<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001193125-24-029181</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001783165</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.00001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001880438</issuerCik>
        <issuerName>AN2 Therapeutics, Inc.</issuerName>
        <issuerCusip>037326105</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">1800 El Camino Real, Suite D</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Menlo Park</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">94027</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Adjuvant Global Health Technology Fund, L.P.</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1995958</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1995958</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1995958</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.7</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Adjuvant Global Health Technology Fund DE, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>377542</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>377542</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>377542</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>1.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Adjuvant Capital GP, L.P.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2373500</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2373500</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2373500</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.9</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Adjuvant Capital Management, L.L.C.</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>2373500</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>2373500</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2373500</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>7.9</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>AN2 Therapeutics, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1800 El Camino Real, Suite D, Menlo Park, CA 94027</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This Schedule 13G is being filed jointly by Adjuvant Global Health Technology Fund, L.P. ("AGHT Fund"), Adjuvant Global Health Technology Fund DE, L.P. ("AGHT Fund DE"), Adjuvant Capital GP, L.P. ("AC GP") and Adjuvant Capital Management, L.L.C. ("AC Management" and together with AGHT Fund, AGHT Fund DE and AC GP, the "Reporting Persons").

AC GP is the sole general partner of AGHT Fund and the sole general partner of AGHT Fund DE, and may be deemed to beneficially own the shares of Common Stock beneficially owned by AGHT Fund and AGHT Fund DE.  AC Management is the sole general partner of AC GP and may be deemed to beneficially own the shares of Common Stock beneficially owned by AGHT Fund and AGHT Fund DE.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The principal business address of each of the Reporting Persons, is c/o Adjuvant Capital, L.P., 500 Fifth Avenue, Suite 4000, New York, NY 10110.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>AGHT Fund is organized under the laws of the Cayman Islands. AGHT Fund DE, AC GP and AC Management are each organized under the laws of the State of Delaware.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See rows 5 through 11 of the cover pages.</amountBeneficiallyOwned>
        <classPercent>See rows 5 through 11 of the cover pages.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See rows 5 through 11 of the cover pages.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See rows 5 through 11 of the cover pages.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See rows 5 through 11 of the cover pages.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See rows 5 through 11 of the cover pages.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>Y</notApplicableFlag>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Adjuvant Global Health Technology Fund, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kabeer Aziz</signature>
        <title>Vice President and Secretary of Adjuvant Capital Management, L.L.C., the sole general partner of Adjuvant Capital GP, L.P.</title>
        <date>02/28/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Adjuvant Global Health Technology Fund DE, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kabeer Aziz</signature>
        <title>Vice President and Secretary of Adjuvant Capital Management, L.L.C., the sole general partner of Adjuvant Capital GP, L.P.</title>
        <date>02/28/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Adjuvant Capital GP, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kabeer Aziz</signature>
        <title>Vice President and Secretary of Adjuvant Capital Management, L.L.C., the sole general partner of Adjuvant Capital GP, L.P.</title>
        <date>02/28/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Adjuvant Capital Management, L.L.C.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Kabeer Aziz</signature>
        <title>Vice President and Secretary</title>
        <date>02/28/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
