AN2 Therapeutics
ANTX on Nasdaq. AN2 Therapeutics develops drugs for patients with blood diseases, infections, and cancer. Market value $212m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -62 cents a year. Above 10 is good.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$5.07 a share, 407% above its 1-year low
Over the past year the price has ranged from $1.00 to $7.19.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | ||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.04bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 27% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $8 million, compared with a loss of $6 million a year ago.
- 48% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | -$8m |
| March 2025 | -$11m |
| June 2025 | -$6m |
| September 2025 | -$9m |
| December 2025 | -$9m |
| March 2026 | -$10m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 66 funds in all.
Largest holders overall
- Vivo Capital$15m
- Commodore Capital LP$14mAdded
- Millennium Management$11mAdded
- BlackRock$8mAdded
- Spruce Street Capital LP$8m
- Almitas Capital$7m
- Vanguard Capital Management$6mAdded
- Adage Capital Partners GP, L.L.C.$5m
- Citadel Advisors$5mAdded
- Boxer Capital Management$4m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Commodore Capital LPPassive investorat least 9.9%(filed with 3 related holders)Since 9 March 2026
- Coastlands Capital Partners LPPassive investorat least 9.3%(filed with 3 related holders)Since 28 May 2025
- Vivo Opportunity Fund Holdings, L.P.Passive investorat least 8.0%(filed with 3 related holders)Since 10 March 2026
- Eric EasomPassive investor7.9%+1.7 ptsSince 31 December 2025
- Adjuvant Capital GP, L.P.Passive investorat least 7.9%(filed with 3 related holders)Since 31 December 2024
- Millennium Management LLCPassive investorat least 6.3%(filed with 3 related holders)Since 6 March 2026
- Almitas Capital LLCPassive investorSold down below 5%Since 31 March 2026
- Brii Biosciences LimitedPassive investorSold down below 5%Since 31 December 2024
- BML Investment Partners, L.P.Passive investorSold down below 5%Since 17 June 2025
What they said
The Reporting Persons purchased the Common Stock reported hereunder for investment purposes, and such purchases were made in the Reporting Persons' ordinary course of business. As with their other investments, the Reporting Persons continuously evaluate the Issuer, including but…
Read the filing - Frazier Life Sciences Public Fund, L.P.Passive investorSold down below 5%Since 31 December 2024
- RA Capital Management, L.P.Passive investorSold down below 5%Since 31 December 2024
- TCG Crossover GP I, LLCPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Commodore Capital LP Passive investor | at least 9.9% (filed with 3 related holders) | 9 March 2026 | |
Coastlands Capital Partners LP Passive investor | at least 9.3% (filed with 3 related holders) | 28 May 2025 | |
Vivo Opportunity Fund Holdings, L.P. Passive investor | at least 8.0% (filed with 3 related holders) | 10 March 2026 | |
Eric Easom Passive investor | 7.9%+1.7 pts | 31 December 2025 | |
Adjuvant Capital GP, L.P. Passive investor | at least 7.9% (filed with 3 related holders) | 31 December 2024 | |
Millennium Management LLC Passive investor | at least 6.3% (filed with 3 related holders) | 6 March 2026 | |
Almitas Capital LLC Passive investor | Sold down below 5% | 31 March 2026 | |
Brii Biosciences Limited Passive investor | Sold down below 5% | 31 December 2024 | |
BML Investment Partners, L.P. Passive investor | Sold down below 5% | 17 June 2025 | What they saidThe Reporting Persons purchased the Common Stock reported hereunder for investment purposes, and such purchases were made in the Reporting Persons' ordinary course of business. As with their other investments, the Reporting Persons continuously evaluate the Issuer, including but… Read the filing |
Frazier Life Sciences Public Fund, L.P. Passive investor | Sold down below 5% | 31 December 2024 | |
RA Capital Management, L.P. Passive investor | Sold down below 5% | 31 December 2024 | |
TCG Crossover GP I, LLC Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $11,602 of shares on the open market. 6 sold $398,200, $316,700 of it under preset trading plans.
- Readnour Robin ShaneDirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 1,108
- Price
- $6.02
- Value
- $6,675
- Readnour Robin ShaneDirectorSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 10,019
- Price
- $6.02
- Value
- $60,297
- Readnour Robin ShaneDirectorSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 6,100
- Price
- $6.07
- Value
- $37,026
- Williams Sarah JoannePrincipal Accounting OfficerSold
- Date
- 1 September 2026
- Shares
- 272
- Price
- $5.53
- Value
- $1,504
- FitzPatrick Margaret MDirectorBought
- Date
- 1 September 2026
- Shares
- 2,098
- Price
- $5.53
- Value
- $11,602
- Readnour Robin ShaneDirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 35,402
- Price
- $6.01
- Value
- $212,702
- Eizen Joshua MSee RemarksSold
- Date
- 8 July 2026
- Shares
- 5,945
- Price
- $4.17
- Value
- $24,803
- Williams Sarah JoannePrincipal Accounting OfficerSold
- Date
- 29 May 2026
- Shares
- 265
- Price
- $4.43
- Value
- $1,174
- Williams Sarah JoannePrincipal Accounting OfficerSold
- Date
- 3 March 2026
- Shares
- 327
- Price
- $1.06
- Value
- $347
- Day LucyChief Financial OfficerSold
- Date
- 6 January 2026
- Shares
- 5,512
- Price
- $1.01
- Value
- $5,567
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | Readnour Robin Shane Director | Sold under a preset trading plan | 1,108 | $6.02 | $6,675 |
| 8 September 2026 | Readnour Robin Shane Director | Sold under a preset trading plan | 10,019 | $6.02 | $60,297 |
| 3 September 2026 | Readnour Robin Shane Director | Sold under a preset trading plan | 6,100 | $6.07 | $37,026 |
| 1 September 2026 | Williams Sarah Joanne Principal Accounting Officer | Sold | 272 | $5.53 | $1,504 |
| 1 September 2026 | FitzPatrick Margaret M Director | Bought | 2,098 | $5.53 | $11,602 |
| 17 August 2026 | Readnour Robin Shane Director | Sold under a preset trading plan | 35,402 | $6.01 | $212,702 |
| 8 July 2026 | Eizen Joshua M See Remarks | Sold | 5,945 | $4.17 | $24,803 |
| 29 May 2026 | Williams Sarah Joanne Principal Accounting Officer | Sold | 265 | $4.43 | $1,174 |
| 3 March 2026 | Williams Sarah Joanne Principal Accounting Officer | Sold | 327 | $1.06 | $347 |
| 6 January 2026 | Day Lucy Chief Financial Officer | Sold | 5,512 | $1.01 | $5,567 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in AN2 Therapeutics’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 6 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Our CEO and CFO have concluded that as of December 31, 2025, our disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting, as described below.”
From the 10-K filed 17 March 2026, Item 9A. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.