AN2 Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Research and development | $24.8M | $40.5M | $54.9M | $28.5M | $16.2M |
| Operating expenses | $38.1M | $56.8M | $69.6M | $42.3M | $21.6M |
| Operating income | -$38.1M | -$56.8M | -$69.6M | -$42.3M | -$21.6M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$35.2M | -$51.3M | -$64.7M | -$41.0M | -$21.5M |
| Balance Sheet | |||||
| Cash and equivalents | $19.9M | $21.4M | $15.6M | $27.2M | $12.1M |
| Current assets | $59.9M | $86.3M | $110.5M | $98.6M | $60.1M |
| Total assets | $62.0M | $92.1M | $138.7M | $102.6M | $65.3M |
| Current liabilities | $8.7M | $10.2M | $14.0M | $7.2M | $3.4M |
| Total liabilities | $8.9M | $10.2M | $14.0M | $7.2M | $3.4M |
| Stockholders' equity | $53.1M | $81.8M | $124.7M | $95.4M | -$47.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$29.8M | -$49.3M | -$53.3M | -$33.5M | -$20.5M |
| Stock-based compensation | $6.2M | $8.3M | $8.4M | $4.4M | $974,000 |
Shares outstanding 36.0M · Free float 62.6%
Annual filing data through FY ended December 31, 2025; float as of July 16, 2026.