[Form 4] AN2 Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ligand Pharmaceuticals (LGND) Form 4 filing overview

Director John W. Kozarich reported an open-market sale (transaction code S) of 934 common shares on 10 July 2025 at $125 per share. The sale was executed under a Rule 10b5-1 trading plan adopted on 7 March 2025, demonstrating pre-arranged compliance with insider-trading regulations. Following the disposition, the director directly owns 46,456 LGND shares. No derivative securities transactions were disclosed. The small size of the trade relative to the director’s remaining stake suggests routine portfolio diversification rather than a material change in insider sentiment.

Insights

Securities Analyst

TL;DR: Minor 934-share insider sale under 10b5-1 plan; neutral impact on LGND investment thesis.

The filing details a modest disposal—only about 2% of Mr. Kozarich’s reported holdings—executed at $125 each. Because the sale was pre-scheduled via a Rule 10b5-1 plan, it carries less signaling value than discretionary insider transactions. No changes to option positions or other derivatives were reported, and the director retains a sizable 46,456-share stake. Absent additional context such as multiple insiders selling or significant earnings news, the trade is best viewed as routine with negligible impact on Ligand’s valuation outlook.

Corporate Governance Analyst

TL;DR: Filing shows regulatory compliance; transaction size immaterial to governance risk.

The disclosure demonstrates adherence to Section 16 reporting and Rule 10b5-1 best practices. Pre-arranged sales reduce the risk of opportunistic trading and support transparent governance. With only 934 shares sold and no indication of additional insider exits, board-level alignment with shareholders remains intact. Therefore, I view governance implications as neutral.

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
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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^*

Martin Patricia A.

(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		3,750(1)	A	$0	9,981	D

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.

	/s/ Lucy Day, Attorney-in-Fact for Patricia A. Martin	07/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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