Director at AN2 Therapeutics (NASDAQ: ANTX) awarded 20,400 zero-cost options

Rhea-AI Filing Summary

AN2 Therapeutics director Patricia A. Martin received a stock option grant for 20,400 shares of common stock of AN2 Therapeutics, Inc. The option was awarded at an exercise price of $0.00 per share, reflecting a compensatory grant rather than an open-market purchase.

The option shares will vest on February 20, 2027, provided Martin continues to provide service to the company through that date. Following this award, she holds 20,400 option shares directly, aligning her compensation more closely with the company’s future share performance.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Martin Patricia A.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	20,400	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 20,400 shares (Direct)

Footnotes (1)

1. [object Object]

Form 4 Insider Transactions: What Each Field Means →

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^*

Martin Patricia A.

(Last) (First) (Middle)

C/O AN2 THERAPEUTICS, INC.

1300 EL CAMINO REAL, SUITE 100

(Street)

MENLO PARK CA 94025

(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)
02/20/2026

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

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)	$1.04	02/20/2026		A		20,400		(1)	02/19/2036	Common Stock	20,400	$0	20,400	D

Explanation of Responses:

1. The option shares shall vest on February 20, 2027, subject to the Reporting Person providing continuous service through such date.

	/s/ Lucy Day, Attorney-in-Fact for Patricia A. Martin	02/23/2026
	** 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.

FAQ

What insider transaction did AN2 Therapeutics (ANTX) disclose for Patricia A. Martin?

AN2 Therapeutics reported that director Patricia A. Martin received a stock option grant for 20,400 shares at an exercise price of $0.00 per share. This is a compensatory award, not an open-market purchase or sale of existing common shares.

How many AN2 Therapeutics (ANTX) option shares were granted to Patricia A. Martin?

Patricia A. Martin was granted stock options covering 20,400 shares of AN2 Therapeutics common stock. These options increase her potential equity exposure, subject to vesting conditions, and represent her total derivative holdings following the reported Form 4 transaction.

What is the vesting schedule for Patricia A. Martin’s AN2 Therapeutics (ANTX) option grant?

The 20,400 option shares granted to Patricia A. Martin will vest on February 20, 2027. Vesting is contingent on her providing continuous service to AN2 Therapeutics through that date, meaning she must remain in her role until vesting occurs.

Was Patricia A. Martin’s AN2 Therapeutics (ANTX) transaction a buy or a sale of shares?

The transaction for Patricia A. Martin was an acquisition of derivative securities via a stock option grant, not a market buy or sale. It is reported with code “A” for grant or award, reflecting equity compensation instead of a cash purchase or disposition.

What is Patricia A. Martin’s AN2 Therapeutics (ANTX) option ownership after this grant?

After the reported Form 4 transaction, Patricia A. Martin directly holds 20,400 stock option shares in AN2 Therapeutics. This total reflects the newly granted options, which are subject to vesting on February 20, 2027, assuming continuous service to the company.

Does the AN2 Therapeutics (ANTX) option grant to Patricia A. Martin have an exercise price?

Yes. The 20,400 stock options granted to Patricia A. Martin have an exercise price of $0.00 per share. This zero exercise price indicates a compensatory award structure rather than a traditional market-priced option grant requiring payment to acquire the underlying shares.