Persistent free cash flow erosion is evident, with a $12.1 million outflow in 2026Q1 and an OCF/NI ratio near 1.00, confirming that net losses are directly translating into cash depletion.
| Cash from Operations | -31.28M | -29.83M | -49.26M | -53.29M | -33.46M | -20.48M | -5.36M | -2.49M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 81.14% | 39.43% | 7.56% | -59.25% | -63.36% | -281.88% | -115.77% | - |
| Net Income | -34.55M | -35.17M | -51.32M | -64.73M | -40.96M | -21.54M | -13.6M | -5.63M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 4.2M | 6.25M | 8.34M | 8.41M | 4.39M | 974K | 40K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 752K | -1.07M | -3.28M | -2.8M | -615K | 53K | 6.97M | 3.16M |
| Working Capital Changes | -1.68M | 164K | -3M | 5.83M | 3.72M | 32K | 1.22M | -10K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -457K | -296K | 641K | 553K | 2.5M | 417K | 81K | -16K |
| Cash from Investing | 27.41M | 28.31M | 54.59M | -43.28M | -21.77M | -50.02M | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 37.38M | 113K | 372K | 84.99M | 70.36M | 78.53M | 3.84M | 8.08M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 37.38M | 113K | 372K | 84.53M | 70.37M | 79.73M | 3.77M | 8.08M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 465K | -11K | -1.2M | 64K | 0 |
| Net Change in Cash | 33.5M | -1.41M | 5.7M | -11.57M | 15.12M | 8.03M | -1.53M | 5.6M |
| Free Cash Flow | -31.28M | -29.83M | -49.26M | -53.29M | -33.46M | -20.48M | -5.36M | -2.49M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 26.02% | 39.43% | 7.56% | -59.25% | -63.36% | -281.88% | -115.77% | - |
| FCF per Share | -0.92 | -0.99 | -1.65 | -2.26 | -2.18 | -1.09 | -0.29 | -0.13 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.85x | 0.96x | 0.82x | 0.82x | 0.95x | 0.39x | 0.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical failure
As reported in quarterly financial statements, ANTX consistently exhibits a tight correlation between net losses and operating cash outflows, with the OCF/NI ratio fluctuating near 1.00, confirming that the company's reported losses are almost entirely realized as actual cash depletion rather than non-cash accounting adjustments.
The near-parity between net income and operating cash flow suggests that the company lacks significant non-cash expenses to buffer its burn rate. Investors should monitor this relationship, as it implies that any reduction in net losses must come from genuine operational cost-cutting rather than accounting maneuvers.
Based on historical data, ANTX has maintained a negative free cash flow trajectory for ten consecutive quarters, with the most recent 2026Q1 outflow of $12.1 million highlighting the company's ongoing inability to self-fund its clinical development pipeline through internal operations or existing cash reserves.
The absence of positive free cash flow is expected for a clinical-stage firm, yet the magnitude of these outflows relative to the remaining cash balance warrants extreme caution. This trend suggests that the company is effectively trading equity value for the continued operation of its EASE trial.
According to recent SEC filings, ANTX's working capital movements have been erratic, swinging from a $3.4 million cash drain in 2026Q1 to a $2.2 million inflow in 2025Q4, which indicates that timing differences in vendor payments and clinical trial accruals are significantly impacting short-term liquidity.
These fluctuations appear to be a byproduct of the company's reliance on external contract research organizations rather than a sign of operational efficiency. Analysts should interpret these swings as noise rather than a fundamental improvement in the company's ability to manage its cash conversion cycle.
As disclosed in financial statements, ANTX has utilized stock-based compensation to manage its cash burn, with quarterly adjustments reaching as high as $2.4 million, which effectively shifts the burden of operational funding from the company's balance sheet to the dilution of existing shareholder equity interests.
While this practice preserves cash in the short term, it creates a structural headwind for future earnings per share. Investors should monitor the extent to which this non-cash expense is used to offset the true cost of talent retention during periods of clinical trial uncertainty.
Quick answers to the most common questions about buying ANTX stock.
AN2 Therapeutics, Inc. (ANTX) generated $-29.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AN2 Therapeutics, Inc. (ANTX) reported negative free cash flow of $29.8M in 2025, indicating capital requirements exceeded cash from operations.
AN2 Therapeutics, Inc. (ANTX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.