Diligence memo · auto-generated · as of July 2, 2026
AN2 Therapeutics, Inc.
AN2 Therapeutics, Inc. looks fair against its niche peers and is active on financing cadence.
Businessfiled
AN2 Therapeutics, Inc. operates in Pharmaceuticals, based in MENLO PARK.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
AN2 Therapeutics, Inc. has raised $40M in disclosed capital across 1 recorded round, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $40M on 2026-03-10.
Most recent recorded round closed around 2026-03-10.
Valuation (modeled)modeled
Provath models AN2 Therapeutics, Inc. at approximately $144M (range $84M–$186M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.29× the median modeled value of Series B Pharmaceuticals companies in 2025–2027 (17 peers) — value vs value, same stage and era. Within the normal band (129% of peer median) for its niche.
Financing rhythm & timingmixed
Last raise 4 mo ago; this sector typically re-raises about every 13 months.
Raising on or ahead of the sector's normal rhythm.
Comparablesmixed
Capital scale ranks ahead of 78% of Pharmaceuticals peers (1613 compared).
Modeled value ranks above 62% of those peers.
Closest niche peers: Phlow Corp., AlphaTON Capital Corp, Triton Therapeutics, Inc., Sensorium Therapeutics, Inc., Belhaven Biopharma Inc..
Peoplefiled
12 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.