Detailed financial statements for AN2 Therapeutics, Inc. (ANTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
AN2 Therapeutics, Inc. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of treatments for uncommon, long-term, and severe infectious conditions. A key focus of their pipeline is epetraborole, an investigational oral medication designed for once-daily administration to individuals battling chronic non-tuberculous mycobacterial lung disease.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $5.34, ANTX has negative trailing earnings (P/E not meaningful) and an ROE of -53.52%. Market capitalisation stands at $192M.
Balance sheet quality for ANTX: current ratio of 6.9. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | $77000 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | -$77000 | 0 | 0 | 0 |
| Research & Development | $29.3M | $6.0M | $16.9M | $29.5M | $54.9M | $40.5M | $24.8M |
| Selling, General & Admin | $1.7M | $1.3M | $4.7M | $12.8M | $14.8M | $14.1M | $13.3M |
| Operating Expenses | $31.1M | $7.3M | $21.6M | $42.2M | $69.6M | $54.6M | $38.1M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | $514000 | 0 | 0 | 0 |
| Pre-tax Income | -$33.8M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$33.8M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| EPS | $-0.30 | $-0.78 | $-1.50 | $-2.79 | $-2.74 | $-1.72 | $-1.16 |
| EPS (Diluted) | $-0.30 | $-0.78 | $-1.50 | $-2.79 | $-2.74 | $-1.72 | $-1.16 |
| Shares Outstanding (Diluted) | $18.7M | $18.7M | $18.7M | $15.3M | $23.6M | $29.8M | $30.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$10.0M | -$9.3M | -$10.6M | -$8.9M |
| EBITDA | -$9.4M | -$10.0M | -$10.0M | -$8.2M |
| Net Income | -$9.4M | -$8.7M | -$10.0M | -$8.2M |
| EPS | $-0.31 | $-0.29 | $-0.29 | $-0.18 |
| EPS (Diluted) | $-0.31 | $-0.29 | $-0.29 | $-0.18 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $5.6M | $4.1M | $12.1M | $27.2M | $15.6M | $21.4M | $19.9M |
| Short-term Investments | 0 | 0 | $46.5M | $68.8M | $91.6M | $62.3M | $38.1M |
| Receivables | 0 | 0 | 0 | 0 | 0 | $300000 | $900000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $5.7M | $4.2M | $60.1M | $98.6M | $110.5M | $86.3M | $59.9M |
| Property, Plant & Equipment | 0 | 0 | 0 | $53000 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $5.7M | $4.2M | $65.3M | $102.6M | $138.7M | $92.1M | $62.0M |
| Accounts Payable | $51000 | $132000 | $1.1M | $2.1M | $2.7M | $3.3M | $3.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $159000 | $1.5M | $3.4M | $7.2M | $14.0M | $10.2M | $8.7M |
| Long-term Debt | $728000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $887000 | $1.5M | $3.4M | $7.2M | $14.0M | $10.2M | $8.9M |
| Retained Earnings | -$5.8M | -$20.3M | -$47.4M | -$89.7M | -$154.5M | -$205.8M | -$240.9M |
| Total Equity | $4.8M | $2.8M | $61.9M | $95.4M | $124.7M | $81.8M | $53.1M |
| Total Debt | $728000 | 0 | 0 | $53000 | 0 | 0 | 0 |
| Net Debt | -$4.9M | -$4.1M | -$58.6M | -$96.0M | -$107.3M | -$83.6M | -$58.0M |
| Working Capital | $5.5M | $2.8M | $56.7M | $91.4M | $96.5M | $76.0M | $51.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $18.0M | $19.9M | $53.5M | $44.3M |
| Total Assets | $67.2M | $62.0M | $87.5M | $81.7M |
| Total Liabilities | $6.9M | $8.9M | $5.7M | $5.8M |
| Total Equity | $60.4M | $53.1M | $81.8M | $75.9M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.6M | -$13.6M | -$21.5M | -$41.0M | -$64.7M | -$51.3M | -$35.2M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $40000 | $974000 | $4.4M | $8.4M | $8.3M | $6.2M |
| Change in Working Capital | -$10000 | $1.2M | $32000 | $3.7M | $5.8M | -$3.0M | $164000 |
| Operating Cash Flow | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.5M | -$5.4M | -$20.5M | -$33.5M | -$53.3M | -$49.3M | -$29.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$6.4M | -$5.2M | -$12.1M | -$7.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$6.4M | -$5.2M | -$12.1M | -$7.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $801000 | $1.4M | $1.5M | $972000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +59.8% | -58.4% | -90.1% | -58.1% | +20.7% | +31.5% |
| EPS Growth (YoY) | | -160.0% | -92.3% | -86.0% | +1.8% | +37.2% | +32.6% |
| Shares Change (YoY) | | +0.0% | +0.0% | -18.1% | +53.8% | +26.4% | +1.3% |
| FCF Growth (YoY) | | -115.8% | -281.9% | -63.4% | -59.2% | +7.6% | +39.4% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.13 | $-0.29 | $-1.09 | $-2.18 | $-2.26 | $-1.65 | $-0.99 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $18.7M | $18.7M | $18.7M | $15.3M | $23.6M | $29.8M | $30.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -53.52% |
| Return on Invested Capital | -51.01% |
| Return on Assets | -44.41% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 14.32 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -51.33 | -19.74 | -10.27 | -3.42 | -7.48 | -0.80 | -0.98 |
| P/B | 59.96 | 104.91 | 4.66 | 1.53 | 3.88 | 0.50 | 0.65 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |