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

Rhea-AI Filing Summary

Werewolf Therapeutics director Luke Evnin reported selling shares of the company’s common stock in three transactions carried out under a Rule 10b5-1 trading plan dated September 24, 2025. On December 15, 2025, affiliated investment entities sold a total of 23,640 shares at a weighted average price of $1.07. On December 16, 2025, they sold 14,548 shares at a weighted average price of $1.05, and on December 17, 2025, they sold 9,983 shares at a weighted average price of $1.14. Following these sales, Evnin reported 2,841,957 shares of Werewolf Therapeutics common stock beneficially owned indirectly through several MPM-managed entities.

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

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)
12/15/2025

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	12/15/2025		S(1)		23,640(2)	D	$1.07(3)	2,866,488	I	See Footnotes(4)(5)
Common Stock	12/16/2025		S(1)		14,548(6)	D	$1.05(7)	2,851,940	I	See Footnotes(4)(8)
Common Stock	12/17/2025		S(1)		9,983(9)	D	$1.14(10)	2,841,957	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: 2,529 by MPM Asset Management LLC ("AM LLC"), 15,977 by MPM BioVentures 2014, L.P. ("BV 2014"), 1,066 by MPM BioVentures 2014(B), L.P. ("BV 2014(B)"), 550 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 3,518 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 $1.02 to $1.10 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: 307,002 by AM LLC, 1,938,625 by BV 2014, 129,302 by BV 2014(B), 66,727 by AM BV2014 and 424,832 by MPM OIF.

6. The shares were sold as follows: 1,556 by AM LLC, 9,832 by BV 2014, 656 by BV 2014(B), 339 by AM BV2014 and 2,165 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 $1.02 to $1.10 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: 305,446 by AM LLC, 1,928,793 by BV 2014, 128,646 by BV 2014(B), 66,388 by AM BV2014 and 422,667 by MPM OIF.

9. The shares were sold as follows: 1,068 by AM LLC, 6,747 by BV 2014, 450 by BV 2014(B), 232 by AM BV2014 and 1,486 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 $1.095 to $1.18 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: 304,378 by AM LLC, 1,922,046 by BV 2014, 128,196 by BV 2014(B), 66,156 by AM BV2014 and 421,181 by MPM OIF.

	/s/ Luke Evnin	12/17/2025
	** 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).
** 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.
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FAQ

What insider transaction did Luke Evnin report for Werewolf Therapeutics (HOWL)?

Luke Evnin, a director of Werewolf Therapeutics, reported the sale of common stock in three separate transactions on December 15, 16 and 17, 2025, by affiliated MPM investment entities.

How many Werewolf Therapeutics (HOWL) shares were sold in these Form 4 transactions?

The filing shows sales of 23,640 shares on December 15, 14,548 shares on December 16, and 9,983 shares on December 17, 2025, all in Werewolf Therapeutics common stock.

At what prices were the Werewolf Therapeutics (HOWL) shares sold by Luke Evnin’s affiliated entities?

The reported weighted average sale prices were $1.07 per share on December 15, $1.05 per share on December 16, and $1.14 per share on December 17, 2025. Each sale consisted of multiple trades within the stated price ranges.

Was the Werewolf Therapeutics (HOWL) insider sale under a Rule 10b5-1 trading plan?

Yes. The filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan dated September 24, 2025, which pre-arranged the purchase or sale of the equity securities.

How many Werewolf Therapeutics (HOWL) shares does Luke Evnin report beneficially owning after these sales?

After the reported transactions, Luke Evnin reports 2,841,957 shares of Werewolf Therapeutics common stock beneficially owned indirectly through several MPM-managed entities, while disclaiming beneficial ownership beyond his pecuniary interest.

Through which entities does Luke Evnin hold his Werewolf Therapeutics (HOWL) shares?

The filing explains that shares are held through 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 various MPM general partner and manager entities involved.