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AN2 Therapeutics Inc (ANTX) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of AN2 Therapeutics Inc stock $5.64, price $4.00, upside +40.9%, quality 50 out of 100. Rating: undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare US

AT AN2 Therapeutics Inc logo Thin data Nov 6, 2026

AN2 Therapeutics Inc

ANTX · US
Meets all rules

The stock costs 29% less than our calculation considers fair.

Fair value $5.64 · Undervalued
Even on cautious assumptions the value is 8% above the price ($4.34).
Quality 50/100
Mixed vs. peers (4/7)
Insiders bought $11,602 (6M) · sold $356,172
Negative free cash flow
Narrow moat 5/100 · thin data
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$22.29 $0.9800 Fair Value $5.64 Mar 2022 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

55‑month range $0.9800 – $22.29 · fair‑value band $4.34 – $6.93 · the $4.00 price screens below the $5.64 fair value. As of Nov 6, 2026.

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Company profile

AN2 Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics.

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The company's initial candidate includes epetraborole, which is phase 3 clinical trial as a once-daily oral treatment for patients with non-tuberculous mycobacterial lung disease, as well as studying for the treatment of acute melioidosis.

It also develops AN2-502998 (AN15368), an investigational, boron-based small molecule in development for the treatment of chronic Chagas disease that is in preclinical trials; and has various research programs targeting the development of novel compounds in oncology and infectious disease based on its boron chemistry platform.

It has a license agreement with Anacor Pharmaceuticals, Inc. to use, develop, manufacture, commercialize compounds and products, including epetraborole for the treatment, diagnosis, or prevention of various human diseases; and Brii Biosciences Limited to research, develop, manufacture, and commercialize compounds and products comprising epetraborole in China, Hong Kong, Taiwan, and Macau for the diagnosis, treatment, and prevention of human diseases; and GSK plc for the development of new therapies for TB. AN2 Therapeutics, Inc. was incorporated in 2017 and is headquartered in Menlo Park, California.

Stock analysis

AN2 Therapeutics Inc (ANTX) currently trades at $4.00, while our model-based Fair Value estimate is $5.64, implying the stock looks roughly 29% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $4.34 (bear) to $6.93 (bull), the price of $4.00 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (solid quality), in the Healthcare sector.

AN2 Therapeutics Inc reported revenue of $0 in FY2025 versus $0 in FY2021. Reported net income was −$35.2M in FY2025.

Key figures

Market cap $179M Micro · EPS (TTM) $−1.05 · Return on equity −50.1% · Return on assets (EBIT) −49.0% (5-year average) · Free cash flow −$29.8M · Net cash $19.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 5 out of 100 (low confidence).

What moves the price

The share trades about 36% below its 52-week high and 288% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 41%, ANTX screens cheaper than that median.

Fair Value models

Bear $4.34 Fair Value $5.64 Bull $6.93
Price $4.00 · Upside +40.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA $5.10 $6.63 $8.15 64
NCAV (Graham) $0.8900 $1.35 $1.69 52
All 2 models by family
Multiples
EV/EBITDA $5.10 $6.63 $8.15 64
Asset-Based
NCAV (Graham) $0.8900 $1.35 $1.69 52

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 50/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 62
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 45
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 78
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director bought shares worth $11,602, on Sep 1, 2026. Over the same period, 3 people sold shares worth $356,172.

  • SaleJoshua M EizenOfficer3× since Jan 5, 2026: 33,625 shares, avg. $1.83$61,640Nov 5, 2026
  • SaleRobin Shane ReadnourDirector3× since Aug 17, 2026: 52,629 shares, avg. $6.02$316,778Sep 9, 202610b5-1 plan
  • SaleSarah Joanne WilliamsPrincipal Accounting Officer3× since Mar 3, 2026: 864 shares, avg. $3.50$3,025Sep 1, 2026
  • BuyMargaret M FitzPatrickDirector2,098 shares at $5.53$11,602Sep 1, 2026
  • SaleSanjay ChandaChief Development Officer9,251 shares at $1.01$9,311Jan 6, 2026
  • SaleStephen David PriorChief Strategy Officer6,462 shares at $1.00$6,491Jan 6, 2026
  • SaleLucy DayChief Financial Officer8,807 shares at $1.01$8,862Jan 6, 2026

Plus 8 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare AN2 Therapeutics Inc with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 558 stocks

Beats the industry median on 4/6 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 50 · Above median
Fair Value upside +40.9% · Top 25%
Profitability
Return on assets −56.8% · Bottom 25%
Operating margin (12 months) 0.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 3.37× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)88 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)0 · sector 22

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Incyte Corporation INCY $119.65 $199.23 +67% vs ANTX
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs ANTX
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs ANTX
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs ANTX
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs ANTX
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs ANTX
argenx SE ARGX $927.21 $908.40 −2% vs ANTX
CSL Limited CSL A$200.77 A$183.04 −9% vs ANTX
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs ANTX
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs ANTX

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AN2 Therapeutics Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "AN2 Therapeutics Inc Fair Value". https://www.fairvalue-calculator.com/stock/ANTX

Frequently asked questions

Is AN2 Therapeutics Inc (ANTX) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $5.64 versus a price of $4.00, about +41% upside (undervalued).
What is the fair value of ANTX?
Our model-based fair value for AN2 Therapeutics Inc is $5.64 (as of Nov 6, 2026), built from audited fundamentals. The current price: $4.00.
What is the quality score of ANTX?
AN2 Therapeutics Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for AN2 Therapeutics Inc (ANTX)?
Our model-based price target is the fair value of $5.64 (as of Nov 6, 2026) from 2 valuation models. Cautious scenario $4.34, optimistic scenario $6.93. It is a calculation from audited fundamentals, not an analyst target.
What is the AN2 Therapeutics Inc stock forecast for 2026?
Our models put fair value at $5.64, about +41% upside versus a price of $4.00 (undervalued). Cautious scenario $4.34, optimistic scenario $6.93. The calculation is refreshed regularly with new filings.
What is the intrinsic value of AN2 Therapeutics Inc (ANTX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For AN2 Therapeutics Inc it is $5.64 per share (as of Nov 6, 2026), against a price of $4.00. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is AN2 Therapeutics Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ANTX trades below its calculated fair value: price $4.00, fair value $5.64, a gap of about +41% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ANTX?
No. The price is what the market pays today ($4.00); the fair value is what the company's own numbers justify ($5.64). For AN2 Therapeutics Inc the two are $1.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is AN2 Therapeutics Inc worth?
The market values AN2 Therapeutics Inc at about $179M (market capitalisation, as of Nov 6, 2026). Per share that is $4.00; our models calculate a fair value of $5.64 per share.
What do the bullish and bearish scenarios say about ANTX?
Our models span a range for AN2 Therapeutics Inc: cautious scenario $4.34, base $5.64, optimistic $6.93 per share (as of Nov 6, 2026, price $4.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of AN2 Therapeutics Inc (ANTX)?
Balance-sheet figures for AN2 Therapeutics Inc (as of Nov 6, 2026): return on equity −50.1%. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is ANTX from its 52-week high?
AN2 Therapeutics Inc trades at $4.00, about 36% below its 52-week high of $6.28 and 288% above the low of $1.03 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $5.64 is for.
Which stocks are comparable to AN2 Therapeutics Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is AN2 Therapeutics Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $4.00, calculated fair value $5.64 (+41%), Quality Score 50/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ANTX calculated?
We run AN2 Therapeutics Inc through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of $5.64 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. AN2 Therapeutics Inc currently trades 29% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of AN2 Therapeutics Inc (ANTX)?
The closing price on Nov 6, 2026 was $4.00. Our model-based fair value is $5.64, about +41% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with AN2 Therapeutics Inc right now?
The price is below even our cautious bear case ($4.34). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of AN2 Therapeutics Inc

How large is the market capitalisation of AN2 Therapeutics Inc (ANTX)?
The market capitalisation of AN2 Therapeutics Inc is $179M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of AN2 Therapeutics Inc (ANTX)?
Earnings per share at AN2 Therapeutics Inc are $−1.05. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of AN2 Therapeutics Inc (ANTX)?
The return on equity (ROE) of AN2 Therapeutics Inc is −50.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of AN2 Therapeutics Inc (ANTX)?
On an EBIT basis the return on assets of AN2 Therapeutics Inc is −49.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does AN2 Therapeutics Inc (ANTX) generate?
The free cash flow of AN2 Therapeutics Inc is −$29.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does AN2 Therapeutics Inc (ANTX) hold?
AN2 Therapeutics Inc holds more cash than debt, $19.9M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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