AN2 Therapeutics director options repriced to $3.91

AN2 Therapeutics director Margaret M. FitzPatrick reported a board-approved repricing of stock options on the company’s common stock.

Rhea-AI Filing Summary

AN2 Therapeutics director Margaret M. FitzPatrick reported a board-approved repricing of stock options on the company’s common stock. On March 19, 2026, existing options were surrendered to the issuer and replaced with new fully vested options covering the same number of shares at an exercise price of $3.91 per share.

The repricing keeps all other terms unchanged, except that the exercise price will revert to the original higher level if the repriced options are exercised, or if her service ends, before the “Premium End Date.” The Premium End Date is the earliest of September 19, 2027, a change in control, or her death or disability.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider FitzPatrick Margaret M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	11,463	$0.00	$0.00
Disposition	Stock Option (right to buy)	11,463	$0.00	$0.00
Grant/Award	Stock Option (right to buy)	10,362	$0.00	$0.00
Disposition	Stock Option (right to buy)	10,362	$0.00	$0.00
Grant/Award	Stock Option (right to buy)	23,742	$0.00	$0.00
Disposition	Stock Option (right to buy)	23,742	$0.00	$0.00

Holdings After Transaction: Stock Option (right to buy) — 45,567 contracts (Direct)

Footnotes (3)

1. F1. 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. F2. The option is fully vested.
3. F3. 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.

FAQ

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What did AN2 Therapeutics (ANTX) director Margaret FitzPatrick report on this Form 4?

She reported a board-approved repricing of her stock options. Existing options were surrendered to the issuer and replaced with fully vested options for the same share amounts at a new $3.91 exercise price, with other terms generally unchanged.

Was there an open-market buy or sell by AN2 Therapeutics (ANTX) on this Form 4?

No open-market buy or sell occurred. The filing reflects an administrative change: existing options were canceled and replaced with new options at a different exercise price, rather than shares being bought or sold in the public market.

What is the new exercise price of the repriced AN2 Therapeutics (ANTX) options?

The repriced options carry an exercise price of $3.91 per share. This matches the issuer’s common stock closing price on the repricing date and applies to the new fully vested options granted in exchange for previously outstanding options.

What does the Premium End Date mean in the AN2 Therapeutics (ANTX) option repricing?

The Premium End Date is the earliest of September 19, 2027, a change in control, or the reporting person’s death or disability. If exercise or service termination occurs before this date, the repriced options’ exercise price reverts to the original, higher level.

Who approved the AN2 Therapeutics (ANTX) stock option repricing for the director?

The board of directors of AN2 Therapeutics approved the repricing on March 19, 2026. The filing states that, aside from the new $3.91 per share exercise price and related Premium End Date condition, all other terms of the options remain unchanged.

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Accepted by SEC EDGAR 03/23/2026 - 07:09 PM Learn about SEC filing dates

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^*

FitzPatrick Margaret M

(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)
			Code	V	Amount	(A) or (D)	Price

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
Stock Option (right to buy)	$3.91(1)	03/19/2026		A		11,463		(2)	05/04/2032	Common Stock	11,463	(3)	11,463	D
Stock Option (right to buy)	$18.24	03/19/2026		D			11,463	(2)	05/04/2032	Common Stock	11,463	(3)	0	D
Stock Option (right to buy)	$3.91(1)	03/19/2026		A		10,362		(2)	05/11/2032	Common Stock	10,362	(3)	10,362	D
Stock Option (right to buy)	$17.28	03/19/2026		D			10,362	(2)	05/11/2032	Common Stock	10,362	(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 Margaret M. FitzPatrick	03/20/2026
	** 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)