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. Financials

ANTX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

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 2026-05-11

AN2 is funding a scaled-down pre-revenue development effort by turning assets into cash instead of adding leverage.

From FY2024 to FY2025, R&D spend fell from $40.5M to $24.8M, and that pullback is the clearest reason operating cash burn became less severe. But year-end cash was still only $19.9M after $28.3M of positive investing cash flow, so the steadier cash balance came partly from converting assets into liquidity rather than from the core operating model supporting itself.

The balance sheet is light on obligations: total liabilities were just $8.9M versus current assets of $59.9M. With no long-term debt reported and a 6.9x current ratio, balance-sheet pressure is coming from cash consumption, not creditors.

This is still a research-first cost structure; FY2025 R&D of $24.8M remained well above SG&A of $13.3M. Overhead did not drive the improvement: the smaller net loss mostly reflects a narrower development footprint, not a business beginning to absorb fixed costs through commercialization.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of AN2 Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

AN2 Therapeutics, Inc. carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.87, AN2 Therapeutics, Inc. holds $6.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

AN2 Therapeutics, Inc. generates a -66.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -62.7% the prior year.

Piotroski F-Score Weak

2/9

AN2 Therapeutics, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.85x

For every $1 of reported earnings, AN2 Therapeutics, Inc. generates $0.85 in operating cash flow (-$29.8M OCF vs -$35.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$35.2M

YoY+31.5%

AN2 Therapeutics, Inc. reported -$35.2M in net income in fiscal year 2025. This represents an increase of 31.5% from the prior year.

EPS (Diluted)

$-1.16

YoY+32.6%

AN2 Therapeutics, Inc. earned $-1.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$19.9M

YoY-6.6%

AN2 Therapeutics, Inc. held $19.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

27M

YoY-8.4%

AN2 Therapeutics, Inc. had 27M shares outstanding in fiscal year 2025. This represents a decrease of 8.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-66.3%

YoY-3.6pp

AN2 Therapeutics, Inc.'s ROE was -66.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$24.8M

YoY-38.8%

AN2 Therapeutics, Inc. invested $24.8M in research and development in fiscal year 2025. This represents a decrease of 38.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

ANTX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$24.8M-38.8%	$40.5M-26.2%	$54.9M+92.5%	$28.5M+76.5%	$16.2M
SG&A Expenses	$13.3M-5.2%	$14.1M-4.7%	$14.8M+15.8%	$12.8M+173.2%	$4.7M
Operating Income	-$38.1M+32.9%	-$56.8M+18.4%	-$69.6M-64.8%	-$42.3M-95.9%	-$21.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0
Net Income	-$35.2M+31.5%	-$51.3M+20.7%	-$64.7M-58.1%	-$41.0M-90.1%	-$21.5M
EPS (Diluted)	$-1.16+32.6%	$-1.72+37.2%	$-2.74+1.8%	$-2.79	$-10.64

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$6.7M	N/A	$7.0M+118.8%	$3.2M-58.4%	$7.7M	N/A	$8.3M-31.8%	$12.1M
SG&A Expenses	$3.8M	N/A	$3.0M-24.3%	$4.0M+4.4%	$3.8M	N/A	$3.5M-6.6%	$3.7M
Operating Income	-$10.6M	N/A	-$10.0M-39.1%	-$7.2M+37.5%	-$11.5M	N/A	-$14.0M+11.8%	-$15.9M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$10.0M	N/A	-$9.4M-44.7%	-$6.5M+39.3%	-$10.6M	N/A	-$12.7M+11.7%	-$14.4M
EPS (Diluted)	$-0.29	N/A	$-0.31-47.6%	$-0.21+40.0%	$-0.35	N/A	$-0.43+10.4%	$-0.48

ANTX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
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
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
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
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
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	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$87.5M+41.2%	$62.0M-7.9%	$67.2M-11.3%	$75.8M-6.8%	$81.3M-11.7%	$92.1M-5.7%	$97.7M-9.9%	$108.5M
Current Assets	$87.5M+46.0%	$59.9M-6.4%	$64.0M-5.2%	$67.5M-2.9%	$69.6M-19.4%	$86.3M-11.7%	$97.7M-9.1%	$107.4M
Cash & Equivalents	$53.5M+168.2%	$19.9M+10.8%	$18.0M-1.2%	$18.2M-8.8%	$20.0M-6.4%	$21.4M-36.3%	$33.5M+25.2%	$26.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.7M-35.5%	$8.9M+29.6%	$6.9M-1.8%	$7.0M-12.9%	$8.0M-21.7%	$10.2M+2.2%	$10.0M-1.1%	$10.1M
Current Liabilities	$5.6M-36.2%	$8.7M	N/A	N/A	N/A	$10.2M+2.2%	$10.0M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$81.8M+54.1%	$53.1M-12.1%	$60.4M-12.3%	$68.8M-6.1%	$73.3M-10.4%	$81.8M-6.6%	$87.7M-10.9%	$98.4M
Retained Earnings	-$251.0M-4.2%	-$240.9M-3.8%	-$232.2M-4.2%	-$222.9M-3.0%	-$216.4M-5.2%	-$205.8M-3.8%	-$198.3M-6.9%	-$185.5M

ANTX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$29.8M+39.4%	-$49.3M+7.6%	-$53.3M-59.2%	-$33.5M-63.4%	-$20.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$28.3M-48.1%	$54.6M+226.1%	-$43.3M-98.8%	-$21.8M+56.5%	-$50.0M
Financing Cash Flow	$113K-69.6%	$372K-99.6%	$85.0M+20.8%	$70.4M-10.4%	$78.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$12.1M-130.6%	-$5.2M+17.9%	-$6.4M+16.1%	-$7.6M+28.5%	-$10.6M-101.5%	-$5.3M+56.1%	-$12.0M+16.5%	-$14.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$8.3M+15.6%	$7.2M+17.4%	$6.1M+4.7%	$5.8M-36.5%	$9.2M+233.6%	-$6.9M-136.8%	$18.7M+13.7%	$16.5M
Financing Cash Flow	$37.3M	$0-100.0%	$48K	$0-100.0%	$65K	$0-100.0%	$23K	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ANTX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
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	6.87-1.6	8.43+0.6	7.87-5.9	13.72-4.0	17.70
Debt-to-Equity	0.17+0.0	0.13+0.0	0.11+0.0	0.08+2.5	-2.38
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-12.3%	N/A	-15.5%-6.1pp	-9.4%+5.1pp	-14.5%	N/A	-14.5%+0.1pp	-14.7%
Return on Assets	-11.5%	N/A	-13.9%-5.4pp	-8.5%+4.6pp	-13.1%	N/A	-13.1%+0.3pp	-13.3%
Current Ratio	15.73+8.9	6.87	N/A	N/A	N/A	8.43-1.3	9.75	N/A
Debt-to-Equity	0.07-0.1	0.17+0.1	0.11+0.0	0.100.0	0.11-0.0	0.13+0.0	0.11+0.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$29.8M in operating cash flow during fiscal year 2025, representing cash generated from 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 27M 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 cash runway?

Based on fiscal year 2025 data, AN2 Therapeutics, Inc. (ANTX) had $19.9M in cash against an annual operating cash burn of $29.8M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

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

AN2 Therapeutics, Inc. (ANTX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). 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.

How financially healthy is AN2 Therapeutics, Inc.?

AN2 Therapeutics, Inc. (ANTX) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.