Clinical Trial Failure Risk: The success of ANL's product candidates depends heavily on the outcome of ongoing and future clinical trials, which may not demonstrate sufficient safety and efficacy, or meet regulatory requirements for approval, leading to significant delays or discontinuation of development.

Regulatory Approval Uncertainty Risk: Obtaining necessary regulatory approvals for new drug candidates is a long, complex, and uncertain process, and ANL may not receive required approvals from health authorities in various jurisdictions, preventing it from commercializing its therapies.

Future Capital Needs Risk: ANL operates in a capital-intensive industry and may require significant additional funding to complete clinical development, pursue regulatory approvals, and commercialize its product candidates, which may not be available on favorable terms or at all, jeopardizing its operations.