Readnour Robin Shane 4

What Happened

• Robin Shane Readnour, a director of AN2 Therapeutics (ANTX), is reported as receiving repriced option awards on March 19, 2026 and simultaneously recording dispositions of the same amounts back to the issuer. The filings show grants/acquisitions of 20,724 and 23,742 derivative-share equivalents and matching dispositions to the issuer on the same date. The derivative transactions list no per-share sale price (N/A), but the repriced exercise price is $3.91 per share (see footnotes). The options are fully vested. Because the acquisitions and dispositions match, there is no net change in reported beneficial ownership from these entries.

Key Details

• Transaction date: March 19, 2026; Form 4 filed March 23, 2026 (timely).
• Reported derivative amounts: grant/acquisition of 20,724 and 23,742 shares; matching dispositions to the issuer of 20,724 and 23,742 shares.
• Transaction price: N/A on the Form 4 for the derivative entries; repriced exercise price is $3.91 per share (footnote F1).
• Vesting: option is fully vested (footnote F2).
• Board action: repricing approved by the board on March 19, 2026 (footnote F3).
• Premium End Date condition: exercise price will revert to the original price if exercised or if the reporting person's service terminates before the earliest of (i) Sept 19, 2027, (ii) a change in control, or (iii) death or disability (footnote F1).
• Shares owned after the transaction: no net change in reported beneficial ownership in these entries (acquisitions were offset by dispositions).

Context

• These are derivative/option transactions tied to a repricing event, not open-market buys or sells. "A" = award/grant or acquisition of a derivative; "D" = disposition to the issuer (e.g., surrender/cancellation or withholding). The Form 4 does not show a cash amount received or paid; it shows the repricing and related dispositions. For retail investors, purchases (open-market buys) often carry a clearer bullish signal—repricings and matching dispositions are corporate/compensation actions and do not by themselves indicate the insider buying or selling stock on the open market.