AN2 Therapeutics, Inc. (ANTX) AI Stock Analysis

• Market Cap: $29.05M
• Dividend Yield: N/A
• Average Volume (3M): 73.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: N/A
• EPS Growth: 44.59%
• Country: US
• Employees: 22
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.31
• Shares Outstanding: 27,402,023
• 10 Day Avg. Volume: 45,687
• 30 Day Avg. Volume: 73,314
• PEG Ratio: 0.02
• Price to Book (P/B): 0.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.84
• Enterprise Value/Market Cap: 0.38
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -0.39
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: $1.00 ▼(-12.28% Downside)

The score is primarily held back by weak financial performance (no revenue, ongoing losses, and negative free cash flow), partially offset by a low-debt balance sheet and improving burn trends. Technicals are constructive with the stock trading above major moving averages and a positive MACD, but valuation remains constrained by negative earnings and no dividend yield support.

Positive Factors

Low Leverage / Conservative Balance Sheet

AN2's near-zero debt materially reduces financial risk for a clinical-stage biotech that lacks product revenue. Low leverage preserves flexibility to fund trials or negotiate partnerships, lowering bankruptcy risk and improving the firm's ability to manage multi-quarter R&D timelines without interest burdens.

Improving Cash Burn Trend

The reduction in cash burn versus prior years indicates management has begun to control operating expenses. While still negative, improving FCF shows the company is extending runway and reducing near-term financing pressure, which is a durable operational improvement if sustained through future quarters.

Management Restructuring & Cost Discipline

Recent executive role adjustments and a reduced CFO salary are structural moves to lower overhead and align incentives. These changes can sustainably reduce fixed costs and improve governance, increasing the probability that available cash is directed to core clinical priorities rather than elevated G&A spending.

Negative Factors

No Product Revenue

The company remains pre-revenue, meaning its business model has not yet converted R&D into commercial cash flow. This creates structural dependency on external financing or partnerships to fund operations and leaves long-term value contingent on clinical and regulatory success rather than recurring business economics.

Material Ongoing Losses

Sustained multi‑year net losses are depleting capital and compressing returns metrics. Persistent operating deficits mean the company must continue to secure financing or partnerships, increasing dilution risk and making long-term viability dependent on successful clinical outcomes or deal-making rather than internal cash generation.

Shrinking Equity / Asset Base

A rapid decline in shareholders' equity and assets reduces the balance-sheet cushion against shocks and shortens runway. This structural erosion increases the likelihood the firm will need external capital, heightening dilution and potentially forcing less favorable financing or partnership terms that could impair long-term shareholder value.

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

AN2 Therapeutics makes money primarily through the development and eventual commercialization of its proprietary drug candidates. The company's revenue model is based on achieving successful clinical trial results that lead to regulatory approvals, which would then allow for the commercialization and sale of its therapeutic products. Key revenue streams include potential product sales, licensing agreements, and partnerships with other pharmaceutical companies. These partnerships may involve collaboration on research and development or co-marketing arrangements that provide upfront payments, milestone payments, and royalties. Additionally, the company may also secure funding through strategic alliances, grants, and investor funding to support its drug development programs.

AN2 Therapeutics, Inc. Financial Statement Overview

Summary

No revenue and ongoing material losses with persistent negative operating/free cash flow weigh heavily. Strength is a conservatively structured balance sheet with essentially no debt, and losses/cash burn have improved versus 2023–2024, but shrinking equity/assets signals ongoing burn and potential dilution/runway risk.

Income Statement

ANTX has generated no revenue across the provided periods, while losses remain material. The TTM (Trailing-Twelve-Months) net loss was about $34.0M (EBIT of ~$37.4M), though this is an improvement versus the larger losses in 2023–2024. Overall, profitability remains weak and still heavily dependent on future commercialization or partnership revenue, but the loss trajectory has recently moved in the right direction.

Balance Sheet

The balance sheet is conservatively structured with essentially no debt (debt-to-equity at/near 0), which meaningfully reduces financial risk. However, equity and assets have declined from 2023 to TTM (Trailing-Twelve-Months) (equity ~$124.7M in 2023 down to ~$60.4M TTM), consistent with ongoing cash burn and accumulated losses. Net losses also translate into weak returns on equity in recent periods.

Cash Flow

Cash generation remains a key pressure point: operating cash flow and free cash flow are consistently negative, with TTM (Trailing-Twelve-Months) free cash flow of about -$29.9M. That said, burn has improved versus 2023–2024 (when operating cash flow was roughly -$53.3M and -$49.3M, respectively), indicating some cost control. The main weakness is that the business is still funding operations through cash resources rather than internally generated cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	-77.00K	0.00	0.00
EBITDA	-28.11M	3.23M	4.90M	-40.88M	-21.57M	-6.32M
Net Income	-33.99M	-51.32M	-64.73M	-40.96M	-21.54M	-13.60M
Balance Sheet
Total Assets	67.23M	92.09M	138.74M	102.56M	65.32M	4.23M
Cash, Cash Equivalents and Short-Term Investments	61.92M	83.62M	107.30M	96.06M	58.55M	4.07M
Total Debt	0.00	0.00	0.00	53.00K	0.00	0.00
Total Liabilities	6.86M	10.24M	14.04M	7.19M	3.41M	1.48M
Stockholders Equity	60.38M	81.85M	124.70M	95.37M	61.91M	2.75M
Cash Flow
Free Cash Flow	-29.87M	-49.26M	-53.29M	-33.46M	-20.48M	-5.36M
Operating Cash Flow	-29.87M	-49.26M	-53.29M	-33.46M	-20.48M	-5.36M
Investing Cash Flow	14.26M	54.59M	-43.28M	-21.77M	-50.02M	0.00
Financing Cash Flow	113.00K	372.00K	84.99M	70.36M	78.53M	3.84M

AN2 Therapeutics, Inc. Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANTX, the sentiment is Negative. The current price of 1.14 is below the 20-day moving average (MA) of 1.19, below the 50-day MA of 1.14, and below the 200-day MA of 1.16, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.24 is Neutral, neither overbought nor oversold. The STOCH value of 3.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANTX.

AN2 Therapeutics, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANTX	52 Neutral	$29.05M	-0.94	-45.91%	―	―	44.59%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XLO	49 Neutral	$36.89M	-0.83	-908.28%	―	588.40%	61.76%
CAMP	49 Neutral	$183.66M	-1.44	-172.70%	―	―	5.51%
DYAI	46 Neutral	$30.66M	-3.58	-244.15%	―	-0.66%	-8.43%
CLNN	45 Neutral	$47.00M	-1.18	―	―	-49.17%	23.37%
ITRM	43 Neutral	$16.33M	-0.41	―	―	―	62.61%

AN2 Therapeutics, Inc. Corporate Events

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.