AN2 Therapeutics, Inc. (ANTX) AI Stock Analysis

• Market Cap: $143.76M
• Dividend Yield: N/A
• Average Volume (3M): 73.31K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.07
• Revenue Growth: N/A
• EPS Growth: 44.59%
• Country: US
• Employees: 22
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.29
• Shares Outstanding: 35,941,196
• 10 Day Avg. Volume: 45,687
• 30 Day Avg. Volume: 73,314
• PEG Ratio: 0.03
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.15
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -2.35
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.91
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $4.00 ▲(250.88% Upside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held down primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow), only partly offset by a clean, low-debt balance sheet. Technicals are a positive with strong momentum above key moving averages, but the elevated RSI signals the move may be stretched. Valuation support is limited due to a negative P/E and no dividend yield provided.

Positive Factors

Targeted clinical-stage pipeline

AN2's focused clinical-stage program targeting non-tuberculous mycobacterial (NTM) lung disease concentrates R&D resources on an area with high unmet medical need. This specialization increases the probability that successful clinical readouts drive durable licensing, collaboration, or commercial opportunities rather than dispersed development efforts.

Conservatively structured balance sheet (low debt)

Having essentially no debt materially reduces bankruptcy and interest-rate vulnerability for a pre-revenue biotech. This structural strength preserves strategic flexibility to pursue partnerships, milestone-based deals, or controlled equity raises without immediate leverage constraints, supporting multi-quarter development programs.

Completed $40M private placement

The ~$40M financing is a structural capital event that extends runway and validates institutional investor interest. With committed funds and pre-funded warrants, management gains breathing room to advance clinical milestones, de-risk programs, and create leverage for partnering discussions or non-dilutive financing before another equity raise.

Negative Factors

No revenue / persistent losses

AN2's pre-revenue status and recurring operating losses mean the company cannot self-fund development from operations. Over the medium term this structurally necessitates external capital, business development deals, or milestone payments, exposing shareholders to dilution and execution risk until commercialization or partnering occurs.

Structurally negative cash flow

Consistent negative operating and free cash flow, even with 2025 improvement, indicates ongoing reliance on financings. This reduces predictability of R&D timelines and increases sensitivity to funding windows; failure to secure timely non-dilutive or equity capital could delay programs or force unfavorable terms.

Declining equity/assets and poor ROE

Eroding equity and assets alongside deeply negative ROE reflect cumulative cash burn and dilution. Over months this trend weakens the firm's ability to fund development without dilution, can limit attractiveness to partners, and raises the probability of additional financings that dilute existing shareholders and constrain strategic options.

AN2 Therapeutics, Inc. Business Overview & Revenue Model

Company Description

AN2 Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing treatments for rare, chronic, and serious infectious diseases. It is developing epetraborole, a once-daily oral treatment for patients with chronic non-tuberculous mycobacterial lung disease. The company was incorporated in 2017 and is headquartered in Menlo Park, California.

How the Company Makes Money

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AN2 Therapeutics, Inc. Financial Statement Overview

Summary

Income statement and cash flow reflect a pre-revenue biotech with persistent operating losses and structurally negative free cash flow, despite some burn improvement in 2025. The balance sheet is a partial offset with essentially no debt, but declining equity/assets and deeply negative ROE point to ongoing funding/dilution risk.

Income Statement

The company has generated no revenue across the provided annual periods, while operating losses remain sizable (EBIT and net income are consistently negative). Losses improved versus 2024 (net loss narrowed in 2025), but the overall trajectory still reflects a pre-commercial biotech profile with persistent profitability pressure and limited visibility into a near-term inflection without revenue.

Balance Sheet

The balance sheet is conservatively structured with essentially no debt, which materially reduces financial risk. However, equity and total assets have declined from 2023 to 2025, consistent with ongoing cash burn, and returns on equity are deeply negative in the years provided—highlighting dilution/burn risk if the company needs additional funding.

Cash Flow

Cash flow remains meaningfully negative, with operating cash flow and free cash flow consistently outflows each year. There is improvement in 2025 versus 2024 (a smaller cash burn), but free cash flow has been volatile over time and remains structurally negative, indicating continued reliance on external capital until revenues or significant cost reductions emerge.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	-77.00K	0.00
EBITDA	-38.11M	3.23M	4.90M	-40.88M	-21.57M
Net Income	-35.17M	-51.32M	-64.73M	-40.96M	-21.54M
Balance Sheet
Total Assets	61.95M	92.09M	138.74M	102.56M	65.32M
Cash, Cash Equivalents and Short-Term Investments	58.00M	83.62M	107.30M	96.06M	58.55M
Total Debt	0.00	0.00	0.00	53.00K	0.00
Total Liabilities	8.89M	10.24M	14.04M	7.19M	3.41M
Stockholders Equity	53.06M	81.85M	124.70M	95.37M	61.91M
Cash Flow
Free Cash Flow	-29.83M	-49.26M	-53.29M	-33.46M	-20.48M
Operating Cash Flow	-29.83M	-49.26M	-53.29M	-33.46M	-20.48M
Investing Cash Flow	28.31M	54.59M	-43.28M	-21.77M	-50.02M
Financing Cash Flow	113.00K	372.00K	84.99M	70.36M	78.53M

AN2 Therapeutics, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANTX, the sentiment is Positive. The current price of 1.14 is below the 20-day moving average (MA) of 3.09, below the 50-day MA of 1.92, and below the 200-day MA of 1.34, indicating a bullish trend. The MACD of 0.89 indicates Negative momentum. The RSI at 60.67 is Neutral, neither overbought nor oversold. The STOCH value of 30.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANTX.

AN2 Therapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAMP	52 Neutral	$259.60M	-2.32	-162.49%	―	―	5.51%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLNN	50 Neutral	$62.72M	-2.21	240.83%	―	-49.17%	23.37%
ANTX	49 Neutral	$143.76M	-0.98	-55.04%	―	―	44.59%
XLO	49 Neutral	$41.24M	―	-857.86%	―	588.40%	61.76%
DYAI	46 Neutral	$34.02M	-5.15	-537.20%	―	-0.66%	-8.43%
ITRM	43 Neutral	$8.52M	-0.85	―	―	―	62.61%

AN2 Therapeutics, Inc. Corporate Events

AN2 Therapeutics Reprices Stock Options to Enhance Retention

On March 19, 2026, AN2 Therapeutics’ board approved a repricing of all outstanding stock options granted under its 2017 and 2022 equity incentive plans, resetting the exercise price of eligible options, including those held by executives and directors, to $3.91 per share, the closing price of the company’s stock that day. Other terms of the options remain unchanged, and a “Premium End Date” structure requires holders who exercise or depart before the earlier of September 19, 2027, a change in control, or death or disability to pay the original exercise price, a design the board says balances retention incentives with limiting dilution and additional cash outlays.

The most recent analyst rating on (ANTX) stock is a Sell with a $3.50 price target. To see the full list of analyst forecasts on AN2 Therapeutics, Inc. stock, see the ANTX Stock Forecast page.

AN2 Therapeutics Announces $40 Million Private Placement Financing

On March 8, 2026, AN2 Therapeutics entered into a securities purchase agreement for a private placement of 8,245,611 common shares and pre-funded warrants for up to 5,789,493 additional shares, priced at about $2.85 each. The transaction, which is expected to close on March 10, 2026, is set to raise approximately $40 million in gross proceeds from institutional investors including Coastlands Capital, Commodore Capital and Vivo Capital.

The pre-funded warrants carry a de minimis exercise price, no expiration until fully exercised and ownership caps of generally 9.99%, with potential increases subject to Nasdaq rules. AN2 agreed to filing resale registration for the new shares and warrant shares, while accepting short-term restrictions on issuing additional equity, a structure that bolsters its capital position but also dilutes existing shareholders and signals ongoing funding needs typical for clinical-stage biopharmaceutical companies.

The most recent analyst rating on (ANTX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on AN2 Therapeutics, Inc. stock, see the ANTX Stock Forecast page.

AN2 Therapeutics adjusts leadership roles and executive compensation

On January 26, 2026, AN2 Therapeutics’ board appointed Sarah Williams, previously the company’s Corporate Controller, as Vice President, Controller and Principal Accounting Officer, effective February 1, 2026, with an increased annual base salary of $310,000 and eligibility for standard company indemnity, severance and incentive arrangements. As part of a broader cost-savings effort and transition of the Principal Accounting Officer role, the company amended Chief Financial Officer Lucy Day’s employment terms on January 29, 2026, maintaining her positions as CFO and Principal Financial Officer but reducing her annual base salary from $335,400 through March 2026 to $223,600 from April 1, 2026, while adjusting her severance eligibility and preserving the vesting of her outstanding equity awards, signaling tighter financial discipline and a rebalancing of executive compensation.

The most recent analyst rating on (ANTX) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on AN2 Therapeutics, Inc. stock, see the ANTX Stock Forecast page.