AN2 Therapeutics (ANTX) director reprices fully vested options at $3.91 strike

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

AN2 Therapeutics director Robin Shane Readnour reported a repricing of stock options covering 20,724 and 23,742 shares of common stock on March 19, 2026. Existing options with exercise prices of $17.28 and $5.91 per share were returned to the company, and fully vested replacement options were granted at an exercise price of $3.91 per share, equal to the closing stock price on the repricing date.

The footnotes state this new exercise price will revert to the original higher price if the repriced options are exercised, or if Readnour’s service with the company ends, before the defined “Premium End Date,” which is the earliest of September 19, 2027, a change in control, or Readnour’s death or disability.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Readnour Robin Shane

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	20,724	$0.00	--
Disposition	Stock Option (right to buy)	20,724	$0.00	--
Grant/Award	Stock Option (right to buy)	23,742	$0.00	--
Disposition	Stock Option (right to buy)	23,742	$0.00	--

Holdings After Transaction: Stock Option (right to buy) — 20,724 shares (Direct)

Footnotes (1)

The exercise price of the option is $3.91 per share, representing the closing price of the Issuer's common stock on the date of the repricing; provided that the exercise price will be increased to the original exercise price before repricing if, prior to the "Premium End Date" (as defined below), the repriced option is exercised or the Reporting Person's services with the Company is terminated. The "Premium End Date" means the earliest of: (i) September 19, 2027, (ii) the date of a change in control or (iii) the Reporting Person's death or disability. The option is fully vested. On March 19, 2026, the board of directors of the Issuer approved the repricing of the option. Except as further described in footnote 1, all other terms of the option remain unchanged.

Form 4 Insider Transactions: What Each Field Means →

03/23/2026 - 07:02 PM

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Readnour Robin Shane

(Last)

(First)

(Middle)

C/O AN2 THERAPEUTICS, INC.

1300 EL CAMINO REAL, SUITE 100

(Street)

MENLO PARK

CALIFORNIA

94025

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$3.91⁽¹⁾	03/19/2026		A		20,724		⁽²⁾	05/11/2032	Common Stock	20,724	⁽³⁾	20,724	D
Stock Option (right to buy)	$17.28	03/19/2026		D			20,724	⁽²⁾	05/11/2032	Common Stock	20,724	⁽³⁾	0	D
Stock Option (right to buy)	$3.91⁽¹⁾	03/19/2026		A		23,742		⁽²⁾	06/06/2033	Common Stock	23,742	⁽³⁾	23,742	D
Stock Option (right to buy)	$5.91	03/19/2026		D			23,742	⁽²⁾	06/06/2033	Common Stock	23,742	⁽³⁾	0	D

Explanation of Responses:

1. The exercise price of the option is $3.91 per share, representing the closing price of the Issuer's common stock on the date of the repricing; provided that the exercise price will be increased to the original exercise price before repricing if, prior to the "Premium End Date" (as defined below), the repriced option is exercised or the Reporting Person's services with the Company is terminated. The "Premium End Date" means the earliest of: (i) September 19, 2027, (ii) the date of a change in control or (iii) the Reporting Person's death or disability.

2. The option is fully vested.

3. On March 19, 2026, the board of directors of the Issuer approved the repricing of the option. Except as further described in footnote 1, all other terms of the option remain unchanged.

	/s/ Lucy Day, Attorney-in-Fact for Robin Shane Readnour	03/23/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did AN2 Therapeutics (ANTX) report for Robin Shane Readnour?

AN2 Therapeutics reported a stock option repricing for director Robin Shane Readnour. Older options were returned to the company and fully vested replacement options were granted at a new exercise price of $3.91 per share, matching the closing stock price on March 19, 2026.

How many AN2 Therapeutics (ANTX) options were affected by Robin Readnour’s repricing?

Two option grants were affected, covering 20,724 and 23,742 shares of AN2 Therapeutics common stock. The existing options were disposed of back to the issuer and replaced with new, fully vested options at a lower $3.91 per share exercise price on March 19, 2026.

What is the new exercise price of Robin Readnour’s AN2 Therapeutics (ANTX) options?

The repriced options now have an exercise price of $3.91 per share. This price equals the closing price of AN2 Therapeutics’ common stock on March 19, 2026 and applies to both affected grants, subject to conditions tied to the defined “Premium End Date.”

What happens to the repriced AN2 Therapeutics (ANTX) options before the Premium End Date?

If the repriced options are exercised or Robin Readnour’s service ends before the “Premium End Date,” the exercise price increases back to the original level. The Premium End Date is the earliest of September 19, 2027, a change in control, or Readnour’s death or disability.

Are Robin Readnour’s repriced AN2 Therapeutics (ANTX) options vested?

Yes, the filing states the repriced stock options are fully vested. This means Readnour is already entitled to exercise the options, subject to the exercise price conditions and the Premium End Date terms outlined in the accompanying footnotes to the reported transactions.