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ANTX

AN2 Therapeutics, Inc.

ANTX

AN2 Therapeutics, Inc. • NASDAQ
$1.09 ▲ 2.83% (+0.03)
Market Cap $29.86 M
52w High $1.66
52w Low $1.01
Dividend Yield 0%
P/E -0.96
Volume 149.20K
Outstanding Shares 27.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $10.04M ▲ $-9.353M ▼ 0% $-0.31 ▼ $-9.353M ▼
Q2-2025 $0 $7.216M ▼ $-6.462M ▲ 0% $-0.21 ▲ $-7.216M ▲
Q1-2025 $0 $11.537M ▲ $-10.649M ▼ 0% $-0.35 ▼ $-11.537M ▼
Q4-2024 $0 $8.598M ▼ $-7.522M ▲ 0% $-0.25 ▲ $0 ▲
Q3-2024 $0 $14.014M $-12.747M 0% $-0.43 $-11.771M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $61.921M ▼ $67.235M ▼ $6.858M ▼ $60.377M ▼
Q2-2025 $62.916M ▼ $75.825M ▼ $6.983M ▼ $68.842M ▼
Q1-2025 $67.06M ▼ $81.343M ▼ $8.014M ▼ $73.329M ▼
Q4-2024 $83.618M ▼ $92.087M ▼ $10.238M ▲ $81.849M ▼
Q3-2024 $93.426M $97.689M $10.017M $87.672M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.353M ▼ $-6.375M ▲ $6.11M ▲ $48K ▲ $-217K ▲ $-6.375M ▲
Q2-2025 $-6.462M ▲ $-7.599M ▲ $5.834M ▼ $0 ▼ $-1.765M ▼ $-7.599M ▲
Q1-2025 $-10.649M ▼ $-10.624M ▼ $9.193M ▲ $65K ▲ $-1.366M ▲ $-10.624M ▼
Q4-2024 $-7.522M ▲ $-5.273M ▲ $-6.88M ▼ $0 ▼ $-12.153M ▼ $-5.273M ▲
Q3-2024 $-12.747M $-12.007M $18.719M $23K $6.735M $-12.007M

Five-Year Company Overview

Income Statement

Income Statement ANTX is a classic early‑stage biotech story: it has essentially no product revenue yet and has been running steady operating losses for several years. Spending has risen over time as R&D and overhead increased, which shows up as gradually larger losses per share. This is normal for a clinical‑stage company, but it also means the business is entirely dependent on external funding and future success of its pipeline rather than current earnings power.

Balance Sheet

Balance Sheet The balance sheet is relatively clean and simple. The company holds a meaningful cash position, has no financial debt, and is funded mainly by shareholder equity. Assets and equity have grown from very low levels as the company raised capital after going public. Overall, it looks like a typical small biotech: cash‑rich relative to its size, with no legacy liabilities, but also no hard assets or cash‑generating products to fall back on.

Cash Flow

Cash Flow Cash flow is consistently negative, driven almost entirely by operating expenses for research, clinical trials, and corporate overhead. There is little or no spending on long‑lived physical assets, so the cash burn is mostly tied to people and programs. This pattern is what you would expect for a development‑stage biotech: the key question is how long existing cash can support the current pace of R&D and how tightly management controls spending as programs advance or are reshaped.

Competitive Edge

Competitive Edge ANTX is trying to carve out a niche in difficult infectious diseases where treatment options are limited and resistance is a growing problem. Its proprietary boron chemistry platform is a genuine differentiator: it allows the design of small‑molecule drugs that may hit targets considered hard to drug with traditional chemistry. The company focuses on neglected and resistant infections—such as certain nontuberculous mycobacterial lung diseases, Chagas disease, and melioidosis—where competition is thinner and medical need is high, but commercial visibility is less clear. Partnerships with organizations like DNDi, GSK, and global health foundations add both validation and access to expertise and networks that a small company would struggle to build alone. On the other hand, ANTX is still pre‑commercial and operates in a space where clinical risk, regulatory hurdles, and reimbursement uncertainties are all significant, so its moat is more about scientific uniqueness than market dominance at this stage.

Innovation and R&D

Innovation and R&D Innovation is the core of ANTX’s story. Its boron‑based chemistry enables reversible covalent drugs with novel mechanisms of action, targeting enzymes in bacteria, parasites, and potentially cancer cells that are difficult to address with standard approaches. The lead infectious‑disease asset, epetraborole, is being repositioned after a trial setback but still aims at severe lung infections and melioidosis with an oral, targeted antibiotic approach. Another key program, AN2‑502998 for Chagas disease, attacks a novel parasite enzyme and could, if successful, change the treatment landscape for a long‑neglected condition. Beyond infectious disease, the company is starting to build an oncology pipeline around well‑known cancer targets, trying to use boron chemistry to achieve higher selectivity and potency. The R&D strategy is high risk but also high impact if even one or two programs translate into strong clinical data and regulatory approval.

Summary

ANTX is an early‑stage biotech with a promising but unproven technology platform and a pipeline focused on serious, underserved infectious diseases, with emerging moves into oncology. Financially, it has no revenue, ongoing operating losses, and negative cash flow typical of its stage, but a straightforward balance sheet without debt and a multi‑year cash runway based on current plans. Scientifically, its boron chemistry platform, novel mechanisms of action, and strong partnerships provide real differentiation and external validation. Strategically, the company is in the middle of a pivot after a trial setback, concentrating resources on Chagas disease, other high‑need infections, and new cancer programs. The main drivers of future value will be clinical data, regulatory progress, and the company’s ability to manage cash while advancing its most promising assets; uncertainty remains high, as is standard for a clinical‑stage biotech with no approved products yet.

NEWS

November 12, 2025 · 4:01 PM UTC

AN2 Therapeutics Reports Third Quarter 2025 Financial Results and Recent Business and Scientific Highlights

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November 10, 2025 · 7:00 AM UTC

AN2 Therapeutics Announces Research Collaboration With GSK to Advance Boron-Based LeuRS-Inhibitors Targeting Tuberculosis (TB)

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November 6, 2025 · 5:03 PM UTC

AN2 Therapeutics to Participate in Fireside Chat at Evercore HealthCONx Conference

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