AN2 Therapeutics, Inc.
ANTX evidence brief
What we can confirm
- BioSniper Score:
- 5.0 / 10
- Market Cap:
- $192.1M
- Lead Asset:
- an2-502998 (Phase 1)
What it means
What to watch
Prepared research question
What matters most for ANTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ANTX
AN2 Therapeutics, Inc. is a clinical-stage biotechnology company developing a pipeline of product candidates for infectious diseases and oncology, with no approved products and no clinical proof of concept yet established for any candidate.
Key risk: No clinical proof of concept
BioSniper Score
Based on 5 of 6 signals
Market Cap
$192.1M
Cash Runway
—
Lead Asset
an2-502998 (Phase 1)
Next Catalyst
Phase2_Topline · Dec 31, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 2 clinical trials · 1 catalyst for AN2 Therapeutics, Inc..
AN2 Therapeutics, Inc. is a clinical-stage biotechnology company developing a pipeline of product candidates for infectious diseases and oncology, with no approved products and no clinical proof of concept yet established for any candidate.
- Cash & equivalents of $44.3M as of 2026-06-30 [sec].
- Net income of -$8.2M for the six months ended June 30, 2026 [sec].
- Shareholders' equity of $75.9M as of 2026-06-30 [sec].
- Pipeline primarily composed of early-stage and mid-stage programs; clinical proof of concept not yet established for any product candidate [sec_mda · as of 2026-08-11].
- Phase 2 trial of leucyl-tRNA Synthetase (LeuRS) for Mycobacterium Abscessus initiated, with topline data planned for late 2027 [catalyst].
What works
- Cash & equivalents of $44.3M as of 2026-06-30 provide a near-term operating runway [sec].
- The company has a drug discovery platform and is advancing multiple programs, including an oncology compound with potential clinical proof of concept within current cash runway [sec_mda · as of 2025-08-12].
- Epetraborole is being studied for acute melioidosis, a highly lethal bacterial infection, with an observational trial providing critical data to inform future studies [sec_mda · as of 2025-08-12].
What to weigh
- Clinical proof of concept has not yet been established for any product candidate, and the pipeline is primarily early- to mid-stage [sec_mda · as of 2026-08-11].
- The company expects to incur losses over the next several years and may never achieve or maintain profitability [sec_mda · as of 2026-08-11].
- Substantial additional funding is required to meet financial needs and pursue business objectives; inability to raise capital could force delay, reduction, or cessation of programs [sec_mda · as of 2026-08-11].
- The company faces inherent risks of early-stage drug discovery, including challenges in translation from preclinical data to human studies [sec_mda · as of 2026-08-11].
From the filings
Quoted directly from source documents.
Clinical proof of concept not yet established
“clinical proof of concept has not yet been established for any of our product candidates”
SEC MD&A · August 11, 2026
Phase 2 topline data planned for late 2027
“Phase2_Topline: AN2 Therapeutics Initiates Phase 2 Trial Of leucyl-tRNA Synthetase (LeuRS) Mycobacterium Abscessus, With Topline Data Planned For Late 2027”
Catalysts
Catalyst timeline
- 2027-12-31 · Phase2_Topline — Topline data from the Phase 2 trial of leucyl-tRNA Synthetase (LeuRS) for Mycobacterium Abscessus are expected, which will be a key readout for the infectious disease pipeline.
Risks & what to watch (3)›
Key risks
- No clinical proof of concept — No product candidate has yet demonstrated clinical proof of concept; pipeline is early- to mid-stage [sec_mda · as of 2026-08-11].
- Substantial funding needed — Company requires substantial additional funding; inability to raise capital could force program delays or cessation [sec_mda · as of 2026-08-11].
- May never achieve profitability — Company expects to incur losses over several years and may never achieve or maintain profitability [sec_mda · as of 2026-08-11].
What to watch
- Phase 2 topline data for leucyl-tRNA Synthetase (LeuRS) in Mycobacterium Abscessus, planned for late 2027 [catalyst].
- Progress of the first oncology compound toward potential clinical proof of concept within current cash runway [sec_mda · as of 2025-08-12].
- Ability to secure additional funding to sustain operations and advance pipeline [sec_mda · as of 2026-08-11].
Sources: Catalysts · SEC MD&A · Generated October 1, 2026 · How we verify sources →
Run AN2 Therapeutics, Inc. through your own thesis
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.08 · 0% dilution
Lead: Phase 2/Phase 3
2 candidates
1 upcoming, next in ~443d
0 buys · 11 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
52
Total value held
$74.7M
| Holder | Shares | Value |
|---|---|---|
| vivo capital, llc | 3,153,640 | $10.8M |
| commodore capital lp | 2,333,713 | $8.0M |
| millennium management llc | 2,222,502 | $7.6M |
| spruce street capital lp | 1,661,073 | $5.6M |
| almitas capital llc | 1,479,129 | $5.1M |
| vanguard capital management llc | 1,011,078 | $3.5M |
| adage capital partners gp, l.l.c. | 1,000,000 | $3.4M |
| woodline partners lp | 993,671 | $3.4M |
| boxer capital management, llc | 749,035 | $2.6M |
| stonepine capital management, llc | 713,845 | $2.4M |
Showing top 10 of 52 institutional holders of AN2 Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 2.9%
- Days to cover
- 2.6
- Shares short
- 879,488
- Daily short volume (Oct 12, 2026)
- 63.6%
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ANTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for AN2 Therapeutics, Inc.?
AN2 Therapeutics, Inc. is a clinical-stage biotechnology company developing a pipeline of product candidates for infectious diseases and oncology, with no approved products and no clinical proof of concept yet established for any candidate.
What is AN2 Therapeutics, Inc.'s lead drug candidate?
AN2 Therapeutics, Inc.'s most advanced tracked candidate is an2-502998 (Phase 1) for Chagas disease.
What is AN2 Therapeutics, Inc.'s next catalyst?
AN2 Therapeutics, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase2_Topline: AN2 Therapeutics Initiates Phase 2 Trial Of leucyl-tRNA Synthetase (LeuRS) Mycobacterium Abscessus, With Topline Data Planned For Late 2027" — expected December 31, 2027.
Who is the CEO of AN2 Therapeutics, Inc.?
Mr. Eric E. Easom is the chief executive officer of AN2 Therapeutics, Inc. (ANTX).
Where is AN2 Therapeutics, Inc. headquartered?
AN2 Therapeutics, Inc. (ANTX) is headquartered in Menlo Park, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.