Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data AN2 Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2022
FY2023
FY2024
FY2025
Research and development
16.2
28.5
54.9
40.5
24.8
General and administrative
4.67
12.8
14.8
14.1
13.3
Operating expenses
21.6
42.3
69.6
56.8
38.1
Operating income
-21.6
-42.3
-69.6
-56.8
-38.1
Interest income
4.86
5.47
2.93
Other non-operating income
-0.04
1.31
0.04
0
0
Income tax
0
0
0
0
0
Net income
-21.5
-41
-64.7
-51.3
-35.2
EPS, basic
-10.64
-2.79
-2.74
-1.72
-1.16
EPS, diluted
-10.64
-2.79
-2.74
-1.72
-1.16
Shares, basic (weighted)
2.64
15.3
23.6
29.8
30.2
Shares, diluted (weighted)
2.64
15.3
23.6
29.8
30.2
Balance sheet
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
12.1
27.2
15.6
21.4
19.9
Short-term investments
46.5
68.8
91.6
62.3
38.1
Other current assets
1.55
2.51
3.21
2.64
1.94
Total current assets
60.1
98.6
111
86.3
59.9
Long-term investments
3.49
3.22
27.2
5.02
2.01
Other non-current assets
0.72
1.04
0.8
0
Total assets
65.3
103
139
92.1
62
Accounts payable
1.06
2.12
2.68
3.32
3.02
Accrued liabilities
1.4
2.84
6.68
4.45
2.05
Total current liabilities
3.4
7.19
14
10.2
8.72
Other non-current liabilities
0
0.17
Total liabilities
3.41
7.19
14
10.2
8.89
Paid-in capital
185
279
288
294
Retained earnings
-47.4
-89.7
-154
-206
-241
Other comprehensive income
-0.03
-0.37
0.28
0.03
0.06
Shareholders' equity
-47.4
95.4
125
81.8
53.1
Total equity
-47.4
95.4
125
81.8
53.1
Total liabilities and equity
65.3
103
139
92.1
62
Shares outstanding
2.73
19.4
29.7
29.9
27.4
Cash flow statement
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-21.5
-41
-64.7
-51.3
-35.2
Stock-based compensation
0.97
4.39
8.41
8.34
6.25
Change in payables
0.42
2.5
0.55
0.64
-0.3
Cash from operations
-20.5
-33.5
-53.3
-49.3
-29.8
Purchases of investments
-77.3
-93.8
-132
-46.8
-46.2
Sales and maturities of investments
27.3
72.1
88.9
101
74.5
Cash from investing
-50
-21.8
-43.3
54.6
28.3
Stock issued
0.01
0.37
0.15
0.09
Cash from financing
78.5
70.4
85
0.37
0.11
Net change in cash
8.03
15.1
-11.6
5.7
-1.41
Income taxes paid
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.88 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-47.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-44.4%
Net income / average total assets.
Return on invested capital (ROIC)
-97.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-35.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-17.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-32.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-15.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
1.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
25.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
14.3x
Current assets / current liabilities.
Quick ratio
14.0x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
14.0x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$0.69
Cash from operations / diluted weighted shares.
Book value per share
$2.09
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.43x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.43x
Market cap / tangible book value, when positive.
Earnings yield
-19.7%
Net income / market cap (the inverse of P/E).
Was AN2 Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $35.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.