AN2 Therapeutics, Inc. (ANTX) Balance Sheet
ANTX balance sheet, 2025
December 31, 2025 · U.S. dollars$62.0M assets = $8.9M liabilities + $53.1M equity
Both columns are drawn to the same scale: what ANTX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ANTX financial health
Descriptive bands, not a rating. Fiscal 2025.
ANTX balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.7M2019 | $62.0M2025 | +48.8%/yr | |
| Total liabilities | $887,0002019 | $8.9M2025 | +46.8%/yr | |
| Shareholders’ equity | $4.8M2019 | $53.1M2025 | +49.2%/yr | |
| Cash & short-term investments | $5.6M2019 | $58.0M2025 | +47.7%/yr | |
| Total debt | $728,0002019 | $53,0002022 | −58.2%/yr | |
| Net cash (debt) | $4.9M2019 | $96.0M2022 | +$91.1M | |
| Working capital | $5.5M2019 | $51.2M2025 | +$45.7M | |
| Book value per share | $0.262019 | $1.762025 | +37.8%/yr | |
| Current ratio | 35.852019 | 6.872025 | −28.98 | |
| Debt / equity | 0.152019 | 0.002022 | −0.15 | |
| Shares outstanding | 18.7M2019 | 30.2M2025 | +8.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ANTX assets
ANTX liabilities and equity
ANTX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ANTX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $58.0M | $83.6M | $107.3M | $96.1M | $58.6M | $4.1M | $5.6M |
| Cash & equivalents | $19.9M | $21.4M | $15.6M | $27.2M | $12.1M | $4.1M | $5.6M |
| Short-term investments | $38.1M | $62.3M | $91.6M | $68.8M | $46.5M | $0 | — |
| Receivables | $900,000 | $300,000 | $1.4M | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.0M | $2.3M | $1.8M | $2.6M | $1.6M | $164,000 | $102,000 |
| Total current assets | $59.9M | $86.3M | $110.5M | $98.6M | $60.1M | $4.2M | $5.7M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $53,000 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.0M | $5.0M | $27.2M | $3.2M | $3.5M | $0 | $0 |
| Other non-current assets | $0 | $804,000 | $1.0M | $667,000 | $1.7M | $0 | $0 |
| Total assets | $62.0M | $92.1M | $138.7M | $102.6M | $65.3M | $4.2M | $5.7M |
| Liabilities | |||||||
| Accounts payable | $3.0M | $3.3M | $2.7M | $2.1M | $1.1M | $132,000 | $51,000 |
| Short-term debt | — | — | — | $53,000 | — | — | — |
| Total current liabilities | $8.7M | $10.2M | $14.0M | $7.2M | $3.4M | $1.5M | $159,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | $0 | $53,000 | $0 | — | — |
| Other long-term liabilities | $170,000 | $0 | $0 | $2,000 | $13,000 | $24,000 | $728,000 |
| Total liabilities | $8.9M | $10.2M | $14.0M | $7.2M | $3.4M | $1.5M | $887,000 |
| Shareholders' equity | |||||||
| Retained earnings (deficit) | −$240.9M | −$205.8M | −$154.5M | −$89.7M | −$47.4M | −$20.3M | −$5.8M |
| Accumulated other comprehensive income | $57,000 | $31,000 | $275,000 | −$374,000 | −$27,000 | — | — |
| Total shareholders' equity | $53.1M | $81.8M | $124.7M | $95.4M | $61.9M | $2.8M | $4.8M |
| Key figures | |||||||
| Total debt | — | — | — | $53,000 | — | — | $728,000 |
| Net cash (debt) | — | — | — | $96.0M | — | — | $4.9M |
| Working capital | $51.2M | $76.0M | $96.5M | $91.4M | $56.7M | $2.8M | $5.5M |
| Tangible book value | $53.1M | $81.8M | $124.7M | $95.4M | $61.9M | $2.8M | $4.8M |
| Book value per share | $1.76 | $2.74 | $5.28 | $6.22 | $3.30 | $0.15 | $0.26 |
| Shares outstanding | 30.2M | 29.8M | 23.6M | 15.3M | 18.7M | 18.7M | 18.7M |
| Current ratio | 6.87 | 8.43 | 7.87 | 13.72 | 17.70 | 2.90 | 35.85 |
| Quick ratio | 6.75 | 8.20 | 7.74 | 13.37 | 17.25 | 2.79 | 35.21 |
| Debt / equity | — | — | — | 0.00 | — | — | 0.15 |
| Equity / assets | 85.6% | 88.9% | 89.9% | 93.0% | 94.8% | 65.0% | 84.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $78.4M | $85.3M | $58.0M | $61.9M | $62.9M | $67.1M | $83.6M | $93.4M | $104.5M | $114.2M | $107.3M | $123.8M |
| Cash & equivalents | $44.3M | $53.5M | $19.9M | $18.0M | $18.2M | $20.0M | $21.4M | $33.5M | $26.8M | $24.7M | $15.6M | $32.6M |
| Short-term investments | $34.1M | $31.8M | $38.1M | $43.9M | $44.7M | $47.1M | $62.3M | $59.9M | $77.8M | $89.5M | $91.6M | $91.2M |
| Receivables | $300,000 | $300,000 | $900,000 | $400,000 | $2.7M | $300,000 | $300,000 | $1.0M | $300,000 | $500,000 | $1.4M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $1.3M | $1.9M | $1.0M | $1.7M | $1.9M | $2.2M | $2.3M | $3.3M | $2.6M | $1.6M | $1.8M | $2.6M |
| Total current assets | $80.0M | $87.5M | $59.9M | $64.0M | $67.5M | $69.6M | $86.3M | $97.7M | $107.4M | $116.3M | $110.5M | $126.4M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.5M | $0 | $2.0M | $3.2M | $8.3M | $11.5M | $5.0M | $0 | $0 | $3.9M | $27.2M | $26.4M |
| Other non-current assets | $216,000 | $0 | $0 | $0 | $0 | $304,000 | $804,000 | $0 | $1.0M | $1.0M | $1.0M | $1.0M |
| Total assets | $81.7M | $87.5M | $62.0M | $67.2M | $75.8M | $81.3M | $92.1M | $97.7M | $108.5M | $121.3M | $138.7M | $153.8M |
| Liabilities | ||||||||||||
| Accounts payable | $2.0M | $2.6M | $3.0M | $2.2M | $2.1M | $3.1M | $3.3M | $1.7M | $1.9M | $2.4M | $2.7M | $4.9M |
| Total current liabilities | $5.6M | $5.6M | $8.7M | $6.9M | $2.1M | $8.0M | $10.2M | $10.0M | $10.1M | $10.7M | $14.0M | $14.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | $0 | $0 |
| Other long-term liabilities | $170,000 | $170,000 | $170,000 | $4.6M | $4.9M | $0 | $0 | $0 | $8.2M | $8.2M | $0 | $0 |
| Total liabilities | $5.8M | $5.7M | $8.9M | $6.9M | $7.0M | $8.0M | $10.2M | $10.0M | $10.1M | $10.7M | $14.0M | $14.8M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | −$259.2M | −$251.0M | −$240.9M | −$232.2M | −$222.9M | −$216.4M | −$205.8M | −$198.3M | −$185.5M | −$171.1M | −$154.5M | −$137.6M |
| Accumulated other comprehensive income | −$23,000 | −$5,000 | $57,000 | $64,000 | $25,000 | $48,000 | $31,000 | $112,000 | −$27,000 | $53,000 | $275,000 | −$122,000 |
| Total shareholders' equity | $75.9M | $81.8M | $53.1M | $60.4M | $68.8M | $73.3M | $81.8M | $87.7M | $98.4M | $110.6M | $124.7M | $139.0M |
| Key figures | ||||||||||||
| Working capital | $74.4M | $81.9M | $51.2M | $57.2M | $65.4M | $61.5M | $76.0M | $87.7M | $97.3M | $105.7M | $96.5M | $111.6M |
| Tangible book value | $75.9M | $81.8M | $53.1M | $60.4M | $68.8M | $73.3M | $81.8M | $87.7M | $98.4M | $110.6M | $124.7M | $139.0M |
| Book value per share | $1.70 | $2.40 | $1.76 | $1.99 | $2.28 | $2.44 | $2.74 | $2.94 | $3.30 | $3.72 | $4.19 | $5.42 |
| Shares outstanding | 44.8M | 34.1M | 30.2M | 30.3M | 30.2M | 30.1M | 29.9M | 29.8M | 29.8M | 29.8M | 29.7M | 25.6M |
| Current ratio | 14.32 | 15.73 | 6.87 | 9.33 | 31.96 | 8.68 | 8.43 | 9.75 | 10.61 | 10.91 | 7.87 | 8.52 |
| Quick ratio | 14.09 | 15.39 | 6.75 | 9.09 | 31.05 | 8.41 | 8.20 | 9.43 | 10.35 | 10.76 | 7.74 | 8.34 |
| Equity / assets | 93.0% | 93.4% | 85.6% | 89.8% | 90.8% | 90.1% | 88.9% | 89.7% | 90.7% | 91.2% | 89.9% | 90.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 17, 2026); data from EODHD.
ANTX financial position
At the end of fiscal 2025 (December 31, 2025), AN2 Therapeutics had total assets of $62.0 million (down 32.7% from a year earlier), total liabilities of $8.9 million and shareholders' equity of $53.1 million. Its current ratio was 6.87. In the latest quarter (ended June 30, 2026) total assets were $81.7 million and equity $75.9 million.
Related: ANTX income statement, ANTX cash flow statement, ANTX key metrics. See the ANTX stock overview for the latest quote and news.
ANTX balance sheet FAQ
What are AN2 Therapeutics's total assets?
AN2 Therapeutics reported total assets of $62.0 million at the end of fiscal 2025 (December 31, 2025), compared with $92.1 million a year earlier.
How much cash does AN2 Therapeutics have?
AN2 Therapeutics held $58.0 million in cash and short-term investments at the end of fiscal 2025.
What is AN2 Therapeutics's book value?
AN2 Therapeutics's shareholders' equity (book value) was $53.1 million at the end of fiscal 2025, or $1.76 per share.
What is AN2 Therapeutics's current ratio?
AN2 Therapeutics had current assets of $59.9 million and current liabilities of $8.7 million, a current ratio of 6.87 (it can cover its short-term obligations).