Werewolf Therapeutics insider Luke Evnin files Form 4 for HOWL sales

Rhea-AI Filing Summary

Werewolf Therapeutics director reports planned stock sales

Luke Evnin, a director of Werewolf Therapeutics, Inc. (HOWL), reported three sales of common stock made under a Rule 10b5-1 trading plan dated September 24, 2025. On November 21, 2025, affiliated investment entities sold a total of 41,287 shares at a weighted average price of $0.83 per share. On November 24, 2025, they sold 56,992 shares at a weighted average price of $0.98 per share, and on November 25, 2025, they sold 27,297 shares at a weighted average price of $0.92 per share.

After these transactions, entities associated with Evnin beneficially owned a total of 3,287,551 HOWL shares across several MPM-managed funds and vehicles. The filing states that 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

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)
11/21/2025

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	11/21/2025		S(1)		41,287(2)	D	$0.83(3)	3,371,840	I	See Footnotes(4)(5)
Common Stock	11/24/2025		S(1)		56,992(6)	D	$0.98(7)	3,314,848	I	See Footnotes(4)(8)
Common Stock	11/25/2025		S(1)		27,297(9)	D	$0.92(10)	3,287,551	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: 4,417 by MPM Asset Management LLC ("AM LLC"), 27,904 by MPM BioVentures 2014, L.P. ("BV 2014"), 1,861 by MPM BioVentures 2014(B), L.P. ("BV 2014(B)"), 960 by MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 6,145 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 $0.80 to $0.8861 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: 361,062 by AM LLC, 2,280,166 by BV 2014, 152,083 by BV 2014(B), 78,482 by AM BV2014 and 500,047 by MPM OIF.

6. The shares were sold as follows: 6,097 by AM LLC, 38,518 by BV 2014, 2,569 by BV 2014(B), 1,325 by AM BV2014 and 8,483 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 $0.8733 to $1.03 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: 354,965 by AM LLC, 2,241,648 by BV 2014, 149,514 by BV 2014(B), 77,157 by AM BV2014 and 491,564 by MPM OIF.

9. The shares were sold as follows: 2,920 by AM LLC, 18,449 by BV 2014, 1,230 by BV 2014(B), 635 by AM BV2014 and 4,063 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 $0.90 to $0.99 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: 352,045 by AM LLC, 2,223,199 by BV 2014, 148,284 by BV 2014(B), 76,522 by AM BV2014 and 487,501 by MPM OIF.

	/s/ Luke Evnin	11/25/2025
	** 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 did HOWL director Luke Evnin report on this Form 4?

The Form 4 reports that Luke Evnin, a director of Werewolf Therapeutics, Inc. (HOWL), had affiliated entities sell shares of HOWL common stock in three separate transactions in November 2025 under a pre-arranged Rule 10b5-1 trading plan.

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

Affiliated entities sold 41,287 HOWL shares on November 21, 2025, 56,992 shares on November 24, 2025, and 27,297 shares on November 25, 2025, as reported in the Form 4.

What sale prices were reported for the HOWL stock transactions?

The reported weighted average prices were $0.83 per share for the November 21 sale, $0.98 per share for the November 24 sale, and $0.92 per share for the November 25 sale, with each sale consisting of multiple trades within stated price ranges.

How many HOWL shares does Luke Evnin beneficially own after these transactions?

Following the reported sales, entities associated with Luke Evnin beneficially owned a total of 3,287,551 shares of Werewolf Therapeutics common stock across several MPM-managed funds and investment vehicles.

Which entities hold the remaining HOWL shares reported for Luke Evnin?

The remaining shares are held by 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 specific share amounts listed for each in the footnotes.

Does this Form 4 indicate that the HOWL stock sales were under a Rule 10b5-1 plan?

Yes. The explanation of responses states that the November 2025 transactions were effected pursuant to a Rule 10b5-1 trading plan established on September 24, 2025.

What does the Form 4 say about Luke Evnin’s beneficial ownership of these HOWL shares?

The filing explains that Luke Evnin is affiliated with the general partners and managers of the investment entities and disclaims beneficial ownership of the securities except to the extent of his pecuniary interest in them.