AN2 Therapeutics (ANTX) director receives 11,560 share grant in Form 4

Rhea-AI Filing Summary

AN2 Therapeutics director Kabeer Aziz received 11,560 shares of common stock on January 12, 2026 as equity compensation. The shares were issued in lieu of cash under the company’s non-employee director compensation policy and all of them vest immediately. Following this grant, Aziz directly holds 52,479 shares of AN2 Therapeutics common stock.

In addition, entities associated with Aziz hold significant indirect positions. Adjuvant Global Health Technology Fund, L.P. holds 1,995,958 shares and Adjuvant Global Health Technology Fund DE, L.P. holds 377,542 shares, with their general partners and management entities involved in voting and dispositive power. Each person and entity, including Aziz, disclaims beneficial ownership of these indirectly held shares except to the extent of any pecuniary interest.

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

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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^*

Aziz Kabeer

(Last) (First) (Middle)

C/O AN2 THERAPEUTICS, INC.

1300 EL CAMINO REAL, SUITE 100

(Street)

MENLO PARK CA 94025

(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)
01/12/2026

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	01/12/2026		A		11,560(1)	A	$0	52,479	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	01/14/2026
	** 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.

FAQ

What insider transaction did AN2 Therapeutics (ANTX) report for Kabeer Aziz?

AN2 Therapeutics reported that director Kabeer Aziz received 11,560 shares of common stock on January 12, 2026. The shares were granted as part of his non-employee director compensation.

Was the AN2 Therapeutics director stock grant to Kabeer Aziz a cash transaction?

No. The 11,560 shares were issued in lieu of cash compensation under AN2 Therapeutics' non-employee director compensation policy, with a reported price of $0 per share for this compensation grant.

How many AN2 Therapeutics shares does Kabeer Aziz own directly after this transaction?

After the reported grant, Kabeer Aziz directly holds 52,479 shares of AN2 Therapeutics common stock.

What indirect holdings related to Kabeer Aziz are disclosed for AN2 Therapeutics (ANTX)?

The filing notes that 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., entities associated with Aziz through their general partners and management.

Does Kabeer Aziz claim full beneficial ownership of the indirect AN2 Therapeutics shares?

No. The filing states that Aziz and the related entities disclaim beneficial ownership of the indirectly held shares, except to the extent of any pecuniary interest in those securities.

Do the granted AN2 Therapeutics shares to Kabeer Aziz vest over time?

No. The 11,560 granted shares under the non-employee director compensation policy vest immediately, according to the disclosure.