Williams Sarah Joanne 4

What Happened

• Sarah Joanne Williams, Principal Accounting Officer of AN2 Therapeutics (ANTX), received an award of 48,375 restricted stock units (RSUs) on February 20, 2026. The grant price is listed as $0.00 (award), so immediate cash value is $0. Vesting for this award is 1/4th of the shares annually over four years beginning January 1, 2026, subject to her continued service.

Key Details

• Transaction date: 2026-02-20; Filing date: 2026-02-23 (timely filed).
• Transaction type/code: Award/Grant (A); shares granted: 48,375; price: $0.00.
• Vesting (footnote F1): 25% annually over four years from Jan 1, 2026, subject to continuous service.
• Additional footnote (F2): filing also references remaining balances of prior RSUs — 10,938 RSUs vesting annually from Jan 1, 2025, and 11,850 RSUs vesting quarterly from May 28, 2024. From those prior RSUs, 3,174 shares were sold to cover taxes and 814 shares were sold on the open market.
• Shares owned after the transaction: not specified in the filing.
• Exhibit: Power of Attorney attached.

Context

• RSUs are compensatory awards that vest over time; they are not open-market purchases or sales and do not by themselves indicate immediate buying/selling sentiment.
• The filing shows routine tax-related share sales from earlier RSU grants (common to cover withholding). No option exercises or open-market purchases were reported in this Form 4.