AN2 Therapeutics Establishes $80 Million At-The-Market Equity Offering Program with Jefferies

On April 9, 2026, AN2 Therapeutics, Inc. (ANTX) entered into an Open Market Sale Agreement with Jefferies LLC to establish an "at the market" (ATM) equity offering program. Under the terms of the agreement, the Company may, at its discretion, issue and sell shares of its common stock having an aggregate offering price of up to $80 million through Jefferies acting as the sales agent. AN2 Therapeutics has agreed to pay Jefferies a commission of up to 3.0% of the gross proceeds from any sales. Simultaneously, the Company terminated its previous sales agreement with TD Securities (USA) LLC (formerly with Cowen and Company, LLC) dated April 6, 2023. Prior to this termination, the Company had sold approximately 2.5 million shares under the prior agreement for aggregate proceeds of approximately $20 million. The new $80 million ATM facility is intended to provide the Company with continued flexible access to capital for general corporate purposes. The offering will be conducted via a prospectus supplement to the Company's existing shelf registration statement on Form S-3.