Director-linked funds in Werewolf Therapeutics (HOWL) report share sales

Rhea-AI Filing Summary

Werewolf Therapeutics director Luke Evnin, through affiliated investment entities, reported indirect sales of common stock of Werewolf Therapeutics, Inc. over three trading days in January 2026. The transactions were executed under a pre-established Rule 10b5-1 trading plan dated September 24, 2025.

On January 13, 2026, affiliated entities sold 43,198 shares at a weighted average price of $0.55, leaving 2,266,671 shares indirectly beneficially owned. On January 14, 2026, they sold 30,616 shares at a weighted average price of $0.57, leaving 2,236,055 shares indirectly beneficially owned. On January 15, 2026, they sold 37,413 shares at a weighted average price of $0.55, leaving 2,198,642 shares indirectly beneficially owned.

The shares were held and sold by 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. Evnin is associated with these entities and disclaims beneficial ownership of the 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)
01/13/2026

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	01/13/2026		S(1)		43,198(2)	D	$0.55(3)	2,266,671	I	See Footnotes(4)(5)
Common Stock	01/14/2026		S(1)		30,616(6)	D	$0.57(7)	2,236,055	I	See Footnotes(4)(8)
Common Stock	01/15/2026		S(1)		37,413(9)	D	$0.55(10)	2,198,642	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: 4,621 by MPM Asset Management LLC ("AM LLC"), 29,195 by MPM BioVentures 2014, L.P. ("BV 2014"), 1,947 by MPM BioVentures 2014(B), L.P. ("BV 2014(B)"), 1,006 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 6,429 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 $0.53675 to $0.5697 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: 242,837 by AM LLC, 1,533,244 by BV 2014, 102,265 by BV 2014(B), 52,766 by AM BV2014 and 335,559 by MPM OIF.

6. The shares were sold as follows: 3,275 by AM LLC, 20,692 by BV 2014, 1,380 by BV 2014(B), 712 by AM BV2014 and 4,557 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 $0.5524 to $0.5857 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: 239,562 by AM LLC, 1,512,552 by BV 2014, 100,885 by BV 2014(B), 52,054 by AM BV2014 and 331,002 by MPM OIF.

9. The shares were sold as follows: 4,002 by AM LLC, 25,285 by BV 2014, 1,686 by BV 2014(B), 872 by AM BV2014 and 5,568 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 $0.5305 to $0.59 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: 235,560 by AM LLC, 1,487,267 by BV 2014, 99,199 by BV 2014(B), 51,182 by AM BV2014 and 325,434 by MPM OIF.

	/s/ Luke Evnin	01/15/2026
	** 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 insider in Werewolf Therapeutics (HOWL) involved in this Form 4?

The reporting person is Luke Evnin, who is identified as a director of Werewolf Therapeutics, Inc. and reports indirect beneficial ownership through affiliated investment entities.

How many Werewolf Therapeutics shares were sold by the Evnin-affiliated entities on each reported date?

Affiliated entities reported selling 43,198 shares of common stock on January 13, 2026, 30,616 shares on January 14, 2026, and 37,413 shares on January 15, 2026, all coded as open-market sales (transaction code S).

At what prices were the Werewolf Therapeutics (HOWL) shares sold in this Form 4?

The reported weighted average sale prices were $0.55 per share on January 13, $0.57 per share on January 14, and $0.55 per share on January 15, 2026, with each footnote noting that sales occurred in multiple transactions within stated price ranges.

How many Werewolf Therapeutics shares remain indirectly beneficially owned after these transactions?

Following the January 15, 2026 transactions, the Form 4 reports 2,198,642 shares of Werewolf Therapeutics common stock indirectly beneficially owned after the reported sales.

Were these Werewolf Therapeutics share sales by Luke Evnin discretionary or under a Rule 10b5-1 plan?

The Form 4 states that the transactions were effected pursuant to a Rule 10b5-1 trading plan established on September 24, 2025, indicating a pre-arranged plan for selling shares.

Who actually holds the Werewolf Therapeutics (HOWL) shares referenced in the Form 4?

The footnotes state that the shares are held by 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.

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

No. The footnotes explain that Luke Evnin is associated with the managing and general partner entities and that the Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest in them.