BVF-linked MoonLake (MLTX) holder trims stake by 3.75M shares

Rhea-AI Filing Summary

MoonLake Immunotherapeutics’ major shareholder group affiliated with BVF Partners reported substantial open-market sales of Class A Ordinary Shares. On March 31, 2026, the reporting entities sold a combined 3,750,000 shares at $16.79 per share in multiple transactions.

The filing is made jointly by several funds and entities in a Section 13(d) group that collectively owns more than 10% of MoonLake’s common stock, each disclaiming beneficial ownership beyond its pecuniary interest. After these sales, individual reporting entities still report multi‑million share holdings.

The group also reports indirect holdings of three “Option to Buy” awards over 6,682, 7,688 and 11,297 Class A Ordinary Shares with exercise prices of $48.83, $42.44 and $29.18, expiring in 2035, 2034 and 2033 respectively. Two options are fully vested, while the 6,682‑share grant will vest in full by June 5, 2026 or at the next annual general meeting, subject to Spike Loy’s continued service.

Insights

Equity ownership and governance analyst

BVF-affiliated holders made a sizable net sale but retain a large MoonLake position.

Entities associated with BVF Partners, which are part of a Section 13(d) group owning over 10% of MoonLake Immunotherapeutics, disclosed open‑market sales totaling 3,750,000 Class A shares at $16.79 on March 31, 2026. The filing shows remaining direct holdings in the multi‑million share range for certain entities, indicating the group still maintains a significant stake.

The transactions are pure common‑share sales (code S) with no concurrent option exercises, so they look like liquidity or portfolio rebalancing rather than exercise‑and‑sell activity. Indirect option positions remain over 26,000 underlying shares with exercise prices well above the sale price and expirations between 2033 and 2035, suggesting ongoing long‑term economic exposure.

Footnotes emphasize complex ownership chains and that each reporting person disclaims beneficial ownership beyond its pecuniary interest. An agreement with director Spike Loy assigns the economic benefit of certain director options to BVF Partners, further aligning his board compensation with the BVF complex. The overall picture is a large but partial trim of an existing position, with continued equity and option exposure.

Insider Trade Summary

Net Seller: 3,750,000 shares ($62,962,500)

Net Sell 6 txns

Insider BVF PARTNERS L P/IL, BIOTECHNOLOGY VALUE FUND L P, BVF I GP LLC, BIOTECHNOLOGY VALUE FUND II LP, BVF II GP LLC, Biotechnology Value Trading Fund OS LP, BVF Partners OS Ltd., BVF GP HOLDINGS LLC, BVF INC/IL, LAMPERT MARK N

Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director | Director | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner

Sold 3,750,000 shs ($62.96M)

Type	Security	Shares	Price	Value
Sale	Class A Ordinary Shares, $0.0001 par value	1,932,354	$16.79	$32.44M
Sale	Class A Ordinary Shares, $0.0001 par value	1,569,116	$16.79	$26.35M
Sale	Class A Ordinary Shares, $0.0001 par value	248,530	$16.79	$4.17M
holding	Option to Buy	--	--	--
holding	Option to Buy	--	--	--
holding	Option to Buy	--	--	--

Holdings After Transaction: Class A Ordinary Shares, $0.0001 par value — 8,302,735 shares (Direct); Option to Buy — 6,682 shares (Indirect, See footnote)

Footnotes (1)

1. This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the general parter of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF. Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2. Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS. This option represents a right to purchase a total of 6,682 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 5, 2026 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to Spike Loy's continued service to the Issuer. This option represents a right to purchase a total of 7,688 Class A Ordinary Shares of the Issuer. This option has fully vested as of the date hereof. This option represents a right to purchase a total of 11,297 Class A Ordinary Shares of the Issuer. This option has fully vested as of the date hereof. Partners, BVF Inc. and Mr. Lampert may be deemed to have a pecuniary interest in the securities reported owned herein due to a certain agreement between Partners and Spike Loy, who serves on the Issuer's board of directors and as a Managing Director of Partners, pursuant to which Mr. Loy is obligated to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of the securities reported owned herein to Partners. As such, Mr. Loy disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.

Key Figures

Shares sold: 3,750,000 shares Sale price: $16.79 per share Post-sale holding example: 8,302,735 shares +4 more

7 metrics

Shares sold 3,750,000 shares Total Class A Ordinary Shares sold on March 31, 2026

Sale price $16.79 per share Open-market sale price for MLTX Class A shares

Post-sale holding example 8,302,735 shares Shares reported following one sale line item

Option underlying shares 6,682 shares Director option with $48.83 exercise price, vesting by June 5, 2026

Option underlying shares 7,688 shares Fully vested director option at $42.44 exercise price

Option underlying shares 11,297 shares Fully vested director option at $29.18 exercise price

Net buy/sell direction 3,750,000 net shares sold Net-sell according to transaction summary

Key Terms

Section 13(d) group, beneficial ownership, pecuniary interest, Class A Ordinary Shares, +2 more

6 terms

Section 13(d) group regulatory

"Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10%..."

beneficial ownership financial

"Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except..."

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

"may be deemed to have a pecuniary interest in the securities reported owned herein due to a certain agreement..."

Class A Ordinary Shares financial

"Class A Ordinary Shares, $0.0001 par value"

Class A ordinary shares are a type of ownership stake in a company that typically grants voting rights to shareholders, allowing them to have a say in important company decisions. They often come with priority in receiving dividends or profits, making them attractive to investors seeking influence and potential income. These shares help distinguish different levels of ownership and rights within a company's stock structure.

par value financial

"Class A Ordinary Shares, $0.0001 par value"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

annual general meeting of shareholders regulatory

"will vest in full the earlier of (i) June 5, 2026 and (ii) the date of the Issuer's next annual general meeting of shareholders"

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).

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^*

BVF PARTNERS L P/IL

(Last) (First) (Middle)

44 MONTGOMERY ST.

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MoonLake Immunotherapeutics [ MLTX ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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
Class A Ordinary Shares, $0.0001 par value(1)	03/31/2026		S		1,932,354	D	$16.79	8,302,735	D(2)
Class A Ordinary Shares, $0.0001 par value(1)	03/31/2026		S		1,569,116	D	$16.79	6,599,722	D(3)
Class A Ordinary Shares, $0.0001 par value(1)	03/31/2026		S		248,530	D	$16.79	1,039,238	D(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
Option to Buy(1)	$48.83							(5)	06/05/2035	Class A Ordinary Shares, $0.0001 par value	6,682		6,682	I(8)	See footnote(8)
Option to Buy(1)	$42.44							(6)	06/06/2034	Class A Ordinary Shares, $0.0001 par value	7,688		7,688	I(8)	See footnote(8)
Option to Buy(1)	$29.18							(7)	06/08/2033	Class A Ordinary Shares, $0.0001 par value	11,297		11,297	I(8)	See footnote(8)

1. Name and Address of Reporting Person^*

BVF PARTNERS L P/IL

(Last) (First) (Middle)

44 MONTGOMERY ST.

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BIOTECHNOLOGY VALUE FUND L P

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BVF I GP LLC

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BIOTECHNOLOGY VALUE FUND II LP

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BVF II GP LLC

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Biotechnology Value Trading Fund OS LP

(Last) (First) (Middle)

P.O. BOX 309 UGLAND HOUSE

(Street)

GRAND CAYMAN KY1-1104

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

BVF Partners OS Ltd.

(Last) (First) (Middle)

P.O. BOX 309 UGLAND HOUSE

(Street)

GRAND CAYMAN KY1-1104

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

BVF GP HOLDINGS LLC

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

BVF INC/IL

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

LAMPERT MARK N

(Last) (First) (Middle)

44 MONTGOMERY STREET

40TH FL

(Street)

SAN FRANCISCO CALIFORNIA 94104

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

2. Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the general parter of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.

3. Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.

4. Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.

5. This option represents a right to purchase a total of 6,682 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 5, 2026 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to Spike Loy's continued service to the Issuer.

6. This option represents a right to purchase a total of 7,688 Class A Ordinary Shares of the Issuer. This option has fully vested as of the date hereof.

7. This option represents a right to purchase a total of 11,297 Class A Ordinary Shares of the Issuer. This option has fully vested as of the date hereof.

8. Partners, BVF Inc. and Mr. Lampert may be deemed to have a pecuniary interest in the securities reported owned herein due to a certain agreement between Partners and Spike Loy, who serves on the Issuer's board of directors and as a Managing Director of Partners, pursuant to which Mr. Loy is obligated to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of the securities reported owned herein to Partners. As such, Mr. Loy disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.

Remarks:

For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each of the Reporting Persons may be deemed to be a director by deputization of the Issuer due to a Managing Director of Partners, Spike Loy, serving on the Board of Directors of the Issuer, and his agreement to transfer to Partners the economic benefit, if any, received upon the sale of any securities of the Issuer he receives in his capacity as a director of the Issuer.

	BVF Partners L.P., By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President	04/02/2026
	Biotechnology Value Fund, L.P., By: BVF I GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer	04/02/2026
	BVF I GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer	04/02/2026
	Biotechnology Value Fund II, L.P., By: BVF II GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer	04/02/2026
	BVF II GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer	04/02/2026
	BVF Partners OS Ltd., By: BVF Partners L.P., its sole member, By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President	04/02/2026
	Biotechnology Value Trading Fund OS LP, By: BVF Partners L.P., its investment manager, BVF Inc., its general partner, By: /s/ Mark N. Lampert, President	04/02/2026
	BVF GP Holdings LLC, By: /s/ Mark N. Lampert, Chief Executive Officer	04/02/2026
	BVF Inc., By: /s/ Mark N. Lampert, President	04/02/2026
	/s/ Mark N. Lampert	04/02/2026
	** 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)

FAQ

What did BVF-affiliated holders of MoonLake Immunotherapeutics (MLTX) report in this Form 4?

They reported open-market sales totaling 3,750,000 Class A Ordinary Shares of MoonLake Immunotherapeutics at $16.79 per share on March 31, 2026. The sales were made by a Section 13(d) group of BVF-related entities that collectively own over 10% of the company.

At what price were the MoonLake Immunotherapeutics (MLTX) shares sold by the BVF group?

The BVF-affiliated reporting entities sold their MoonLake Class A Ordinary Shares at an average price of $16.79 per share. The total reported volume was 3,750,000 shares, executed as open-market sales on March 31, 2026, according to the Form 4 details.

How many MoonLake (MLTX) shares did the BVF group sell in this transaction?

The reporting persons sold a combined 3,750,000 Class A Ordinary Shares of MoonLake Immunotherapeutics. This total comes from three separate open-market sale entries of 1,932,354, 1,569,116, and 248,530 shares, all executed on March 31, 2026 at $16.79 per share.

Do BVF-affiliated holders still own MoonLake Immunotherapeutics (MLTX) shares after these sales?

Yes. After the reported sales, individual BVF-affiliated entities still show substantial MoonLake holdings, including one line with 8,302,735 shares and another with 6,599,722 shares following transactions. The Section 13(d) group continues to collectively own more than 10% of MoonLake’s outstanding common stock.

What MoonLake (MLTX) stock options are linked to the BVF/Spike Loy arrangement?

Three director “Option to Buy” awards over 6,682, 7,688, and 11,297 MoonLake Class A shares are reported, with exercise prices of $48.83, $42.44, and $29.18. Two are fully vested; the 6,682-share option vests by June 5, 2026 or the next annual meeting.

How is Spike Loy involved in the MoonLake (MLTX) options reported in this Form 4?

Spike Loy, a MoonLake director and Managing Director of BVF Partners, is party to an agreement assigning the economic benefit from certain director options to BVF Partners. Footnotes state Partners, BVF Inc. and Mark Lampert may have a pecuniary interest, while Loy disclaims beneficial ownership except to that extent.