AN2 Therapeutics, Inc.

ANTX

$5.95

+0.00%

N/A+$0.00

Healthcare

Biotechnology

NASDAQ

Active Trading

AN2 Therapeutics, Inc. is a biopharmaceutical company currently in its clinical development phase, specializing in the creation of treatments for uncommon, long-term, ...

Key Metrics of ANTX

Snapshot

Latest / TTM · 6 periods

Market Cap

$214.30M

ROCE

-51.0%

EV / EBITDA

-4.52x

+20.6% YoY

FCF Yield

-14.3%

+72.3% YoY

Cash Conversion Cycle

0.0d

Current Ratio

14.32

Quick take

TTM —

No major risk flags in selected headline metrics.

Key Metrics

Latest / TTM · 6 periods

Valuation trend

Valuation trend table

Metric	2021	2022	2023	2024	2025	TTM
Market CapTotal market value of all shares outstanding.	$288.60M	$146.19M	$483.56M	$41.16M	$34.45M	$214.30M
Enterprise ValueCompany value including debt and cash adjustments.	$276.50M	$119.02M	$467.92M	$19.81M	$14.50M	$169.98M
EV / SalesHow many dollars investors pay per dollar of sales.	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
EV / EBITDAValuation multiple versus operating earnings before non-cash charges.	-12.83x	-2.91x	95.43x	6.13x	-0.41x	-4.52x
Net Debt / EBITDALeverage ratio using net debt divided by EBITDA.	0.56	0.66	-3.19	-6.60	0.57	1.18

Market-based metrics start from the IPO on 3/25/2022; earlier periods had no public share price.

Returns + ROCE gauge

ROCE latest

-51.0%

Prev year -71.6%

Returns + ROCE gauge table

Metric	2021	2022	2023	2024	2025	TTM
ROEProfit generated from shareholders' equity.	-34.8%	-42.9%	-51.9%	-62.7%	-66.3%	-53.5%
ROAProfit generated from total assets.	-33.0%	-39.9%	-46.7%	-55.7%	-56.8%	-44.4%
ROICReturn generated on invested operating capital.	-38.0%	-44.8%	-67.1%	-67.5%	-68.7%	-50.5%
ROCEOperating return on long-term capital used.	-34.8%	-44.3%	-55.8%	-66.7%	-71.6%	-51.0%
Earnings YieldEarnings as a percentage of market value.	-7.5%	-28.0%	-13.4%	-124.7%	-102.1%	-13.6%

Cash flow quality

Cash flow quality table

Metric	2021	2022	2023	2024	2025	TTM
FCFFCash flow available to all capital providers.	$-20.48M	$-32.95M	$-53.29M	$-49.26M	$-29.83M	$-30.68M
FCFECash flow available to equity holders after debt flows.	$-20.48M	$-33.46M	$-53.29M	$-49.26M	$-29.83M	$-30.68M
FCF YieldFree cash flow divided by market capitalization.	-7.1%	-22.9%	-11.0%	-119.7%	-86.6%	-14.3%
Income QualityHow well accounting earnings are backed by cash flow.	0.95	0.82	0.82	0.96	0.85	0.85
Capex / OCFShare of operating cash flow spent on capital expenditures.	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Operating efficiency

Operating efficiency table

Metric	2021	2022	2023	2024	2025	TTM
DSOAverage days to collect cash from customers.	0.0d	0.0d	0.0d	0.0d	0.0d	0.0d
DIOAverage days inventory stays before being sold.	0.0d	0.0d	0.0d	0.0d	0.0d	0.0d
DPOAverage days the company takes to pay suppliers.	0.0d	10058.8d	0.0d	0.0d	0.0d	0.0d
Operating CycleTime from buying inventory to collecting receivables.	0.0d	0.0d	0.0d	0.0d	0.0d	0.0d
Cash Conversion CycleNet days cash is tied in operations.	0.0d	-10058.8d	0.0d	0.0d	0.0d	0.0d

Snapshot

Latest / TTM: —

Market Cap

$214.30M

ROE

-53.5%

FCF Yield

-14.3%

Current Ratio

14.32

Upstream

Undisclosed Small Molecule CDMO(s)DNDi (Drugs for Neglected Diseases initiative)Medical Technology Enterprise Consortium (MTEC)Boron Chemical & Specialty Reagent SuppliersClinical CRO(s) (preclinical & clinical trial services)

Downstream

Brii Biosciences LimitedHKEx:2137.HKGSK plcNYSE:GSKDNDi (Drugs for Neglected Diseases initiative)Bill & Melinda Gates FoundationJefferies LLCNYSE:JEFLeerink Partners

Proxies

Brii Biosciences LimitedHKEx:2137.HKAnacor Pharmaceuticals (acquired by Pfizer)UnconfirmedGSK plcNYSE:GSKRA Capital Management (private investment fund)Unconfirmed

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AN2 Therapeutics, Inc.

Key Metrics of ANTX

Key Metrics

Valuation trend

Returns + ROCE gauge

Cash flow quality

Operating efficiency

Snapshot

Supply Chain of ANTX

Upstream

Downstream

Proxies

Key Metrics of ANTX

Key Metrics

Valuation trend

Returns + ROCE gauge

Cash flow quality

Operating efficiency

Snapshot

Supply Chain of ANTX

Upstream

Downstream

Proxies