10-Q · May 11, 2026
AN2 Therapeutics reported a net loss of $10.0 million for Q1 2026, a slight improvement compared to a $10.6 million loss in Q1 2025. The company's cash position remains strong at $85.3 million, sufficient for operations…
Earnings analysis · 10-Q
ANTX earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
AN2 reported second-quarter EPS of -$0.18, while revenue, margins, and free cash flow were not disclosed in the provided filing extract. The six-month net loss widened to $18.2 million from $17.1 million, and previously…
Read full summary
AN2 reported second-quarter EPS of -$0.18, while revenue, margins, and free cash flow were not disclosed in the provided filing extract. The six-month net loss widened to $18.2 million from $17.1 million, and previously identified material weaknesses in financial reporting remained unresolved as of June 30, 2026. Liquidity totaled $79.9 million and is expected to fund operations for at least 12 months, but management acknowledges the need for substantial additional funding, creating dilution and execution risk.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.18
What stood out
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$79.9M Liquidity Balance
Cash, cash equivalents, and investments totaled $79.9 million as of June 30, 2026, primarily in money market funds and investment-grade fixed-income and government securities.
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Six-Month Loss Increased
The six-month net loss was $18.2 million versus $17.1 million in the comparable 2025 period, an unfavorable increase of $1.1 million, or approximately 6.4%.
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At Least 12 Months of Funding
Management states that existing cash, cash equivalents, and investments will fund operating expenses and capital expenditure requirements for at least the next 12 months.
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$80.0M ATM Capacity
The company retains an at-the-market facility permitting sales of up to $80.0 million of common stock, providing additional financing capacity if needed.
What to watch
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Material Weaknesses Persist
Disclosure controls and procedures were not effective as of June 30, 2026 because previously identified material weaknesses in financial reporting and IT general controls continue to exist. The deficiencies could result in misstatements affecting all financial statement accounts and disclosures.
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Future Capital Requirement
The company states that substantial additional funding will be required, despite $79.9 million of cash, cash equivalents, and investments at June 30, 2026. Failure to raise capital could delay, reduce, or terminate development programs.
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Dilution From Equity Financing
Potential dilution remains material: the company may sell up to $80.0 million of common stock under its ATM facility, while approximately 8.7 million pre-funded warrants remain outstanding and could result in additional shares.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management states that existing cash, cash equivalents, and investments are expected to fund operating expenses and capital expenditure requirements for at least the next 12 months; the report does not provide a longer-term numeric cash runway.
Earlier filings 4
10-K · March 17, 2026
AN2 is a pre-revenue, clinical‑stage small‑molecule company focused on boron chemistry; the 10‑K emphasizes pipeline expansion with multiple Phase 2 starts planned in 2026 and several near‑term data catalysts. The…
10-Q · August 12, 2025
AN2 reported a materially narrower quarterly loss as operating expenses fell sharply: net loss for Q2 2025 was $6.462 million (EPS $(0.21)) versus $14.435 million (EPS $(0.48)) in Q2 2024. Total operating expenses…
10-Q · May 13, 2025
AN2 reported a narrower net loss in Q1 2025 as operating spend declined materially; net loss was $10,649 (three months ended March 31, 2025) vs $16,617 in Q1 2024 and diluted loss per share improved to $(0.35) from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.