AN2 Therapeutics Insider Filing Shows 11.9K Share Board Grant

Rhea-AI Filing Summary

AN2 Therapeutics, Inc. (ANTX) filed a Form 4 reporting a routine equity grant to director Kabeer Aziz. On 07/10/2025 Mr. Aziz received 11,875 shares of common stock issued in lieu of cash compensation under the company’s non-employee director compensation policy. Because the award was compensation, the shares were priced at $0.00 and vested immediately.

Following the grant, Mr. Aziz now directly holds 30,552 shares. He also has indirect beneficial ownership—through Adjuvant Global Health Technology Fund, L.P. (1,995,958 shares) and Adjuvant Global Health Technology Fund DE, L.P. (377,542 shares)—bringing total reported influence to roughly 2.404 million shares. However, the filing notes that voting and dispositive power is shared with the funds’ general partners and that beneficial ownership is disclaimed except for pecuniary interest.

No derivative securities, options, sales, or open-market purchases were reported, and no cash was exchanged. The transaction appears purely compensatory and does not signal a deliberate insider buy or sell decision. Investors typically view such awards as neutral unless the size represents a material percentage of total shares outstanding, which the filing does not disclose.

Insights

Securities Analyst

TL;DR: Routine director stock grant; neutral market impact.

The 11,875-share award is standard non-cash board compensation, immediately vested and priced at zero. While it raises Aziz’s direct stake by ~64%, the absolute number is small relative to the >2 million shares he already influences via Adjuvant funds. No insider buying signal, no sale pressure, and no derivatives were involved. I classify the filing as not impactful for valuation or sentiment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Aziz Kabeer

(Last) (First) (Middle)

C/O AN2 THERAPEUTICS, INC.

1800 EL CAMINO REAL, SUITE D

(Street)

MENLO PARK CA 94027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AN2 Therapeutics, Inc. [ ANTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/10/2025		A		11,875(1)	A	$0	30,552	D
Common Stock								1,995,958	I	See Footnote(2)
Common Stock								377,542	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares issued in lieu of cash compensation under the issuer's non-employee director compensation policy. All shares vest immediately.

2. Shares are held directly by Adjuvant Global Health Technology Fund, L.P. ("AGHT Fund"). The sole general partner of AGHT Fund is Adjuvant Capital GP, L.P. ("AC GP") and the sole general partner of AC GP is Adjuvant Capital Management, L.L.C. ("AC MGMT"). The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.

3. Shares are held directly by Adjuvant Global Health Technology Fund DE, L.P. ("AGHT Fund DE"). The sole general partner of AGHT Fund DE is AC GP and the sole general partner of AC GP is AC MGMT. The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.

	/s/ Lucy Day, Attorney-in-Fact for Kabeer Aziz	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many ANTX shares did director Kabeer Aziz receive in the July 10 Form 4?

He was granted 11,875 common shares as board compensation.

Was cash paid for the ANTX shares reported in this Form 4?

No. The shares were issued at $0.00 in lieu of cash fees.

What is Kabeer Aziz’s total direct ownership after the grant?

His direct holdings increased to 30,552 shares.

How many ANTX shares does Aziz indirectly control through Adjuvant funds?

He is attributed 1,995,958 shares via AGHT Fund and 377,542 shares via AGHT Fund DE.

Does this Form 4 indicate insider buying or selling pressure for ANTX?

It does not. The transaction is a routine, non-cash director compensation grant, generally viewed as neutral to market sentiment.