AN2 Therapeutics (ANTX) director logs repriced stock options and cancels older grants

Rhea-AI Filing Summary

AN2 Therapeutics director Gilbert Lynn Marks reported a repricing of stock options with no open-market trades in common shares. On March 19, 2026, he acquired several new stock option awards covering common stock at an exercise price of $3.91 per share and simultaneously disposed of older options back to the issuer for the same share amounts.

The footnotes state that $3.91 represents the closing price of AN2 Therapeutics’ common stock on the repricing date and that the options are fully vested. The exercise price will revert to the original higher exercise price if the repriced options are exercised or if his service ends before the defined “Premium End Date.”

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

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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^*

Marks Gilbert Lynn

(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		10,665		(2)	04/29/2031	Common Stock	10,665	(3)	10,665	D
Stock Option (right to buy)	$6.596	03/19/2026		D			10,665	(2)	04/29/2031	Common Stock	10,665	(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 Gilbert Lynn Marks	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)

FAQ

What did AN2 Therapeutics (ANTX) director Gilbert Lynn Marks report on this Form 4?

He reported a repricing of stock options, acquiring new fully vested options at a $3.91 exercise price and surrendering older options with higher exercise prices back to the issuer. No open-market purchases or sales of common shares occurred in this filing.

Did Gilbert Lynn Marks buy or sell AN2 Therapeutics (ANTX) common stock in the market?

No, he did not trade common stock in the market. The Form 4 shows option grants and dispositions to the issuer, all coded as derivative transactions, with no reported open-market buys or sells of AN2 Therapeutics common shares.

What is the new exercise price of Gilbert Lynn Marks’ repriced ANTX stock options?

The repriced stock options carry an exercise price of $3.91 per share, equal to the closing price of AN2 Therapeutics common stock on the repricing date, according to the footnotes describing the board-approved option repricing.

Are the repriced AN2 Therapeutics (ANTX) options held by Gilbert Lynn Marks vested?

Yes. A footnote states that the option is fully vested. This means the director has already earned the right to exercise these stock options, subject to the exercise price and other conditions described in the filing’s footnotes.

What is the ‘Premium End Date’ mentioned in the ANTX Form 4 footnotes?

The ‘Premium End Date’ is defined as the earliest of September 19, 2027, the date of a change in control, or the director’s death or disability. Before this date, certain conditions can cause the exercise price to revert to the original level.

How were older AN2 Therapeutics (ANTX) options treated in this Form 4 filing?

Older stock options with higher exercise prices were disposed of back to the issuer, matching the share amounts of the new repriced grants. These dispositions are coded as issuer-related transactions, not open-market sales of common stock.