ANTX Stock — AN2 Therapeutics Inc.: Cash, EV, Pipeline

What they do

Our development pipeline spans hematologic diseases, infectious diseases, and oncology with three Phase 2 studies expected to initiate in 2026, two preclinical candidates, as well as advanced research programs focused on targets in oncology, bone disorders, and infectious diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$4.64

Market cap

$174.9M

Cash

$80.2M

Enterprise value

$94.7M

Balance sheet

Cash	$80.2M
Debt	$0.0M
Net cash	$80.2M
Enterprise value	$94.7M
Basic shares	37.9M shares
Fully diluted shares	55.2M shares
Fully diluted market cap	$256.0M
Cash per share	$2.11
Quarterly burn	$7.0M
Cash runway	11.4 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-11.

Share structure

Common

37.7M

Pre-funded warrants

8.7M

Options

6.4M

RSUs

1.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.0M

FDSO

55.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

epetraborole · Est. Jul 2, 2027 · guidance midpoint · guided in 7 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Jul 2, 2027 in 7 wks guidance midpoint	epetraborole EBO-PV-201 Phase 2 Part 1	Phase 2	Not disclosed	throughout 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Epetraborole

Phase 2 · Active Modality: oral boron-based small molecule

Target LeuRS (leucyl-tRNA synthetase)

Partnerships Anacor Pharmaceuticals: exclusive worldwide license (boron chemistry compounds); Brii Biosciences: licensed-product rights in China, Hong Kong, Taiwan and Macau; NIAID: cost-reimbursement contract (up to $9.3M cumulative committed) supporting late-stage development

Indications

Polycythemia vera (phlebotomy-dependent) (Phase 2)
M. abscessus complex lung disease (Phase 2)
Acute systemic melioidosis and other biothreat pathogens (Preclinical)

Catalysts

— Q3 2026
— Q4 2026

Status note PV Phase 2 = sentinel + dose-optimization + randomized placebo-controlled parts, 40-50 pts, India. M. abscessus Phase 2 = investigator-initiated study with OHSU (IND cleared Dec 2025). Melioidosis Phase 2 proof-of-concept trial pending federal funding; NIAID contract options reduced $9.0M in June 2025 under a 2025 Executive Order cost-efficiency initiative.

AN2-502998

Phase 1 · Active Modality: oral boron-based small molecule

Target CPSF3

Indications

Chagas disease (Phase 1)

Catalysts

— 2026

Status note Phase 1 first-in-human trial in healthy volunteers commenced August 2025; initial clinical data were expected Q1 2026 per the filing.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Vivo Capital	3,153,640	no change	1.39%	2026-08-14
Boxer Capital	749,035	no change	0.27%	2026-08-14
Stonepine Capital	551,692	-162,153	2.03%	2026-08-17
Ally Bridge Group	526,315	no change	3.28%	2026-08-14
ADAR1 Capital Management	58,808	+44,947	0.01%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ANTX — AN2 Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

ANTX — AN2 Therapeutics Inc.