RA Capital funds sell 416,911 Werewolf Therapeutics shares

Werewolf Therapeutics, Inc. insider filings report that investment funds associated with RA Capital completed open-market sales of common stock.

Rhea-AI Filing Summary

Werewolf Therapeutics, Inc. insider filings report that investment funds associated with RA Capital completed open-market sales of common stock. The sales covered a total of 416,911 shares at a weighted average price of $0.35 per share, with individual trades between $0.34 and $0.39.

After these sales, one RA Capital-related fund held 303,719 shares of Werewolf Therapeutics common stock, while another related fund held 4,268,448 shares. The reporting parties, including RA Capital Management, its general partner, and certain individuals, disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interest.

Insider Trade Summary

Net Seller: 416,911 shares

Net Sell 2 txns

Insider RA CAPITAL MANAGEMENT, L.P., RA Capital Healthcare Fund LP, Kolchinsky Peter, Shah Rajeev M.

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner

Sold 416,911 shs ($146K)

Type	Security	Shares	Price	Value
Sale	Common Stock	389,216	$0.35	$136K
Sale	Common Stock	27,695	$0.35	$10K

Holdings After Transaction: Common Stock — 303,719 shares (Indirect, See footnotes)

Footnotes (4)

1. F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.34 to $0.39 inclusive. The Reporting Persons undertake 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.
2. F2. Held directly by RA Capital Healthcare Fund, L.P. (the "Fund").
3. F3. RA Capital Management, L.P. (the "Adviser") is the investment manager for the Fund and RA Capital Nexus Fund II, L.P. (the "Nexus Fund II"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. The Adviser, the Adviser GP, the Fund, Dr. Kolchinsky and Mr. Shah disclaim beneficial ownership of the reported securities, except to the extent of their respective pecuniary interest therein.
4. F4. Held directly by Nexus Fund II.

Key Figures

Total shares sold: 416,911 shares Weighted average sale price: $0.35 per share Price range of sales: $0.34–$0.39 per share +4 more

7 metrics

Total shares sold 416,911 shares Open-market sales of common stock

Weighted average sale price $0.35 per share Common stock sales on 2026-06-17

Price range of sales $0.34–$0.39 per share Multiple transactions within reported range

Shares sold by one fund 27,695 shares Common stock sold in one transaction block

Shares sold by another fund 389,216 shares Common stock sold in second transaction block

Post-sale holdings (fund 1) 303,719 shares Indirect common stock position after sales

Post-sale holdings (fund 2) 4,268,448 shares Indirect common stock position after sales

Key Terms

open-market sale, weighted average price, ten percent owner, pecuniary interest, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

ten percent owner regulatory

""is_ten_percent_owner": 1"

pecuniary interest financial

"disclaim beneficial ownership of the reported securities, except to the extent of their respective pecuniary interest therein."

indirect financial

""ownership_type": "indirect""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did RA Capital report for Werewolf Therapeutics (HOWL)?

RA Capital-related funds reported open-market sales of Werewolf Therapeutics common stock. They sold 416,911 shares in total at a weighted average price of $0.35 per share, with trades executed between $0.34 and $0.39.

How many Werewolf Therapeutics (HOWL) shares did RA Capital-linked entities sell?

Entities associated with RA Capital sold 416,911 shares of Werewolf Therapeutics common stock. The sales occurred in multiple open-market transactions at prices ranging from $0.34 to $0.39 per share, resulting in a weighted average sale price of $0.35.

What prices were received in the RA Capital sales of HOWL stock?

The RA Capital-related funds sold Werewolf Therapeutics shares at prices between $0.34 and $0.39. The reported transaction price is a weighted average of $0.35 per share, reflecting numerous individual trades across that specified range.

How many Werewolf Therapeutics (HOWL) shares do the RA Capital funds hold after the sales?

Following the reported transactions, one RA Capital-related fund held 303,719 Werewolf Therapeutics common shares, and another related fund held 4,268,448 shares. These positions are disclosed as indirect holdings in the Form 4 filing.

Who actually holds the Werewolf Therapeutics shares tied to the RA Capital Form 4?

The shares are held directly by RA Capital Healthcare Fund, L.P. and RA Capital Nexus Fund II, L.P. RA Capital Management, its general partner, and certain individuals report the holdings but disclaim beneficial ownership except for their respective pecuniary interests.

Were the RA Capital HOWL transactions direct or indirect holdings?

The Form 4 classifies the Werewolf Therapeutics positions as indirect holdings. The common stock is held directly by RA Capital Healthcare Fund, L.P. and RA Capital Nexus Fund II, L.P., with reporting persons referencing these entities in the ownership footnotes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/22/2026 - 06:59 PM EDT Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

X

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

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^*

RA CAPITAL MANAGEMENT, L.P.

(Last) (First) (Middle)

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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

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

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

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	06/17/2026		S		389,216	D	$0.35(1)	4,268,448	I	See footnotes(2)(3)
Common Stock	06/17/2026		S		27,695	D	$0.35(1)	303,719	I	See footnotes(3)(4)

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

1. Name and Address of Reporting Person^*

RA CAPITAL MANAGEMENT, L.P.

(Last) (First) (Middle)

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

RA Capital Healthcare Fund LP

(Last) (First) (Middle)

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Kolchinsky Peter

(Last) (First) (Middle)

C/O RA CAPITAL MANAGEMENT, L.P.

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Shah Rajeev M.

(Last) (First) (Middle)

C/O RA CAPITAL MANAGEMENT, L.P.

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.34 to $0.39 inclusive. The Reporting Persons undertake 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.

2. Held directly by RA Capital Healthcare Fund, L.P. (the "Fund").

3. RA Capital Management, L.P. (the "Adviser") is the investment manager for the Fund and RA Capital Nexus Fund II, L.P. (the "Nexus Fund II"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. The Adviser, the Adviser GP, the Fund, Dr. Kolchinsky and Mr. Shah disclaim beneficial ownership of the reported securities, except to the extent of their respective pecuniary interest therein.

4. Held directly by Nexus Fund II.

	/s/ Peter Kolchinsky, Manager of RA Capital Management, L.P.	06/22/2026
	/s/ Peter Kolchinsky, Manager of RA Capital Healthcare Fund GP, LLC, the General Partner of RA Capital Healthcare Fund, L.P.	06/22/2026
	/s/ Peter Kolchinsky, individually	06/22/2026
	/s/ Rajeev Shah, individually	06/22/2026
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)