Annovis Bio, Inc.

Going-concern micro-cap with failed/inconclusive buntanetap trials and minimal cash.

Strengths

• FDA-cleared pivotal Phase 3 AD trial underway with a defined NDA pathway
• Some prior exploratory cognitive/biomarker signals in early AD/PD

Risks

• Explicit going-concern doubt with an auditor explanatory paragraph and only ~$19.5M cash (32nd pct) — near cash-out
• Negative pivotal reads: Phase 2/3 AD failed (placebo beat most arms; CGIC favored placebo) and Phase 3 PD showed no benefit plus a high-dose SAE imbalance
• Deeply negative returns (ROA 20th pct, ROE 15th pct); single binary asset

Notable findings

• Going concern● As a result of our history of operating losses and accumulated deficit, there is substantial doubt on our ability to continue as a going concern and therefore, an increased risk associated with an i
• Chronic dilutionShare count +18%/yr over 4y (dilution, book value/share -80%)
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Exec changeRecent 8-K item 5.02 8-K ↗
• Insider buyingInsider buying — 4 open-market buy(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
• Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
• Notable holderHeld by 3 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, STATE STREET CORP (as of 2026-03-31)
• New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC