AN2 Therapeutics reports beneficial ownership by Vivo Opportunity entities. Vivo Opportunity Fund Holdings, L.P. holds 2,864,346 shares of Common Stock (representing 8.0%) and Vivo Opportunity Cayman Fund, L.P. holds 289,294 shares (0.8%), as disclosed in a joint Schedule 13G filing.
The percent calculations are based on 35,647,635 shares outstanding, comprising 27,402,024 shares outstanding as of November 3, 2025 and 8,245,611 shares issued at the closing of a private placement on March 10, 2026.
Positive
None.
Negative
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Insights
Vivo Opportunity reports a concentrated stake in AN2 Therapeutics totaling multiple single‑digit percentages.
Vivo Opportunity Fund Holdings, L.P. is shown with 2,864,346 shares (8.0%) and its Cayman affiliate with 289,294 shares (0.8%). The filing ties percentages to a post‑placement outstanding base of 35,647,635 shares reflecting a recent private placement on March 10, 2026.
The positions are reported with sole voting and dispositive power. Future public disclosures or transactions by these holders would determine any change in ownership concentration; subsequent filings will show that activity.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AN2 Therapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.00001 per share
(Title of Class of Securities)
03/10/2026
(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)
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Vivo Opportunity Fund Holdings, L.P.
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
2,864,346.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,864,346.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,864,346.00
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)
8.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The number represents shares of common stock, par value $0.00001 per share (the "Common Stock") of AN2 Therapeutics, Inc. (the "Issuer"), which are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
The percent is based on 35,647,635 shares of the Issuer's Common Stock outstanding, which is the sum of (i) 27,402,024 shares of Common Stock outstanding as of November 3, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on November 12, 2025, and (ii) 8,245,611 shares of Common Stock issued at the closing of a private placement offering, as reported by the Issuer in its Current Report on Form 8-K filed with the SEC on March 10, 2026.
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Vivo Opportunity, 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
2,864,346.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,864,346.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,864,346.00
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)
8.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The number represents shares of Common Stock of the Issuer, which are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
The percent is based on 35,647,635 shares of the Issuer's Common Stock outstanding, which is the sum of (i) 27,402,024 shares of Common Stock outstanding as of November 3, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q, filed with the SEC on November 12, 2025, and (ii) 8,245,611 shares of Common Stock issued at the closing of a private placement offering, as reported by the Issuer in its Current Report on Form 8-K filed with the SEC on March 10, 2026.
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Vivo Opportunity Cayman Fund, L.P.
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
289,294.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
289,294.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
289,294.00
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)
0.8 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: The number represents shares of Common Stock of the Issuer, which are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The percent is based on 35,647,635 shares of the Issuer's Common Stock outstanding, which is the sum of (i) 27,402,024 shares of Common Stock outstanding as of November 3, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q, filed with the SEC on November 12, 2025, and (ii) 8,245,611 shares of Common Stock issued at the closing of a private placement offering, as reported by the Issuer in its Current Report on Form 8-K filed with the SEC on March 10, 2026.
SCHEDULE 13G
CUSIP Number(s):
1
Names of Reporting Persons
Vivo Opportunity Cayman, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
289,294.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
289,294.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
289,294.00
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)
0.8 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The number represents shares of Common Stock of the Issuer, which are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
The percent is based on 35,647,635 shares of the Issuer's Common Stock outstanding, which is the sum of (i) 27,402,024 shares of Common Stock outstanding as of November 3, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q, filed with the SEC on November 12, 2025, and (ii) 8,245,611 shares of Common Stock issued at the closing of a private placement offering, as reported by the Issuer in its Current Report on Form 8-K filed with the SEC on March 10, 2026.
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:
Vivo Opportunity Fund Holdings, L.P. and its General Partner Vivo Opportunity, LLC
Vivo Opportunity Cayman Fund, L.P. and its General Partner Vivo Opportunity Cayman, LLC
(b)
Address or principal business office or, if none, residence:
192 Lytton Avenue, Palo Alto, CA 94301
(c)
Citizenship:
Vivo Opportunity Fund Holdings, L.P. is a Delaware limited partnership.
Vivo Opportunity, LLC is a Delaware limited liability company.
Vivo Opportunity Cayman Fund, L.P. is a Cayman Islands limited partnership.
Vivo Opportunity Cayman, LLC is a Cayman Islands limited liability company.
(d)
Title of class of securities:
Common Stock, par value $0.00001 per share
(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:
2,864,346 shares of the Issuer's Common Stock are held of record by Vivo Opportunity Fund Holdings, L.P. Vivo Opportunity, LLC is the general partner of Vivo Opportunity Fund Holdings, L.P.
289,294 shares of the Issuer's Common Stock are held of record by Vivo Opportunity Cayman Fund, L.P. Vivo Opportunity Cayman, LLC is the general partner of Vivo Opportunity Cayman Fund, L.P.
(b)
Percent of class:
Vivo Opportunity Fund Holdings, L.P.: 8.0%
Vivo Opportunity, LLC: 8.0%
Vivo Opportunity Cayman Fund, L.P.: 0.8%
Vivo Opportunity Cayman, LLC: 0.8%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Vivo Opportunity Fund Holdings, L.P.: 2,864,346 shares
Vivo Opportunity, LLC: 2,864,346 shares
Vivo Opportunity Cayman Fund, L.P.: 289,294 shares
Vivo Opportunity Cayman, LLC: 289,294 shares
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
Vivo Opportunity Fund Holdings, L.P.: 2,864,346 shares
Vivo Opportunity, LLC: 2,864,346 shares
Vivo Opportunity Cayman Fund, L.P.: 289,294 shares
Vivo Opportunity Cayman, LLC: 289,294 shares
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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 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.
Vivo Opportunity Fund Holdings, L.P.
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member of Vivo Opportunity, LLC, General Partner
Date:
03/13/2026
Vivo Opportunity, LLC
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member
Date:
03/13/2026
Vivo Opportunity Cayman Fund, L.P.
Signature:
/s/ Kevin Dai
Name/Title:
Kevin Dai/Managing Member of Vivo Opportunity Cayman, LLC, General Partner
What stake does Vivo Opportunity report in AN2 Therapeutics (ANTX)?
Vivo Opportunity Fund Holdings, L.P. reports 2,864,346 shares (8.0%) and Vivo Opportunity Cayman Fund, L.P. reports 289,294 shares (0.8%), as stated in the joint Schedule 13G filing with signatures dated March 13, 2026.
How was the AN2 Therapeutics percent ownership calculated?
The percent uses a base of 35,647,635 shares outstanding, which combines 27,402,024 shares as of November 3, 2025 and 8,245,611 shares issued in a private placement closed on March 10, 2026.
Does Vivo Opportunity have voting or dispositive power over the reported AN2 shares?
Yes. The filing discloses that the named entities have sole voting power and sole dispositive power over the reported shares: 2,864,346 and 289,294 respectively, with no shared powers listed.
Who signed the Schedule 13G reporting AN2 Therapeutics ownership?
The joint filing was signed by Kevin Dai as Managing Member of the relevant general partner entities, with signature dates shown as March 13, 2026 on the Schedule 13G submission.
