Chanda Sanjay 4

What Happened
Chanda Sanjay, Chief Development Officer of AN2 Therapeutics (ANTX), was granted a total of 165,615 derivative securities (stock options) on March 19, 2026 and simultaneously surrendered the same number of previously held options back to the issuer. The repriced options carry an exercise price of $3.91 per share (the issuer’s closing price on the repricing date). The filing does not show a cash purchase or open-market sale and does not state a total dollar value for the grants.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (timely filed).
• Grants (acquisitions) and matching dispositions to issuer: 66,000; 57,950; 41,665 — total 165,615 options exchanged.
• Exercise price for repriced options: $3.91 per share (footnote: this may be increased back to the original exercise price if the repriced option is exercised or the reporting person’s service terminates prior to the "Premium End Date").
• Vesting: one tranche vests 1/48 monthly from March 25, 2022; another vests 1/48 monthly from January 1, 2023; the third tranche is fully vested.
• Nature of transaction: derivative option repricing/exchange (grant of repriced options and surrender/cancellation of prior options), not an open-market buy or sale.
• Shares owned after transaction: not specified in the supplied filing excerpts.
• Filing timeliness: Form 4 was filed within the SEC’s short reporting window (filed March 23 for March 19 transactions).

Context

• This was an option repricing/regrant approved by the board (footnote indicates board approved repricing on March 19, 2026). The insider did not report a cash purchase or immediate sale of underlying shares; rather, older options appear to have been exchanged for new options at a lower exercise price.
• The $3.91 exercise price equals the closing stock price on the repricing date but may revert to the original higher exercise price under certain conditions before the Premium End Date (earliest of Sept 19, 2027, change in control, or death/disability).
• For retail investors: these are derivative changes (options exchange) and do not by themselves represent a purchase of stock on the open market; they change the economics and vesting of the insider’s equity compensation.