’ management team participated in several key scientific conferences focused on neurodegenerative diseases. At AD/PDTM 2025 in Vienna, Annovis gave two presentations, showcasing findings from its Phase 3 PD trial and data on buntanetap in ApoE4 carriers from its Phase 2/3 AD study. The Company also participated in a forum on the development of alpha-synuclein treatments. Additionally, at Alzheimer’s Partnering Summit and at the 13th Annual Alzheimer’s & Parkinson’s Drug Development Summit, Dr. Maccecchini presented and contributed to discussions on clinical advancements in AD and PD and on approaches to targeting alpha-synuclein.

Financial results

Annovis’ cash and cash equivalents totaled $22.2 million as of March 31, 2025, compared to $10.6 million as of March 31, 2024. The Company had 19.5 million shares of common stock outstanding as of March 31, 2025.Research and development expenses for the three months ended March 31, 2025, were $5.0 million compared to $6.5 million for the three months ended March 31, 2024.General and administrative expenses for the three months ended March 31, 2025, were $1.3 million compared to $1.3 million for the three months ended March 31, 2024.Annovis reported a $0.32 basic and $0.32 diluted net loss per common share for the three months ended March 31, 2025, compared to a $0.10 basic and $0.72 diluted net loss per common share for the three months ended March 31, 2024.

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.

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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
[email protected]

(Tables to follow)

ANNOVIS BIO, INC.Balance Sheets(Unaudited)  March 31, December 31,  2025  2024 Assets Current assets: Cash and cash equivalents$22,236,175  $10,551,916 Prepaid expenses and other current assets 4,501,078   3,373,717 Total assets$26,737,253  $13,925,633 Liabilities and stockholders’ equity (deficit) Current liabilities: Accounts payable$1,370,189  $2,305,974 Accrued expenses 1,134,177   1,575,013 Total current liabilities 2,504,366   3,880,987 Non-current liabilities: Warrant liability 179,000   737,000 Total liabilities 2,683,366   4,617,987 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, 19,486,231 and 14,141,521 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 1,948   1,414 Additional paid-in capital 164,438,470   144,155,694 Accumulated deficit (140,386,531)  (134,849,462)Total stockholders’ equity 24,053,887   9,307,646 Total liabilities and stockholders’ equity$26,737,253  $13,925,633

ANNOVIS BIO, INC.Statements of Operations(Unaudited)  Three Months Ended  March 31,  2025 2024 Operating expenses: Research and development$5,011,517  $6,514,920 General and administrative 1,271,164   1,294,887 Total operating expenses 6,282,681   7,809,807 Operating loss (6,282,681)  (7,809,807)Other income: Interest income 187,612   44,168 Change in fair value of warrants (Note 7) 558,000   6,698,692 Total other income, net 745,612   6,742,860 Net loss$(5,537,069) $(1,066,947)Net loss per share (Note 9) Basic$(0.32) $(0.10)Diluted$(0.32) $(0.72)Weighted-average number of common shares used in computing net loss per share Basic 17,431,234   10,625,065 Diluted 17,431,234   10,824,771