Wong Stephanie 4

What Happened
Stephanie Wong, a director of AN2 Therapeutics (ANTX), had a total of 59,103 option-based derivative awards exchanged on March 19, 2026: three original option tranches (24,999; 10,362; 23,742) were disposed back to the issuer and new option awards for the same share counts were granted the same day. The repriced options carry an exercise price of $3.91 per share (the issuer’s closing stock price on the repricing date). The filing shows these are derivative instrument transactions (not open-market buys or sells) and the options are fully vested.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (filed on the second business day after the transaction).
• Options exchanged (total): 59,103 shares (24,999 + 10,362 + 23,742).
• New exercise price: $3.91 per share (repriced to the closing stock price on 3/19/26).
• Vesting: The repriced option is fully vested (Footnote F2).
• Board action: Repricing approved by the board on March 19, 2026 (Footnote F3).
• Special condition: The exercise price will be increased back to the original exercise price if the repriced option is exercised or the reporting person's service ends prior to the “Premium End Date,” which is the earliest of (i) Sept 19, 2027, (ii) a change in control, or (iii) the reporting person’s death or disability (Footnote F1).
• Shares owned after the transaction: Not specified in the provided transaction summary.

Context
This filing reports a repricing/exchange of existing options (disposition to the issuer plus simultaneous grant of replacement options). It is not a stock purchase or sale and does not represent an immediate cashless exercise or sale of shares. Such repricings are corporate compensation adjustments; they do not necessarily indicate the insider’s buy/sell intent.