AN2 Therapeutics (ANTX) director receives repriced stock option awards

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

AN2 Therapeutics director Stephanie Wong reported a repricing of multiple stock options on the company’s common stock. On March 19, 2026, she was granted new stock options covering 24,999, 10,362 and 23,742 shares at an exercise price of $3.91 per share, matching the closing market price that day. In corresponding transactions, options over the same numbers of shares with higher exercise prices of $6.596, $17.28 and $5.91 were surrendered to the company.

According to the footnotes, the repriced option is fully vested. The $3.91 exercise price will be increased back to the original exercise price if, before the stated “Premium End Date,” the repriced option is exercised or Wong’s service with the company ends.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Wong Stephanie

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (right to buy)	24,999	$0.00	--
Disposition	Stock Option (right to buy)	24,999	$0.00	--
Grant/Award	Stock Option (right to buy)	10,362	$0.00	--
Disposition	Stock Option (right to buy)	10,362	$0.00	--
Grant/Award	Stock Option (right to buy)	23,742	$0.00	--
Disposition	Stock Option (right to buy)	23,742	$0.00	--

Holdings After Transaction: Stock Option (right to buy) — 24,999 shares (Direct)

Footnotes (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. The option is fully vested. 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.

Form 4 Insider Transactions: What Each Field Means →

03/23/2026 - 07:08 PM

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^*

Wong Stephanie

(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		24,999		⁽²⁾	04/29/2031	Common Stock	24,999	⁽³⁾	24,999	D
Stock Option (right to buy)	$6.596	03/19/2026		D			24,999	⁽²⁾	04/29/2031	Common Stock	24,999	⁽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 Stephanie Wong	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

FAQ

What did AN2 Therapeutics (ANTX) director Stephanie Wong report on this Form 4?

Stephanie Wong reported a repricing of several stock options on AN2 Therapeutics common stock. New fully vested options at a $3.91 exercise price replaced prior options with higher exercise prices over the same share amounts on March 19, 2026.

How many AN2 Therapeutics stock options were repriced for Stephanie Wong?

Three option grants were repriced, covering 24,999, 10,362 and 23,742 shares of AN2 Therapeutics common stock. For each new $3.91 exercise-price grant, a prior option over the same number of shares with a higher exercise price was cancelled.

What is the new exercise price of Stephanie Wong’s AN2 Therapeutics options?

The new exercise price is $3.91 per share, equal to the closing price of AN2 Therapeutics common stock on March 19, 2026. This lower strike replaces prior options that had exercise prices of $6.596, $17.28 and $5.91 per share.

Were Stephanie Wong’s repriced AN2 Therapeutics options vested?

Yes. A footnote states that the repriced option is fully vested. This means Wong does not need to satisfy additional service or performance conditions before exercising, subject to the other terms and timelines described for the option.

Is there any condition that could change the $3.91 exercise price on ANTX options?

Yes. The exercise price will revert to the original higher exercise price if, before the defined “Premium End Date,” the repriced option is exercised or Wong’s service with AN2 Therapeutics ends. The Premium End Date is described as the earliest of several specified events.

Did Stephanie Wong buy or sell AN2 Therapeutics shares in the market?

No open-market share purchases or sales were reported. The Form 4 reflects option grants and corresponding dispositions of prior options back to the issuer, rather than trading AN2 Therapeutics common stock in the public market.