AN2 Therapeutics Inc. Common Stock (ANTX)

FairStock Score: 22/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

AN2 is a pre-revenue biotech, so I start with the absence of reported revenue and the lack of a Graham-style earnings anchor. At the $3.63 close on 2026-10-26, FairStock calculates a $137.0M market cap, P/E of -3.46, P/B of 1.74, ROE of -50.12%, and ROCE of -30.80%; those are not the marks of a proven business. The filed losses are heavy: in fiscal year 2023, net loss was $64.7M; in fiscal year 2024, $51.3M; in fiscal year 2025, $35.2M; in fiscal Q1 2026, the quarter ended 2026-03-31, net loss was $10.0M; and in fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $8.2M. FairStock's trailing free cash flow is -$30.7M, a -22.4% FCF yield, with Piotroski 0/9 and FairStock Score 22/100. The Altman Z-score of 10.62 is the one supportive calculation, but it cannot replace cash flow or commercial proof. Business quality is early-stage: epetraborole is in Phase 3 for non-tuberculous mycobacterial lung disease and acute melioidosis, while AN2-502998 is earlier. Without revenue or approved products I see no durable moat yet—only clinical, regulatory, and financing risk. Losses narrowed from fiscal year 2023 to fiscal year 2025, which helps, but the company remains unprofitable and cash-consuming. At P/B 1.74, the $137M valuation is not a bargain on current numbers; it is a claim on future science.

In plain English: The company is a small drug developer with no reported product sales. It has been losing money and spending cash—including a $35.2 million loss in fiscal year 2025—and its $137 million stock value looks speculative against that record rather than clearly cheap. The business looks financially weak today, and the price depends on future drug-trial success.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer