ANTX
AN2 Therapeutics, Inc.
Next earnings Aug 10, 2026 · consensus $-0.23 EPS
Last earnings +6.5% on 2026-05-11
$4.42
▼ -12.13%$4.42▲ +320.95%
over 1Y
L $1.03H $5.46
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-12.1%
1W-14.0%
1M+8.6%
3M+35.2%
YTD+298.2%
1Y+321.0%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 7 analysts
Buy
Pre-revenue boron-platform biotech with ~$20M cash against ~$30M burn about to ramp — a dilutive raise is imminent; not investable now.
Cash & equivalents $19.9M · FY2025
AN2 is a clinical-stage biopharma with zero product revenue across its entire history (net losses every year: -$21.5M in 2021 widening to -$64.7M in 2023, then -$51.3M in 2024 and -$35.2M in 2025). The 2025 'improvement' is not a business turning a corner — it is a spend cut. Per the MD&A, R&D fell 39% ($40.5M→$24.8M) almost entirely because the EBO-301 trial was terminated in August 2024 and 2024 restructuring cut personnel; G&A and interest income also shrank. The company explicitly warns it 'expect[s] research and development expenses to increase substantially in the future' as it pushes three Phase 2 studies (epetraborole in polycythemia vera and M. abscessus, AN2-502998 in Chagas) forward in 2026. So the reduced 2025 loss is the low point before the burn re-accelerates.
The balance sheet cannot fund that. Cash and equivalents ended 2025 at just $19.9M against operating cash burn of $29.8M — under a year of runway even at the pared-back 2025 pace, and less than that once trial spend ramps. Total assets fell 33% and stockholders' equity fell 35% YoY, while accumulated deficit deepened to -$241M and ROE is -66%. The low liabilities/equity of 0.17x is cosmetic comfort: the problem isn't leverage, it's that equity is being consumed by operating losses. Shares outstanding already rose 19.4% in one year; a near-term capital raise is effectively required, and it will be dilutive — likely at or below a depressed $4.42 price that is already down 6% on the day.
Is ANTX a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~90d expiry
- Long put 4.5 @ ~1.14 est
- Short put 4 @ ~0.84 est
debit $30max +$20max −$30BE 4.20
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | -$21.6M | -$42.3M | -$69.6M | -$56.8M | -$38.1M |
| Net income | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| Diluted EPS | -$10.64 | -$2.79 | -$2.74 | -$1.72 | -$1.16 |
| Net margin | — | — | — | — | — |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$139M
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-22.1%
FCF yield—
Quality & risk
ROIC (est.)-56.7%
Free cash flow—
Total debt—
Net cash$19.9M
Piotroski F-Score1/6
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+19.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Shareholder vote2026-06-09
Annual meeting vote results: directors elected, routine proposals passed
- 8-K Reg FD disclosure2026-06-04
Corporate/pipeline update furnished via Reg FD investor materials
- 8-K Earnings results2026-05-11
Q1'26: ~$20M cash, continued burn; three Phase 2 studies planned for 2026
- 10-Q Quarterly report2026-05-11
Q1'26: ~$20M cash, continued burn; three Phase 2 studies planned for 2026
- DEF 14A Proxy statement2026-04-22
Annual proxy: board slate, say-on-pay, auditor ratification
- 8-K Other event2026-04-09
Shelf registration enables future equity sales — dilution overhang
- S-3 Shelf registration (potential raise)2026-04-09
Shelf registration enables future equity sales — dilution overhang
- 8-K Officer / director change2026-03-20
Officer/director change disclosed (Item 5.02 management transition)
- 8-K Earnings results2026-03-17
FY25 loss narrowed to $35M; pipeline pivots to PV, Chagas, M. abscessus
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-032026-06-09open ↗8-KPeriod ending 2026-06-042026-06-04open ↗4Period ending 2026-05-292026-06-02open ↗SCHEDULE 13G/AFiling2026-05-15open ↗10-QPeriod ending 2026-03-312026-05-11open ↗8-KPeriod ending 2026-05-112026-05-11open ↗ARSPeriod ending 2025-12-312026-04-22open ↗DEFA14AFiling2026-04-22open ↗DEF 14APeriod ending 2026-04-222026-04-22open ↗EFFECTFiling2026-04-20open ↗424B3Filing2026-04-20open ↗424B5Filing2026-04-20open ↗
Frequently asked
- Is AN2 Therapeutics, Inc. (ANTX) a buy?
- ANTX currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Pre-revenue boron-platform biotech with ~$20M cash against ~$30M burn about to ramp — a dilutive raise is imminent; not investable now.
- What is AN2 Therapeutics, Inc.'s quality score?
- ANTX scores 60.165712366134265/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001880438, latest 10-Q filed 2026-05-11) · EODHD · Proprietary analysis · as of 7/3/2026, 3:58:05 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 11:58 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.