Estados financieros detallados de AN2 Therapeutics, Inc. (ANTX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $5.34, ANTX presenta beneficios negativos (P/E no significativo) y un ROE del -53.52%. La capitalización bursátil es de $192M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | 0 | 0 | 0 | $77000 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | -$77000 | 0 | 0 | 0 |
| I+D | $29.3M | $6.0M | $16.9M | $29.5M | $54.9M | $40.5M | $24.8M |
| Generales y Administrativos | $1.7M | $1.3M | $4.7M | $12.8M | $14.8M | $14.1M | $13.3M |
| Gastos Operativos | $31.1M | $7.3M | $21.6M | $42.2M | $69.6M | $54.6M | $38.1M |
| Beneficio Operativo | -$31.1M | -$7.3M | -$21.6M | -$42.3M | -$69.6M | -$54.6M | -$38.1M |
| EBITDA | 0 | -$6.3M | -$21.5M | -$40.9M | $4.9M | $3.2M | -$35.2M |
| Gastos por Intereses | 0 | 0 | 0 | $514000 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$33.8M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$33.8M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| BPA | $-0.30 | $-0.78 | $-1.50 | $-2.79 | $-2.74 | $-1.72 | $-1.16 |
| BPA Diluido | $-0.30 | $-0.78 | $-1.50 | $-2.79 | $-2.74 | $-1.72 | $-1.16 |
| Acciones en Circulación (Diluidas) | $18.7M | $18.7M | $18.7M | $15.3M | $23.6M | $29.8M | $30.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 |
| Beneficio Operativo | -$10.0M | -$9.3M | -$10.6M | -$8.9M |
| EBITDA | -$9.4M | -$10.0M | -$10.0M | -$8.2M |
| Beneficio Neto | -$9.4M | -$8.7M | -$10.0M | -$8.2M |
| BPA | $-0.31 | $-0.29 | $-0.29 | $-0.18 |
| BPA Diluido | $-0.31 | $-0.29 | $-0.29 | $-0.18 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.6M | $4.1M | $12.1M | $27.2M | $15.6M | $21.4M | $19.9M |
| Inversiones a Corto | 0 | 0 | $46.5M | $68.8M | $91.6M | $62.3M | $38.1M |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | $300000 | $900000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $5.7M | $4.2M | $60.1M | $98.6M | $110.5M | $86.3M | $59.9M |
| Inmovilizado Material | 0 | 0 | 0 | $53000 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $5.7M | $4.2M | $65.3M | $102.6M | $138.7M | $92.1M | $62.0M |
| Cuentas por Pagar | $51000 | $132000 | $1.1M | $2.1M | $2.7M | $3.3M | $3.0M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $159000 | $1.5M | $3.4M | $7.2M | $14.0M | $10.2M | $8.7M |
| Deuda a Largo | $728000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $887000 | $1.5M | $3.4M | $7.2M | $14.0M | $10.2M | $8.9M |
| Reservas | -$5.8M | -$20.3M | -$47.4M | -$89.7M | -$154.5M | -$205.8M | -$240.9M |
| Patrimonio Neto | $4.8M | $2.8M | $61.9M | $95.4M | $124.7M | $81.8M | $53.1M |
| Deuda Total | $728000 | 0 | 0 | $53000 | 0 | 0 | 0 |
| Deuda Neta | -$4.9M | -$4.1M | -$58.6M | -$96.0M | -$107.3M | -$83.6M | -$58.0M |
| Capital Circulante | $5.5M | $2.8M | $56.7M | $91.4M | $96.5M | $76.0M | $51.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $18.0M | $19.9M | $53.5M | $44.3M |
| Activos Totales | $67.2M | $62.0M | $87.5M | $81.7M |
| Pasivos Totales | $6.9M | $8.9M | $5.7M | $5.8M |
| Patrimonio Neto | $60.4M | $53.1M | $81.8M | $75.9M |
| Deuda Total | 0 | 0 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$5.6M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $40000 | $974000 | $4.4M | $8.4M | $8.3M | $6.2M |
| Cambio en Capital Circulante | -$10000 | $1.2M | $32000 | $3.7M | $5.8M | -$3.0M | $164000 |
| Flujo de Caja Operativo | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$6.4M | -$5.2M | -$12.1M | -$7.0M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$6.4M | -$5.2M | -$12.1M | -$7.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $801000 | $1.4M | $1.5M | $972000 |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | +59.8% | -58.4% | -90.1% | -58.1% | +20.7% | +31.5% |
| Crecimiento BPA (anual) | | -160.0% | -92.3% | -86.0% | +1.8% | +37.2% | +32.6% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -18.1% | +53.8% | +26.4% | +1.3% |
| Crecimiento FCF (anual) | | -115.8% | -281.9% | -63.4% | -59.2% | +7.6% | +39.4% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.13 | $-0.29 | $-1.09 | $-2.18 | $-2.26 | $-1.65 | $-0.99 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $18.7M | $18.7M | $18.7M | $15.3M | $23.6M | $29.8M | $30.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -53.52% |
| Rentabilidad sobre capital invertido | -51.01% |
| Rentabilidad sobre activos | -44.41% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 14.32 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -51.33 | -19.74 | -10.27 | -3.42 | -7.48 | -0.80 | -0.98 |
| P/VC | 59.96 | 104.91 | 4.66 | 1.53 | 3.88 | 0.50 | 0.65 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |