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

HOWL insider reports 10b5-1 stock sales within $1.205–$1.55 range

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Werewolf Therapeutics (HOWL) director Luke Evnin reported open‑market sales of common stock made under a Rule 10b5‑1 plan dated September 24, 2025. The sales occurred on 10/30/2025, 10/31/2025, and 11/03/2025.

He sold 55,795 shares at a weighted average price of $1.43 (range $1.365–$1.55), 73,192 shares at $1.28 (range $1.205–$1.415), and 60,369 shares at $1.29 (range $1.245–$1.33). Following these transactions, 3,943,359 shares were reported as beneficially owned indirectly through affiliated entities.

Positive

  • None.

Negative

  • None.
Insider EVNIN LUKE
Role Director
Sold 189,356 shs ($251K)
Type Security Shares Price Value
Sale Common Stock 60,369 $1.29 $78K
Sale Common Stock 73,192 $1.28 $94K
Sale Common Stock 55,795 $1.43 $80K
Holdings After Transaction: Common Stock — 3,943,359 shares (Indirect, See Footnote)
Footnotes (1)
  1. Transaction effected pursuant to a plan established pursuant to Rule 10b5-1 dated September 24, 2025. The shares were sold as follows: 5,969 by MPM Asset Management LLC ("AM LLC"), 37,709 by MPM BioVentures 2014, L.P. ("BV 2014"), 2,515 by MPM BioVentures 2014(B), L.P. (BV 2014(B), 1,298 MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 8,304 by MPM Oncology Innovations Fund, L.P. ("MPM OIF"). 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.365 to $1.55 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. The shares are held as follows: 436,489 by AM LLC, 2,756,691 by BV 2014, 183,866 by BV 2014(B), 94,885 by AM BV2014 and 604,989 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. The were sold as follows: 7,830 by AM LLC, 49,467 by BV 2014, 3,299 by BV 2014(B), 1,702 by AM BV2014 and 10,894 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.205 to $1.415 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. The shares are held as follows: 428,659 by AM LLC, 2,707,224 by BV 2014, 180,567 by BV 2014(B), 93,183 by AM BV2014 and 594,095 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. The shares were sold as follows: 6,458 by AM LLC, 40,800 by BV 2014, 2,721 by BV 2014(B), 1,405 by AM BV2014 and 8,985 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.245 to $1.33 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. . The shares are held as follows: 422,201 by AM LLC, 2,666,424 by BV 2014, 177,846 by BV 2014(B), 91,778 by AM BV2014 and 585,110 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
Form 4 Insider Transactions: What Each Field Means →
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)
10/30/2025
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 10/30/2025 S(1) 55,795(2) D $1.43(3) 4,076,920 I See Footnote(4)
Common Stock 10/31/2025 S(1) 73,192(5) D $1.28(6) 4,003,728 I See Footnote(7)
Common Stock 11/03/2025 S(1) 60,369(8) D $1.29(9) 3,943,359 I See Footnote(10)
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: 5,969 by MPM Asset Management LLC ("AM LLC"), 37,709 by MPM BioVentures 2014, L.P. ("BV 2014"), 2,515 by MPM BioVentures 2014(B), L.P. (BV 2014(B), 1,298 MPM Asset Management Investors BV2014 LLC ("AM BV2014") and 8,304 by MPM Oncology Innovations Fund, L.P. ("MPM OIF"). 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.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.365 to $1.55 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. The shares are held as follows: 436,489 by AM LLC, 2,756,691 by BV 2014, 183,866 by BV 2014(B), 94,885 by AM BV2014 and 604,989 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
5. The were sold as follows: 7,830 by AM LLC, 49,467 by BV 2014, 3,299 by BV 2014(B), 1,702 by AM BV2014 and 10,894 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.205 to $1.415 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.
7. The shares are held as follows: 428,659 by AM LLC, 2,707,224 by BV 2014, 180,567 by BV 2014(B), 93,183 by AM BV2014 and 594,095 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
8. The shares were sold as follows: 6,458 by AM LLC, 40,800 by BV 2014, 2,721 by BV 2014(B), 1,405 by AM BV2014 and 8,985 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $1.245 to $1.33 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.
10. . The shares are held as follows: 422,201 by AM LLC, 2,666,424 by BV 2014, 177,846 by BV 2014(B), 91,778 by AM BV2014 and 585,110 by MPM OIF. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
/s/ Luke Evnin 11/03/2025
** 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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Source: View Original Filing on SEC EDGAR

FAQ

What did HOWL director Luke Evnin report on Form 4?

He reported open‑market sales of Werewolf Therapeutics common stock on 10/30/2025, 10/31/2025, and 11/03/2025 under a Rule 10b5‑1 plan.

How many HOWL shares were sold on each date?

55,795 shares on 10/30/2025; 73,192 shares on 10/31/2025; 60,369 shares on 11/03/2025.

What were the weighted average prices and ranges for the sales?

10/30: $1.43 (range $1.365–$1.55); 10/31: $1.28 (range $1.205–$1.415); 11/03: $1.29 (range $1.245–$1.33).

What plan governed the transactions?

Transactions were effected pursuant to a Rule 10b5‑1 plan dated September 24, 2025.

How many HOWL shares were beneficially owned after the reported trades?

3,943,359 shares, held indirectly through affiliated entities.

Are the holdings direct or indirect?

Indirect. The filing lists interests through entities including AM LLC, BV 2014, BV 2014(B), AM BV2014, and MPM OIF.