AN2 Therapeutics director gets repriced stock options

AN2 Therapeutics director Joseph S. Zakrzewski reported a board-approved repricing of his stock options.

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Rhea-AI Filing Summary

AN2 Therapeutics director Joseph S. Zakrzewski reported a board-approved repricing of his stock options. On March 19, 2026, existing options to buy common stock with higher exercise prices were surrendered to the company and replaced with new fully vested options at an exercise price of $3.91 per share.

The new options cover multiple grants of stock options (rights to buy common stock) with expiration dates ranging from April 29, 2031 to June 6, 2033. The filing reflects compensation-related adjustments only and does not show any open-market purchases or sales of AN2 Therapeutics common stock.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Zakrzewski Joseph S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	99,999	$0.00	$0.00
Disposition	Stock Option (right to buy)	99,999	$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) — 134,103 contracts (Direct)

Footnotes (3)

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.
F2. The option is fully vested.
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 insider activity did AN2 Therapeutics (ANTX) report for Joseph S. Zakrzewski?

AN2 Therapeutics reported that director Joseph S. Zakrzewski repriced several fully vested stock options. Higher-priced options were surrendered to the company and replaced with new options to buy common stock at a $3.91 exercise price, effective March 19, 2026, with future expiration dates.

Were AN2 Therapeutics (ANTX) shares bought or sold in the market in this Form 4?

No open-market share purchases or sales are reported. The Form 4 shows only option grants and dispositions to the issuer tied to a repricing. Existing options were canceled and replaced with fully vested options at a new $3.91 exercise price, without common stock trading.

What is the new exercise price of Joseph Zakrzewski’s AN2 Therapeutics options?

The repriced stock options carry a $3.91 per share exercise price. Footnotes state this equals the closing price of AN2 Therapeutics common stock on the repricing date, March 19, 2026, and that the options are fully vested, subject to specified conditions around the Premium End Date.

What happens to AN2 Therapeutics options if exercised before the Premium End Date?

If the repriced options are exercised, or Joseph Zakrzewski’s service ends, before the Premium End Date, the exercise price reverts to the original higher level. The Premium End Date is the earliest of September 19, 2027, a change in control, or his death or disability.

How did AN2 Therapeutics’ board approve the option changes reported in this Form 4?

On March 19, 2026, AN2 Therapeutics’ board of directors approved a repricing of certain existing stock options. According to the filing, apart from the revised $3.91 exercise price and related Premium End Date terms, all other option provisions remain unchanged for Joseph Zakrzewski.

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Accepted by SEC EDGAR 03/23/2026 - 07:07 PM EDT

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^*

Zakrzewski Joseph S

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$3.91⁽¹⁾	03/19/2026		A		99,999		⁽²⁾	04/29/2031	Common Stock	99,999	⁽³⁾	99,999	D
Stock Option (right to buy)	$6.596	03/19/2026		D			99,999	⁽²⁾	04/29/2031	Common Stock	99,999	⁽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 Joseph S. Zakrzewski	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)

Source: View Original Filing on SEC EDGAR