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

AN2 Therapeutics director Melvin K. Spigelman reported a board-approved repricing of his stock options on March 19, 2026.

Rhea-AI Filing Summary

AN2 Therapeutics director Melvin K. Spigelman reported a board-approved repricing of his stock options on March 19, 2026. He received three fully vested stock option awards for 16,941, 10,362 and 23,742 underlying common shares at a new exercise price of $3.91 per share, while surrendering an equal number of existing options with higher exercise prices of $9.308, $17.28 and $5.91.

The repriced options keep their original terms except for the exercise price. If any repriced option is exercised, or his service ends, before the “Premium End Date” (the earliest of September 19, 2027, a change in control, or his death or disability), the exercise price reverts to the original higher level. These are compensation-related derivative adjustments, not open-market stock purchases or sales.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Spigelman Melvin K

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	16,941	$0.00	$0.00
Disposition	Stock Option (right to buy)	16,941	$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) — 51,045 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 Melvin Spigelman report on this Form 4?

He reported a repricing of his stock options. Three fully vested option awards were granted at a $3.91 exercise price, while an equal number of higher-priced options were surrendered, leaving his economic exposure tied to the new strike level.

How many AN2 Therapeutics (ANTX) options were repriced for Melvin Spigelman?

The filing shows three matched grant-and-disposition pairs: 16,941, 10,362 and 23,742 options. For each group, higher-strike options were surrendered and replaced with options for the same number of underlying common shares at the new $3.91 exercise price.

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

The new exercise price is $3.91 per share, matching the closing price of AN2 Therapeutics common stock on the repricing date. This price applies to all repriced options, subject to specific conditions tied to the Premium End Date described in the filing.

What is the Premium End Date in Melvin Spigelman’s AN2 Therapeutics (ANTX) option repricing?

The Premium End Date is the earliest of September 19, 2027, a change in control, or his death or disability. If a repriced option is exercised or his service ends before this date, the exercise price reverts to the original higher level.

Were Melvin Spigelman’s AN2 Therapeutics (ANTX) options fully vested after the repricing?

Yes, the filing states that the options are fully vested. That means Spigelman does not need additional service time for vesting and can exercise subject to standard option terms and the additional Premium End Date conditions disclosed in the footnotes.

Did Melvin Spigelman buy or sell AN2 Therapeutics (ANTX) common stock in the market?

No market purchases or sales of common stock are shown. The Form 4 reflects only derivative transactions: grants of repriced stock options at $3.91 and corresponding dispositions of older, higher-strike options back to the issuer as part of the repricing.

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Accepted by SEC EDGAR 03/23/2026 - 07:04 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^*

Spigelman Melvin K

(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		16,941		(2)	02/17/2032	Common Stock	16,941	(3)	16,941	D
Stock Option (right to buy)	$9.308	03/19/2026		D			16,941	(2)	02/17/2032	Common Stock	16,941	(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 Melvin K. Spigelman	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)