Annovis Provides Corporate Updates and Reports Third Quarter 2026 Financial Results
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Annovis Bio (NYSE: ANVS) reported third-quarter results and set March 2027 as the expected readout for its Phase 3 DUET-AD trial. The fully enrolled Alzheimer's study has 862 patients. Annovis expects the six-month treatment period's last patient visit on December 31, 2026, and database lock on February 8, 2027. Patients continue treatment through the prespecified 18-month period.
The company closed an offering on November 6 with approximately $21.0 million in gross proceeds, expected to fund operations through the six-month readout. September 30 cash was $2,819,898, versus $19,532,338 at year-end 2025. Quarterly net loss widened to $9,462,136 from $7,262,658, while loss per share narrowed to $0.22 from $0.37. Research and development expenses rose to $15,780,102 from $6,291,171. The Parkinson's extension study enrolled 326 patients; enrollment is projected to close January 29, 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointPublic offering closed November 6, 2026, raising approximately $21.0 million gross, including the chairman's $5.0 million contribution. 58% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Offering proceeds are expected to fund operations through the DUET-AD six-month data readout.
- Moderate pointDUET-AD is fully enrolled with 862 patients with early Alzheimer's disease and positive pTau217 biomarkers.
- Moderate point. Forward-looking: it has not happened yet and may not happen.DUET-AD targets March 2027 topline results, following the expected December 31 last visit and February 8 database lock.
- Moderate pointWarrant fair-value gains increased to $7,460,000 in Q3 and $8,714,000 year-to-date, versus $20,000 and $438,000 respectively.
4 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Alzheimer's extension rollover is expected to start by the end of November 2026.
- Minor point. Forward-looking: it has not happened yet and may not happen.Parkinson's extension enrolled 326 patients; new-patient enrollment is projected to finish January 29, 2027.
- Minor point. Forward-looking: it has not happened yet and may not happen.Annovis aims to prepare part of its planned NDA before the six-month readout, supported by Weave Bio.
- Minor pointThird-quarter basic and diluted loss per share narrowed to $0.22 from $0.37 in 2025.
Negative
- Major pointOutstanding common shares increased to 42,686,201 from 27,199,139 between year-end 2025 and September 30, 2026, diluting holders.
- Moderate pointCash fell to $2,819,898 at September 30, 2026, from $19,532,338 at December 31, 2025.
- Moderate pointNine-month net loss widened to $41,889,333 from $19,019,785; basic and diluted loss per share increased to $1.16 from $1.01.
- Moderate pointResearch and development expenses rose to $15,780,102 in Q3 and $44,507,763 year-to-date, versus $6,291,171 and $16,464,609.
- Moderate pointStockholders' equity shifted to a $13,233,825 deficit at September 30, from $16,851,250 equity at year-end 2025.
- Moderate pointWarrant liability increased to $12,473,000 at September 30, 2026, from $595,000 at year-end 2025.
5 minor points
- Minor pointThird-quarter net loss widened to $9,462,136 from $7,262,658 in 2025.
- Minor pointAdministrative expenses rose to $1,189,006 in Q3 and $4,851,238 year-to-date, versus $1,143,804 and $3,524,500.
- Minor pointInterest income declined to $84,868 in Q3 and $382,900 year-to-date, versus $152,317 and $531,324.
- Minor pointOther financing costs reached $37,896 in Q3 and $1,627,232 year-to-date, versus none in the corresponding 2025 periods.
- Minor pointCurrent liabilities rose to $6,264,552 at September 30, 2026, from $3,635,375 at year-end 2025.
News Explained
The release does not identify the securities sold or a post-offering share count, so it does not establish the ownership effect of the
Key Figures
- Gross offering proceeds
- approximately $21.0 million
- Underwritten public offering closed November 6, 2026
- Cash and cash equivalents
- $2.8 million (vs. $19.5 million)
- September 30, 2026 vs. December 31, 2025
- Research and development expenses
- $15.8 million (vs. $6.3 million)
- Three months ended September 30, 2026 vs. 2025
- Net loss per share
- $0.22 (vs. $0.37)
- Basic and diluted, three months ended September 30, 2026 vs. 2025
- DUET-AD enrollment
- 862 patients
- Early Alzheimer's disease Phase 3 study; fully enrolled
- OLE-PD enrollment
- 326 patients
- Parkinson's disease open-label extension
- DUET-AD 6-month milestones
- December 31, 2026 last patient/last visit; February 8, 2027 database lock
- Scheduled milestones for the 6-month treatment period
- DUET-AD topline results
- March 2027
- Expected 6-month symptomatic data readout
Previous Earnings Reports
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DUET-AD had enrolled 850 patients; OLE-PD had enrolled 266 of a planned 500.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
open-label extension medical
new drug application regulatory
underwritten public offering financial
database lock technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Last patient, last visit of the 6-month treatment period in the Phase 3 DUET-AD study is scheduled for December 31, 2026, with database lock on February 8, 2027, and data readout in March 2027
- Parkinson’s disease open-label extension (OLE-PD) study has enrolled 326 patients, with enrollment scheduled to close on January 29, 2027
- Annovis raised
$21.0 million in gross proceeds through an underwritten public offering, which is expected to fund operations through the 6-month data readout from DUET-AD
MALVERN, Pa., Nov. 13, 2026 (GLOBE NEWSWIRE) -- Annovis Bio, Inc. (NYSE: ANVS) (“Annovis” or the “Company”), a Phase 3 clinical-stage biotechnology company developing buntanetap, an investigational oral therapy for neurodegenerative diseases such as Alzheimer's disease (AD) and Parkinson's disease (PD), today provided corporate updates and reported financial results for the third quarter ended September 30, 2026.
“The third quarter marked a shift in our focus from enrolling patients in DUET-AD to executing the trial and preparing for the first data readout and for filing a New Drug Application (NDA),” said Maria Maccecchini, PhD, President and CEO of Annovis. “We now have dates set for last patient, last visit of the 6-month treatment period and for database lock, as well as financing in place to carry us through topline results in March 2027. The team is working very hard to deliver clean data and an on-time readout.”
Clinical highlights
Alzheimer’s disease – DUET-AD
- Study description: The pivotal Phase 3 trial has been given the acronym DUET-AD (Dual Efficacy Trial in Alzheimer’s Disease), reflecting its unique design with two prespecified data readouts – at 6 months (symptomatic) and at 18 months (disease-modifying).
- Enrollment: DUET-AD is fully enrolled, with 862 patients who have early AD (MMSE 20-28) and are positive for the plasma biomarker pTau217.
Alzheimer’s disease – open-label extension (OLE-AD)
- Activation: The OLE-AD study will use the same clinical sites as DUET-AD. The rollover of patients from DUET-AD into OLE-AD is expected to start by the end of November 2026.
- Eligibility: The OLE-AD study will allow patients from DUET-AD to receive buntanetap after completing their 18-month treatment period. Patients from both arms – buntanetap and placebo – will be allowed to join. The OLE-AD study is also open to participants from Annovis’ prior AD clinical trials.
Parkinson’s disease – open-label extension (OLE-PD)
- Enrollment: The OLE-PD study has enrolled 326 patients. It accepts participants from Annovis’ prior clinical trials as well as new patients who have deep brain stimulation (DBS).
- Study design: The OLE-PD study is designed to evaluate buntanetap's safety and long-term efficacy over 36 months, supported by NeuroRPM, a real-time digital biomarker that measures core PD symptoms, and a skin biopsy test for alpha-synuclein pathology.
Regulatory updates
- Weave Bio: In September, Annovis announced a partnership with Weave Bio, an AI platform for regulatory content and knowledge management, to support preparation of a planned NDA for buntanetap. The Company aims to prepare a significant part of the NDA before the 6-month data readout from DUET-AD.
Corporate updates
- Financing: On November 6, 2026, Annovis closed an underwritten public offering with gross proceeds of approximately
$21.0 million . The Chairman of the Board contributed$5.0 million as part of the offering. Details can be found in the Company’s SEC filings. - Webinar: Annovis hosted a corporate update webinar and live Q&A on September 2, 2026, covering company progress, ongoing clinical programs, and anticipated milestones. The recording is available online.
Upcoming presentations
- CTAD 2026 (November 16-19, Boston): Annovis will deliver three presentations at the 19th Clinical Trials on Alzheimer’s Disease (CTAD) conference: an oral presentation in the Biotech Showcase on targeting proteostasis in AD, a poster on the design and baseline characteristics of DUET-AD, and a poster on the use of AI for assessing blood-brain barrier permeability of AD drug candidates. Details can be found in the latest press release.
- U.S. Biotech Day 2026 (November 16-17, Philadelphia): Dr. Maccecchini will join a panel with leaders from Pfizer, Merck, Bristol Myers Squibb and other pharmaceutical companies, and discuss the translational path of bringing a small-molecule innovation from bench to late-stage clinical development.
- Pharma Partnering Summit (November 19-20, Boston): Dr. Maccecchini will present a company update and hold one-on-one meetings.
Upcoming milestones
- DUET-AD: Annovis expects last patient, last visit of the 6-month treatment period on December 31, 2026, and database lock on February 8, 2027, with topline results in March 2027. This milestone defines the 6-month symptomatic analysis and does not mark the end of the study: patients continue treatment for an additional 12 months to complete the prespecified 18-month period of the study. The Company plans to present the 6-month data at the AD/PD 2027 conference in Barcelona.
- OLE-PD: Enrollment of new patients for the OLE-PD study is projected to be completed by January 29, 2027.
Financial results
- Annovis’ cash and cash equivalents totaled
$2.8 million as of September 30, 2026, compared to$19.5 million as of December 31, 2025. Annovis had 42.7 million shares of common stock outstanding as of September 30, 2026. - Research and development expenses for the three months ended September 30, 2026, were
$15.8 million compared to$6.3 million for the three months ended September 30, 2025. - General and administrative expenses for the three months ended September 30, 2026, were
$1.2 million compared to$1.1 million for the three months ended September 30, 2025. - Annovis reported a
$0.22 basic and diluted net loss per common share for the three months ended September 30, 2026, compared to a$0.37 basic and diluted net loss per common share for the three months ended September 30, 2025.
About Annovis
Headquartered in Malvern, Pennsylvania, Annovis Bio, Inc. (NYSE: ANVS) is a Phase 3 clinical-stage biotechnology company developing treatments for neurodegenerative diseases such as Alzheimer's disease (AD) and Parkinson's disease (PD). The Company's lead drug candidate, buntanetap (formerly posiphen), is an investigational once-daily oral therapy that inhibits the translation of multiple neurotoxic proteins, including APP and amyloid beta, tau, alpha-synuclein, and TDP-43, through a specific RNA-targeting mechanism. By addressing the underlying causes of neurodegeneration, Annovis aims to halt disease progression and improve cognitive and motor functions in patients. 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, PhD
Director, Strategic Communications
Annovis Bio
ir@annovisbio.com
(Tables to follow)
| Annovis Bio, Inc. Balance Sheets | ||||||||
| September 30, | ||||||||
| 2026 | December 31, | |||||||
| (Unaudited) | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,819,898 | $ | 19,532,338 | ||||
| Prepaid expenses and other current assets | 2,683,829 | 1,549,287 | ||||||
| Total assets | $ | 5,503,727 | $ | 21,081,625 | ||||
| Liabilities and stockholders’ (deficit) equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,053,090 | $ | 2,590,516 | ||||
| Accrued expenses | 3,211,462 | 1,044,859 | ||||||
| Total current liabilities | 6,264,552 | 3,635,375 | ||||||
| Non-current liabilities: | ||||||||
| Warrant liability | 12,473,000 | 595,000 | ||||||
| Total liabilities | 18,737,552 | 4,230,375 | ||||||
| Commitments and contingencies (Note 6) | ||||||||
| Stockholders’ (deficit) equity: | ||||||||
| Preferred stock - | — | — | ||||||
| Common stock - | 4,268 | 2,719 | ||||||
| Additional paid-in capital | 192,354,899 | 180,552,190 | ||||||
| Accumulated deficit | (205,592,992 | ) | (163,703,659 | ) | ||||
| Total stockholders’ (deficit) equity | (13,233,825 | ) | 16,851,250 | |||||
| Total liabilities and stockholders’ (deficit) equity | $ | 5,503,727 | $ | 21,081,625 | ||||
| Annovis Bio, Inc. Statements of Operations (Unaudited) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | $ | 15,780,102 | $ | 6,291,171 | $ | 44,507,763 | $ | 16,464,609 | ||||||||||
| General and administrative | 1,189,006 | 1,143,804 | 4,851,238 | 3,524,500 | ||||||||||||||
| Total operating expenses | 16,969,108 | 7,434,975 | 49,359,001 | 19,989,109 | ||||||||||||||
| Operating loss | (16,969,108 | ) | (7,434,975 | ) | (49,359,001 | ) | (19,989,109 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||||
| Interest income | 84,868 | 152,317 | 382,900 | 531,324 | ||||||||||||||
| Other financing costs (Note 7) | (37,896 | ) | — | (1,627,232 | ) | — | ||||||||||||
| Change in fair value of warrants (Note 7) | 7,460,000 | 20,000 | 8,714,000 | 438,000 | ||||||||||||||
| Total other income (expense), net | 7,506,972 | 172,317 | 7,469,668 | 969,324 | ||||||||||||||
| Net loss | $ | (9,462,136 | ) | $ | (7,262,658 | ) | $ | (41,889,333 | ) | $ | (19,019,785 | ) | ||||||
| Net loss per share (Note 9) | ||||||||||||||||||
| Basic | $ | (0.22 | ) | $ | (0.37 | ) | $ | (1.16 | ) | $ | (1.01 | ) | ||||||
| Diluted | $ | (0.22 | ) | $ | (0.37 | ) | $ | (1.16 | ) | $ | (1.01 | ) | ||||||
| Weighted-average number of common shares used in computing net loss per share | ||||||||||||||||||
| Basic | 42,633,062 | 19,685,071 | 36,054,066 | 18,876,078 | ||||||||||||||
| Diluted | 42,633,062 | 19,685,071 | 36,054,066 | 18,876,078 | ||||||||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
When does Annovis expect DUET-AD results?
Annovis expects six-month topline results in March 2027, following the expected last patient visit on December 31, 2026, and database lock on February 8, 2027. This is the symptomatic analysis, not the end of the trial; treatment continues for the prespecified 18-month period assessing disease modification.
How much did Annovis raise in its November 2026 offering?
Annovis closed an underwritten public offering on November 6, 2026, raising approximately $21.0 million in gross proceeds. The chairman contributed $5.0 million as part of the offering. The company expects the financing to support operations through the DUET-AD six-month data readout.
Who can join Annovis' Alzheimer's and Parkinson's extension studies?
The Alzheimer's extension accepts DUET-AD participants after their 18-month treatment period, from both the buntanetap and placebo arms, and participants from prior Annovis Alzheimer's trials. The Parkinson's extension accepts participants from prior Annovis trials and new patients with deep brain stimulation.
What will Annovis' Parkinson's extension study measure?
The study is designed to evaluate buntanetap's safety and long-term efficacy over 36 months. Assessments include NeuroRPM, a real-time digital measure of core Parkinson's symptoms, and a skin biopsy test for alpha-synuclein pathology.