Kabeer Aziz - 29 Mar 2022 Form 4 Insider Report for AN2 Therapeutics, Inc. (ANTX)

Role: Director, 10%+ Owner
Signature: /s/ Lucy Day, Attorney-in-Fact for Kabeer Aziz
Issuer symbol: ANTX
Transactions as of: 29 Mar 2022
Net transactions value: +$2,499,990
Form type: 4
Filing time: 31 Mar 2022, 20:15:15 UTC
Previous filing: 24 Mar 2022
Next filing: 16 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ANTX	Common Stock	Conversion of derivative security		+1,651,636			1,651,636	29 Mar 2022	By Adjuvant Global Health Technology Fund, L.P.	F1, F2
transaction	ANTX	Common Stock	Conversion of derivative security		+312,415			312,415	29 Mar 2022	By Adjuvant Global Health Technology Fund DE, L.P.	F1, F3
transaction	ANTX	Common Stock	Conversion of derivative security		+392,433	+24%		2,044,069	29 Mar 2022	By Adjuvant Global Health Technology Fund, L.P.	F1, F2
transaction	ANTX	Common Stock	Conversion of derivative security		+74,230	+24%		386,645	29 Mar 2022	By Adjuvant Global Health Technology Fund DE, L.P.	F1, F3
transaction	ANTX	Common Stock	Purchase	$2,499,990	+166,666	+8.2%	$15.00	2,210,735	29 Mar 2022	By Adjuvant Global Health Technology Fund, L.P.	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ANTX	Series A Convertible Preferred Stock	Conversion of derivative security	$0	-1,651,636	-100%	$0.000000^*	0	29 Mar 2022	Common Stock	1,651,636		By Adjuvant Global Health Technology Fund, L.P.	F1, F2
transaction	ANTX	Series A Convertible Preferred Stock	Conversion of derivative security	$0	-312,415	-100%	$0.000000^*	0	29 Mar 2022	Common Stock	312,415		By Adjuvant Global Health Technology Fund DE, L.P.	F1, F3
transaction	ANTX	Series B Convertible Preferred Stock	Conversion of derivative security	$0	-392,433	-100%	$0.000000^*	0	29 Mar 2022	Common Stock	392,433		By Adjuvant Global Health Technology Fund, L.P.	F1, F2
transaction	ANTX	Series B Convertible Preferred Stock	Conversion of derivative security	$0	-74,230	-100%	$0.000000^*	0	29 Mar 2022	Common Stock	74,230		By Adjuvant Global Health Technology Fund DE, L.P.	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of Preferred Stock automatically converts on a one-for-one basis into Common Stock immediately prior to the closing of the Issuer's initial public offering (the "IPO"), for no additional consideration. The shares of Preferred Stock have no expiration date.
F2	Shares held directly by Adjuvant Global Health Technology Fund, L.P. ("AGHT Fund"). The sole general partner of AGHT Fund is Adjuvant Capital GP, L.P. ("AC GP") and the sole general partner of AC GP is Adjuvant Capital Management, L.L.C. ("AC MGMT"). The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.
F3	Shares held directly by Adjuvant Global Health Technology Fund DE, L.P. ("AGHT Fund DE"). The sole general partner of AGHT Fund DE is AC GP and the sole general partner of AC GP is AC MGMT. The Reporting Person is a member of the Issuer's board of directors and is Secretary of AC MGMT, and may be deemed to share voting and dispositive power over the securities held by such entities. Each such person and entity disclaims beneficial ownership of the securities, except to the extent of such person's or entity's pecuniary interest in such securities.