AN2 Therapeutics Inc (ANTX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of AN2 Therapeutics Inc $1.15, price $4.83, upside -76.2%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
54‑month range $0.9800 – $22.29 · fair‑value band $0.7565 – $1.44 · the $4.83 price screens above the $1.15 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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AN2 Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics.
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AN2 Therapeutics, Inc., a biopharmaceutical company, focuses on discovering and developing novel small molecule therapeutics. 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 $4.83, while our model-based Fair Value estimate is $1.15, implying the stock looks roughly 320.7% overvalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.
Scenario range: $0.7565 (bear) to $1.44 (bull), the price of $4.83 sits above 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 46/100 (below-average 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 $216M · EPS (TTM) $−1.05 · Return on equity −50.1% · Return on assets (EBIT) −49.0% · Free cash flow −$29.8M · Net cash $19.9M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 25 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 369% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −76%, ANTX screens richer than that median.
Fair Value models
Bear $0.7565Fair Value $1.15Bull $1.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
Price, fair value, quality and upside side by side.
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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 · 649 stocks
Beats the industry median on 3/6 measures
A mixed picture versus its industry peers.
Valuation
Quality Score50 · Above median
Fair Value upside−76% · Bottom 25%
Profitability
Return on assets−31% · Bottom 25%
Operating margin (TTM)0% · Above median
Growth and dividend
Revenue growth0% · Above median
Valuation Multiplesvs Biotechnology median · lower = cheaper
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Is AN2 Therapeutics Inc (ANTX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $1.15 versus a price of $4.83, about −76% upside (overvalued).
What is the fair value of ANTX?
Our model-based fair value for AN2 Therapeutics Inc is $1.15 (as of Sep 24, 2026), built from audited fundamentals. The current price: $4.83.
What is the quality score of ANTX?
AN2 Therapeutics Inc has a Quality Score of 46/100. 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 $1.15 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario $0.7565, optimistic scenario $1.44. 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 $1.15, about −76% upside versus a price of $4.83 (overvalued). Cautious scenario $0.7565, optimistic scenario $1.44. 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 $1.15 per share (as of Sep 24, 2026), against a price of $4.83. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is AN2 Therapeutics Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ANTX trades above its calculated fair value: price $4.83, fair value $1.15, a gap of about −76% (overvalued). 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 ($4.83); the fair value is what the company's own numbers justify ($1.15). For AN2 Therapeutics Inc the two are $3.68 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 $216M (market capitalisation, as of Sep 24, 2026). Per share that is $4.83; our models calculate a fair value of $1.15 per share.
What do the bullish and bearish scenarios say about ANTX?
Our models span a range for AN2 Therapeutics Inc: cautious scenario $0.7565, base $1.15, optimistic $1.44 per share (as of Sep 24, 2026, price $4.83). 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 Sep 24, 2026): return on equity −50.1%. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is ANTX from its 52-week high?
AN2 Therapeutics Inc trades at $4.83, about 23% below its 52-week high of $6.28 and 369% above the low of $1.03 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $1.15 is for.
Which stocks are comparable to AN2 Therapeutics Inc?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, 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 Sep 24, 2026: price $4.83, calculated fair value $1.15 (−76%), Quality Score 46/100, from 1 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 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.15, 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 13.0 % above its aggregate fair value. AN2 Therapeutics Inc itself currently trades above fair value. 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 Sep 23, 2026 was $4.83. Our model-based fair value is $1.15, about −76% upside (overvalued). 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 sits above even our optimistic bull case ($1.44). The favourable scenario is already priced in. 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 but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.7565 to $1.44) leaves room in how you read the outcome.
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 $216M. 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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Thin data
Sep 24, 2026