Start here if you're new
what it is
AN2 Therapeutics is trying to build oral drugs for rare lung infections and tuberculosis, with one lead program doing most of the heavy lifting.
how it gets paid
Last year Therapeutics made n/a in revenue.
what just happened
The clean takeaway is that quarterly EPS landed at -$0.31, while the business still has no disclosed revenue base to hide behind.
At a glance
C++ balance sheet — some cracks in the foundation
-$1.72 fy2024 eps est
0.7 beta
~$135M market cap
small cap
xvary composite: 32/100 — weak
What they do
AN2 Therapeutics is trying to build oral drugs for rare lung infections and tuberculosis, with one lead program doing most of the heavy lifting.
The edge here is focus. AN2 has 22 employees and is built around rare infectious diseases where big pharma often shows up late. If epetraborole works, you are not fighting for a crowded mass market; you are chasing a smaller group with few good options and a high medical need.
How they make money
n/a
annual revenue
The products that matter
lead clinical asset
epetraborole
phase 2 planned q3 2026
This is the asset the company raised $40M to advance. With no revenue today, the investment case lives or dies on what happens next here.
single-asset thesis
discovery platform
boron chemistry platform
scientific platform · no product revenue
The platform matters to the science, but the market is not paying for platform revenue because there is none. For now, epetraborole is the whole movie.
early-stage optionality
Key numbers
$1.72
2024 EPS
Loss per share improved from -$2.74 in 2023 to -$1.72 in 2024. Plain English: the bleeding slowed. So what: you still own a company that is losing money.
5/100
price stability
Price stability means how calmly the stock tends to trade. Plain English: 5 out of 100 is chaos. So what: this name can drop hard even when the business update barely changes.
C++
balance sheet
Balance sheet grade measures financial footing. Plain English: C++ is not broken, but it is not fortress-level either. So what: more capital raises stay on the table.
0.7
beta
Beta measures how a stock moves versus the market. Plain English: 0.7 says it moves less than the market on average. So what: that did not stop a 5/100 stability score.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ANTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The clean takeaway is that quarterly EPS landed at -$0.31, while the business still has no disclosed revenue base to hide behind.
Quarterly losses have improved from the 2023 run rate, with 2024 quarterly EPS moving from -$0.56 to -$0.25 across the year. That is progress, but progress inside a pre-revenue biotech is still just a smaller loss.
$0.31
eps
n/a
n/a
n/a
n/a
the number that mattered
The number that mattered was EPS at -$0.31, because with no real revenue disclosed, your entire scoreboard is how fast the losses shrink.
source: company earnings report, 2026
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What could go wrong
The #1 risk is epetraborole Phase 2 failure or delay in pulmonary NTM disease. ANTX has no revenue and one lead asset, so a setback would not hit one division. It would hit 100% of the thesis.
med
One asset means one real shot
The planned Phase 2 start in Q3 2026 is the key catalyst. Until then, you are underwriting process, timing, and execution more than business results.
The planned Phase 2 start in Q3 2026 is the key catalyst. Until then, you are underwriting process, timing, and execution more than business results.
med
Delay risk is business risk here
Management says public data updates could come as early as Q4 2026, subject to regulatory clearance. In plain English: even the optimistic evidence path still takes quarters, and every extra quarter costs cash.
Management says public data updates could come as early as Q4 2026, subject to regulatory clearance. In plain English: even the optimistic evidence path still takes quarters, and every extra quarter costs cash.
med
The $40M raise bought time, not immunity
With burn running at -$34M annually, the company has more runway than it did before. It does not have infinite runway, especially if the trial timeline stretches.
With burn running at -$34M annually, the company has more runway than it did before. It does not have infinite runway, especially if the trial timeline stretches.
med
Volatility is already telling you what this is
A risk rank of 5 and price stability of 5 / 100 mean the market already trades ANTX like a binary biotech. Sentiment can swing hard before the science changes at all.
A risk rank of 5 and price stability of 5 / 100 mean the market already trades ANTX like a binary biotech. Sentiment can swing hard before the science changes at all.
If you own this, you are betting that one lead program can outrun a very real need for more capital.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Phase 2 start in Q3 2026
This is the first hard proof that the post-financing plan is on schedule. If the date slips, the whole valuation has to absorb more waiting and more cash burn.
metric
Burn versus the new cash cushion
Watch how the $40M raise changes runway against the current -$34M annual burn. That is the number behind the number at the next update.
trend
Public data updates as early as Q4 2026
Subject to regulatory clearance, this is when the story can start moving from promise to evidence. Until then, you are still paying for possibility.
risk
Another financing before the science advances
The market can live with dilution if it buys credible progress. It gets much less patient when new shares arrive before the clinical timeline meaningfully improves.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for ANTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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