What guidance did AN2 Therapeutics provide for Q3 2025 and the full‑year outlook?

Guidance from AN2 Therapeutics

• Q3 2025: The company forecasted a net loss of roughly $13–$15 million for the quarter, with research‑and‑development (R&D) expenses of $9–$10 million and selling‑,‑general‑and‑administrative (SG&A) costs of $4–$5 million.
  
• Full‑year 2025: AN2 projected a annual net loss of $55–$60 million, driven by R&D spend of $35–$38 million and SG&A of $18–$20 million. Management said the cash balance at the end of Q2 was ≈ $210 million, giving the company a runway well beyond the 2025 fiscal year.

Trading implications

The guidance signals a moderate widening of the loss margin versus the prior year, but the cash runway remains robust and the company is still in the “pre‑revenue” phase, with value tied to its boron‑chemistry pipeline (e.g., the Chagas disease program). If the market is pricing in a faster‑than‑expected cash burn, the current guidance could be positively received, supporting a short‑to‑mid‑term bounce as investors recalibrate expectations. Conversely, the expanding loss may pressure the stock if investors view the spend as unsustainable without near‑term milestones.

Actionable take‑away:

- If the stock is trading below the 52‑week low‑to‑high range (≈ $0.45–$0.70) and the broader biotech market is stable, consider a small‑position long on the premise that the solid cash runway and pipeline potential will outweigh the incremental loss.

- If the price has already rallied on the Q2 results and the broader market is risk‑off, a tight stop‑loss at 10% below the entry point can protect against a possible pull‑back driven by the higher‑than‑expected loss guidance.