AN2 Therapeutics Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The balance sheet carries the next steps: about $80 million in cash, no borrowings, no going-concern doubt. Yellow because the entire company depends on trials whose first results arrive in 2027 at the earliest, and because the accounting control weaknesses have persisted since 2022 — with no restatement mentioned, but also not remediated. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
AN2 Therapeutics is the side-effect romance in pure form: a drug that failed as an antibiotic is supposed to help against a blood cancer, and the stock went from $1.06 to $5.25 in four trading days in March 2026. The SEC filings show solid, frugally managed cash, but no clinical proof of concept, a slipped timeline, heavy dilution and control weaknesses since the IPO. Not investment advice.
Cash & costs
$79.9 million in cash and investments with no borrowings (6/30/2026); net loss cut from $51.3 million (2024) to $35.2 million (2025).
Clinical evidence
Per the 10-Q for 6/30/2026, no product candidate has clinical proof of concept; first PV data in the course of 2027, and epetraborole failed in MAC in 2025.
Pipeline breadth
Three Phase 2 efforts (PV, M. abscessus, Chagas) plus early cancer projects; the Chagas compound has positive monkey and Phase 1 data (8-K of 6/4/2026).
Dilution
Shares plus pre-funded warrants up from 30.4 million to 45.0 million in the first half of 2026; at-the-market program of up to $80 million since April 2026.
Governance & controls
Material weaknesses since 2022, not remediated as of 6/30/2026; all options above $3.91 repriced to $3.91 on 3/19/2026.
Worth Noting
Why we looked: in-house Reddit hype scanner, 10/31/2026 (1 mention in 24 hours, rank 737 after rank 184 the day before; ApeWisdom). Price references (closing prices, fundamental data): $1.06 (3/3/2026), $2.85 (3/6/2026), $5.25 (3/9/2026), $3.91 (3/19/2026), $3.61 (4/17/2026, 424B5), $6.28 (8/12/2026, twelve-month high), $4.53 (10/30/2026).
Data as of: the latest periodic report is the 10-Q for 6/30/2026 (filed 8/11/2026); the 10-Q for 9/30/2026 had not been filed as of 10/31/2026. Market value and the “little over eight quarters” runway are our own calculations ($79.9 million ÷ about $9.5 million cash used per quarter in H1 2026), not company figures.
The link between “anemia as an adverse event in MAC” and “lowering red blood cells in PV” is our reading of the 2025 10-K and the press release of 8/31/2026, not the company’s wording.
Not to be confused: ticker ANTX belongs to AN2 Therapeutics, Inc. (CIK 0001880438), not to the former Anacor Pharmaceuticals (now a Pfizer subsidiary), from which AN2 licenses its compounds.
Stock Watch
This analysis is as of October 31, 2026. Stock Watch will tell you what's changed at ANTX since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.00 $ to 6.30 $ · Last price: 4.40 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| AN2 Therapeutics Inc ANTX | 0.2 | – | -2.1 | – | – | – | 253.7 |
| Vertex Pharmaceuticals Inc VRTX | 139.9 | 32.9 | 25.7 | 55.0 | 38.1 | 9.6 | 30.0 |
| Regeneron Pharmaceuticals Inc REGN | 99.9 | 24.2 | 14.3 | 51.2 | 20.7 | 1.0 | 42.6 |
| Moderna Inc MRNA | 87.6 | – | 4.6 | -66.0 | -131.1 | -39.2 | 687.9 |
| argenx NV ARGX | 54.4 | 33.4 | 26.2 | 59.8 | 32.0 | 89.6 | 8.8 |
| BeiGene, Ltd. ONC | 40.9 | 64.5 | 33.8 | 88.9 | 19.1 | 40.2 | 16.4 |
| Revolution Medicines Inc RVMD | 39.1 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 225.0 |
| Royalty Pharma Plc RPRX | 36.6 | 36.0 | 20.8 | 95.8 | 100.3 | 5.1 | 85.4 |
| Genmab AS GMAB | 34.2 | 43.2 | 24.7 | 93.0 | 35.2 | -82.7 | 99.0 |
| Median of companies shown | 40.9 | 34.7 | 20.8 | 57.4 | 26.3 | 3.0 | 85.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | – | -31 | -34 | -1.80 | -2 | 5 | 6 |
| 2020 | 0 | -7 | -14 | -0.73 | -5 | 3 | 4 |
| 2021 | 0 | -22 | -21 | -1.15 | -20 | 62 | 65 |
| 2022 | 0 | -42 | -41 | -2.70 | -33 | 95 | 103 |
| 2023 | 0 | -70 | -65 | -2.74 | -53 | 125 | 139 |
| 2024 | 0 | -55 | -51 | -1.72 | -49 | 82 | 92 |
| 2025 | 0 | -38 | -35 | -1.16 | -30 | 53 | 62 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.25 | – | 0 | -100.00 | – | -5 | -5 |
| 2025: Q1 | -0.35 | – | 0 | -100.00 | – | -11 | -11 |
| 2025: Q2 | -0.18 | – | 0 | – | – | -8 | -8 |
| 2025: Q3 | -0.31 | – | 0 | – | – | -6 | -6 |
| 2025: Q4 | -0.28 | – | 0 | – | – | -5 | -5 |
| 2026: Q1 | -0.28 | – | 0 | – | – | -12 | -12 |
| 2026: Q2 | -0.18 | 0.00 | – | – | – | -7 | -7 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.90 | -0.93 – -0.86 | 0 | 22.8% | 2 |
| 12/31/2027 | -0.80 | -0.86 – -0.74 | 0 | 10.6% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 31.10.2026 gegen die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026 und 30.09.2025 sowie den Geschäftsbericht (10-K) für 2025 von AN2 Therapeutics: „artificial intelligence“ und „machine learning“ kommen in keinem der vier Berichte vor. „AI“ taucht je Bericht nur einmal in einem Risikohinweis zur Cybersicherheit auf — als Werkzeug von Angreifern, nicht als Produkt, Umsatzquelle oder eingesetzte Technik der Firma. Das Geschäft (Entwicklung von Wirkstoffen aus Bor-Chemie, ohne Umsatz) hat keinen im Filing beschriebenen KI-Bezug; ein bloßer Boilerplate-Risikohinweis begründet nach dem Kriterienkatalog weder „bedroht“ noch „nutzt“ — damit bleibt es bei „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„utilizing increasingly sophisticated techniques and tools – including AI – that circumvent security controls, evade detection and remove or obfuscate forensic evidence"
die zunehmend raffinierte Methoden und Werkzeuge nutzen — darunter KI —, die Sicherheitskontrollen umgehen, einer Entdeckung entgehen und forensische Spuren beseitigen oder verschleiern
10-K · 2026-03-17 · View SEC filing
Filings Reviewed: 10-Q 2026-08-11 · 10-Q 2026-05-11 · 10-K 2026-03-17 · 10-Q 2025-11-12
Rated on October 31, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year 0.0%
- Share count grows by less than 3% a year 25.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") no data
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 58 m net cash
- Operating cash flow covers the profits of the last three years 19 m
- Return on capital at 15% or higher, or up versus two years ago -71.6%
- Insiders hold at least 10% or are net buyers 19.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -66.3%
- ROCE > 15% -71.6%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 12, 2026 | Marks Gilbert Lynn | Director | Other | 2,283 | 0.00 | – |
| Oct 12, 2026 | Martin Patricia A. | Director | Other | 389 | 0.00 | – |
| Oct 12, 2026 | Aziz Kabeer | Director | Other | 2,465 | 0.00 | – |
| Sep 15, 2026 | Trenor Cameron C. III | Chief Medical Officer | Other | 116,667 | 0.00 | – |
| Sep 9, 2026 | Readnour Robin Shane | Director | Sell | 585 | 6.02 | 3,524 |
| Sep 9, 2026 | Readnour Robin Shane | Director | Sell | 523 | 6.02 | 3,151 |
| Sep 8, 2026 | Readnour Robin Shane | Director | Sell | 5,294 | 6.02 | 31,861 |
| Sep 8, 2026 | Readnour Robin Shane | Director | Sell | 4,725 | 6.02 | 28,436 |
| Sep 3, 2026 | Readnour Robin Shane | Director | Sell | 3,223 | 6.07 | 19,563 |
| Sep 3, 2026 | Readnour Robin Shane | Director | Sell | 2,877 | 6.07 | 17,463 |
The company
About the Company
AN2 Therapeutics, Inc., ein biopharmazeutisches Unternehmen, konzentriert sich auf die Entdeckung und Entwicklung neuartiger niedermolekularer Therapeutika.
- Employees
- 21
- Headquarters
- Menlo Park, CA
- Address
- 1300 El Camino Real, 94025 Menlo Park, United States
- Phone
- 650 331 9090
- Website
- an2therapeutics.com
- IPO Date
- 03/25/2022
- ISIN
- US0373261058
Management
| Name | Title | Birth Year |
|---|---|---|
| Eric E. Easom | Co-Founder, CEO, President & Chairman of the Board | 1968 |
| Joseph S. Zakrzewski | Co-Founder & Independent Director | 1962 |
| Lucy O. Day CPA | CFO, & Principal Financial Officer | 1960 |
| Joshua M. Eizen J.D. | Chief Legal Officer, COO & Corporate Secretary | 1979 |
| George Harrison Talbot FACP, M.D. | Co-Founder & Senior Clinical Advisor | 1948 |
| Michael R. K. Alley Ph.D. | Co-founder & Head of Biology | – |
| Sarah Williams | Vice President of Controller & Principal Accounting Officer | 1988 |
| Sanjay Chanda Ph.D. | Chief Development Officer | 1966 |
| Vince Hernandez | Head of Research | – |
| Cameron Trenor M.D. | Chief Medical Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/11/2026 AN2 Therapeutics, Inc. (ANTX): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.