AN2 Therapeutics, Inc.

Listed Company

ANTXCIK 0001880438NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

—

Total Assets

$61.95M

Equity

$53.06M

Shares Out

35.94M

Op. Cash Flow

$-29.83M

Business

AN2 Therapeutics, Inc. is a biopharmaceutical company that discovers and develops novel small molecule therapeutics using a proprietary boron chemistry platform. Its main products in development include epetraborole, an oral antibacterial candidate targeting nontuberculous mycobacterial (NTM) lung disease and melioidosis, and AN2-502998 for chronic Chagas disease, alongside early-stage oncology and infectious disease programs. The company organizes operations around pipeline development, IND-enabling studies, and licensing and collaboration agreements with academic and industry partners. It conducts global clinical trials and relies on third-party contract manufacturers and regional licensees for development and commercialization.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	25	40	55	29	16
General and administrative	13	14	15	13	5
Restructuring charges	—	2	—	—	—
Total operating expenses	38	57	70	42	22
Loss from operations	−38	−57	−70	−42	−22
Interest income	3	5	5	—	—
Other income	1,000	1,000	43,000	1	−38,000
Net loss attributable to common stockholders	−35	−51	−65	−43	−28
Net loss per share attributable to common stockholders, basic	−1.16	−1.72	−2.74	−2.79	−10.64
Net loss per share attributable to common stockholders, diluted	−1.16	−1.72	−2.74	−2.79	−10.64
Weighted-average number of shares used in computing net loss per share, basic	30	30	24	15	3
Weighted-average number of shares used in computing net loss per share, diluted	30	30	24	15	3
Unrealized gain (loss) on investments	26,000	−244,000	649,000	−347,000	−27,000
Comprehensive loss	−35	−52	−64	−41	−22

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	20	21	16	27	12
Short-term investments	38	62	92	69	46
Prepaid expenses and other current assets	2	3	3	3	2
Total current assets	60	86	111	99	60
Long-term investments	2	5	27	3	3
Other assets, long-term	0	804,000	1	720,000	—
Total assets	62	92	139	103	65
Accounts payable	3	3	3	2	1
Accrued compensation	2	2	4	2	916,000
Accrued liabilities	2	4	7	3	1
Other current liabilities	1	791,000	666,000	—	—
Total current liabilities	9	10	14	7	3
Other non-current liabilities	170,000	0	—	—	—
Total liabilities	9	10	14	7	3
Commitments and contingencies (Note 7)	—	—	—	—	—
Preferred stock, $0.00001 par value; 10,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024	—	—	—	—	—
Common stock, $0.00001 par value; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 27,413,171 and 29,919,634 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	—	—	—	—	—
Additional paid-in capital	294	288	279	185	—
Accumulated other comprehensive gain	57,000	31,000	275,000	−374,000	−27,000
Accumulated deficit	−241	−206	−154	−90	−47
Total stockholders' equity	53	82	125	95	−47
Total liabilities and stockholders' equity	62	92	139	103	65

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Loss	−35	−51	−65	−41	−22
Stock-based compensation expense	6	8	8	4	974,000
Net accretion of discount on investments	−1	−3	−3	−692,000	53,000
Prepaid expenses and other assets	2	807,000	−1	−2	−1
Accounts payable	−296,000	641,000	553,000	2	417,000
Accrued compensation	742,000	−2	2	1	490,000
Accrued liabilities	−2	−2	4	2	512,000
Other current liabilities	438,000	126,000	666,000	—	—
Other non-current liabilities	170,000	—	—	—	—
Net cash used in operating activities	−30	−49	−53	−33	−20
Purchases of investments	−46	−47	−132	−94	−77
Maturities of investments	75	101	89	72	27
Net cash provided by investing activities	28	55	−43	−22	−50
Proceeds from issuance of common stock under the ESPP	86,000	147,000	366,000	—	—
Proceeds from exercise of stock options	27,000	225,000	99,000	—	11,000
Net cash provided by financing activities	113,000	372,000	85	70	79
Net (decrease) increase in cash and cash equivalents	−1	6	−12	15	8

Filings

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