AN2 Therapeutics, Inc. Earnings Per Share Disclosure
Note 11. Net Loss Per Share
The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except for per share amounts):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Numerator: |
|
|
|
|
|
|
||
Net loss attributable to common stockholders |
|
$ |
(35,174 |
) |
|
$ |
(51,321 |
) |
Denominator: |
|
|
|
|
|
|
||
Weighted-average common shares outstanding used to calculate net loss per share attributable to common stockholders, basic and diluted |
|
|
30,215,747 |
|
|
|
29,828,227 |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(1.16 |
) |
|
$ |
(1.72 |
) |
Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Options issued and outstanding |
|
|
5,466,222 |
|
|
|
4,890,843 |
|
Unvested RSUs |
|
|
856,160 |
|
|
|
516,511 |
|
Estimated shares issuable under the ESPP |
|
|
31,200 |
|
|
|
39,228 |
|
Total |
|
|
6,353,582 |
|
|
|
5,446,582 |
|
In June 2025, the Company entered into exchange agreements with certain existing stockholders to exchange 2,952,000 shares of the Company’s common stock for Warrants for an equivalent number of shares of common stock at a nominal exercise price of $0.00001 per share. The shares of common stock into which the Warrants may be exercised are considered outstanding for the purposes of computing earnings per share because the shares may be issued for little or no consideration, they are fully vested and the Warrants are immediately exercisable upon their issuance date.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 25, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Mar 29, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.