AN2 Therapeutics (ANTX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

AN2 Therapeutics

NasdaqGS•Healthcare•Biotechnology

$5.05+0.15(0.03%)After hours

Market Cap

$226.04M

P/B

3.0x

AN2 Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics. The company's initial candidate includes epetraborole, which is phase 3 clinical trial as a once-daily oral treatment for patients with non-tuberculous mycobacterial lung disease, as well as studying for the treatment of acute melioidosis. It also develops AN2-502998 (AN15368), an investigational, boron-based small molecule in development for the treatment of chronic Chagas disease that is in preclinical trials; and has various research programs targeting the development of novel compounds in oncology and infectious disease based on its boron chemistry platform. It has a license agreement with Anacor Pharmaceuticals, Inc. to use, develop, manufacture, commercialize compounds and products, including epetraborole for the treatment, diagnosis, or prevention of various human diseases; and Brii Biosciences Limited to research, develop, manufacture, and commercialize compounds and products comprising epetraborole in China, Hong Kong, Taiwan, and Macau for the diagnosis, treatment, and prevention of human diseases; and GSK plc for the development of new therapies for TB. AN2 Therapeutics, Inc. was incorporated in 2017 and is headquartered in Menlo Park, California.

How this company scores

AverageMetricSide Score: 44/100

Strongest: Profitability (15/25); weakest: Growth (6/25).

Profitability15/25

Growth6/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality8/25

Strengths

Interest easily coveredProfit converts from growthNet cash positionImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/B · 3.0x5y range 0.4x – 3.9x

Currently above its 18-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $226.04M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $0
Q. Revenue: $0
TTM EBITDA: $-38.81M
TTM Op. Income: $-38.81M
Q. Op. Income: $-8.90M
TTM Net Income: $-36.28M
Q. Net Income: $-8.19M
EPS: $-0.18
Shares Out.: $44.76M

$0 in TTM revenue was flat at zero YoY, reaching $0 last quarter. TTM EBITDA of $-38.81M and TTM operating income of $-38.81M show growth is flowing through to the bottom line. However, net income is negative at $36.28M — growth is not yet reaching the bottom line.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: N/A
Op. Margin: -890400000.0%
Net Margin: -818500000.0%

Op. margin of -890400000.0% is down 168800000.0% YoY — costs are rising relative to revenue. Net margin at -818500000.0% Over the past year, operating margin is down 23% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: N/A
P/B Ratio: 3.0x

P/S of 0.0x and P/B of 3.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $81.68M
Cash: $44.32M
Long-Term Debt: N/A
Book Value: $75.92M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-7.00M
TTM Free Cash Flow: $-30.68M
FCF Margin: N/A
FCF / Net Income: 0.8

TTM FCF of $-30.68M on $-7.00M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 14% — an improving trend.