AN2 Therapeutics (ANTX) CFO swaps higher-priced options for $3.91 grants

Rhea-AI Filing Summary

AN2 Therapeutics, Inc. Chief Financial Officer Lucy Day reported a repricing and replacement of stock options on March 19, 2026. She received new stock option grants covering 73,665, 66,000 and 82,300 shares of common stock, each with a $3.91 per-share exercise price, matching the issuer’s closing price that day.

On the same date, options over identical share amounts with higher exercise prices of $6.596, $17.28 and $14.29 were disposed of back to the company. One grant is fully vested, while two grants vest monthly in forty‑eight equal installments starting from March 25, 2022 and January 1, 2023, contingent on continued service. The $3.91 exercise price may revert to the original higher price if the options are exercised or service ends before a defined "Premium End Date."

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^*

Day Lucy

(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 Financial 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		73,665		(2)	04/29/2031	Common Stock	73,665	(3)	73,665	D
Stock Option (right to buy)	$6.596	03/19/2026		D			73,665	(2)	04/29/2031	Common Stock	73,665	(3)	0	D
Stock Option (right to buy)	$3.91(1)	03/19/2026		A		66,000		(4)	05/11/2032	Common Stock	66,000	(3)	66,000	D
Stock Option (right to buy)	$17.28	03/19/2026		D			66,000	(4)	05/11/2032	Common Stock	66,000	(3)	0	D
Stock Option (right to buy)	$3.91(1)	03/19/2026		A		82,300		(5)	02/14/2033	Common Stock	82,300	(3)	82,300	D
Stock Option (right to buy)	$14.29	03/19/2026		D			82,300	(5)	02/14/2033	Common Stock	82,300	(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.

4. 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.

5. 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.

	/s/ Lucy Day	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) report for CFO Lucy Day?

AN2 Therapeutics reported option repricing transactions for CFO Lucy Day. She received new stock options with a $3.91 exercise price while returning older, higher-priced options to the company, leaving no open-market share purchases or sales disclosed in this Form 4.

How many AN2 Therapeutics (ANTX) option shares were affected in Lucy Day’s Form 4?

Three separate option grants and cancellations were reported. New options cover 73,665, 66,000 and 82,300 shares of common stock, with matching dispositions of options over the same share counts at higher exercise prices returned to the issuer.

What is the new exercise price for Lucy Day’s AN2 Therapeutics (ANTX) options?

The repriced options carry a $3.91 per-share exercise price. This price equals the issuer’s common stock closing price on March 19, 2026, but can revert to the original higher exercise prices if exercise or service termination occurs before a defined Premium End Date.

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

No open-market purchases or sales of common shares were disclosed. The filing shows grant-type acquisitions and issuer dispositions of stock options only, with no reported buying or selling of AN2 Therapeutics common stock in the market by CFO Lucy Day.

How do Lucy Day’s AN2 Therapeutics (ANTX) options vest after the repricing?

One option grant is fully vested, while two grants vest monthly. The vesting schedules provide that 1/48th of the shares vest on each monthly anniversary from March 25, 2022 and January 1, 2023, conditioned on continued service with AN2 Therapeutics.

What is the Premium End Date mentioned in the AN2 Therapeutics (ANTX) Form 4 footnotes?

The Premium End Date controls whether the repriced options keep the $3.91 exercise price. If exercise or service termination occurs before that date, the exercise price increases back to the original level; it also can be triggered by a change in control, death or disability.