Director at AN2 Therapeutics (NASDAQ: ANTX) awarded 3,775 shares

Rhea-AI Filing Summary

Aziz Kabeer reported acquisition or exercise transactions in this Form 4 filing.

AN2 Therapeutics director Aziz Kabeer received 3,775 shares of Common Stock as an equity grant. The shares were issued in lieu of cash under the non-employee director compensation policy and vest immediately. Following this award, he holds 56,254 shares directly.

Separate from his direct holdings, 1,995,958 shares are held by Adjuvant Global Health Technology Fund, L.P. and 377,542 shares are held by Adjuvant Global Health Technology Fund DE, L.P. Mr. Kabeer is affiliated with these entities and may be deemed to share voting and dispositive power, but each person and entity disclaims beneficial ownership except for any pecuniary interest.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Aziz Kabeer

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,775	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 56,254 shares (Direct); Common Stock — 1,995,958 shares (Indirect, See Footnote)

Footnotes (1)

1. Represents shares issued in lieu of cash compensation under the issuer's non-employee director compensation policy. All shares vest immediately. Shares are held directly by Adjuvant Global Health Technology Fund, L.P. ("AGHT Fund"). The sole general partner of AGHT Fund is Adjuvant Capital GP, L.P. ("AC GP") and the sole general partner of AC GP is Adjuvant Capital Management, L.L.C. ("AC MGMT"). The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities. Shares are held directly by Adjuvant Global Health Technology Fund DE, L.P. ("AGHT Fund DE"). The sole general partner of AGHT Fund DE is AC GP and the sole general partner of AC GP is AC MGMT. The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.

Key Figures

Equity grant to director: 3,775 shares Direct holdings after grant: 56,254 shares Indirect holdings via AGHT Fund: 1,995,958 shares +1 more

4 metrics

Equity grant to director 3,775 shares Common Stock awarded in lieu of cash; vest immediately

Direct holdings after grant 56,254 shares Common Stock directly held by Aziz Kabeer after award

Indirect holdings via AGHT Fund 1,995,958 shares Common Stock held by Adjuvant Global Health Technology Fund, L.P.

Indirect holdings via AGHT Fund DE 377,542 shares Common Stock held by Adjuvant Global Health Technology Fund DE, L.P.

Key Terms

non-employee director compensation policy, voting and dispositive power, pecuniary interest

3 terms

non-employee director compensation policy financial

"Represents shares issued in lieu of cash compensation under the issuer's non-employee director compensation policy."

voting and dispositive power financial

"may be deemed to share voting and dispositive power over the securities held by such entities."

pecuniary interest financial

"disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities."

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^*

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)
04/10/2026

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
Common Stock	04/10/2026		A		3,775(1)	A	$0	56,254	D
Common Stock								1,995,958	I	See Footnote(2)
Common Stock								377,542	I	See Footnote(3)

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.

2. Shares are held directly by Adjuvant Global Health Technology Fund, L.P. ("AGHT Fund"). The sole general partner of AGHT Fund is Adjuvant Capital GP, L.P. ("AC GP") and the sole general partner of AC GP is Adjuvant Capital Management, L.L.C. ("AC MGMT"). The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.

3. Shares are held directly by Adjuvant Global Health Technology Fund DE, L.P. ("AGHT Fund DE"). The sole general partner of AGHT Fund DE is AC GP and the sole general partner of AC GP is AC MGMT. The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.

	/s/ Lucy Day, Attorney-in-Fact for Kabeer Aziz	04/10/2026
	** 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) report for Aziz Kabeer?

AN2 Therapeutics reported that director Aziz Kabeer received 3,775 shares of Common Stock as an equity grant. The award was issued in lieu of cash compensation and all shares vest immediately under the company’s non-employee director compensation policy.

How many AN2 Therapeutics (ANTX) shares does Aziz Kabeer hold directly after this filing?

After the reported grant, Aziz Kabeer directly holds 56,254 shares of AN2 Therapeutics Common Stock. This reflects the addition of 3,775 shares issued as compensation in stock instead of cash, which fully vested at the time of grant.

Were the new AN2 Therapeutics (ANTX) shares granted to Aziz Kabeer purchased on the market?

No, the 3,775 shares were not market purchases. They were issued at no cash cost as part of AN2 Therapeutics’ non-employee director compensation policy, where equity is granted in lieu of cash fees and the shares vest immediately upon grant.

What indirect AN2 Therapeutics (ANTX) holdings are associated with entities linked to Aziz Kabeer?

Entities associated with Aziz Kabeer hold 1,995,958 shares through Adjuvant Global Health Technology Fund, L.P. and 377,542 shares through Adjuvant Global Health Technology Fund DE, L.P. He may be deemed to share voting and dispositive power but disclaims beneficial ownership beyond any pecuniary interest.

Why does the AN2 Therapeutics (ANTX) Form 4 mention pecuniary interest and beneficial ownership disclaimers?

The filing notes that entities linked to Aziz Kabeer hold large share positions and that he may share voting and dispositive power. However, each person and entity disclaims beneficial ownership of those securities except to the extent of any pecuniary interest in the shares.