AN2 Therapeutics shows 4.1% stake held by Almitas

AN2 Therapeutics ownership disclosure: an amendment shows Almitas Capital LLC beneficially owns 1,479,129 shares of common stock, representing 4.1% of the class.

Rhea-AI Filing Summary

AN2 Therapeutics ownership disclosure: an amendment shows Almitas Capital LLC beneficially owns 1,479,129 shares of common stock, representing 4.1% of the class. The filing lists sole voting and sole dispositive power over 1,479,129 shares. The filing is signed by Ronald Mass as Managing Principal on 05/15/2026.

Insights

Institutional Ownership Analyst

Almitas Capital reports a 4.1% beneficial stake in AN2 Therapeutics.

Almitas Capital LLC is disclosed as beneficial owner of 1,479,129 shares of AN2 Therapeutics common stock with sole voting and dispositive power. The filing is an amendment to a prior Schedule 13G and is signed on 05/15/2026.

Ownership at 4.1% is below 5% and is reported under the "Ownership of 5 Percent or Less of a Class" category; cash‑flow treatment and acquisition timing are not stated in the excerpt.

Key Figures

Beneficial ownership: 1,479,129 shares Percent of class: 4.1% Sole voting power: 1,479,129 shares +3 more

6 metrics

Beneficial ownership 1,479,129 shares Amount beneficially owned reported in the Schedule 13G/A

Percent of class 4.1% Percent of class reported in Item 4(b)

Sole voting power 1,479,129 shares Item 4(c)(i) sole power to vote or direct the vote

Sole dispositive power 1,479,129 shares Item 4(c)(iii) sole power to dispose or direct disposition

CUSIP 037326105 CUSIP listed on cover information

Signature date 05/15/2026 Date in signature block of the amendment

Key Terms

Schedule 13G/A, Beneficially owned, Sole Dispositive Power

3 terms

Schedule 13G/A regulatory

"An amendment to Schedule 13G (header: SCHEDULE 13G/A)"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficially owned regulatory

"Item 4(a) Amount beneficially owned: 1,479,129"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Dispositive Power regulatory

"Item 4(c)(iii) Sole power to dispose or to direct the disposition of: 1,479,129"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake does Almitas Capital report in AN2 Therapeutics (ANTX)?

Almitas Capital LLC reports beneficial ownership of 1,479,129 shares, equal to 4.1% of AN2 Therapeutics' common stock, with sole voting and dispositive power over those shares.

When was the Schedule 13G/A amendment for AN2 (ANTX) signed?

The amendment was signed by Ronald Mass, Managing Principal of Almitas Capital LLC, on 05/15/2026, as shown in the signature block of the filing.

Does Almitas Capital have shared voting power over AN2 shares?

No. The filing states Shared Voting Power: 0 and Shared Dispositive Power: 0, while sole voting and dispositive power are each 1,479,129 shares.

What form was filed to report Almitas Capital's position in AN2 Therapeutics?

An amendment to Schedule 13G (labeled as SCHEDULE 13G/A) was filed to report the beneficial ownership position in AN2 Therapeutics' common stock.

What CUSIP is associated with AN2 Therapeutics in this filing?

The filing lists the CUSIP for AN2 Therapeutics common stock as 037326105 on the cover information provided.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 09:58 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

AN2 Therapeutics, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

037326105

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 037326105

1

Names of Reporting Persons

Almitas Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,479,129.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,479,129.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,479,129.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: AN2 Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 1300 EL CAMINO REAL, SUITE 100, MENLO PARK, CALIFORNIA, 94025
Item 2.
(a)	Name of person filing: Almitas Capital LLC
(b)	Address or principal business office or, if none, residence: 1460 4th Street, Suite 300 Santa Monica, CA 90401
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 037326105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,479,129
(b)	Percent of class: 4.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,479,129
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,479,129
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Almitas Capital LLC

Signature:	Ronald Mass
Name/Title:	Managing Principal
Date:	05/15/2026