Day Lucy 4

What Happened

• Day Lucy, Chief Financial Officer of AN2 Therapeutics (ANTX), was involved in derivative transactions on March 19, 2026 that affected a total of 221,965 option shares (73,665 + 66,000 + 82,300). The Form 4 shows simultaneous "acquired" (A) and "disposed to issuer" (D) entries — consistent with the board-approved repricing and exchange/cancellation and reissuance of option awards rather than purchases or sales in the open market.
• Footnotes show the repriced options carry an exercise price of $3.91 per share (the company’s closing price on the repricing date). One option is noted as fully vested; other awards have monthly vesting schedules tied to 3/25/2022 and 1/1/2023 start dates per the filing.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (appears to be filed after the usual 2-business-day Form 4 deadline).
• Shares/options affected: 73,665; 66,000; 82,300 — total 221,965 derivative shares. All entries are derivative awards (not open‑market trades).
• Exercise price (repriced): $3.91 per share (see footnote F1). The repriced option includes a "Premium End Date" clause and may revert to the original exercise price under specified conditions (per F1).
• Vesting notes: at least one option fully vested (F2); other awards vest monthly per F4 and F5.
• Net change in common stock reported: these entries reflect exchange/cancellation and reissuance (no cash sale/purchase to/from market); the filing does not indicate a change in beneficial ownership of common shares attributable to open‑market transactions.

Context

• This filing documents a repricing/adjustment of option awards approved by the board (footnote F3). For retail investors, repricings are administrative actions that reset exercise prices and do not necessarily represent a bullish or bearish personal trade by the insider.
• Because the transactions are derivative (options) and show both acquisition and disposition to the issuer on the same date, they typically reflect contractual reissuance/cancellation mechanics rather than immediate exercise-for-cash or open‑market sales.