$ANTX

AN2 Therapeutics, Inc.

CIK:0001880438|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 6,019	$ 3,200	$ 12,762	$ 10,890
General and administrative	2,885	4,016	6,693	7,863
Total operating expenses	8,904	7,216	19,455	18,753
Loss from operations	(8,904)	(7,216)	(19,455)	(18,753)
Interest income	720	754	1,243	1,642
Other expense	(1)		(1)
Net loss attributable to common stockholders	$ (8,185)	$ (6,462)	$ (18,213)	$ (17,111)
Net loss per share attributable to common stockholders, basic	$ (0.18)	$ (0.21)	$ (0.46)	$ (0.57)
Net loss per share attributable to common stockholders, diluted	$ (0.18)	$ (0.21)	$ (0.46)	$ (0.57)
Weighted-average number of shares used in computing net loss per share, basic	44,760,766	30,172,328	39,439,881	30,113,321
Weighted-average number of shares used in computing net loss per share, diluted	44,760,766	30,172,328	39,439,881	30,113,321
Other comprehensive loss:
Unrealized loss on investments	$ (18)	$ (23)	$ (80)	$ (6)
Comprehensive loss	$ (8,203)	$ (6,485)	$ (18,293)	$ (17,117)

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows used in operating activities
Net Loss	$ (18,213)	$ (17,111)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,432	4,045
Net accretion of discount on investments	(175)	(742)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	452	(1,160)
Accounts payable	(1,403)	(1,204)
Accrued compensation	(1,323)	(477)
Accrued liabilities	(388)	(1,500)
Other current liabilities	(453)	(74)
Net cash used in operating activities	(19,071)	(18,223)
Cash flows from investing activities
Purchases of investments	(16,363)	(33,973)
Maturities of investments	20,993	49,000
Net cash provided by investing activities	4,630	15,027
Cash flows from financing activities
Proceeds from issuance of common stock in the 2026 Private Placement, net of placement agent fees and other offering costs	22,037
Proceeds from issuance of pre-funded warrants in the 2026 Private Placement, net of placement agent fees and other offering costs	15,471
Proceeds from issuance of common stock in the ATM Offerings, net of commissions and offering costs	1,441
Payment of deferred offering costs related to the ATM Offerings	(248)
Proceeds from issuance of common stock under the ESPP	39	38
Proceeds from exercise of stock options	78	27
Net cash provided by financing activities	38,818	65
Net increase (decrease) in cash and cash equivalents	24,377	(3,131)
Cash and cash equivalents at the beginning of the period	19,941	21,351
Cash and cash equivalents at the end of the period	44,318	$ 18,220
Supplemental disclosure of noncash financing items
2026 Private Placement Offering costs included in accounts payable and accrued liabilities	344
Deferred offering costs related to the ATM Offerings included in accounts payable and accrued liabilities	$ 86

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 44,318	$ 19,941
Short-term investments	34,069	38,060
Prepaid expenses and other current assets	1,604	1,936
Total current assets	79,991	59,937
Long-term investments	1,469	2,013
Other assets, long-term	216	0
Total assets	81,676	61,950
Current liabilities:
Accounts payable	1,967	3,021
Accrued compensation	1,095	2,418
Accrued liabilities	1,747	2,052
Other current liabilities	776	1,229
Total current liabilities	5,585	8,720
Other non-current liabilities	170	170
Total liabilities	5,755	8,890
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, $0.00001 par value; 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 36,308,669 and 27,413,171 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
Additional paid-in capital	335,107	293,953
Accumulated other comprehensive (loss) gain	(23)	57
Accumulated deficit	(259,163)	(240,950)
Total stockholders' equity	75,921	53,060
Total liabilities and stockholders' equity	$ 81,676	$ 61,950