AN2 Therapeutics (ANTX) director’s 44,466 stock options repriced to $3.91

Rhea-AI Filing Summary

AN2 Therapeutics director Aziz Kabeer reported a repricing of stock options. On March 19, 2026, he received two grants of stock options for 20,724 and 23,742 shares of common stock, each with a new exercise price of $3.91 per share, matching the closing market price that day.

At the same time, he disposed of the same numbers of older options back to the company that had higher exercise prices of $17.28 and $5.91 per share. The repriced options are fully vested and remain subject to a "Premium End Date" that can cause the exercise price to revert to the original level if certain events occur before September 19, 2027.

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^*

Aziz Kabeer

(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		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 Kabeer Aziz	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 insider transaction did AN2 Therapeutics (ANTX) director Aziz Kabeer report?

Director Aziz Kabeer reported a repricing of stock options at AN2 Therapeutics. He received two new fully vested option grants totaling 44,466 underlying shares at an exercise price of $3.91 per share, while surrendering options for the same amounts that had higher exercise prices.

How many AN2 Therapeutics (ANTX) stock options were repriced for Aziz Kabeer?

A total of 44,466 stock options were repriced for Aziz Kabeer. This came from two grants covering 20,724 and 23,742 underlying common shares, paired with corresponding dispositions of older options for the same share amounts back to the company.

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

The repriced options for Aziz Kabeer carry a new exercise price of $3.91 per share. This price equals the closing price of AN2 Therapeutics common stock on the repricing date and replaces prior exercise prices of $17.28 and $5.91 on the surrendered options.

Were any AN2 Therapeutics (ANTX) shares bought or sold in this Form 4 filing?

No open-market share purchases or sales were reported in this Form 4. The transactions involved option grants and related dispositions of existing options back to the issuer, making them compensation and administrative changes rather than market trades in AN2 Therapeutics stock.

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

The Premium End Date sets conditions under which the repriced options’ exercise price can revert. It is the earliest of September 19, 2027, a change in control, or Aziz Kabeer’s death or disability, affecting whether the lower $3.91 exercise price remains in place.

Are Aziz Kabeer’s repriced AN2 Therapeutics (ANTX) options vested?

Yes, the filing states that the repriced stock option is fully vested. This means Aziz Kabeer has already earned the right to exercise the options, subject to the Premium End Date conditions that could restore the original higher exercise price under certain circumstances.