AN2 Therapeutics (ANTX) reprices Chief Development Officer stock options

Rhea-AI Filing Summary

AN2 Therapeutics, Inc. Chief Development Officer Sanjay Chanda reported compensation-related option changes, not open-market trades. On March 19, 2026, three existing stock option awards were repriced so that each now has an exercise price of $3.91 per share, matching the closing common stock price on the repricing date.

Each repriced award covers stock options to buy common stock in amounts of 66,000, 57,950 and 41,665 shares. The filing shows matching dispositions of the prior higher‑priced options back to the issuer. One option is fully vested, while the others vest monthly over 48 months starting March 25, 2022 and January 1, 2023, subject to continuous service.

The new $3.91 exercise price can revert to the original higher exercise price if, before the "Premium End Date", the repriced options are exercised or employment ends. The Premium End Date is the earliest of September 19, 2027, a change in control, or the reporting person's death or disability.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Chanda Sanjay

Role Chief Development Officer

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	66,000	$0.00	--
Disposition	Stock Option (right to buy)	66,000	$0.00	--
Grant/Award	Stock Option (right to buy)	57,950	$0.00	--
Disposition	Stock Option (right to buy)	57,950	$0.00	--
Grant/Award	Stock Option (right to buy)	41,665	$0.00	--
Disposition	Stock Option (right to buy)	41,665	$0.00	--

Holdings After Transaction: Stock Option (right to buy) — 66,000 shares (Direct)

Footnotes (1)

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. The shares subject to the option vest as follows: 1/48 of the shares shall vest on each monthly anniversary measured from March 25, 2022, subject to the Reporting Person's continuous service through each applicable vesting date. 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. The shares subject to the option vest as follows: 1/48 of the shares shall vest on each monthly anniversary measured from January 1, 2023, subject to the Reporting Person's continuous service through each applicable vesting date. The option is fully vested.

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^*

Chanda Sanjay

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Development Officer

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		66,000		(2)	05/11/2032	Common Stock	66,000	(3)	66,000	D
Stock Option (right to buy)	$17.28	03/19/2026		D			66,000	(2)	05/11/2032	Common Stock	66,000	(3)	0	D
Stock Option (right to buy)	$3.91(1)	03/19/2026		A		57,950		(4)	02/14/2033	Common Stock	57,950	(3)	57,950	D
Stock Option (right to buy)	$14.29	03/19/2026		D			57,950	(4)	02/14/2033	Common Stock	57,950	(3)	0	D
Stock Option (right to buy)	$3.91(1)	03/19/2026		A		41,665		(5)	04/29/2031	Common Stock	41,665	(3)	41,665	D
Stock Option (right to buy)	$6.596	03/19/2026		D			41,665	(5)	04/29/2031	Common Stock	41,665	(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 shares subject to the option vest as follows: 1/48 of the shares shall vest on each monthly anniversary measured from March 25, 2022, subject to the Reporting Person's continuous service through each applicable vesting date.

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.

4. The shares subject to the option vest as follows: 1/48 of the shares shall vest on each monthly anniversary measured from January 1, 2023, subject to the Reporting Person's continuous service through each applicable vesting date.

5. The option is fully vested.

	/s/ Lucy Day, Attorney-in-Fact for Sanjay Chanda	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) disclose in this Form 4?

AN2 Therapeutics disclosed that Chief Development Officer Sanjay Chanda had three existing stock option awards repriced to an exercise price of $3.91 per share, replacing prior higher-priced options, with no open-market share purchases or sales reported.

How many AN2 Therapeutics (ANTX) options were repriced and at what strike?

Three stock option awards were repriced, covering 66,000, 57,950 and 41,665 shares of AN2 Therapeutics common stock. Each option now has an exercise price of $3.91 per share, equal to the closing stock price on the March 19, 2026 repricing date.

Were there market buys or sells in this AN2 Therapeutics (ANTX) Form 4?

No market buys or sells were reported. The Form 4 shows compensation-related transactions: grants of repriced stock options and dispositions of the prior higher-priced options back to the issuer, with no open-market trading activity in AN2 Therapeutics common shares.

What is the Premium End Date mentioned in the AN2 Therapeutics (ANTX) filing?

The Premium End Date is the earliest of September 19, 2027, a change in control of AN2 Therapeutics, or the reporting person’s death or disability. If the repriced options are exercised or employment ends before that date, the exercise price reverts to the original higher level.

How do the repriced AN2 Therapeutics (ANTX) options vest for the CDO?

Two repriced option awards vest in equal monthly installments over 48 months, starting March 25, 2022 and January 1, 2023, subject to continuous service. A third repriced option is fully vested, meaning all its shares are already exercisable under the revised $3.91 exercise price terms.

Why were AN2 Therapeutics (ANTX) options described as repriced in this Form 4?

The board approved a repricing on March 19, 2026, replacing existing higher-priced options with new options at $3.91 per share. Footnotes state that, aside from the revised exercise price and Premium End Date condition, all other terms of the original option awards remain unchanged.