AN2 Therapeutics, Inc. Financials
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).
AN2 remains a development-stage business where lower research spending narrows losses while financing no longer replenishes a shrinking balance sheet.
Operating cash flow tracks the accounting loss closely: FY2025 operating cash flow was-$29.8M against a net loss of-$35.2M , while both improved from FY2024. That agreement suggests reported losses are translating into cash use rather than being dominated by large non-cash charges, although the business still has no reported revenue to absorb its research platform costs.
The FY2025 loss narrowed as research and development spending fell to
Financing dependence has diminished, but so has balance-sheet capacity: financing cash flow was only
Financial Health Signals
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.
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).
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
Earnings & Revenue
AN2 Therapeutics, Inc. reported -$35.2M in net income in fiscal year 2025. This represents an increase of 31.5% from the prior year.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
AN2 Therapeutics, Inc. held $19.9M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ANTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $6.0M-10.7% | $6.7M | N/A | $7.0M+118.8% | $3.2M-58.4% | $7.7M | N/A | $8.3M |
| SG&A Expenses | $2.9M-24.2% | $3.8M | N/A | $3.0M-24.3% | $4.0M+4.4% | $3.8M | N/A | $3.5M |
| Operating Income | -$8.9M+15.6% | -$10.6M | N/A | -$10.0M-39.1% | -$7.2M+37.5% | -$11.5M | N/A | -$14.0M |
| Net Income | -$8.2M+18.4% | -$10.0M | N/A | -$9.4M-44.7% | -$6.5M+39.3% | -$10.6M | N/A | -$12.7M |
| EPS (Diluted) | -$0.18+37.9% | -$0.29-3.6% | -$0.28+9.7% | -$0.31-47.6% | -$0.21+40.0% | -$0.35-40.0% | -$0.25+41.9% | -$0.43 |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense, Income Tax.
ANTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $81.7M-6.6% | $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 |
| Current Assets | $80.0M-8.6% | $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 |
| Cash & Equivalents | $44.3M-17.1% | $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 |
| Total Liabilities | $5.8M+0.4% | $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 |
| Current Liabilities | $5.6M+0.4% | $5.6M-36.2% | $8.7M | N/A | N/A | N/A | $10.2M+2.2% | $10.0M |
| Total Equity | $75.9M-7.1% | $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 |
| Retained Earnings | -$259.2M-3.3% | -$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 |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
ANTX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.0M+42.0% | -$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 |
| Investing Cash Flow | -$3.7M-144.1% | $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 |
| Financing Cash Flow | $1.5M-96.0% | $37.3M | $0-100.0% | $48K | $0-100.0% | $65K | $0-100.0% | $23K |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
ANTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -10.8%+1.5pp | -12.3% | N/A | -15.5%-6.1pp | -9.4%+5.1pp | -14.5% | N/A | -14.5% |
| Return on Assets | -10.0%+1.4pp | -11.5% | N/A | -13.9%-5.4pp | -8.5%+4.6pp | -13.1% | N/A | -13.1% |
| Current Ratio | 14.32-1.4x | 15.73+8.9x | 6.87 | N/A | N/A | N/A | 8.43-1.3x | 9.75 |
| Debt-to-Equity | 0.080.0x | 0.07-0.1x | 0.17+0.1x | 0.110.0x | 0.100.0x | 0.110.0x | 0.130.0x | 0.11 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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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.
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.
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.