AN2 Therapeutics, Inc.
ANTX · Pharmaceutical Preparations · 36.0M shares · +124%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.43 · est. market cap ~$160M — last insider sale, 2026-05-29 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Clinical-stage company whose lead asset failed a pivotal Phase 3, now pivoting to an early-stage pipeline.
Strengths
- $60M cash with strong current ratio 6.9 (~69th pct) to fund the pipeline pivot
- Differentiated boron-chemistry platform with multiple new Phase 2 programs planned for 2026
Risks
- Phase 3 EBO-301 missed its primary endpoint (p=0.9822) and epetraborole MAC program was suspended
- Returns deeply negative (ROA -57%, ROE -66%); remaining pipeline is early and unproven, with material-weakness disclosure
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Material weakness• We have identified material weaknesses in our internal control over financial reporting
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, FMR LLC
- Chronic dilutionShare count +124%/yr over 3y (dilution, book value/share -95%)
- Notable holderHeld by 3 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, CITADEL ADVISORS LLC, STATE STREET CORP (as of 2026-03-31)
- Insider sellingInsider selling — 10 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, last 6mo) Form 4 ↗
Key metrics
Return on equity
-66.3%
Return on assets
-56.8%
Current ratio
6.9×
Tangible book value
$53M
Cash & investments
$60M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-29 | Williams Sarah Joanne | Sell | 265 | $4.43 |
| 2026-04-10 | Aziz Kabeer | Grant | 3.8K | — |
| 2026-04-10 | Marks Gilbert Lynn | Grant | 3.8K | — |
| 2026-04-10 | Martin Patricia A. | Grant | 1.2K | — |
| 2026-03-03 | Williams Sarah Joanne | Sell | 327 | $1.06 |
| 2026-02-20 | Eizen Joshua M | Grant | 50K | — |
| 2026-02-20 | Day Lucy | Grant | 38K | — |
| 2026-02-20 | Williams Sarah Joanne | Grant | 48K | — |
| 2026-02-20 | Easom Eric | Grant | 112K | — |
| 2026-02-20 | Chanda Sanjay | Grant | 38K | — |
| 2026-01-12 | Martin Patricia A. | Grant | 3.6K | — |
| 2026-01-12 | Aziz Kabeer | Grant | 12K | — |
| 2026-01-12 | Marks Gilbert Lynn | Grant | 12K | — |
| 2026-01-06 | Day Lucy | Sell | 5.5K | $1.01 |
| 2026-01-06 | Chanda Sanjay | Sell | 6.0K | $1.01 |
| 2026-01-06 | Prior Stephen David | Sell | 2.9K | $1.01 |
| 2026-01-06 | Eizen Joshua M | Sell | 6.9K | $1.01 |
| 2026-01-05 | Day Lucy | Sell | 3.3K | $1.00 |
| 2026-01-05 | Prior Stephen David | Sell | 3.6K | $1.00 |
| 2026-01-05 | Chanda Sanjay | Sell | 3.3K | $1.00 |
| 2026-01-05 | Eizen Joshua M | Sell | 18K | $1.00 |
| 2025-11-04 | Eizen Joshua M | Sell | 2.8K | $1.14 |
| 2025-11-04 | Prior Stephen David | Sell | 765 | $1.14 |
| 2025-10-10 | Aziz Kabeer | Grant | 10K | — |
| 2025-10-10 | Marks Gilbert Lynn | Grant | 10K | — |
| 2025-10-10 | Martin Patricia A. | Grant | 3.3K | — |
| 2025-07-10 | Aziz Kabeer | Grant | 12K | — |
| 2025-07-10 | Marks Gilbert Lynn | Grant | 12K | — |
| 2025-07-10 | Martin Patricia A. | Grant | 3.8K | — |
| 2025-06-02 | Easom Eric | Buy | 10K | $1.07 |
| 2025-05-30 | Leonard Braden Michael | Sell | 425K | $1.01 |
| 2025-05-30 | Leonard Braden Michael | Sell | 7.0K | $1.03 |
| 2025-05-28 | FitzPatrick Margaret M | Buy | 8.6K | $1.18 |
| 2025-05-28 | Leonard Braden Michael | Sell | 200K | $1.09 |
| 2025-05-28 | Leonard Braden Michael | Sell | 2.0M | $1.16 |
| 2025-05-28 | Leonard Braden Michael | Sell | 100K | $1.16 |
| 2025-04-10 | Aziz Kabeer | Grant | 9.7K | — |
| 2025-04-10 | Zakrzewski Joseph S | Grant | 11K | — |
| 2025-04-10 | Martin Patricia A. | Grant | 3.1K | — |
| 2025-04-10 | Marks Gilbert Lynn | Grant | 9.7K | — |
| 2025-02-26 | Chanda Sanjay | Grant | 50K | — |
| 2025-02-26 | Day Lucy | Grant | 46K | — |
| 2025-02-26 | Eizen Joshua M | Grant | 58K | — |
| 2025-02-26 | Easom Eric | Grant | 145K | — |
| 2025-02-26 | Prior Stephen David | Grant | 28K | — |
| 2025-01-03 | Day Lucy | Sell | 3.0K | $1.34 |
| 2025-01-03 | Chanda Sanjay | Sell | 3.0K | $1.34 |
| 2025-01-03 | Prior Stephen David | Sell | 2.0K | $1.34 |
| 2025-01-03 | Eizen Joshua M | Sell | 9.7K | $1.34 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07024589 ↗ | First-in-Human Trial of Oral AN2-502998 Healthy Volunteers | PHASE1 | Completed | 2026-03-14 |
| NCT05327803 ↗ | Study of Epetraborole in Patients With Treatment-refractory MAC Lung Disease MAC Lung Disease, Treatment Refractory MAC Lung Disease | PHASE2/PHASE3 | Terminated | 2024-12-18 |
| NCT06089668 ↗ | An Observational Study to Evaluate Clinical Characteristics of Adult Patients With Suspected or Confirmed Melioidosis Melioidosis | — | Completed | 2024-10-31 |
| NCT05995444 ↗ | A Study to Assess the Effects of Epetraborole on the QT Interval in Healthy Adult Subjects Healthy Volunteers | PHASE1 | Completed | 2023-07-26 |
| NCT05283746 ↗ | A Study of Epetraborole Tablets in Subjects With Degrees of Renal Function Renal Insufficiency | PHASE1 | Completed | 2022-06-10 |
| NCT04892641 ↗ | Phase 1 Study of Epetraborole Tablets Healthy Volunteers | PHASE1 | Completed | 2022-02-26 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Shareholder vote | filing ↗ |
| 2026-06-04 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-09 | OtherExhibits | filing ↗ |
| 2026-03-20 | Exec/director change | filing ↗ |
| 2026-03-17 | ResultsExhibits | filing ↗ |
| 2026-03-10 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-01-29 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-03 | 0001193125-26-262264 ↗ |
| 8-K | 2026-06-04 | 2026-06-04 | 0001193125-26-257430 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001193125-26-216755 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001193125-26-216752 ↗ |
| 8-K | 2026-04-09 | 2026-04-09 | 0001193125-26-149822 ↗ |
| 8-K | 2026-03-20 | 2026-03-19 | 0001193125-26-117765 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001193125-26-110681 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001193125-26-110693 ↗ |
| 8-K | 2026-03-10 | 2026-03-08 | 0001193125-26-099169 ↗ |
| 8-K | 2026-01-29 | 2026-01-26 | 0001193125-26-029540 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-277662 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001193125-25-277673 ↗ |