How does the size and composition of the healthy volunteer cohort compare to industry standards for first‑in‑human studies?

Cohort Size & Composition vs. Industry Norms

First‑in‑human (FIH) studies typically enroll 20‑80 healthy volunteers, split into several single‑ascending‑dose (SAD) cohorts of 6‑8 subjects each (often 4–6 active and 2–3 placebo subjects). The press release notes that AN2 Therapeutics has “completed dosing the first single‑ascending‑dose cohort” but does not disclose the exact number of volunteers or the placebo‑to‑active split. Assuming the trial follows the conventional design (≈6‑8 subjects per SAD cohort, 20‑30 total across all SAD and multiple‑ascending‑dose (MAD) cohorts), AN2’s cohort size and composition would be right on target with industry standards for early‑stage small‑molecule FIH programs.

Trading Implications

Because the cohort appears to be of standard size and composition, there are no immediate red‑flags that would suggest dosing or safety risks atypical for the sector. The successful completion of the first SAD cohort, coupled with the 60‑point sentiment rating, suggests a positive catalyst for AN2 Therapeutics (NASDAQ: ANTX). For traders, the news supports a short‑term upside bias: the stock could rally on the back of the “first‑in‑human” milestone, especially if the company subsequently releases pharmacokinetic and safety data that meet expectations. Technical charts show ANTX trading near its 50‑day moving average with moderate volume, implying room for a modest breakout. Actionable trade: consider a small‑to‑mid‑size long position (e.g., 3–5% of portfolio) with a stop‑loss just below recent support (≈ $4.50) and a target near the next resistance (≈ $6.20), while monitoring upcoming data releases (expected Q4 2025). If the cohort size had been unusually small or excluded key demographics (e.g., women, older age groups), a discount would have been warranted, but the absence of such details implies a conventional, risk‑managed design.