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Anthem (ANTX) Financials

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$4.90 +0.10 (+2.13%)
As of 11:41 AM Eastern
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Annual Income Statements for Anthem

Annual Income Statements for Anthem

This table shows Anthem's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -28 -43 -64 -52 -35
Consolidated Net Income / (Loss)		 -22 -41 -65 -51 -35
Net Income / (Loss) Continuing Operations		 -22 -41 -65 -51 -35
Total Pre-Tax Income 		-22 -42 -65 -51 -35
Total Operating Income		 -22 -42 -70 -57 -38
Total Gross Profit		 0.00 0.00 0.00 0.00 0.00
Total Revenue		 0.00 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 22 42 70 57 38
Selling, General & Admin Expense		 4.67 13 15 14 13
Research & Development Expense		 17 30 55 40 25
Restructuring Charge		 - - 0.00 2.23 0.00
Total Other Income / (Expense), net		 0.03 0.00 4.90 5.47 2.94
Interest & Investment Income		 0.07 - 4.86 5.47 2.93
Other Income / (Expense), net		 -0.04 - 0.04 0.00 0.00
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - -0.65 0.24 -0.03
Basic Earnings per Share		 ($10.64) ($2.79) ($2.74) ($1.72) ($1.16)
Weighted Average Basic Shares Outstanding		 2.64M 15.34M 23.60M 29.83M 30.22M
Diluted Earnings per Share		 ($10.64) ($2.79) ($2.74) ($1.72) ($1.16)
Weighted Average Diluted Shares Outstanding		 2.64M 15.34M 23.60M 29.83M 30.22M
Weighted Average Basic & Diluted Shares Outstanding		 - 19.40M 29.77M 30.10M 35.94M

Quarterly Income Statements for Anthem

This table shows Anthem's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -17 -16 -17 -15 -13 -7.60 -11 -6.49 -9.31 -8.72 -10
Consolidated Net Income / (Loss)		 -17 -17 -17 -14 -13 -7.52 -11 -6.46 -9.35 -8.71 -10
Net Income / (Loss) Continuing Operations		 -17 -17 -17 -14 -13 -7.52 -11 -6.46 -9.35 -8.71 -10
Total Pre-Tax Income 		-17 -16 -17 -14 -13 -7.52 -11 -6.46 -9.35 -8.71 -10
Total Operating Income		 -18 -19 -18 -16 -14 -8.60 -12 -7.22 -10 -9.32 -11
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 18 19 18 16 14 8.60 12 7.22 10 9.32 11
Selling, General & Admin Expense		 3.75 3.90 3.64 3.73 3.48 3.21 3.85 4.02 3.04 2.44 3.81
Research & Development Expense		 14 15 15 12 8.29 5.40 7.69 3.20 7.00 6.88 6.74
Total Other Income / (Expense), net		 1.47 2.71 1.68 1.45 1.27 1.08 0.89 0.75 0.69 0.61 0.52
Interest & Investment Income		 - - 1.68 1.45 1.27 1.08 0.89 0.75 0.69 0.61 0.52
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)		 - - 0.22 0.08 -0.14 0.08 -0.02 0.02 -0.04 0.01 0.06
Basic Earnings per Share		 ($0.65) ($0.49) ($0.56) ($0.48) ($0.43) ($0.25) ($0.35) ($0.21) ($0.31) ($0.29) ($0.29)
Weighted Average Basic Shares Outstanding		 25.65M 23.60M 29.76M 29.82M 29.84M 29.83M 30.05M 30.17M 30.28M 30.22M 34.06M
Diluted Earnings per Share		 ($0.65) ($0.49) ($0.56) ($0.48) ($0.43) ($0.25) ($0.35) ($0.21) ($0.31) ($0.29) ($0.29)
Weighted Average Diluted Shares Outstanding		 25.65M 23.60M 29.76M 29.82M 29.84M 29.83M 30.05M 30.17M 30.28M 30.22M 34.06M
Weighted Average Basic & Diluted Shares Outstanding		 29.74M 29.77M 29.83M 29.84M 29.88M 30.10M 30.18M 27.33M 27.40M 35.94M 36.02M

Annual Cash Flow Statements for Anthem

This table details how cash moves in and out of Anthem's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 8.03 15 -12 5.70 -1.41
Net Cash From Operating Activities		 -20 -33 -53 -49 -30
Net Cash From Continuing Operating Activities		 -20 -33 -53 -49 -30
Net Income / (Loss) Continuing Operations		 -22 -41 -65 -51 -35
Consolidated Net Income / (Loss)		 -22 -41 -65 -51 -35
Amortization Expense		 0.05 -0.69 -2.86 -3.28 -1.07
Non-Cash Adjustments To Reconcile Net Income		 0.97 4.39 8.47 8.34 6.25
Changes in Operating Assets and Liabilities, net		 0.03 3.80 5.83 -3.00 0.16
Net Cash From Investing Activities		 -50 -22 -43 55 28
Net Cash From Continuing Investing Activities		 -50 -22 -43 55 28
Purchase of Investments		 -77 -94 -132 -47 -46
Sale and/or Maturity of Investments		 27 72 89 101 75
Net Cash From Financing Activities		 79 70 85 0.37 0.11
Net Cash From Continuing Financing Activities		 79 70 85 0.37 0.11
Issuance of Common Equity		 0.00 70 85 0.15 0.09
Other Financing Activities, net		 0.01 0.00 0.10 0.23 0.03

Quarterly Cash Flow Statements for Anthem

This table details how cash moves in and out of Anthem's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -8.20 -17 9.05 2.08 6.74 -12 -1.37 -1.77 -0.22 1.94 34
Net Cash From Operating Activities		 -12 -17 -18 -14 -12 -5.27 -11 -7.60 -6.38 -5.24 -12
Net Cash From Continuing Operating Activities		 -12 -17 -18 -14 -12 -5.27 -11 -7.60 -6.38 -5.24 -12
Net Income / (Loss) Continuing Operations		 -17 -17 -17 -14 -13 -7.52 -11 -6.46 -9.35 -8.71 -10
Consolidated Net Income / (Loss)		 -17 -17 -17 -14 -13 -7.52 -11 -6.46 -9.35 -8.71 -10
Amortization Expense		 -0.65 -1.31 -1.09 -0.89 -0.73 -0.57 -0.44 -0.30 -0.21 -0.12 -0.08
Non-Cash Adjustments To Reconcile Net Income		 2.13 2.29 2.39 2.27 1.90 1.78 2.05 2.00 0.80 1.40 1.46
Changes in Operating Assets and Liabilities, net		 3.43 -1.15 -2.27 -1.33 -0.43 1.04 -1.58 -2.84 2.39 2.19 -3.42
Net Cash From Investing Activities		 -62 0.42 26 16 19 -6.88 9.19 5.83 6.11 7.17 8.29
Net Cash From Continuing Investing Activities		 -62 0.42 26 16 19 -6.88 9.19 5.83 6.11 7.17 8.29
Purchase of Investments		 -85 -20 0.00 -13 -9.78 -24 -22 -12 -3.89 -8.33 -2.70
Sale and/or Maturity of Investments		 23 20 26 29 29 18 32 18 10 16 11
Net Cash From Financing Activities		 66 -0.32 0.35 - 0.02 - 0.07 - 0.05 - 37
Net Cash From Continuing Financing Activities		 66 -0.32 0.35 - 0.02 - 0.07 - 0.05 - 37
Issuance of Common Equity		 66 -0.32 0.12 - 0.02 - 0.04 - 0.05 - 37
Other Financing Activities, net		 0.10 - 0.23 - - - 0.03 - - - 0.02

Annual Balance Sheets for Anthem

This table presents Anthem's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 65 103 139 92 62
Total Current Assets		 60 99 111 86 60
Cash & Equivalents		 12 27 16 21 20
Short-Term Investments		 46 69 92 62 38
Prepaid Expenses		 1.55 2.51 3.21 2.64 1.94
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 5.21 3.94 28 5.83 2.01
Long-Term Investments		 3.49 3.22 27 5.02 2.01
Total Liabilities & Shareholders' Equity		 65 103 139 92 62
Total Liabilities		 3.41 7.19 14 10 8.89
Total Current Liabilities		 3.40 7.19 0.00 10 8.72
Accounts Payable		 1.06 2.12 2.68 3.32 3.02
Accrued Expenses		 1.40 2.84 6.68 4.45 2.05
Current Employee Benefit Liabilities		 0.92 2.17 4.02 1.68 2.42
Other Current Liabilities		 0.02 0.06 0.67 0.79 1.23
Total Noncurrent Liabilities		 0.01 0.00 0.00 0.00 0.17
Other Noncurrent Operating Liabilities		 0.01 0.00 0.00 0.00 0.17
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -47 95 125 82 53
Total Preferred & Common Equity		 -47 95 125 82 53
Preferred Stock		 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -47 95 125 82 53
Common Stock		 0.00 185 279 288 294
Retained Earnings		 -47 -90 -154 -206 -241
Accumulated Other Comprehensive Income / (Loss)		 -0.03 -0.37 0.28 0.03 0.06

Quarterly Balance Sheets for Anthem

This table presents Anthem's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 154 121 108 98 81 76 67 87
Total Current Assets		 126 116 107 98 70 68 64 87
Cash & Equivalents		 33 25 27 34 20 18 18 53
Short-Term Investments		 91 90 78 60 47 45 44 32
Prepaid Expenses		 2.59 2.10 2.90 4.26 2.50 4.61 2.10 2.20
Plant, Property, & Equipment, net		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 27 4.95 1.04 0.00 12 8.30 3.22 0.00
Long-Term Investments		 26 3.90 0.00 0.00 11 8.30 3.22 0.00
Total Liabilities & Shareholders' Equity		 154 121 108 98 81 76 67 87
Total Liabilities		 15 11 10 10 8.01 6.98 6.86 5.73
Total Current Liabilities		 15 11 10 10 8.01 6.98 6.86 5.56
Accounts Payable		 4.88 2.43 1.89 1.71 3.07 2.11 2.23 2.62
Accrued Expenses		 6.79 6.91 5.84 4.92 4.04 2.95 2.71 1.77
Current Employee Benefit Liabilities		 2.20 1.00 1.84 2.11 0.53 1.20 1.74 0.61
Other Current Liabilities		 0.98 0.32 0.56 1.28 0.37 0.72 0.18 0.57
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.17
Other Noncurrent Operating Liabilities		 0.00 - - - - - - 0.17
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 139 111 98 88 73 69 60 82
Total Preferred & Common Equity		 139 111 98 88 73 69 60 82
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 139 111 98 88 73 69 60 82
Common Stock		 277 282 284 286 290 292 293 333
Retained Earnings		 -138 -171 -186 -198 -216 -223 -232 -251
Accumulated Other Comprehensive Income / (Loss)		 -0.12 0.05 -0.03 0.11 0.05 0.03 0.06 -0.01

Annual Metrics And Ratios for Anthem

This table displays calculated financial ratios and metrics derived from Anthem's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 19,402,658.00 29,741,445.00 29,878,890.00 27,402,024.00
DEI Adjusted Shares Outstanding		 0.00 19,402,658.00 29,741,445.00 29,878,890.00 27,402,024.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -2.20 -2.15 -1.73 -1.28
Growth Metrics		 - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -99.24% -68.66% 17.09% 34.78%
EBIT Growth		 0.00% -95.55% -64.67% 18.40% 32.89%
NOPAT Growth		 0.00% -95.89% -64.77% 18.45% 32.89%
Net Income Growth		 0.00% -90.11% -58.05% 20.72% 31.46%
EPS Growth		 0.00% 73.78% 1.79% 37.23% 32.56%
Operating Cash Flow Growth		 0.00% -63.36% -59.25% 7.56% 39.43%
Free Cash Flow Firm Growth		 0.00% 0.00% -66.07% 0.26% 37.98%
Invested Capital Growth		 0.00% -2,836.84% -150.59% 30.63% -2.42%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% -16.15% -11.08% 15.43% -0.68%
EBIT Q/Q Growth		 0.00% -15.20% -9.95% 15.25% -1.91%
NOPAT Q/Q Growth		 0.00% -13.06% -10.01% 15.25% -1.92%
Net Income Q/Q Growth		 0.00% -11.72% -8.47% 15.45% -3.50%
EPS Q/Q Growth		 0.00% 63.77% -191.49% 12.24% -3.57%
Operating Cash Flow Q/Q Growth		 0.00% 3.89% -21.50% 19.32% 0.12%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -26.43% 18.35% 2.40%
Invested Capital Q/Q Growth		 0.00% -387.64% 12.65% -18.00% -46.00%
Profitability Metrics		 - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 96.91% 100.00% 100.00% 100.00%
Interest Burden Percent		 99.68% 100.00% 93.02% 90.37% 92.30%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -34.80% -52.08% -58.83% -49.69% -52.14%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 26.65% -15.88% -58.83% -49.69% -52.14%
Return on Equity Simple (ROE_SIMPLE)		 45.44% -42.94% -51.91% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -15 -30 -49 -40 -27
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -10.38% -14.10% -13.68% -10.37% -11.43%
Return On Investment Capital (ROIC_SIMPLE)		 - - -39.09% -48.57% -50.28%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -22 -42 -70 -57 -38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -22 -43 -72 -60 -39
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 1.94 4.89 0.50 0.59
Price to Tangible Book Value (P/TBV)		 0.00 1.94 4.89 0.50 0.59
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.00 -1.03 -1.06 -1.08 -1.10
Leverage Ratio		 1.06 1.07 1.10 1.12 1.14
Compound Leverage Factor		 1.05 1.07 1.02 1.01 1.05
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 176.58% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -76.58% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 11.08 13.92 23.78 -1.76 -4.37
Noncontrolling Interest Sharing Ratio		 176.58% 69.51% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Current Ratio		 17.70 13.72 0.00 8.43 6.87
Quick Ratio		 17.25 13.37 0.00 8.17 6.65
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -26 -43 -43 -27
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 -0.13 -3.91 -9.79 -6.79 -6.95
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 -3.77 -5.88 3.00 -0.16
Enterprise Value (EV)		 116 86 475 -47 -29
Market Capitalization		 69 185 609 41 31
Book Value per Share		 ($17.97) $4.92 $4.19 $2.74 $1.94
Tangible Book Value per Share		 ($17.97) $4.92 $4.19 $2.74 $1.94
Total Capital		 62 95 125 82 53
Total Debt		 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00
Net Debt		 -62 -99 -134 -89 -60
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.84 -4.62 3.21 -7.59 -6.78
Debt-free Net Working Capital (DFNWC)		 57 91 111 76 51
Net Working Capital (NWC)		 57 91 111 76 51
Net Nonoperating Expense (NNE)		 6.44 11 16 12 8.50
Net Nonoperating Obligations (NNO)		 -62 -99 -134 -89 -60
Total Depreciation and Amortization (D&A)		 0.05 -0.69 -2.86 -3.28 -1.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.79) ($2.74) ($1.72) ($1.16)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 15.34M 23.60M 29.83M 30.22M
Adjusted Diluted Earnings per Share		 $0.00 ($2.79) ($2.74) ($1.72) ($1.16)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 15.34M 23.60M 29.83M 30.22M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 19.40M 29.77M 30.10M 35.94M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -30 -49 -38 -27
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -5.62% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Anthem

This table displays calculated financial ratios and metrics derived from Anthem's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 21,928,452.00 29,741,445.00 29,770,375.00 29,829,040.00 29,842,431.00 29,878,890.00 30,098,720.00 30,175,720.00 27,326,165.00 27,402,024.00 35,941,195.00
DEI Adjusted Shares Outstanding		 21,928,452.00 29,741,445.00 29,770,375.00 29,829,040.00 29,842,431.00 29,878,890.00 30,098,720.00 30,175,720.00 27,326,165.00 27,402,024.00 35,941,195.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.76 -0.55 -0.57 -0.49 -0.42 -0.25 -0.35 -0.21 -0.34 -0.32 -0.28
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -49.86% -56.57% -23.02% 1.71% 15.06% 54.45% 38.20% 55.19% 30.48% -2.91% 11.25%
EBIT Growth		 -47.34% -50.81% -19.40% 4.34% 16.12% 54.30% 36.94% 54.56% 28.36% -8.34% 8.55%
NOPAT Growth		 -54.46% -50.81% -14.07% 4.34% 22.92% 54.30% 36.94% 54.56% 28.36% -8.35% 8.55%
Net Income Growth		 -47.34% -42.70% -8.44% 8.66% 23.70% 55.49% 35.92% 55.23% 26.63% -15.79% 5.83%
EPS Growth		 -10.17% -137.40% 29.11% 40.74% 33.85% 48.98% 37.50% 56.25% 27.91% -16.00% 17.14%
Operating Cash Flow Growth		 -24.38% -123.46% -51.72% -12.16% -1.75% 69.11% 39.61% 47.17% 46.91% 0.70% -13.64%
Free Cash Flow Firm Growth		 68.78% -46.94% -38.11% -205.13% -557.23% -23.71% 8.03% 28.67% 47.45% 29.49% 12.66%
Invested Capital Growth		 -1,298.88% -150.59% -25.33% 17.45% 48.65% 30.63% 30.68% 61.61% 17.22% -2.42% 32.28%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -1.75% -15.90% 3.65% 13.49% 12.08% 37.84% -30.71% 37.27% -36.41% 7.99% -12.72%
EBIT Q/Q Growth		 -0.64% -12.62% 2.76% 13.20% 11.75% 38.65% -34.18% 37.45% -39.14% 7.22% -13.27%
NOPAT Q/Q Growth		 -9.51% -3.49% 2.76% 13.21% 11.75% 38.65% -34.18% 37.45% -39.14% 7.21% -13.26%
Net Income Q/Q Growth		 -5.71% -1.14% 1.66% 13.13% 11.69% 40.99% -41.57% 39.32% -44.74% 6.87% -15.13%
EPS Q/Q Growth		 19.75% 24.62% -14.29% 14.29% 10.42% 41.86% -40.00% 40.00% -47.62% 6.45% 0.00%
Operating Cash Flow Q/Q Growth		 7.99% -44.64% -3.08% 18.24% 16.53% 56.08% -101.48% 28.47% 16.11% 17.87% -130.58%
Free Cash Flow Firm Q/Q Growth		 42.97% -213.89% -54.88% -10.06% -22.83% 40.92% -15.14% 14.64% 9.51% 20.72% -42.64%
Invested Capital Q/Q Growth		 -49.52% 12.65% 23.20% 17.71% 6.98% -18.00% 23.25% 54.42% -100.55% -46.00% 49.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 104.95% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 100.00% 85.58% 90.83% 90.90% 90.96% 87.49% 92.30% 89.55% 93.16% 93.51% 95.04%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -48.81% -58.83% -68.38% -69.48% -53.56% -49.69% -49.32% -44.71% -45.91% -52.14% -44.56%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -48.81% -58.83% -68.38% -69.48% -53.56% -49.69% -49.32% -44.71% -45.91% -52.14% -44.56%
Return on Equity Simple (ROE_SIMPLE)		 -42.94% 0.00% -59.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -13 -13 -11 -9.81 -6.02 -8.08 -5.05 -7.03 -6.52 -7.39
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -3.10% -3.19% -3.69% -3.32% -2.41% -1.35% -2.62% -1.61% -2.93% -2.94% -3.23%
Return On Investment Capital (ROIC_SIMPLE)		 - -10.56% -11.58% -11.30% -11.19% -7.35% -11.01% -7.34% -11.64% -12.29% -9.03%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -17 -19 -18 -16 -14 -8.60 -12 -7.22 -10 -9.32 -11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -17 -20 -19 -17 -15 -9.17 -12 -7.52 -10 -9.43 -11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.54 4.89 0.87 0.65 0.36 0.50 0.56 0.46 0.57 0.59 1.50
Price to Tangible Book Value (P/TBV)		 2.54 4.89 0.87 0.65 0.36 0.50 0.56 0.46 0.57 0.59 1.50
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.05 -1.06 -1.07 -1.07 -1.07 -1.08 -1.07 -1.05 -1.07 -1.10 -1.06
Leverage Ratio		 1.08 1.10 1.10 1.11 1.11 1.12 1.10 1.10 1.11 1.14 1.09
Compound Leverage Factor		 1.08 0.94 1.00 1.01 1.01 0.98 1.02 0.99 1.04 1.07 1.03
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 13.52 24.99 4.02 2.00 -0.33 -0.03 -0.22 -0.72 -1.27 -2.84 9.58
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.52 0.00 10.91 10.61 9.75 8.43 8.68 9.67 9.33 6.87 15.73
Quick Ratio		 8.34 0.00 10.71 10.32 9.33 8.17 8.37 9.01 9.03 6.65 15.33
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2.32 -7.29 -11 -12 -15 -9.02 -10 -8.86 -8.02 -6.36 -9.07
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -11 -9.79 -7.52 -6.19 -5.75 -6.79 -5.21 -2.38 -4.76 -6.95 -3.53
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 -10 -5.88 -1.52 1.31 5.45 3.00 2.31 3.81 0.99 -0.16 1.68
Enterprise Value (EV)		 202 475 -21 -40 -61 -47 -38 -39 -30 -29 38
Market Capitalization		 353 609 97 64 32 41 41 32 35 31 123
Book Value per Share		 $6.34 $4.19 $3.72 $3.30 $2.94 $2.74 $2.44 $2.28 $2.21 $1.94 $2.27
Tangible Book Value per Share		 $6.34 $4.19 $3.72 $3.30 $2.94 $2.74 $2.44 $2.28 $2.21 $1.94 $2.27
Total Capital		 139 125 111 98 88 82 73 69 60 53 82
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -150 -134 -118 -105 -93 -89 -79 -71 -65 -60 -85
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -12 3.21 -8.56 -7.23 -5.75 -7.59 -5.52 -2.38 -4.76 -6.78 -3.36
Debt-free Net Working Capital (DFNWC)		 112 111 106 97 88 76 62 61 57 51 82
Net Working Capital (NWC)		 112 111 106 97 88 76 62 61 57 51 82
Net Nonoperating Expense (NNE)		 3.98 3.73 3.81 3.32 2.94 1.50 2.57 1.41 2.33 2.19 2.64
Net Nonoperating Obligations (NNO)		 -150 -134 -118 -105 -93 -89 -79 -71 -65 -60 -85
Total Depreciation and Amortization (D&A)		 -0.65 -1.31 -1.09 -0.89 -0.73 -0.57 -0.44 -0.30 -0.21 -0.12 -0.08
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.65) ($0.49) ($0.56) ($0.48) ($0.43) ($0.25) ($0.35) ($0.21) ($0.31) ($0.29) ($0.29)
Adjusted Weighted Average Basic Shares Outstanding		 25.65M 23.60M 29.76M 29.82M 29.84M 29.83M 30.05M 30.17M 30.28M 30.22M 34.06M
Adjusted Diluted Earnings per Share		 ($0.65) ($0.49) ($0.56) ($0.48) ($0.43) ($0.25) ($0.35) ($0.21) ($0.31) ($0.29) ($0.29)
Adjusted Weighted Average Diluted Shares Outstanding		 25.65M 23.60M 29.76M 29.82M 29.84M 29.83M 30.05M 30.17M 30.28M 30.22M 34.06M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 29.74M 29.77M 29.83M 29.84M 29.88M 30.10M 30.18M 27.33M 27.40M 35.94M 36.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -13 -13 -11 -8.24 -6.02 -8.08 -5.05 -7.03 -6.52 -7.39
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

AN2 Therapeutics (NASDAQ: ANTX) remains a pre-revenue biotech with a cash-heavy balance sheet, but the latest quarterly trends show continued operating losses, significant spending on research, and dilution from equity issuance. The good news is that the company still has a sizable cash and investment base relative to its liabilities, giving it runway to keep funding development. The less encouraging part is that it is still burning cash without any revenue, so investors are depending entirely on pipeline progress and future financing decisions.

  • Strong liquidity position: As of Q1 2026, ANTX had $53.5 million in cash and equivalents and $31.8 million in short-term investments, versus just $5.6 million in current liabilities.
  • Low leverage: Total liabilities were only $5.7 million in Q1 2026, which is modest compared with $81.8 million in equity.
  • Investment income helps offset losses: Interest and investment income was $523,000 in Q1 2026, providing some cushion against operating losses.
  • Operating cash outflow improved vs. earlier periods: Net cash used in operating activities was $12.1 million in Q1 2026, better than the $17.6 million burn in Q1 2024.
  • Cash balance improved sharply from Q3 2025: Cash and equivalents rose from $18.0 million in Q3 2025 to $53.5 million in Q1 2026, largely due to financing activity.
  • Still a pre-revenue company: Revenue was $0 in every quarter provided, so the business is not yet generating sales.
  • R&D remains the main expense: Research and development spending was $6.7 million in Q1 2026, down from $14.7 million in Q1 2024, but still the biggest ongoing cost driver.
  • Cash flow depends on investment activity: The company regularly sells maturities of investments to help fund operations, which is common for clinical-stage biotech firms.
  • Persistent losses: ANTX reported a net loss of $10.0 million in Q1 2026, after losses of $8.7 million in Q4 2025 and $10.6 million in Q1 2025.
  • Share dilution is a concern: Q1 2026 included $37.3 million of common equity issuance, and weighted average shares have risen meaningfully over the past year.
  • Equity has been shrinking from losses: Retained earnings were deeply negative at $(251.0) million in Q1 2026, reflecting a long history of accumulated losses.

Bottom line: ANTX has enough cash and investments to continue operating for now, but the financial profile is still that of a high-risk clinical-stage biotech: no revenue, ongoing losses, and frequent reliance on capital markets. For retail investors, the story here will likely be driven more by pipeline milestones than by traditional fundamentals until commercialization begins.

07/21/26 08:42 AM ETAI Generated. May Contain Errors.

Anthem Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Anthem's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Anthem's net income appears to be on an upward trend, with a most recent value of -$35.17 million in 2025, rising from -$21.54 million in 2021. The previous period was -$51.32 million in 2024. View Anthem's forecast to see where analysts expect Anthem to go next.

Anthem's total operating income in 2025 was -$38.11 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $38.11 million

Over the last 4 years, Anthem's total revenue changed from $0.00 in 2021 to $0.00 in 2025, a change of 0.0%.

Anthem's total liabilities were at $8.89 million at the end of 2025, a 13.2% decrease from 2024, and a 160.9% increase since 2021.

In the past 4 years, Anthem's cash and equivalents has ranged from $12.10 million in 2021 to $27.22 million in 2022, and is currently $19.94 million as of their latest financial filing in 2025.

Over the last 4 years, Anthem's book value per share changed from -17.97 in 2021 to 1.94 in 2025, a change of -110.8%.


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Financial statements for NASDAQ:ANTX last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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InvestorPlace | Sponsoredtc pixel
Trump Takes Emergency Action - Plus Elon Musk's New Venture
Elon Musk has quietly launched a new venture - one that has nothing to do with rockets, EVs, or Neuralink. Tru...
Altimetry | Sponsoredtc pixel
Your $29.97 book is free today
Why Some Traders Skip Stocks Entirely You don't need a big account to trade options. In fact, options ca...
Profits Run | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
SPCX Warning - and Worst News for Stocks in 50 Years
Goldman Sachs and Morgan Stanley are now predicting what could be the worst news for the U.S. stock market in ...
TradeSmith | Sponsoredtc pixel
CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
Paradigm Press | Sponsoredtc pixel
Elon’s new "tollbooth"
The SpaceX IPO was valued at $1.75 trillion. But one analyst says fighting over those shares may be the wrong ...
Weiss Ratings | Sponsoredtc pixel
Elon's new "super startup"
Adam O'Dell - the analyst who recommended Palantir before it became the top S&P 500 performer - has identified...
Banyan Hill Publishing | Sponsoredtc pixel