AN2 Therapeutics, Inc., a clinical-stage pharmaceutical company that develops treatments for severe, persistent, and rare diseases, has today revealed the price of its larger initial public offering, 4,600,000 shares. The public will pay $15.00 per share. AN2 Therapeutics is offering all common stock. AN2 Therapeutics is expecting to make $69.0 Million in net proceeds, after deducting commissions, underwriting discounts, and other costs. AN2 Therapeutics granted an option for underwriters to purchase additional 690,000 common shares at the initial public offer price. This is less than underwriting discount and commissions.

Under the symbol ANTX, the shares will trade on the Nasdaq Select Market starting March 25, 2022. Subject to satisfying all customary closing conditions, the offering will close on March 29, 2022.

Cowen, SVB Leerink and Evercore ISI will be acting jointly as book-running managers. Oppenheimer & Co. is acting as a lead manager for the offering.

The Securities and Exchange Commission received registration statements regarding these securities. They were declared effective March 24, 20,22. This press release is not intended to be an offer or solicitation for a purchase of these securities. There will also be no sale of these securities in any other state or territory where such an offer, solicitation, sale, or sale would violate the securities laws.

Prospectus is required to make the offering. Cowen and Company LLC can provide copies of the prospectus relating to the offering. Broadridge Financial Solutions (NYSE.), 1155 Long Island Avenue Edgewood NY, 11717. Attention Prospectus Department. Phone: (833) 296-7226. Email: PostSaleManualRequests@broadridge.comSyndicate Department of SVB Securities LLC. 53 State Street (NYSE:), 40th Floor. Boston MA 02109. Phone at (800 808-7525 to ext. 6105 or email us at syndicate@svbleerink.comEvercore Group L.L.C. – Attention: Equity Capital Markets. 55 East 52nd Street. 35th Floor. New York, NY, 10055. Phone at (888] 474-0200. Email at ecm.prospectus@evercore.com; and Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, by telephone at 212-667-8055, or by email at EquityProspectus@opco.com.

About AN2 Therapeutics, Inc.AN2 Therapeutics, Inc., a biopharmaceutical company in clinical stage, is developing treatment options for serious, rare, or chronic infectious diseases. AN2 has developed epetraborole as an oral once-daily treatment for NTM lung disease patients. This is a chronic and rare infection caused by mycobacteria. It can cause irreversible lung damage that could lead to death.

COMPANY CONTACTLucy DayChief Financial Officer

INVESTOR CONTACT AND MEDIA CONTACT Anne Bowdidge ir@an2therapeutics.com

Source: AN2 Therapeutics, Inc.