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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D 0001373604 XXXXXXXX LIVE Common Stock, par value $0.00001 per share 05/07/2025 true 0001880438 037326105 AN2 Therapeutics, Inc. 1800 El Camino Real, Suite D Menlo Park CA 94027 Braden Leonard 317-344-2447 65 E Cedar - Suite 2 Zionsville IN 46077 0001373604 BML Investment Partners, L.P. b WC DE 0 5749432 0 5749432 5749432 N 19.1 PN Common Stock, par value $0.00001 per share AN2 Therapeutics, Inc. 1800 El Camino Real, Suite D Menlo Park CA 94027 Braden M. Leonard Mr. Leonard's business address is 65 E Cedar Suite 2, Zionsville, IN 46077. Mr. Leonard's principal business is to serve as managing member of BML Capital Management, LLC. 65 E Cedar - Suite 2, Zionsville IN 46077 See above. During the past five years, none of BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where as a result of such proceeding BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. During the past five years, none of BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or a party to a civil proceeding of a judicial or administrative body of competent jurisdiction where as a result of such proceeding BML Investment Partners, L.P., BML Capital Management, LLC or Braden M. Leonard was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Braden M. Leonard is a citizen of the United States of America. BML Investment Partners, L.P. is a Delaware limited partnership. BML Investment Partners, L.P. holds 5,749,432 shares of Common Stock which were acquired using $6,143,308 of working capital. The Reporting Persons purchased the Common Stock reported hereunder for investment purposes, and such purchases were made in the Reporting Persons' ordinary course of business. As with their other investments, the Reporting Persons continuously evaluate the Issuer, including but not limited to its businesses, results of operations, and prospects. All the shares of Common Stock reported herein as being beneficially owned by the Reporting Persons were acquired for investment purposes. Except as set forth herein, none of the Reporting Persons has any plans or proposals that related to or would result in any of the transactions described in Item 4 of Schedule 13D. On May 7, 2025, the Reporting Person sent a letter to the Issuer's Board expressing its belief that an orderly winddown, liquidation, and capital return is in the best interests of the shareholders of the Issuer. The Reporting Persons reserve the right to acquire, or cause to be acquired, additional securities of the Issuer, to dispose of, or cause to be disposed, such securities at any time or to formulate other purposes, plans or proposals regarding the Issuer or any of its securities, to the extent deemed advisable in light of general investment and trading policies of the Reporting Persons, market conditions or other factors. BML Investment Partners, L.P. beneficially owns 5,749,432 shares of the Issuer's Common Stock, or 19.1%. 5,749,432 None of the Reporting Persons has effected any transactions in the Issuer's Common Stock during the 60 days preceding the date of this Schedule 13D. Braden M Leonard is the Managing Member of BML Capital Management, LLC, which is the General Partner to BML Investment Partners, L.P. N/A To the best of the knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. 1 - Letter dated May 7, 2025 from BML Capital Management, LLC to the Board of Directors of the Issuer. BML Investment Partners, L.P. Braden M Leonard Braden M Leonard - Managing Member of BML Capital Management, LLC 05/07/2025