Almitas Capital discloses 5.39% AN2 Therapeutics (ANTX) ownership stake

Rhea-AI Filing Summary

Almitas Capital LLC reported a new significant ownership position in AN2 Therapeutics, Inc. The firm disclosed beneficial ownership of 2,975,164 shares of common stock and warrants, representing about 5.39% of the class. Almitas holds sole voting and dispositive power over all reported securities.

The filing states these securities were acquired and are held in the ordinary course of business and are not intended to change or influence control of AN2 Therapeutics. The position crosses the 5% threshold that requires public disclosure under Schedule 13G rules.

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 and Warrants

(Title of Class of Securities)

037326105

(CUSIP Number)

12/31/2025

(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 No. 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 2,975,164.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,975,164.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,975,164.00

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)

5.4 %

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: 1900 MARKET STREET, SUITE 200, PHILADELPHIA, PENNSYLVANIA, 19103.
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock and Warrants
(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: 2,975,164
(b)	Percent of class: 5.39%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,975,164
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,975,164
	(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 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 Principle
Date:	02/13/2026

FAQ

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

Almitas Capital reported beneficial ownership of 2,975,164 AN2 Therapeutics shares and warrants, representing about 5.39% of the company’s common stock class. This level exceeds the 5% threshold that requires public disclosure on a Schedule 13G filing with the SEC.

What type of securities in AN2 Therapeutics (ANTX) does Almitas Capital hold?

Almitas Capital holds AN2 Therapeutics common stock and warrants, with total beneficial ownership of 2,975,164 securities. The firm has sole power to vote and dispose of all reported securities, with no shared voting or dispositive authority indicated in the ownership details.

Does Almitas Capital seek to influence control of AN2 Therapeutics (ANTX)?

Almitas Capital states the AN2 Therapeutics securities were acquired and are held in the ordinary course of business, not to change or influence control. The filing also notes they are not held in connection with any transaction aimed at affecting control of the issuer.

Who signed the AN2 Therapeutics (ANTX) Schedule 13G for Almitas Capital?

The Schedule 13G for AN2 Therapeutics was signed by Ronald Mass as Managing Principle of Almitas Capital LLC. The signature section certifies, after reasonable inquiry, that the information in the statement is true, complete, and correct to the best of his knowledge.

What voting power does Almitas Capital have over AN2 Therapeutics (ANTX) shares?

Almitas Capital reports sole voting power over 2,975,164 AN2 Therapeutics securities and no shared voting power. It also reports sole dispositive power over the same number of securities, indicating full authority to decide how those shares and warrants are voted and disposed.

Why did Almitas Capital file a Schedule 13G for AN2 Therapeutics (ANTX)?

Almitas Capital filed Schedule 13G because its beneficial ownership in AN2 Therapeutics reached about 5.39% of the class, exceeding the 5% reporting threshold. The filing is made under rules allowing passive investors to report significant stakes without seeking control.