Werewolf Therapeutics (HOWL) director-linked funds report 10b5-1 share sales

Rhea-AI Filing Summary

Werewolf Therapeutics director Luke Evnin, through affiliated investment entities, reported automatic sales of the company’s common stock under a Rule 10b5-1 trading plan dated September 24, 2025. On January 5, 2026, entities including MPM Asset Management LLC, MPM BioVentures 2014 funds, AM BV2014 and MPM Oncology Innovations Fund sold a total of 18,378 shares at a weighted average price of $0.64, leaving 2,453,919 shares indirectly held. On January 6, they sold 40,761 shares at a weighted average price of $0.65, with 2,413,158 shares indirectly held afterward. On January 7, they sold 11,915 shares at a weighted average price of $0.64, leaving 2,401,243 shares indirectly held. Evnin disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

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

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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)
01/05/2026

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	01/05/2026		S(1)		18,378(2)	D	$0.64(3)	2,453,919	I	See Footnotes(4)(5)
Common Stock	01/06/2026		S(1)		40,761(6)	D	$0.65(7)	2,413,158	I	See Footnotes(4)(8)
Common Stock	01/07/2026		S(1)		11,915(9)	D	$0.64(10)	2,401,243	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: 1,966 by MPM Asset Management LLC ("AM LLC"), 12,420 by MPM BioVentures 2014, L.P. ("BV 2014"), 828 by MPM BioVentures 2014(B), L.P. ("BV 2014(B)"), 429 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 2,735 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 $0.63435 to $0.6549 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: 262,868 by AM LLC, 1,659,794 by BV 2014, 110,705 by BV 2014(B), 57,125 by AM BV2014 and 363,427 by MPM OIF.

6. The shares were sold as follows: 4,361 by AM LLC, 27,548 by BV 2014, 1,837 by BV 2014(B), 948 by AM BV2014 and 6,067 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 $0.64 to $0.6599 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: 258,507 by AM LLC, 1,632,246 by BV 2014, 108,868 by BV 2014(B), 56,177 by AM BV2014 and 357,360 by MPM OIF.

9. The shares were sold as follows: 1,275 by AM LLC, 8,053 by BV 2014, 537 by BV 2014(B), 277 by AM BV2014 and 1,773 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 $0.6276 to $0.6598 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: 257,232 by AM LLC, 1,624,193 by BV 2014, 108,331 by BV 2014(B), 55,900 by AM BV2014 and 355,587 by MPM OIF.

	/s/ Luke Evnin	01/07/2026
	** 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 is the reporting person in this Werewolf Therapeutics (HOWL) Form 4?

The reporting person is Luke Evnin, who is identified as a director of Werewolf Therapeutics, Inc. He is not listed as an officer or 10% owner on this form.

How many Werewolf Therapeutics (HOWL) shares were sold and on which dates?

Affiliated entities reported sales of Werewolf Therapeutics common stock on three dates: 18,378 shares on January 5, 2026, 40,761 shares on January 6, 2026, and 11,915 shares on January 7, 2026.

What prices were received for the HOWL shares sold in these transactions?

The weighted average sale prices were $0.64 per share on January 5, $0.65 per share on January 6, and $0.64 per share on January 7. Each figure represents a weighted average over multiple trades within stated price ranges.

How many Werewolf Therapeutics shares remained indirectly held after these sales?

After the reported sales, affiliated entities indirectly held 2,453,919 shares following the January 5 trades, 2,413,158 shares following the January 6 trades, and 2,401,243 shares following the January 7 trades.

Which entities actually hold the HOWL shares related to Luke Evnin?

The shares are held by investment 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.. Footnotes explain that general partner and manager entities control these funds.

Does Luke Evnin claim full beneficial ownership of these Werewolf Therapeutics shares?

No. A footnote states that Luke Evnin is associated with the managing and general partner entities but disclaims beneficial ownership of the securities except to the extent of his pecuniary interest.

Were the HOWL share sales made under a Rule 10b5-1 trading plan?

Yes. The Form 4 notes that the transactions were effected pursuant to a Rule 10b5-1 plan established on September 24, 2025, indicating they followed a pre-arranged trading program.