ANTX - NASDAQ

AN2 Therapeutics, Inc.

AN2 Therapeutics, Inc.

ANTX·NASDAQ

$4.28

+3.9%
HealthcareBiotechnology

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.

StatementsValue Model

At a Glance

Live Snapshot
Market Cap$117.27M
EPS-1.1600
P/E Ratio-3.69
Earnings Date08/06/2026
-29.83M
Operating Cash Flow
-39%
3Y-11.0%
5Y+456.0%
10Y+1100.0%
28.31M
Investing Cash Flow
-48%
3Y-230.0%
5Y-
10Y-
113.00K
Financing Cash Flow
-70%
3Y-100.0%
5Y-97.0%
10Y-99.0%
ANTX

AN2 Therapeutics, Inc. Cash Conversion Engine

ANTX · NASDAQ
Net Income-35.17M
Depreciation & Amortization0.00
Stock-Based Compensation6.25M
Change in Working Capital164.00K
Others-1.07M
Capital Expenditures0.00
Free Cash Flow-29.83M

Cash Flow Quality Analysis

FCF Conversion Rate

84.8%

Strong cash conversion. Most reported earnings translate into actual cash flow, suggesting solid fundamentals.

FCF Growth Trend

+39.4%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$164.00K

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

AN2 Therapeutics, Inc. Cash Flow Statement

ANTX • NASDAQ

AN2 Therapeutics, Inc. Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019
OPERATING ACTIVITIES
Net Income
-35.2M
-51.3M
-64.7M
-41M
-21.5M
-13.6M
-5.6M
Stock-Based Compensation
6.2M
8.3M
8.4M
4.4M
974K
40K
0.0
Other Non-Cash Items
-1.1M
-3.3M
-2.8M
-615K
53K
7M
3.2M
Change in Working Capital
164K
-3M
5.8M
3.7M
32K
1.2M
-10K
Cash from Operating Activities
-29.8M
-49.3M
-53.3M
-33.5M
-20.5M
-5.4M
-2.5M
INVESTING ACTIVITIES
Purchase of Investments
-46.2M
-46.8M
-132.2M
-93.8M
-77.3M
(0.0)
(0.0)
Sale/Maturity of Investments
74.5M
101.3M
88.9M
72.1M
27.3M
0.0
0.0
Cash from Investing Activities
(28.3M)
(54.6M)
-43.3M
-21.8M
-50M
(0.0)
(0.0)
FINANCING ACTIVITIES
Net Issuance of Common Stock
113K
372K
84.5M
70.4M
0.0
0.0
8.1M
Other Financing Items
0.0
0.0
465K
-11K
-1.2M
64K
0.0
Cash from Financing Activities
113K
372K
85M
70.4M
78.5M
3.8M
8.1M
CASH FLOW SUMMARY
Net Change in Cash
-1.4M
5.7M
-11.6M
15.1M
8M
-1.5M
5.6M
Cash at Beginning of Period
21.4M
15.6M
27.2M
12.1M
4.1M
5.6M
0.0
Cash at End of Period
19.9M
21.4M
15.6M
27.2M
12.1M
4.1M
5.6M
Free Cash Flow
-29.8M
-49.3M
-53.3M
-33.5M
-20.5M
-5.4M
-2.5M

SEC Filings

ANTX - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
10-Q

10-Q 2026 Q1

Q1

May 11, 2026
March 31, 2026
2026
View Filing
8-K

8-K 2026

N/A

May 11, 2026
May 11, 2026
2026
View Filing
DEF 14A

DEF 14A 2026

N/A

April 22, 2026
April 22, 2026
2026
View Filing
S-3

S-3

N/A

April 09, 2026
April 09, 2026
 
View Filing
8-K

8-K 2026

N/A

April 09, 2026
April 09, 2026
2026
View Filing
8-K

8-K 2026

N/A

March 20, 2026
March 19, 2026
2026
View Filing
10-K

10-K 2025 FY

FY

March 17, 2026
December 31, 2025
2025
View Filing
8-K

8-K 2026

N/A

March 17, 2026
March 17, 2026
2026
View Filing
8-K

8-K 2026

N/A

March 10, 2026
March 08, 2026
2026
View Filing
8-K

8-K 2026

N/A

January 29, 2026
January 26, 2026
2026
View Filing
Showing 1 to 10 of 63 filings

Related Guides

Blog Categories

Continue your ANTX research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens
1

Snapshot

Start with context, operating signals, and key market metrics.

2

Value Model

Stress test fair value across bear, base, and bull assumptions.

3

Statements

Validate revenue quality, margins, and balance sheet durability.

4

Earnings Call

Read management commentary and compare it with reported outcomes.

5

Dividends

Check payout sustainability and long-term distribution behavior.

6

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.