AN2 Therapeutics, Inc. Announces Stock Option Repricing for Executives and Directors

Key Points:

• Stock option repricing approved by Board: On March 19, 2026, the Board of Directors of AN2 Therapeutics, Inc. (“AN2” or “the Company”) approved a significant stock option repricing, effective as of the same date.
• Scope: The repricing affects all outstanding stock options granted under the Company’s Amended and Restated 2017 Equity Incentive Plan and the 2022 Equity Incentive Plan (“the Plans”) prior to the repricing date. This includes options held by named executive officers and non-employee board members.
• New Exercise Price: The exercise price of each affected option (“Eligible Options”) has been reduced to \$3.91 per share, matching the closing price of AN2’s common stock on the Repricing Date.
• Premium End Date: If an Eligible Option is exercised prior to the Premium End Date, or if the eligible holder leaves the Company before this date, the holder must pay the original exercise price per share. The Premium End Date is defined as the earliest of:
• September 1, 2027
• The date of a change in control
• The eligible holder’s death or disability
• Retention of Terms: Except for the reduction in exercise prices, all other terms and conditions of the options remain as originally set out in the Plans and in the respective award agreements.
• Rationale: The Board believes this repricing is in the best interests of the Company, as it provides additional incentives to retain and motivate participants without causing significant stock dilution or requiring substantial additional cash compensation.

Details on Executive Holdings:

• Eric Easom, President, CEO, and Board Chair: Holds 742,649 Eligible Options, with original exercise prices ranging from \$6.60 to \$17.28 per share.
• Joshua Eizen, Chief Legal Officer and COO: Holds 142,150 Eligible Options, with original exercise prices ranging from \$14.29 to \$17.88 per share.
• Lucy Day, CFO: Holds 221,965 Eligible Options, with original exercise prices ranging from \$6.60 to \$17.28 per share.

Important Shareholder Information

• This repricing could materially affect the share price: By lowering the exercise price of options, the Company increases the attractiveness of its incentive packages for key personnel. This can improve retention and motivation, potentially supporting operational performance. However, repricing options can be interpreted by the market as a sign of management’s belief that the current share price is undervalued or that previous grants were not effective.
• Potential dilution and compensation impacts: The Board aims to avoid significant additional equity grants or cash compensation expenditures, but repricing may still create concerns among shareholders about dilution or the Company’s outlook.
• Emerging growth company status: AN2 remains defined as an emerging growth company, which may have implications for its regulatory and accounting transitions.
• NASDAQ Listing: AN2’s common stock is listed on the Nasdaq Global Select Market under the ticker ANTX.

Potential Market Impact

The repricing of executive and director stock options is a price-sensitive event. Such actions can signal to investors that the Company is taking steps to retain leadership amid challenging market conditions, or that management expects future performance to improve. Investors should closely monitor the Company’s next operational and financial updates, as well as any further executive changes or option exercises.

Disclaimer:
This article is for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell securities. Investors should conduct their own research and consult their financial advisors before making any investment decisions. The information contained herein is based on public filings and may be subject to change.

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