The firm maintains a debt-free capital structure but has seen its total assets decline significantly from $138.7 million in 2023Q4 to $62.0 million by 2025Q4.
| Total Current Assets | 87.49M | 59.94M | 86.26M | 110.51M | 98.62M | 60.11M | 4.23M | 5.7M |
| Cash & Short-Term Investments | 85.29M | 58M | 83.62M | 107.3M | 96.06M | 58.55M | 4.07M | 5.6M |
| Cash Only | 53.49M | 19.94M | 21.35M | 15.65M | 27.22M | 12.1M | 4.07M | 5.6M |
| Short-Term Investments | 31.8M | 38.06M | 62.27M | 91.65M | 68.84M | 46.46M | 0 | 0 |
| Accounts Receivable | 0 | 900K | 300K | 1.4M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.2M | 1.04M | 2.34M | 0 | 2.56M | 0 | 0 | 82K |
| Total Non-Current Assets | 0 | 2.01M | 5.83M | 28.24M | 3.94M | 5.21M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 53K | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 13.53M | 2.01M | 5.02M | 27.19M | 3.22M | 3.49M | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 804K | 1.04M | 667K | 1.72M | 0 | 0 |
| Total Assets | 87.49M | 61.95M | 92.09M | 138.74M | 102.56M | 65.32M | 4.23M | 5.7M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | -86.45% | -32.73% | -33.63% | 35.28% | 57.02% | 1442.65% | -25.72% | - |
| Total Current Liabilities | 5.56M | 8.72M | 10.24M | 14.04M | 7.19M | 3.4M | 1.46M | 159K |
| Accounts Payable | 2.62M | 3.02M | 3.32M | 2.68M | 2.12M | 1.06M | 132K | 51K |
| Days Payables Outstanding | - | - | - | - | 10.06K | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.95M | 5.7M | 2.47M | 4.69M | 6K | 330K | 14K | 0 |
| Current Ratio | 15.73x | 6.87x | 8.43x | 7.87x | 13.72x | 17.70x | 2.90x | 35.85x |
| Quick Ratio | 15.73x | 6.87x | 8.43x | 7.87x | 13.72x | 17.70x | 2.90x | 35.85x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 170K | 170K | 0 | 0 | 2K | 13K | 24K | 728K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 728K |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 170K | 170K | 0 | 0 | 2K | 13K | 24K | 0 |
| Total Liabilities | 5.73M | 8.89M | 10.24M | 14.04M | 7.19M | 3.41M | 1.48M | 887K |
| Total Debt | 0 | 0 | 0 | 0 | 53K | 0 | 0 | 728K |
| Net Debt | -53.49M | -19.94M | -21.35M | -15.65M | -27.17M | -12.1M | -4.07M | -4.87M |
| Debt / Equity | 0.00x | - | - | - | 0.00x | - | - | 0.15x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.46x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -79.68x | - | - | - |
| Total Equity | 81.76M | 53.06M | 81.85M | 124.7M | 95.37M | 61.91M | 2.75M | 4.81M |
| Equity Growth % | -84.82% | -35.17% | -34.36% | 30.75% | 54.05% | 2150.38% | -42.84% | - |
| Book Value per Share | 2.40 | 1.76 | 2.74 | 5.28 | 6.22 | 3.30 | 0.15 | 0.26 |
| Total Shareholders' Equity | 81.76M | 53.06M | 81.85M | 124.7M | 95.37M | 61.91M | 2.75M | 4.81M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -250.98M | -240.95M | -205.78M | -154.46M | -89.72M | -47.38M | -20.32M | -5.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5K | 57K | 31K | 275K | -374K | -27K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical insolvency
As reported in financial statements, ANTX's total assets have declined from $138.7 million in 2023Q4 to $62.0 million by 2025Q4, signaling a rapid depletion of resources as the company funds its clinical development pipeline without any offsetting revenue generation or external capital inflows.
The consistent contraction in total assets highlights the company's reliance on cash reserves to sustain operations. This downward trajectory suggests that the firm's current business model is unsustainable without a significant shift in funding strategy or a successful clinical milestone to attract new investment.
According to recent SEC filings, ANTX's cash position dropped to $19.9 million in 2025Q4, a significant decrease from the $53.5 million reported in 2026Q1, which underscores the precarious nature of the company's liquidity buffer as it navigates ongoing clinical trial expenses.
The volatility in the current ratio, which plummeted from 31.96 in 2025Q2 to 6.87 by 2025Q4, indicates a tightening of short-term financial flexibility. Investors should monitor this trend closely, as the current cash burn rate appears to leave little room for operational delays or unforeseen clinical trial costs.
Based on reported figures, the company's retained earnings have deteriorated to a deficit of $251.0 million as of 2026Q1, reflecting the persistent and substantial net losses that have systematically eroded the equity base since the firm's inception as a clinical-stage entity.
The persistent growth of the accumulated deficit suggests that the company is consuming equity capital at an accelerating rate to fund R&D. This trend implies that future financing will likely require significant dilution, further pressuring the value of existing shareholder interests.
As disclosed in balance sheet data, the absence of PPE and goodwill suggests that ANTX's asset base is almost entirely composed of liquid cash, which makes the company's valuation highly sensitive to the rate of cash consumption and the timing of future clinical trial milestones.
Because the company lacks tangible assets to leverage, its entire enterprise value is tied to the success of its boron-chemistry platform. This lack of diversification in the asset mix means that any negative clinical data could lead to a rapid and total impairment of the company's primary value driver.
Quick answers to the most common questions about buying ANTX stock.
As of 2025, AN2 Therapeutics, Inc. (ANTX) had total assets of $62.0M including $59.9M in current assets.
AN2 Therapeutics, Inc. (ANTX) carries total debt of $0.0M, offset by $58.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AN2 Therapeutics, Inc. (ANTX) has total shareholders' equity (book value) of $53.1M ($1.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AN2 Therapeutics, Inc. (ANTX) reported a current ratio of 6.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.