On March 19, 2026, AN2 Therapeutics, Inc. announced a significant decision by its Board of Directors to approve a stock option repricing under the company's Amended and Restated 2017 Equity Incentive Plan and the 2022 Equity Incentive Plan. This move is aimed at enhancing the retention and motivation of key employees and board members by reducing the exercise price of all outstanding stock options granted prior to the repricing date to $3.91 per share, which reflects the closing price of the company's common stock on that date. The repricing is expected to provide added incentives without incurring the stock dilution that would result from issuing additional equity grants or significant cash expenditures for additional compensation. The Board believes that this strategy aligns with the best interests of the company and its stakeholders. The decision comes at a time when the company is focused on maintaining a competitive edge in the biotechnology sector, particularly in the development of innovative therapies. The repricing will affect several named executive officers, including Eric Easom, President and CEO, who holds 742,649 eligible options, and other key executives. This strategic move is anticipated to positively influence employee morale and performance, thereby potentially enhancing the company's operational execution and strategic outlook.

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