<SEC-DOCUMENT>0001193125-26-120214.txt : 20260323
<SEC-HEADER>0001193125-26-120214.hdr.sgml : 20260323
<ACCEPTANCE-DATETIME>20260323190754
ACCESSION NUMBER:		0001193125-26-120214
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260319
FILED AS OF DATE:		20260323
DATE AS OF CHANGE:		20260323

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Zakrzewski Joseph S
		CENTRAL INDEX KEY:			0001331852
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41331
		FILM NUMBER:		26783797

	MAIL ADDRESS:	
		STREET 1:		509 WATERVIEW PLACE
		CITY:			NEW HOPE
		STATE:			PA
		ZIP:			18938

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AN2 Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001880438
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				820606654
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1300 EL CAMINO REAL, SUITE 100
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		(650) 331-9090

	MAIL ADDRESS:	
		STREET 1:		1300 EL CAMINO REAL, SUITE 100
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
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    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-03-19</periodOfReport>

    <issuer>
        <issuerCik>0001880438</issuerCik>
        <issuerName>AN2 Therapeutics, Inc.</issuerName>
        <issuerTradingSymbol>ANTX</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001331852</rptOwnerCik>
            <rptOwnerName>Zakrzewski Joseph S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O AN2 THERAPEUTICS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1300 EL CAMINO REAL, SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>MENLO PARK</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94025</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
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                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
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                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <expirationDate>
                <value>2031-04-29</value>
            </expirationDate>
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                <underlyingSecurityTitle>
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                <underlyingSecurityTitle>
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            <securityTitle>
                <value>Stock Option (right to buy)</value>
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                <transactionPricePerShare>
                    <footnoteId id="F3"/>
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                <transactionAcquiredDisposedCode>
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                <value>2032-05-11</value>
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            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
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                <equitySwapInvolved>false</equitySwapInvolved>
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                <transactionShares>
                    <value>23742</value>
                </transactionShares>
                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            </expirationDate>
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                    <value>23742</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.91</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2026-03-19</value>
            </transactionDate>
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                <equitySwapInvolved>false</equitySwapInvolved>
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            <expirationDate>
                <value>2033-06-06</value>
            </expirationDate>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The exercise price of the option is $3.91 per share, representing the closing price of the Issuer's common stock on the date of the repricing; provided that the exercise price will be increased to the original exercise price before repricing if, prior to the &quot;Premium End Date&quot; (as defined below), the repriced option is exercised or the Reporting Person's services with the Company is terminated. The &quot;Premium End Date&quot; means the earliest of: (i) September 19, 2027, (ii) the date of a change in control or (iii) the Reporting Person's death or disability.</footnote>
        <footnote id="F2">The option is fully vested.</footnote>
        <footnote id="F3">On March 19, 2026, the board of directors of the Issuer approved the repricing of the option. Except as further described in footnote 1, all other terms of the option remain unchanged.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Lucy Day, Attorney-in-Fact for Joseph S. Zakrzewski</signatureName>
        <signatureDate>2026-03-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
