Werewolf Therapeutics director-linked funds sell shares

Werewolf Therapeutics director Luke Evnin reported indirect open-market sales of 143,199 shares of Common Stock over two days.

Rhea-AI Filing Summary

Werewolf Therapeutics director Luke Evnin reported indirect open-market sales of 143,199 shares of Common Stock over two days. On July 6, 2026, entities associated with him sold 35,770 shares at a weighted average price of $0.32 per share. On July 7, 2026, they sold a further 107,429 shares at a weighted average price of $0.31 per share.

The trades were executed by multiple MPM-affiliated investment entities and carried out under a pre-established Rule 10b5-1 trading plan dated March 26, 2026. Following these transactions, those entities reported holding no shares of Werewolf Therapeutics.

Insider Trade Summary 10b5-1

Net Seller: 143,199 shares

Net Sell 2 txns

Insider EVNIN LUKE

Role Director

Sold 143,199 shs ($45K)

Type	Security	Shares	Price	Value
Sale	Common Stock	107,429	$0.31	$33K
Sale	Common Stock	35,770	$0.32	$11K

Holdings After Transaction: Common Stock — 0 shares (Indirect, See Footnotes)

Footnotes (8)

1. F1. Transaction effected pursuant to a plan established pursuant to Rule 10b5-1 dated March 26, 2026.
2. F2. The shares were sold as follows: 3,832 by MPM Asset Management LLC ("AM LLC"), 24,197 by MPM BioVentures 2014, L.P. ("BV 2014"), 1,614 by MPM BIoVentures 2014(B), L.P. ("BV 2014(B)"), 833 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 5,294 by MPM Oncology Innovations Fund, L.P. ("MPM OIF").
3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.3128 to $0.3388 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. F4. 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. F5. The shares are held as follows: 11,509 by AM LLC, 72,676 by BV 2014, 4,845 by BV 2014(B), 2,499 by AM BV2014 and 15,900 by MPM OIF.
6. F6. The shares were sold as follows: 11,509 by AM LLC, 72,676 by BV 2014, 4,845 by BV 2014(B), 2,499 by AM BV2014 and 15,900 by MPM OIF.
7. F7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.295 to $0.3342 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. F8. No shares held by AM LLC, BV 2014, BV 2014(B), AM BV2014 and MPM OIF.

Key Figures

Shares sold July 6, 2026: 35,770 shares Shares sold July 7, 2026: 107,429 shares Total shares sold: 143,199 shares +2 more

5 metrics

Shares sold July 6, 2026 35,770 shares Open-market sale of Common Stock at weighted average $0.32

Shares sold July 7, 2026 107,429 shares Open-market sale of Common Stock at weighted average $0.31

Total shares sold 143,199 shares Combined indirect sales reported across two days

Price range July 6 sales $0.295–$0.3342 Multiple transactions; weighted average price reported in Form 4

Price range July 7 sales $0.3128–$0.3388 Multiple transactions; weighted average price reported in Form 4

Key Terms

Rule 10b5-1, weighted average price, open-market sale, beneficial ownership, +1 more

5 terms

Rule 10b5-1 regulatory

"Transaction effected pursuant to a plan established pursuant to Rule 10b5-1 dated March 26, 2026."

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

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.

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.

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein."

FAQ

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

What insider transactions did HOWL director Luke Evnin report in this Form 4?

Luke Evnin reported indirect open-market sales totalling 143,199 HOWL shares. The sales occurred on July 6 and July 7, 2026 through several MPM-affiliated entities, with weighted average prices around $0.32 and $0.31 per share respectively.

Were the July 2026 HOWL share sales by entities linked to Luke Evnin pre-planned?

Yes, the sales were made under a Rule 10b5-1 trading plan. The filing states the transactions were effected pursuant to a plan established on March 26, 2026, indicating they were scheduled in advance rather than timed discretionarily.

How many HOWL shares did entities associated with Luke Evnin sell on July 6 and 7, 2026?

They sold 35,770 shares on July 6 and 107,429 shares on July 7. Both transactions involved Werewolf Therapeutics Common Stock held indirectly through MPM-affiliated funds and vehicles, reported as open-market or private sales.

What prices did the Evnin-linked entities receive for the July 2026 HOWL share sales?

The reported weighted average prices were $0.32 and $0.31 per share. Footnotes explain that individual trades occurred in ranges from $0.295 to $0.3388, and detailed breakdowns are available upon request from the reporting person.

Do entities associated with Luke Evnin still hold Werewolf Therapeutics (HOWL) shares after these sales?

No, the filing states that the listed MPM entities held no shares afterward. A footnote confirms that AM LLC, BV 2014, BV 2014(B), AM BV2014 and MPM OIF had no remaining shares following the reported transactions.

Does Luke Evnin claim full beneficial ownership of the HOWL shares sold in this Form 4?

No, he disclaims full beneficial ownership. The filing notes that he is associated with the managing entities but disclaims beneficial ownership of the securities except to the extent of his pecuniary interest in those investment vehicles.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 07/08/2026 - 05:34 PM 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

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 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/06/2026

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

X	Form filed by One Reporting Person
	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	07/06/2026		S(1)		35,770(2)	D	$0.32(3)	107,429	I	See Footnotes(4)(5)
Common Stock	07/07/2026		S(1)		107,429(6)	D	$0.31(7)	0	I	See Footnotes(4)(8)

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 March 26, 2026.

2. The shares were sold as follows: 3,832 by MPM Asset Management LLC ("AM LLC"), 24,197 by MPM BioVentures 2014, L.P. ("BV 2014"), 1,614 by MPM BIoVentures 2014(B), L.P. ("BV 2014(B)"), 833 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 5,294 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 $0.3128 to $0.3388 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: 11,509 by AM LLC, 72,676 by BV 2014, 4,845 by BV 2014(B), 2,499 by AM BV2014 and 15,900 by MPM OIF.

6. The shares were sold as follows: 11,509 by AM LLC, 72,676 by BV 2014, 4,845 by BV 2014(B), 2,499 by AM BV2014 and 15,900 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 $0.295 to $0.3342 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. No shares held by AM LLC, BV 2014, BV 2014(B), AM BV2014 and MPM OIF.

	/s/ Luke Evnin	07/08/2026
	** 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)