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

Rhea-AI Filing Summary

AbbVie Inc. (ABBV) filed a Form 3 disclosing the initial beneficial ownership of newly appointed EVP & Chief HR Officer Demetris D. Crum. As of the reportable event date 07/01/2025, Mr. Crum directly holds 7,048 shares of AbbVie common stock, a figure that includes 1,113 restricted stock units scheduled to vest in full on 02/16/2026.

The filing also lists two employee stock option grants made under the company’s 2013 Incentive Stock Program:

• 5,043 options at an exercise price of $175.28, expiring 02/14/2034; 1,681 shares became exercisable on 02/15/2025 with additional tranches in 2026 and 2027.
• 4,687 options at an exercise price of $192.86, expiring 02/12/2035; tranches vest annually from 2026-2028.

The filing is administrative, establishing Mr. Crum’s initial ownership under Section 16 reporting rules. No purchase or sale transactions are reported, and no new equity issuance by AbbVie is involved.

Insights

Financial Analyst

TL;DR: Routine Form 3 shows new EVP holds modest equity; no transactional impact.

This filing merely records Demetris Crum’s starting equity position as a section 16 insider. The 7,048 shares and 9,730 options represent a negligible fraction of AbbVie’s outstanding shares, so there is no valuation impact. While insider ownership can signal alignment with shareholders, the amounts disclosed are typical for senior executives and were granted previously under the incentive plan. No buying or selling activity is indicated, keeping the disclosure neutral for investors.

Corporate Governance Expert

TL;DR: Disclosure satisfies governance and compliance; informational only.

Section 16 rules require newly appointed officers to file Form 3 within 10 days. AbbVie meets this obligation, listing Crum’s equity awards and including a Power of Attorney. The staggered option vesting schedules match AbbVie’s standard retention practices. There are no red flags regarding concentration or unusual grant structures. Overall, the filing improves transparency but does not alter governance risk profiles.

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^*

Marks Gilbert Lynn

(Last) (First) (Middle)

C/O AN2 THERAPEUTICS, INC.

1800 EL CAMINO REAL, SUITE D

(Street)

MENLO PARK CA 94027

(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)
07/10/2025

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
Common Stock	07/10/2025		A		11,875(1)	A	$0	53,382	D

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.

	/s/ Lucy Day, Attorney-in-Fact for Gilbert Lynn Marks	07/11/2025
	** 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).
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