The company has recorded zero revenue over the past ten quarters while sustaining a $10.0 million net loss in 2026Q1, highlighting the absence of commercial operations.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 77K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | -77K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | 100% | - | - | - | - |
| Operating Expenses | 37.12M | 38.11M | 54.55M | 69.64M | 42.19M | 21.57M | 7.28M | 31.07M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 13.3M | 13.34M | 14.07M | 14.76M | 12.75M | 4.67M | 1.26M | 1.73M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 23.82M | 24.77M | 40.49M | 54.87M | 29.51M | 16.91M | 6.02M | 29.33M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -37.12M | -38.11M | -54.55M | -69.64M | -42.26M | -21.57M | -7.28M | -31.07M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 30.14% | 21.66% | -64.77% | -95.89% | -196.18% | 76.55% | - |
| EBITDA | -36.6M | -38.11M | 0 | 0 | -42.19M | -21.57M | 0 | 0 |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -165.78% | - | - | 100% | -95.54% | - | - | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 54.55M | 69.64M | 77K | 0 | 7.28M | 31.07M |
| EBIT | -36.6M | -38.11M | -51.32M | -64.73M | -40.96M | -21.57M | -13.6M | -31.07M |
| Net Interest Income | 2.57M | 2.93M | 5.47M | 0 | 837K | 69K | 3K | 0 |
| Interest Income | 2.57M | 2.93M | 5.47M | 0 | 1.35M | 69K | 3K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 514K | 0 | 0 | 0 |
| Other Income/Expense | 2.57M | 2.94M | 3.23M | 4.9M | 1.31M | 31K | -6.32M | -2.74M |
| Pretax Income | -34.55M | -35.17M | -51.32M | -64.73M | -40.96M | -21.54M | -13.6M | -33.81M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -34.55M | -35.17M | -51.32M | -64.73M | -40.96M | -21.54M | -13.6M | -33.81M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | 23.81% | 31.46% | 20.72% | -58.05% | -90.11% | -58.37% | 59.77% | - |
| Net Income (Continuing) | -34.55M | -35.17M | -51.32M | -64.73M | -40.96M | -21.54M | -13.6M | -33.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.01 | -1.16 | -1.72 | -2.74 | -2.79 | -1.50 | -0.78 | -0.30 |
| EPS Growth % | 27.15% | 32.56% | 37.23% | 1.79% | -86% | -92.31% | -160% | - |
| EPS (Basic) | - | -1.16 | -1.72 | -2.74 | -2.79 | -1.50 | -0.78 | -0.30 |
| Diluted Shares Outstanding | 34.06M | 30.22M | 29.83M | 23.6M | 15.34M | 18.74M | 18.74M | 18.74M |
| Basic Shares Outstanding | 34.06M | 30.22M | 29.83M | 23.6M | 15.34M | 18.74M | 18.74M | 18.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial and liquidity
As indicated by the company's financial statements, ANTX has recorded zero revenue over the past ten quarters, reflecting its status as a pre-commercial clinical-stage biotechnology firm entirely dependent on the successful development of its lead boron-chemistry candidate for non-tuberculous mycobacterial lung disease.
The absence of top-line growth underscores the binary nature of the company's valuation, which is tethered exclusively to clinical trial outcomes rather than operational performance. Investors should note that until the EASE Phase 2/3 trial reaches a successful conclusion, the revenue trajectory will remain stagnant, leaving the firm without a commercial foundation to offset its ongoing development costs.
According to reported quarterly filings, R&D expenditures have fluctuated significantly, peaking at $14.9 million in 2023Q4 before moderating to $6.7 million in 2026Q1, illustrating the high sensitivity of the firm's cost structure to the timing of clinical trial activities and contract research organization engagements.
The variability in R&D spending suggests that management is attempting to calibrate cash outflows in response to trial enrollment pauses and strategic pivots. While the reduction in quarterly R&D spend may preserve capital in the short term, it also highlights the inherent difficulty in maintaining a lean cost structure while simultaneously advancing a complex, novel therapeutic platform.
Based on historical income statements, ANTX consistently utilizes stock-based compensation, which reached $2.0 million in 2025Q1, effectively diluting existing shareholders to preserve cash while the company continues to report significant net losses, such as the $10.0 million loss observed in 2026Q1.
The reliance on equity-based incentives suggests a strategy to conserve liquid assets, yet this practice creates a persistent overhang of dilution that investors must factor into their valuation models. The quality of earnings remains poor, as the net losses are driven by essential clinical development costs that provide no immediate offset through product sales or licensing revenue.
As reported in recent financial disclosures, the company's cash position of $19.9 million appears insufficient to sustain operations through the completion of late-stage trials, raising significant concerns regarding the firm's ability to continue as a going concern without immediate and potentially dilutive capital raises.
The current burn rate, when compared against the limited cash reserves, suggests that the company is approaching a critical liquidity inflection point. Market participants should monitor for signs of distress, as the combination of clinical trial delays and a precarious balance sheet may force management into unfavorable financing terms or a strategic sale of assets.
Quick answers to the most common questions about buying ANTX stock.
For fiscal year 2025, AN2 Therapeutics, Inc. (ANTX) reported total revenue of $0.0M.
AN2 Therapeutics, Inc. (ANTX) reported a net loss of $35.2M for the fiscal year ending 2025.