1. Executive Summary
- Company: AN2 Therapeutics Inc.
- Ticker: ANTX
- Industry: Clinical-stage Biopharmaceuticals – Rare Infectious Diseases
- Investment Rating: Hold
- Current Price: $1.19
- 12-Month Target Price: ~$1.70 (Range: $1.01 – $2.10)
2. Company Overview
- Founded: 2017
- Headquarters: Menlo Park, California, USA
- CEO: Eric Easom
- Business Model: Developing oral therapeutics for serious, chronic, and rare infectious diseases.
- Key Pipeline:
- Epetraborole: Oral antimicrobial in Phase 2/3 trials for non-tuberculous mycobacterial (NTM) lung disease
- AN2-502998 (AN15368): Preclinical-stage compound targeting Chagas disease
3. Financial Analysis
- FY2024 Results:
- Net Loss: $51.32 million
- EPS: –$1.72
- Operating Cash Flow: –$49.26 million
- Cash & Equivalents (as of Mar 31, 2025): $78.5 million
- Total Debt: ~$10.24 million (no long-term debt)
4. Stock Performance
- Current Price: $1.19
- 52-Week Range: $0.87 – $3.07
- Market Cap: ~$38.23 million
- Beta: 0.43 (low market correlation)
5. Valuation Analysis
- P/E Ratio: Not applicable (company is unprofitable)
- P/B Ratio: Not provided
- DCF: Not available
- Comparison: Not significantly covered, but trades well below historical IPO range
6. Industry & Market Analysis
- Trends: Rising demand for rare infectious disease treatments, especially for neglected and chronic pathogens.
- Market Share Outlook: No approved products yet, but epetraborole could open access to underserved NTM markets if approved.
- Macro Factors: Positive regulatory tailwinds from FDA for fast-track and orphan drug programs may aid progress.
7. Risk Analysis
- Clinical Risk: Any failure in Phase 2/3 trials could severely impact valuation.
- Financial Risk: No commercial revenue; company relies on capital raises or licensing to fund operations.
- Regulatory Risk: Delays or denials from FDA or international agencies may hurt commercial timelines.
- Geopolitical Risk: Chagas disease development faces regional access, trial site, and regulatory hurdles.
8. Growth Catalysts
- Pipeline Milestones:
- Epetraborole: Completion of pivotal Phase 2/3 study
- Advancement of AN15368 into clinical trials
- Expansion Potential:
- Broadening epetraborole indications
- Strategic collaborations for global market access
- M&A / Partnerships:
- No major deals yet, but partnerships could accelerate development or de-risk funding
9. Analyst Sentiment
- Consensus: 5 analysts currently covering the stock, with a general “Hold” rating.
- Target Price Range:
- Average: $1.70
- High: $2.10
- Low: $1.01 (Source)
- Recent News: On May 13, 2025, AN2 reported its Q1 2025 financials and clinical program updates, maintaining focus on epetraborole’s Phase 3 progress. (Investor Relations)
10. Conclusion
AN2 Therapeutics is an early-stage biotech firm targeting critical unmet needs in rare infectious diseases. While it has no commercial products yet, its strong cash position and low debt provide short-term stability. Success hinges on epetraborole’s clinical outcomes, and investors should monitor upcoming trial results and regulatory developments closely.
📌 Verdict: Suitable for high-risk, long-term biotech investors. Hold until stronger clinical data or partnership activity emerges.