What is AN2 Therapeutics, Inc.'s earnings per share (EPS)?

AN2 Therapeutics, Inc. (ANTX) reported diluted earnings per share of -$1.16 for fiscal year 2025. This represents a 32.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

AN2 Therapeutics, Inc. (ANTX) Financials

ANTX

FY2025 annual

Revenue Not reported for FY2025

Net Income -$35.2M +31.5% YoY

EPS (Diluted) -$1.16 +32.6% YoY

Operating Cash Flow -$29.8M +39.4% YoY

Market Cap $166.0M as of Oct 10, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 2.2x on $75.9M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 11, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ANTX SEC filings page.

This page shows AN2 Therapeutics, Inc. (ANTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ANTX FY2025 2026-10-04

The company remains development-stage: losses are narrowing, but operations still consume cash and funding depends mainly on equity.

Cash conversion broadly tracks reported losses: in FY2025, operating cash outflow of $29.8M was close to the $35.2M net loss, as it was in FY2024. That gap suggests earnings are not being materially supported by unusual working-capital movements or other large noncash effects.

Operating spending has been resized: research and development fell from $40.5M in FY2024 to $24.8M in FY2025, while the net loss narrowed by $16.1M. The improvement therefore appears tied more to reduced investment intensity than to revenue growth, which was not reported.

The balance sheet is lightly debt-funded but shrinking: FY2025 liabilities were $8.9M against $53.1M of equity, and the current ratio remained 6.9x. However, assets declined from $92.1M to $62.0M while investing activities provided $28.3M, indicating that non-operating cash inflows—not operating generation—helped support liquidity; reported liquidity equaled 24.1 months of the latest annual operating outflow.

Financial Health Signals

Financial health score not available

AN2 Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

AN2 Therapeutics, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

AN2 Therapeutics, Inc. reported a net loss of $35.2M while operations used $29.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$8.2M

YoY-26.7%

QoQ+18.4%

AN2 Therapeutics, Inc. reported -$8.2M in net income in Q2 2026. This represents a decrease of 26.7% from the same quarter a year earlier. Against the prior quarter it is up 18.4%.

EPS (Diluted)

-$0.18

YoY+14.3%

QoQ+37.9%

AN2 Therapeutics, Inc. earned -$0.18 per diluted share (EPS) in Q2 2026. This represents an increase of 14.3% from the same quarter a year earlier. Against the prior quarter it is up 37.9%.

Revenue

Not reported for Q2 2026.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt

$44.3M

YoY+143.2%

QoQ-17.1%

5Y CAGR+9.8%

AN2 Therapeutics, Inc. held $44.3M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

38M

YoY+38.1%

QoQ+4.8%

AN2 Therapeutics, Inc. had 38M shares outstanding in Q2 2026. This represents an increase of 38.1% from the same quarter a year earlier. Against the prior quarter it is up 4.8%.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-10.8%

YoY-1.4pp

QoQ+1.5pp

AN2 Therapeutics, Inc.'s ROE was -10.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$6.0M

YoY+88.1%

QoQ-10.7%

AN2 Therapeutics, Inc. invested $6.0M in research and development in Q2 2026. This represents an increase of 88.1% from the same quarter a year earlier. Against the prior quarter it is down 10.7%.

Share Buybacks

Not reported for Q2 2026.

Capital Expenditures

Not reported for Q2 2026.

ANTX Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ANTX quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
R&D Expenses	N/A	$24.8M-38.8%	$40.5M-26.2%	$54.9M+92.5%	$28.5M+76.5%	$16.2M
SG&A Expenses	N/A	$13.3M-5.2%	$14.1M-4.7%	$14.8M+15.8%	$12.8M+173.2%	$4.7M
Operating Income	N/A	-$38.1M+32.9%	-$56.8M+18.4%	-$69.6M-64.8%	-$42.3M-95.9%	-$21.6M
Income Tax	N/A	$0	$0	$0	$0	$0
Net Income	N/A	-$35.2M+31.5%	-$51.3M+20.7%	-$64.7M-58.1%	-$41.0M-90.1%	-$21.5M
EPS (Basic)	N/A	-$1.16+32.6%	-$1.72+37.2%	-$2.74+1.8%	-$2.79+73.8%	-$10.64
EPS (Diluted)	-$1.06	-$1.16+32.6%	-$1.72+37.2%	-$2.74	-$2.79	-$10.64
Diluted Shares (Avg)	N/A	30M+1.3%	30M+26.4%	24M	15M	3M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
R&D Expenses	$6.0M+88.1%	$6.7M-12.3%	N/A	$7.0M-15.5%	$3.2M-73.7%	$7.7M-47.5%	N/A	$8.3M-42.6%
SG&A Expenses	$2.9M-28.2%	$3.8M-1.0%	N/A	$3.0M-12.7%	$4.0M+7.6%	$3.8M+5.7%	N/A	$3.5M-7.1%
Operating Income	-$8.9M-23.4%	-$10.6M+8.5%	N/A	-$10.0M+28.4%	-$7.2M+54.6%	-$11.5M+36.9%	N/A	-$14.0M+22.9%
Net Income	-$8.2M-26.7%	-$10.0M+5.8%	N/A	-$9.4M+26.6%	-$6.5M+55.2%	-$10.6M+35.9%	N/A	-$12.7M+23.7%
EPS (Basic)	-$0.18+14.3%	-$0.29+17.1%	-$0.28-12.0%	-$0.31+27.9%	-$0.21+56.3%	-$0.35+37.5%	-$0.25+51.9%	-$0.43+33.8%
EPS (Diluted)	-$0.18+14.3%	-$0.29+17.1%	-$0.28-12.0%	-$0.31+27.9%	-$0.21+56.3%	-$0.35+37.5%	-$0.25+51.9%	-$0.43+33.8%
Diluted Shares (Avg)	45M+48.4%	34M+13.3%	N/A	30M+1.5%	30M+1.2%	30M+1.0%	N/A	30M+16.4%

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, EBITDA, Interest Expense, Income Tax.

ANTX Balance Sheet

ANTX quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Total Assets	$62.0M-32.7%	$92.1M-33.6%	$138.7M+35.3%	$102.6M+57.0%	$65.3M
Current Assets	$59.9M-30.5%	$86.3M-21.9%	$110.5M+12.1%	$98.6M+64.1%	$60.1M
Cash & Equivalents	$19.9M-6.6%	$21.4M+36.5%	$15.6M-42.5%	$27.2M+125.0%	$12.1M
Short-Term Investments	$38.1M-38.9%	$62.3M-32.1%	$91.6M+33.1%	$68.8M+48.2%	$46.5M
Long-Term Investments	$2.0M-59.9%	$5.0M-81.5%	$27.2M+744.8%	$3.2M-7.7%	$3.5M
Total Liabilities	$8.9M-13.2%	$10.2M-27.1%	$14.0M+95.4%	$7.2M-93.6%	$112.7M
Current Liabilities	$8.7M-14.8%	$10.2M-27.1%	$14.0M+95.4%	$7.2M+111.7%	$3.4M
Non-Current Liabilities	$170K	$0	$0-100.0%	$2K-100.0%	$109.3M
Total Equity	$53.1M-35.2%	$81.8M-34.4%	$124.7M+30.8%	$95.4M+301.2%	-$47.4M
Retained Earnings	-$240.9M-17.1%	-$205.8M-33.2%	-$154.5M-72.1%	-$89.7M-89.4%	-$47.4M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$81.7M+7.7%	$87.5M+7.6%	$62.0M-32.7%	$67.2M-31.2%	$75.8M-30.1%	$81.3M-32.9%	$92.1M-33.6%	$97.7M-36.5%
Current Assets	$80.0M+18.5%	$87.5M+25.8%	$59.9M-30.5%	$64.0M-34.5%	$67.5M-37.2%	$69.6M-40.2%	$86.3M-21.9%	$97.7M-22.7%
Cash & Equivalents	$44.3M+143.2%	$53.5M+167.6%	$19.9M-6.6%	$18.0M-46.3%	$18.2M-31.9%	$20.0M-19.1%	$21.4M+36.5%	$33.5M+2.7%
Short-Term Investments	$34.1M-23.8%	$31.8M-32.4%	$38.1M-38.9%	$43.9M-26.7%	$44.7M-42.5%	$47.1M-47.4%	$62.3M-32.1%	$59.9M-34.3%
Long-Term Investments	$1.5M-82.3%	$0-100.0%	$2.0M-59.9%	$3.2M	$8.3M	$11.5M+194.1%	$5.0M-81.5%	$0-100.0%
Total Liabilities	$5.8M-17.6%	$5.7M-28.5%	$8.9M-13.2%	$6.9M-31.5%	$7.0M-31.0%	$8.0M-24.8%	$10.2M-27.1%	$10.0M-32.5%
Current Liabilities	$5.6M	$5.6M	$8.7M-14.8%	N/A	N/A	N/A	$10.2M-27.1%	$10.0M-32.5%
Non-Current Liabilities	$170K	$170K	$170K	N/A	N/A	N/A	$0	$0
Total Equity	$75.9M+10.3%	$81.8M+11.5%	$53.1M-35.2%	$60.4M-31.1%	$68.8M-30.0%	$73.3M-33.7%	$81.8M-34.4%	$87.7M-36.9%
Retained Earnings	-$259.2M-16.3%	-$251.0M-16.0%	-$240.9M-17.1%	-$232.2M-17.1%	-$222.9M-20.2%	-$216.4M-26.5%	-$205.8M-33.2%	-$198.3M-44.1%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

ANTX Cash Flow Statement

ANTX quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Cash Flow	-$30.7M	-$29.8M+39.4%	-$49.3M+7.6%	-$53.3M-59.2%	-$33.5M-63.4%	-$20.5M
Stock-Based Compensation	N/A	$6.2M-25.1%	$8.3M-0.9%	$8.4M+91.6%	$4.4M+350.8%	$974K
Investing Cash Flow	$17.9M	$28.3M-48.1%	$54.6M+226.1%	-$43.3M-98.8%	-$21.8M+56.5%	-$50.0M
Financing Cash Flow	$38.9M	$113K-69.6%	$372K-99.6%	$85.0M+20.8%	$70.4M-10.4%	$78.5M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$7.0M+7.9%	-$12.1M-13.6%	-$5.2M+0.7%	-$6.4M+46.9%	-$7.6M+47.2%	-$10.6M+39.6%	-$5.3M+69.1%	-$12.0M-1.8%
Stock-Based Compensation	$972K-51.4%	$1.5M-28.7%	N/A	$801K-57.9%	$2.0M-12.0%	$2.0M-14.2%	N/A	$1.9M-12.3%
Investing Cash Flow	-$3.7M-162.7%	$8.3M-9.8%	$7.2M+204.3%	$6.1M-67.4%	$5.8M-64.6%	$9.2M-65.0%	-$6.9M-1738.1%	$18.7M+130.0%
Financing Cash Flow	$1.5M	$37.3M+57329.2%	$0	$48K+108.7%	$0	$65K-81.4%	$0+100.0%	$23K-100.0%

Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

ANTX Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ANTX quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Return on Equity	-66.3%-3.6pp	-62.7%-10.8pp	-51.9%-9.0pp	-42.9%	N/A
Return on Assets	-56.8%-1.0pp	-55.7%-9.1pp	-46.7%-6.7pp	-39.9%-7.0pp	-33.0%
Current Ratio	6.87-1.6x	8.43+0.6x	7.87-5.9x	13.72-4.0x	17.70
Debt-to-Equity	0.170.0x	0.130.0x	0.110.0x	0.08	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-10.8%-1.4pp	-12.3%+2.2pp	N/A	-15.5%-1.0pp	-9.4%+5.3pp	-14.5%+0.5pp	N/A	-14.5%-2.5pp
Return on Assets	-10.0%-1.5pp	-11.5%+1.6pp	N/A	-13.9%-0.9pp	-8.5%+4.8pp	-13.1%+0.6pp	N/A	-13.1%-2.2pp
Current Ratio	14.32	15.73	6.87-1.6x	N/A	N/A	N/A	8.43+0.6x	9.75+1.2x
Debt-to-Equity	0.080.0x	0.070.0x	0.170.0x	0.110.0x	0.100.0x	0.110.0x	0.130.0x	0.110.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
AN2 Therapeutics, Inc. ANTX	FY2025	N/A	-$35.2M	N/A	$166.0M	—
Estrella Immunopharma, Inc. ESLA	FY2025	N/A	-$13.1M	N/A	$17.8M	—
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CASI Pharmaceuticals, Inc. CASI	FY2025	$20.7M	-$48.1M	N/A	$4.3M	21/100
OnKure Therapeutics, Inc. OKUR	FY2025	N/A	-$59.5M	N/A	$97.6M	—
Iterum Therapeutics plc ITRM	FY2025	N/A	-$24.8M	N/A	$1.6M	—

Where AN2 Therapeutics, Inc. Ranks

Frequently Asked Questions

Is AN2 Therapeutics, Inc. profitable?

No, AN2 Therapeutics, Inc. (ANTX) reported a net income of -$35.2M in fiscal year 2025.

What is AN2 Therapeutics, Inc.'s return on equity (ROE)?

AN2 Therapeutics, Inc. (ANTX) has a return on equity of -66.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is AN2 Therapeutics, Inc.'s operating cash flow?

AN2 Therapeutics, Inc. (ANTX) recorded an outflow of $29.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are AN2 Therapeutics, Inc.'s total assets?

AN2 Therapeutics, Inc. (ANTX) had $62.0M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does AN2 Therapeutics, Inc. spend on research and development?

AN2 Therapeutics, Inc. (ANTX) invested $24.8M in research and development during fiscal year 2025.

How many shares does AN2 Therapeutics, Inc. have outstanding?

AN2 Therapeutics, Inc. (ANTX) had 36M shares outstanding as of fiscal year 2025.

What is AN2 Therapeutics, Inc.'s current ratio?

AN2 Therapeutics, Inc. (ANTX) had a current ratio of 6.87 as of fiscal year 2025, which is generally considered healthy.

What is AN2 Therapeutics, Inc.'s debt-to-equity ratio?

AN2 Therapeutics, Inc. (ANTX) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is AN2 Therapeutics, Inc.'s return on assets (ROA)?

AN2 Therapeutics, Inc. (ANTX) had a return on assets of -56.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is AN2 Therapeutics, Inc.'s P/E ratio?

AN2 Therapeutics, Inc. (ANTX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $166.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is AN2 Therapeutics, Inc.'s price-to-sales ratio?

AN2 Therapeutics, Inc. (ANTX) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $166.0M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does AN2 Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, AN2 Therapeutics, Inc. (ANTX) held $60.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $29.8M over that year. Dividing the one by the other, the reported balance equals about 24 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is AN2 Therapeutics, Inc.'s Piotroski F-Score?

AN2 Therapeutics, Inc. (ANTX) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are AN2 Therapeutics, Inc.'s earnings high quality?

AN2 Therapeutics, Inc. (ANTX) reported a net loss of $35.2M while operations used $29.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.