ANTX

MKT CAP:$116M

AN2 Therapeutics, Inc.

Market Cap

$116M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$3.83+$2.72 (+245.05%)

Apr 22, 2026

Company Details

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 no...

CEO

Eric E. Easom

IPO Date

Mar 25, 2022

Website

www.an2therapeutics.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$35M

EPS (Diluted)

-$1.16

Free Cash Flow

-$30M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 17, 2026

$0EPS -$1.16

Q4 2025

Mar 17, 2026

$0EPS -$0.29

Q3 2025

Nov 12, 2025

$0EPS -$0.31

Q2 2025

Aug 12, 2025

$0EPS -$0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$8M
Q2 22	$0	$0	-$10M
Q3 22	$0	$0	-$12M
Q4 22	$0	$0	-$12M
Q1 23	$0	$0	-$16M
Q2 23	$0	$0	-$17M
Q3 23	$0	$0	-$18M
Q4 23	$0	$0	-$19M
Q1 24	$0	$0	-$18M
Q2 24	$0	$0	-$16M
Q3 24	$0	$0	-$14M
Q4 24	$0	$0	-$9M
Q1 25	$0	$0	-$12M
Q2 25	$0	$0	-$7M
Q3 25	$0	$0	-$10M
Q4 25	$0	$0	-$9M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$7M
Q2 22	-$10M	-$10M
Q3 22	-$9M	-$9M
Q4 22	-$8M	-$8M
Q1 23	-$12M	-$12M
Q2 23	-$13M	-$13M
Q3 23	-$12M	-$12M
Q4 23	-$17M	-$17M
Q1 24	-$18M	-$18M
Q2 24	-$14M	-$14M
Q3 24	-$12M	-$12M
Q4 24	-$5M	-$5M
Q1 25	-$11M	-$11M
Q2 25	-$8M	-$8M
Q3 25	-$6M	-$6M
Q4 25	-$5M	-$5M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+274.8%
Q2 22	—	+106.7%
Q3 22	—	+69.8%
Q4 22	—	+64.3%
Q1 23	—	+108.8%
Q2 23	—	+60.7%
Q3 23	—	+54.5%
Q4 23	—	+50.8%
Q1 24	—	+14.1%
Q2 24	—	-4.3%
Q3 24	—	-22.9%
Q4 24	—	-54.3%
Q1 25	—	-36.9%
Q2 25	—	-54.6%
Q3 25	—	-28.4%
Q4 25	—	+8.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$449.0K	—
Q2 22	$1M	—
Q3 22	$1M	—
Q4 22	$1M	—
Q1 23	$2M	—
Q2 23	$2M	—
Q3 23	$2M	—
Q4 23	$2M	—
Q1 24	$2M	—
Q2 24	$2M	—
Q3 24	$2M	—
Q4 24	$2M	—
Q1 25	$2M	—
Q2 25	$2M	—
Q3 25	$801.0K	—
Q4 25	$1M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$6M	$2M
Q2 22	$7M	$4M
Q3 22	$8M	$3M
Q4 22	$9M	$4M
Q1 23	$12M	$4M
Q2 23	$14M	$3M
Q3 23	$14M	$4M
Q4 23	$15M	$4M
Q1 24	$15M	$4M
Q2 24	$12M	$4M
Q3 24	$8M	$3M
Q4 24	$5M	$3M
Q1 25	$8M	$4M
Q2 25	$3M	$4M
Q3 25	$7M	$3M
Q4 25	$7M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$83M	$36M	$118M
Q2 22	$41M	$73M	$113M
Q3 22	$29M	$76M	$104M
Q4 22	$27M	$69M	$96M
Q1 23	$27M	$62M	$89M
Q2 23	$41M	$54M	$95M
Q3 23	$33M	$91M	$124M
Q4 23	$16M	$92M	$107M
Q1 24	$25M	$90M	$114M
Q2 24	$27M	$78M	$105M
Q3 24	$34M	$60M	$93M
Q4 24	$21M	$62M	$84M
Q1 25	$20M	$47M	$67M
Q2 25	$18M	$45M	$63M
Q3 25	$18M	$44M	$62M
Q4 25	$20M	$38M	$58M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	19M	+4.7%	+35.2%
Q2 22	19M	+1.4%	+37.1%
Q3 22	19M	+0.5%	+37.7%
Q4 22	19M	+0.3%	+7.0%
Q1 23	19M	-0.1%	+2.0%
Q2 23	19M	+0.6%	+1.2%
Q3 23	26M	+31.5%	+32.6%
Q4 23	30M	+15.9%	+53.2%
Q1 24	30M	+0.1%	+53.5%
Q2 24	30M	+0.2%	+53.0%
Q3 24	30M	+0.1%	+16.4%
Q4 24	30M	+0.1%	+0.5%
Q1 25	30M	+0.6%	+1.0%
Q2 25	30M	+0.4%	+1.2%
Q3 25	30M	+0.3%	+1.5%
Q4 25	30M	-0.2%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$0	35
Q1 23	$0	35
Q2 23	$0	35
Q3 23	$0	35
Q4 23	$0	41
Q1 24	$0	41
Q2 24	$0	41
Q3 24	$0	41
Q4 24	$0	22
Q1 25	$0	22
Q2 25	$0	22
Q3 25	$0	22
Q4 25	$0	155K

Revenue / Employee