Analogy 1: An early-stage Biogen or Eli Lilly, but laser-focused on developing a single breakthrough drug for Alzheimer's and Parkinson's.

Analogy 2: Like a startup version of Moderna or BioNTech, but instead of vaccines, it's working on a single lead drug for neurodegenerative diseases.

• Buntanetap (ANVS401/ANVS101): An investigational oral small molecule designed to inhibit the aggregation of neurotoxic proteins, currently in clinical trials for treating Alzheimer's disease, Parkinson's disease, and other neurodegenerative conditions.

Annovis Bio (ANVS) is a clinical-stage biotechnology company focused on developing therapies for neurodegenerative diseases such as Alzheimer's and Parkinson's. As a clinical-stage company, Annovis Bio does not currently have any commercialized products approved for sale.

Therefore, Annovis Bio does not have major customers in the traditional sense of companies or individuals purchasing their products. Their operations are primarily focused on research and development, conducting clinical trials, and securing funding to advance their drug candidates through the regulatory approval process.

Maria L. Maccecchini, Ph.D. Founder, President, CEO and Executive Board Member

Dr. Maccecchini founded Annovis Bio in May 2008 to develop therapeutics for Alzheimer's, Parkinson's, and other neurodegenerative diseases. She was previously the Founder and CEO of Symphony Pharmaceuticals/Annovis, a biotech company that was sold to Transgenomic in 2001. Dr. Maccecchini also served as General Manager of Bachem Bioscience, the U.S. subsidiary of Bachem AG, Switzerland, and Head of Molecular Biology at Mallinckrodt. She was a partner and director of two angel investor groups, Robin Hood Ventures and MidAtlantic Angel Group.

Mark Guerin Chief Financial Officer

Mr. Guerin was appointed Chief Financial Officer on September 25, 2025. He is a financial executive with demonstrated expertise in leading accounting, finance, human resources, and IT activities in publicly-traded and venture-backed companies. He has effectively directed and managed a full scope of finance functions, including public offerings, rights offerings, and registered direct offerings. Most recently, he served as CFO at Onconova Therapeutics (now Traws Pharma, Inc.), where he supported several critical financing transactions. Prior to that, he was Vice President of Finance and CFO at Cardiokine, Inc. and Director, Financial Reporting and Internal Controls at Barrier Therapeutics, Inc.

Cheng Fang, Ph.D. Senior VP, Research and Development

Dr. Fang was appointed Senior VP of Research & Development at Annovis Bio in 2021. She is an accomplished neuroscientist with two decades of experience in neurodegenerative diseases, possessing broad scientific knowledge and hands-on experience. Dr. Fang has deep drug development knowledge, including both preclinical and clinical development experience. Her previous roles include Scientific Consultant/Business Development at Clarivate Analytics and Research Scientist at Boston University, where she focused on molecular mechanisms of prion protein in Alzheimer's disease.

Mark White Chief Business Officer

Mr. White was appointed Chief Business Officer in July 2024. He brings over two decades of global and U.S. experience in pharmaceutical and biotech marketing, business development, and strategic leadership. Mr. White has held significant leadership roles at prominent pharmaceutical companies such as Pfizer, Bracco, Abbott, and Bayer. His experience includes serving as Vice President of Worldwide Marketing at Pfizer.

Alexander Morin, Ph.D. Director of Strategic Communications

Dr. Morin is an expert in scientific communications, focused on translating complex science into digestible information. He has an academic background, having spent several years working on drug discovery projects for traumatic brain injuries. Dr. Morin previously worked in a CRO designing studies for various indications and most recently at a Public Relations agency, where he increased the visibility and reputation of multiple biotech clients. At Annovis Bio, Dr. Morin drives communications efforts to ensure transparency and quality of the company’s messaging.

The key risks to Annovis Bio (ANVS) primarily revolve around the inherent challenges of clinical-stage biotechnology companies, particularly its heavy reliance on a single drug candidate and precarious financial position.

1. Clinical Trial Risk and Dependence on a Single Drug Candidate: Annovis Bio is a clinical-stage biopharmaceutical company whose entire valuation is predominantly tied to the success of its lead product candidate, buntanetap, which aims to treat neurodegenerative diseases like Alzheimer's Disease (AD) and Parkinson's Disease (PD). Drug development in this therapeutic area is historically challenging, with a low success rate for Phase 3 AD trials. Any negative data readout from ongoing or future clinical trials, a failure to achieve primary endpoints, or encountering regulatory hurdles could significantly and adversely impact the company's prospects. For instance, the Parkinson's Phase 3 trial did not meet its primary endpoints in the overall patient population, despite showing improvements in certain subgroups.

2. Financial Risk and Going Concern Doubt: Annovis Bio operates with no revenue from product sales and consistently reports significant net losses and negative cash flows due to substantial research and development expenses. The company's cash reserves are limited, with estimates suggesting its current funds may only sustain operations into the third quarter of 2026. This financial position has led management to conclude that substantial doubt exists about the company's ability to continue as a going concern. Consequently, Annovis Bio will require considerable additional financing, likely through equity or debt, which could result in significant dilution for current shareholders.

3. Regulatory and Commercialization Risks: Even if buntanetap successfully navigates clinical trials, Annovis Bio faces a lengthy, time-consuming, and unpredictable regulatory approval process to bring the drug to market. Regulatory bodies, such as the FDA, typically require evidence from two successful, well-controlled trials for drug approval. Should approval be granted, the company would then need to establish robust sales, marketing, and distribution capabilities, and would contend with intense competition from larger, more established pharmaceutical companies with greater resources.

• The increasing market penetration and establishing standard of care for amyloid-targeting therapies in Alzheimer's disease. Drugs like Leqembi (Eisai/Biogen), which has received full FDA approval, and donanemab (Eli Lilly), which has demonstrated strong Phase 3 data and is awaiting regulatory approval, are defining a new treatment paradigm for early Alzheimer's. While Annovis Bio's buntanetap has a different mechanism of action, the successful adoption and effectiveness of these competitor drugs could significantly challenge buntanetap's ability to gain market share and establish itself as a primary treatment option if and when it reaches the market.
• Advanced clinical stage competing therapies for Parkinson's disease, particularly those targeting alpha-synuclein. Several pharmaceutical companies, including Roche/Prothena (with prasinezumab) and AbbVie (with ABBV-0805), have alpha-synuclein targeting antibodies in Phase 2 or 3 clinical trials. Buntanetap is also believed to impact alpha-synuclein pathology. If any of these competitor therapies demonstrate compelling positive efficacy and safety results in their ongoing or upcoming late-stage trials and progress towards regulatory approval ahead of buntanetap, they could capture significant market share and investor interest in the Parkinson's disease treatment landscape, directly competing with Annovis Bio's lead candidate.

Expected Drivers of Future Revenue Growth for Annovis Bio (ANVS) over the next 2-3 Years:

• Successful Clinical Trial Completion and Regulatory Approval of Buntanetap for Alzheimer's Disease (AD): Annovis Bio's lead drug candidate, buntanetap, is currently in a pivotal Phase 3 trial for early Alzheimer's Disease, with symptomatic data anticipated by the latter half of 2026. The successful completion of this trial and subsequent regulatory approval would be the primary driver for generating substantial product revenue.
• Advancement and Potential Approval of Buntanetap for Parkinson's Disease (PD): The company has completed Phase 3 trials for Parkinson's Disease with promising results in improving motor function. Moving this program towards regulatory submission and approval will open another significant market for buntanetap, contributing to future revenue streams.
• Commercialization and Market Penetration of Buntanetap: Following regulatory approvals, the successful commercialization of buntanetap in both AD and PD markets will directly translate into revenue growth. This includes market adoption and sales volume driven by the drug's efficacy and market need for neurodegenerative disease treatments.
• Expansion of Buntanetap's Indications and Pipeline Development: While currently focused on AD and PD, Annovis Bio's pipeline also includes ANVS405 for acute neurodegeneration and ANVS301 for AD, and its research extends to other neurodegenerative disorders. Expanding the indications for buntanetap or bringing new product candidates to market based on positive clinical outcomes could provide additional revenue streams beyond the initial AD and PD approvals.
• Leveraging Strengthened Intellectual Property: Annovis Bio has strengthened its intellectual property through the successful transfer of all patent families to crystal buntanetap and a U.S. patent grant for treatment methods using buntanetap. This robust patent protection can secure market exclusivity and potentially enable strategic partnerships or licensing agreements, indirectly contributing to future revenue growth.

Share Issuance

• On May 23, 2021, Annovis Bio priced an underwritten public offering of 1,000,000 shares of common stock at $50.00 per share, resulting in gross proceeds of $50,000,000.
• On February 4, 2025, the company closed an underwritten public offering of 5,250,000 shares of common stock and warrants, generating gross proceeds of $21 million, primarily intended for the continued clinical development of Buntanetap in a Phase 3 study for Alzheimer's disease, working capital, and general corporate purposes.
• In October 2025, Annovis Bio completed two registered direct offerings: approximately $6 million from an offering that closed on October 15, 2025, and approximately $3.4 million from an offering around October 28, 2025, with proceeds earmarked for working capital and general corporate purposes, including clinical development.

Capital Expenditures

• As a clinical-stage company, Annovis Bio primarily allocates capital towards research and development for its drug candidates.
• Research and development expenses for the company decreased from $38.8 million in 2023 to $20.0 million in 2024.
• Net proceeds from share issuances are consistently directed towards the continued clinical development of its lead compound, Buntanetap, specifically for Phase 3 studies in Alzheimer's disease, and for general working capital.