What is AN2 Therapeutics, Inc.'s earnings per share (EPS)?

AN2 Therapeutics, Inc. (ANTX) reported diluted earnings per share of $-1.16 for fiscal year 2025. This represents a 32.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

AN2 Therapeutics, Inc. Financials

ANTX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows AN2 Therapeutics, Inc. (ANTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

AN2 Therapeutics, Inc. passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.85x

For every $1 of reported earnings, AN2 Therapeutics, Inc. generates $0.85 in operating cash flow (-$29.8M OCF vs -$35.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$35.2M

YoY+31.5%

AN2 Therapeutics, Inc. reported -$35.2M in net income in fiscal year 2025. This represents an increase of 31.5% from the prior year.

EPS (Diluted)

$-1.16

YoY+32.6%

AN2 Therapeutics, Inc. earned $-1.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$19.9M

YoY-6.6%

AN2 Therapeutics, Inc. held $19.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

27M

YoY-8.4%

AN2 Therapeutics, Inc. had 27M shares outstanding in fiscal year 2025. This represents a decrease of 8.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-66.3%

YoY-3.6pp

AN2 Therapeutics, Inc.'s ROE was -66.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$24.8M

YoY-38.8%

AN2 Therapeutics, Inc. invested $24.8M in research and development in fiscal year 2025. This represents a decrease of 38.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

ANTX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$24.8M-38.8%	$40.5M-26.2%	$54.9M+92.5%	$28.5M+76.5%	$16.2M
SG&A Expenses	$13.3M-5.2%	$14.1M-4.7%	$14.8M+15.8%	$12.8M+173.2%	$4.7M
Operating Income	-$38.1M+32.9%	-$56.8M+18.4%	-$69.6M-64.8%	-$42.3M-95.9%	-$21.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0
Net Income	-$35.2M+31.5%	-$51.3M+20.7%	-$64.7M-58.1%	-$41.0M-90.1%	-$21.5M
EPS (Diluted)	$-1.16+32.6%	$-1.72+37.2%	$-2.74+1.8%	$-2.79	$-10.64

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$7.0M+118.8%	$3.2M-58.4%	$7.7M	N/A	$8.3M-31.8%	$12.1M-17.1%	$14.7M
SG&A Expenses	N/A	$3.0M-24.3%	$4.0M+4.4%	$3.8M	N/A	$3.5M-6.6%	$3.7M+2.5%	$3.6M
Operating Income	N/A	-$10.0M-39.1%	-$7.2M+37.5%	-$11.5M	N/A	-$14.0M+11.8%	-$15.9M+13.2%	-$18.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$9.4M-44.7%	-$6.5M+39.3%	-$10.6M	N/A	-$12.7M+11.7%	-$14.4M+13.1%	-$16.6M
EPS (Diluted)	N/A	$-0.31-47.6%	$-0.21+40.0%	$-0.35	N/A	$-0.43+10.4%	$-0.48+14.3%	$-0.56

ANTX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$62.0M-32.7%	$92.1M-33.6%	$138.7M+35.3%	$102.6M+57.0%	$65.3M
Current Assets	$59.9M-30.5%	$86.3M-21.9%	$110.5M+12.1%	$98.6M+64.1%	$60.1M
Cash & Equivalents	$19.9M-6.6%	$21.4M+36.5%	$15.6M-42.5%	$27.2M+125.0%	$12.1M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.9M-13.2%	$10.2M-27.1%	$14.0M+95.4%	$7.2M-93.6%	$112.7M
Current Liabilities	$8.7M-14.8%	$10.2M-27.1%	$14.0M+95.4%	$7.2M+111.7%	$3.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$53.1M-35.2%	$81.8M-34.4%	$124.7M+30.8%	$95.4M+301.2%	-$47.4M
Retained Earnings	-$240.9M-17.1%	-$205.8M-33.2%	-$154.5M-72.1%	-$89.7M-89.4%	-$47.4M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$62.0M-7.9%	$67.2M-11.3%	$75.8M-6.8%	$81.3M-11.7%	$92.1M-5.7%	$97.7M-9.9%	$108.5M-10.5%	$121.3M
Current Assets	$59.9M-6.4%	$64.0M-5.2%	$67.5M-2.9%	$69.6M-19.4%	$86.3M-11.7%	$97.7M-9.1%	$107.4M-7.6%	$116.3M
Cash & Equivalents	$19.9M+10.8%	$18.0M-1.2%	$18.2M-8.8%	$20.0M-6.4%	$21.4M-36.3%	$33.5M+25.2%	$26.8M+8.4%	$24.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$8.9M+29.6%	$6.9M-1.8%	$7.0M-12.9%	$8.0M-21.7%	$10.2M+2.2%	$10.0M-1.1%	$10.1M-5.0%	$10.7M
Current Liabilities	$8.7M	N/A	N/A	N/A	$10.2M+2.2%	$10.0M	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$53.1M-12.1%	$60.4M-12.3%	$68.8M-6.1%	$73.3M-10.4%	$81.8M-6.6%	$87.7M-10.9%	$98.4M-11.1%	$110.6M
Retained Earnings	-$240.9M-3.8%	-$232.2M-4.2%	-$222.9M-3.0%	-$216.4M-5.2%	-$205.8M-3.8%	-$198.3M-6.9%	-$185.5M-8.4%	-$171.1M

ANTX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$29.8M+39.4%	-$49.3M+7.6%	-$53.3M-59.2%	-$33.5M-63.4%	-$20.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$28.3M-48.1%	$54.6M+226.1%	-$43.3M-98.8%	-$21.8M+56.5%	-$50.0M
Financing Cash Flow	$113K-69.6%	$372K-99.6%	$85.0M+20.8%	$70.4M-10.4%	$78.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$5.2M+17.9%	-$6.4M+16.1%	-$7.6M+28.5%	-$10.6M-101.5%	-$5.3M+56.1%	-$12.0M+16.5%	-$14.4M+18.2%	-$17.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$7.2M+17.4%	$6.1M+4.7%	$5.8M-36.5%	$9.2M+233.6%	-$6.9M-136.8%	$18.7M+13.7%	$16.5M-37.4%	$26.3M
Financing Cash Flow	$0-100.0%	$48K	$0-100.0%	$65K	$0-100.0%	$23K	$0-100.0%	$349K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ANTX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	-66.3%-3.6pp	-62.7%-10.8pp	-51.9%-9.0pp	-42.9%	N/A
Return on Assets	-56.8%-1.0pp	-55.7%-9.1pp	-46.7%-6.7pp	-39.9%-7.0pp	-33.0%
Current Ratio	6.87-1.6	8.43+0.6	7.87-5.9	13.72-4.0	17.70
Debt-to-Equity	0.17+0.0	0.13+0.0	0.11+0.0	0.08+2.5	-2.38
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-15.5%-6.1pp	-9.4%+5.1pp	-14.5%	N/A	-14.5%+0.1pp	-14.7%+0.3pp	-15.0%
Return on Assets	N/A	-13.9%-5.4pp	-8.5%+4.6pp	-13.1%	N/A	-13.1%+0.3pp	-13.3%+0.4pp	-13.7%
Current Ratio	6.87	N/A	N/A	N/A	8.43-1.3	9.75	N/A	N/A
Debt-to-Equity	0.17+0.1	0.11+0.0	0.100.0	0.11-0.0	0.13+0.0	0.11+0.0	0.100.0	0.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is AN2 Therapeutics, Inc. profitable?

No, AN2 Therapeutics, Inc. (ANTX) reported a net income of -$35.2M in fiscal year 2025.

What is AN2 Therapeutics, Inc.'s return on equity (ROE)?

AN2 Therapeutics, Inc. (ANTX) has a return on equity of -66.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is AN2 Therapeutics, Inc.'s operating cash flow?

AN2 Therapeutics, Inc. (ANTX) generated -$29.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are AN2 Therapeutics, Inc.'s total assets?

AN2 Therapeutics, Inc. (ANTX) had $62.0M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does AN2 Therapeutics, Inc. spend on research and development?

AN2 Therapeutics, Inc. (ANTX) invested $24.8M in research and development during fiscal year 2025.

How many shares does AN2 Therapeutics, Inc. have outstanding?

AN2 Therapeutics, Inc. (ANTX) had 27M shares outstanding as of fiscal year 2025.

What is AN2 Therapeutics, Inc.'s current ratio?

AN2 Therapeutics, Inc. (ANTX) had a current ratio of 6.87 as of fiscal year 2025, which is generally considered healthy.

What is AN2 Therapeutics, Inc.'s debt-to-equity ratio?

AN2 Therapeutics, Inc. (ANTX) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is AN2 Therapeutics, Inc.'s return on assets (ROA)?

AN2 Therapeutics, Inc. (ANTX) had a return on assets of -56.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is AN2 Therapeutics, Inc.'s cash runway?

Based on fiscal year 2025 data, AN2 Therapeutics, Inc. (ANTX) had $19.9M in cash against an annual operating cash burn of $29.8M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is AN2 Therapeutics, Inc.'s Piotroski F-Score?

AN2 Therapeutics, Inc. (ANTX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are AN2 Therapeutics, Inc.'s earnings high quality?

AN2 Therapeutics, Inc. (ANTX) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.