SCHEDULE: Vivo Funds Disclose 8.8% Passive Stake in AN2 Therapeutics

Vivo Opportunity Fund Holdings and affiliates report an aggregate passive ownership of 8.8% in AN2 Therapeutics, Inc. common stock.

Summary

• Vivo Opportunity Fund Holdings, L.P. and its general partner, Vivo Opportunity, LLC, collectively report beneficial ownership of 2,864,346 shares of AN2 Therapeutics, Inc. common stock, representing 8.0% of the class.
• Vivo Opportunity Cayman Fund, L.P. and its general partner, Vivo Opportunity Cayman, LLC, collectively report beneficial ownership of 289,294 shares of AN2 Therapeutics, Inc. common stock, representing 0.8% of the class.
• The combined beneficial ownership by all Vivo entities totals 3,153,640 shares, representing an aggregate of 8.8% of AN2 Therapeutics' common stock.
• The percentage ownership is calculated based on 35,647,635 shares of common stock outstanding, which includes 27,402,024 shares as of November 3, 2025, and an additional 8,245,611 shares issued in a private placement on March 10, 2026.
• The reporting persons certify that the securities were acquired for passive investment purposes and not to change or influence control of the issuer.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a significant institutional investor has taken a passive stake, which can be interpreted as a vote of confidence in the company's long-term prospects, especially after a recent capital raise.

Positives

• A significant institutional investor, Vivo Opportunity Funds, has taken an aggregate 8.8% passive stake in AN2 Therapeutics, potentially signaling confidence in the company's prospects.
• The disclosure follows a recent private placement, indicating continued investor interest and capital inflow into AN2 Therapeutics.

Future Outlook

This Schedule 13G filing does not contain any forward-looking statements or guidance from AN2 Therapeutics, Inc. or the reporting persons beyond the certification of passive investment intent.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

StockSavvy.ai notes that institutional investment in a biotech company like AN2 Therapeutics can be a positive signal, especially following a private placement, indicating potential investor confidence in its pipeline or strategic direction. Such disclosures often provide transparency regarding significant ownership shifts within the sector.

Stakeholder Impact

• Shareholders: Increased institutional ownership may provide stability and confidence in the company's stock. The recent private placement, while dilutive, provided capital to the company.
• Company: Secures a significant passive investor, potentially aiding long-term stability and market perception.

Key Dates

Recommendation

The disclosure of a significant passive stake by Vivo Opportunity Funds, following a recent private placement, indicates institutional confidence in AN2 Therapeutics. While this is a positive signal, the filing does not provide operational or financial performance details to warrant a stronger recommendation. Investors should hold and monitor future company developments.

Keywords

AN2 Therapeutics, Vivo Opportunity Fund, Schedule 13G, beneficial ownership, institutional investor, common stock, passive investment, private placement