AN2 Therapeutics, Inc.
ANTXHealthcare|Biotechnology|US
$4.00
+0.04 (+1.14%)
DCF Value
$0.59
Tangible Book / Share
$1.70
Cash / Share
$1.75
Financials
Financial Snapshot
Market Cap
$150.9M
Enterprise Value
$106.6M
Revenue (TTM)
$0.00
Net Income (TTM)
-$36.3M
Cash & Investments
$78.4M
Net Cash
$78.4M
Free Cash Flow (TTM)
-$30.7M
Operating CF (TTM)
-$30.7M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$78.4M
Quarterly Burn
$7.7M
Monthly Burn
$2.6M
Est. Runway
~10.2 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $5.6M | $4.1M | $58.6M | $96.1M | $107.3M | $83.6M | $58.0M | $78.4M | |
| Operating Cash Flow | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M | -$30.7M | |
| Free Cash Flow | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M | -$30.7M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $8.1M | $3.8M | $78.5M | $70.4M | $85.0M | $372.0K | $113.0K | $38.9M |
R&D Spending
R&D (TTM)
$26.6M
R&D Intensity
—
R&D Growth vs Prior
+7.6%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $29.3M | $6.0M | $16.9M | $29.5M | $54.9M | $40.5M | $24.8M | $26.6M | |
| SG&A | $1.7M | $1.3M | $4.7M | $12.8M | $14.8M | $14.1M | $13.3M | $12.2M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $77.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | -$77.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $29.3M | $6.0M | $16.9M | $29.5M | $54.9M | $40.5M | $24.8M | $26.6M | |
| SG&A | $1.7M | $1.3M | $4.7M | $12.8M | $14.8M | $14.1M | $13.3M | $12.2M | |
| Operating Income | -$31.1M | -$7.3M | -$21.6M | -$42.3M | -$69.6M | -$54.6M | -$38.1M | -$38.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $514.0K | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$33.8M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M | -$36.3M | |
| Net Income | -$33.8M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M | -$36.3M | |
| EPS (Diluted) | -0.30 | -0.78 | -1.50 | -2.79 | -2.74 | -1.72 | -1.16 | -1.07 | |
| EBITDA | $0.00 | -$6.3M | -$21.5M | -$40.9M | $4.9M | $3.2M | -$35.2M | -$37.6M | |
| Shares Out. (M) | 18.74 | 18.74 | 18.74 | 15.34 | 23.60 | 29.83 | 30.22 | 44.76 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.6M | $4.1M | $12.1M | $27.2M | $15.6M | $21.4M | $19.9M | $44.3M | |
| Short-Term Investments | $0.00 | $0.00 | $46.5M | $68.8M | $91.6M | $62.3M | $38.1M | $34.1M | |
| Total Current Assets | $5.7M | $4.2M | $60.1M | $98.6M | $110.5M | $86.3M | $59.9M | $80.0M | |
| Total Assets | $5.7M | $4.2M | $65.3M | $102.6M | $138.7M | $92.1M | $62.0M | $81.7M | |
| Total Current Liabilities | $159.0K | $1.5M | $3.4M | $7.2M | $14.0M | $10.2M | $8.7M | $5.6M | |
| Long-Term Debt | $728.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $887.0K | $1.5M | $3.4M | $7.2M | $14.0M | $10.2M | $8.9M | $5.8M | |
| Stockholders' Equity | $4.8M | $2.8M | $61.9M | $95.4M | $124.7M | $81.8M | $53.1M | $75.9M | |
| Retained Earnings | -$5.8M | -$20.3M | -$47.4M | -$89.7M | -$154.5M | -$205.8M | -$240.9M | -$259.2M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M | -$30.7M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M | -$30.7M | |
| Investing Cash Flow | $0.00 | $0.00 | -$50.0M | -$21.8M | -$43.3M | $54.6M | $28.3M | $17.9M | |
| Financing Cash Flow | $8.1M | $3.8M | $78.5M | $70.4M | $85.0M | $372.0K | $113.0K | $38.9M | |
| Issuance of Stock | $8.1M | $0.00 | $0.00 | $70.4M | $84.5M | $372.0K | $113.0K | $39.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $40.0K | $974.0K | $4.4M | $8.4M | $8.3M | $6.2M | $4.6M | |
| Net Change in Cash | $5.6M | -$1.5M | $8.0M | $15.1M | -$11.6M | $5.7M | -$1.4M | $26.1M |
Dilution Tracker
Shares outstanding grew 61.2% over 5 years — significant dilution
Shares Outstanding
38M
5-Year Share Growth
+61.2%
Stock Issuance (TTM)
$39.1M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.74 | 18.74 | 18.74 | 15.34 | 23.60 | 29.83 | 30.22 | 44.76 | |
| Change vs Prior % | — | 0.0% | 0.0% | -18.1% | 53.8% | 26.4% | 1.3% | 48.1% | |
| Stock Issuance | $8.1M | $0.00 | $0.00 | $70.4M | $84.5M | $372.0K | $113.0K | $39.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $40.0K | $974.0K | $4.4M | $8.4M | $8.3M | $6.2M | $4.6M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| ROE % | -702.5% | -494.5% | -34.8% | -42.9% | -51.9% | -62.7% | -66.3% | -53.5% | |
| ROA % | -593.2% | -321.3% | -33.0% | -39.9% | -46.7% | -55.7% | -56.8% | -44.4% | |
| ROIC % | -560.7% | -262.5% | -34.8% | -44.3% | -55.8% | -66.7% | -71.6% | -51.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | 76.6% | -196.2% | -95.9% | -64.8% | 21.7% | 30.1% | |
| Net Income | 0.0% | 59.8% | -58.4% | -90.1% | -58.1% | 20.7% | 31.5% | |
| EPS (Diluted) | 0.0% | -160.0% | -92.3% | -86.0% | 1.8% | 37.2% | 32.6% | |
| Operating Cash Flow | 0.0% | -115.8% | -281.9% | -63.4% | -59.2% | 7.6% | 39.4% | |
| Free Cash Flow | 0.0% | -115.8% | -281.9% | -63.4% | -59.2% | 7.6% | 39.4% | |
| R&D Expense | 0.0% | -79.5% | 180.9% | 74.6% | 85.9% | -26.2% | -38.8% | |
| SG&A Expense | 0.0% | -27.0% | 269.0% | 173.2% | 15.8% | -4.7% | -5.2% | |
| Total Assets | 0.0% | -25.7% | 1442.7% | 57.0% | 35.3% | -33.6% | -32.7% | |
| Book Value / Share | 0.0% | -42.8% | 2150.4% | 88.2% | -15.0% | -48.1% | -36.0% | |
| Debt | 0.0% | -100.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | |
| Diluted Shares | 0.0% | 0.0% | 0.0% | -18.1% | 53.8% | 26.4% | 1.3% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.36
10Y Low / Med / High0.50 / 3.88 / 104.91
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.59
Tangible Book / Share
$1.70
Net Current Assets / Share
$1.97
Graham Net-Net
$1.63
Cash / Share
$1.75
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -51.33 | -19.74 | -10.27 | -3.42 | -7.48 | -0.80 | -0.98 | -3.74 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | 59.96 | 104.91 | 4.66 | 1.53 | 3.88 | 0.50 | 0.65 | 2.36 | |
| EV/EBITDA | 0.00 | -45.03 | -12.83 | -2.91 | 95.43 | 6.13 | -0.41 | -2.84 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
10.87
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $72.7M | $217.0M | $389.9M |
| Net Income | -$27.0M | -$24.0M | -$24.6M |
| EPS | $-0.90 | $-0.80 | $-0.81 |
| # Analysts (EPS) | 1 | 1 | 2 |
Dividends
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Jan 11, 2018 | $0.66 | Quarterly | |
| Oct 12, 2017 | $0.66 | Quarterly | |
| Jul 12, 2017 | $0.66 | Quarterly | |
| Apr 11, 2017 | $0.66 | Quarterly | |
| Jan 11, 2017 | $0.66 | Quarterly | |
| Oct 12, 2016 | $0.66 | Quarterly | |
| Jul 13, 2016 | $0.66 | Quarterly | |
| Apr 13, 2016 | $0.66 | Quarterly | |
| Jan 13, 2016 | $0.66 | Quarterly | |
| Oct 13, 2015 | $0.66 | Quarterly | |
| Jul 13, 2015 | $0.58 | Quarterly |