[Form 4] Werewolf Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Werewolf Therapeutics (HOWL) director Luke Evnin reported a series of planned insider stock sales under a Rule 10b5-1 trading plan. On 11/13/2025, affiliated MPM entities sold 58,372 shares of common stock at a weighted average price of $0.98. On 11/14/2025, they sold 39,560 shares at a weighted average price of $0.93, and on 11/17/2025, they sold 36,621 shares at a weighted average price of $0.95. After these transactions, Evnin reported 3,515,880 shares of HOWL common stock beneficially owned indirectly through various MPM investment vehicles. The filing notes that prices are reported as weighted averages for multiple trades within specified price ranges.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

EVNIN LUKE

(Last) (First) (Middle)

C/O MPM BIOIMPACT LLC

399 BOYLSTON STREET, SUITE 1100

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Werewolf Therapeutics, Inc. [ HOWL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/13/2025		S(1)		58,372(2)	D	$0.98(3)	3,592,061	I	See Footnotes(4)(5)
Common Stock	11/14/2025		S(1)		39,560(6)	D	$0.93(7)	3,552,501	I	See Footnotes(4)(8)
Common Stock	11/17/2025		S(1)		36,621(9)	D	$0.95(10)	3,515,880	I	See Footnotes(4)(11)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Transaction effected pursuant to a plan established pursuant to Rule 10b5-1 dated September 24, 2025.

2. The shares were sold as follows: 6,244 by MPM Asset Management LLC ("AM LLC"), 39,450 by MPM BioVentures 2014, L.P. ("BV 2014"), 2,631 by MPM BioVentures 2014(B), L.P. ("BV 2014(B)"), 1,359 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 8,688 by MPM Oncology Innovations Fund, L.P. ("MPM OIF").

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.918 to $1.07 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. MPM BioVentures 2014 GP LLC and MPM BioVentures 2014 LLC ("BV LLC") are the direct and indirect general partners of BV 2014 and BV 2014(B). BV LLC is the manager of AM BV2014. MPM Oncology Innovations Fund GP LLC ("MPM OIF GP") is the general partner of MPM OIF. Luke Evnin is a member of AM LLC, a Managing Director of BV LLC and a manager of MPM OIF GP. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

5. The shares are held as follows: 384,621 by AM LLC, 2,429,001 by BV 2014, 162,011 by BV 2014(B), 83,604 by AM BV2014 and 532,824 by MPM OIF.

6. The shares were sold as follows: 4,232 by AM LLC, 26,736 by BV 2014, 1,783 by BV 2014(B), 921 by AM BV2014 and 5,888 by MPM OIF.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.895 to $0.9551 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. The shares are held as follows: 380,389 by AM LLC, 2,402,265 by BV 2014, 160,228 by BV 2014(B), 82,683 by AM BV2014 and 526,936 by MPM OIF.

9. The shares were sold as follows: 3,918 by AM LLC, 24,750 by BV 2014, 1,651 by BV 2014(B), 851 by AM BV2014 and 5,451 by MPM OIF.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.9183 to $0.99 inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

11. The shares are held as follows: 376,471 by AM LLC, 2,377,515 by BV 2014, 158,577 by BV 2014(B), 81,832 by AM BV2014 and 521,485 by MPM OIF.

	/s/ Luke Evnin	11/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

Who reported insider transactions in Werewolf Therapeutics (HOWL)?

The filing reports transactions by Luke Evnin, a director of Werewolf Therapeutics, Inc. (HOWL), who holds the shares indirectly through several MPM investment entities.

What HOWL stock transactions did Luke Evnin report on this Form 4?

The Form 4 reports three sales of HOWL common stock: 58,372 shares on 11/13/2025, 39,560 shares on 11/14/2025, and 36,621 shares on 11/17/2025, all coded as open-market sales.

At what prices were the reported HOWL shares sold by Luke Evnin-affiliated entities?

The sales were reported at weighted average prices: $0.98 on 11/13/2025, $0.93 on 11/14/2025, and $0.95 on 11/17/2025, each representing multiple trades within disclosed price ranges.

How many HOWL shares does Luke Evnin report beneficially owning after these sales?

After the reported transactions, Luke Evnin reports 3,515,880 shares of Werewolf Therapeutics common stock beneficially owned indirectly through various MPM entities.

Were Luke Evnin's HOWL stock sales made under a Rule 10b5-1 trading plan?

Yes. The filing states that the transactions were effected pursuant to a Rule 10b5-1 plan established on September 24, 2025, which provides a predefined framework for trading.

Which entities actually held and sold the HOWL shares reported by Luke Evnin?

The shares are held and sold through several MPM-related entities, including MPM Asset Management LLC, MPM BioVentures 2014, L.P., MPM BioVentures 2014(B), L.P., MPM Asset Management Investors BV2014 LLC, and MPM Oncology Innovations Fund, L.P., with allocations detailed in the footnotes.

What do the weighted average prices in Luke Evnin's HOWL Form 4 mean?

The filing explains that each reported price is a weighted average for multiple trades executed within a range, such as $0.918 to $1.07, and that detailed trade-by-trade pricing information is available upon request.