ANTX — AN2 Therapeutics, Inc. Dilution Risk Tracker

AN2 Therapeutics, Inc. (ANTX) has a DilutionScore of 63/100, placing it in the High dilution risk tier. This score reflects at least one active dilution mechanism — a shelf registration, ATM program, outstanding warrants, or limited cash runway — that could materially increase the share count over the next 12–18 months. Score as of July 14, 2026, updated from SEC EDGAR data.

The most significant dilution vector for ANTX is its shelf registration capacity of $300.0M. A shelf registration (typically an S-3 filing) gives a company pre-approved access to raise capital quickly without a traditional roadshow. The registered amount represents the maximum that can be raised — not necessarily what will be raised — but active shelves combined with tight cash positions are the pattern DilutionWatch monitors most closely. ANTX has an active ATM (at-the-market) program with $80.0M remaining capacity. ATM programs allow companies to sell shares continuously into the open market through a broker-dealer — without announcing a secondary offering. This creates a silent but steady source of share dilution that shows up in quarterly share count increases rather than a discrete offering event.

DilutionWatch tracks over 25 SEC filing types for ANTX in real-time, scanning EDGAR every 60 seconds. The DilutionWatch screener shows real-time score changes for ANTX alongside comparable high-risk stocks. Not financial advice — this analysis is for informational purposes only.