MoonLake (NASDAQ: MLTX) director’s 22K-share option tied to BVF economic rights

Rhea-AI Filing Summary

MoonLake Immunotherapeutics received an updated ownership report from a group of BVF-related investment funds and Mark N. Lampert, who together form a Section 13(d) group holding more than 10% of the company’s common stock. The filing mainly records existing Class A Ordinary Share positions and a new stock option award linked to director Spike Loy’s service. The option covers 22,195 Class A Ordinary Shares at an exercise price of $19.19 per share, expiring on June 17, 2036, and vests in full on the earlier of June 17, 2027 or the next annual general meeting of shareholders, subject to his continued service. The group and Mr. Loy each disclaim beneficial ownership beyond their economic interests.

Insider Trade Summary

7 transactions reported

Mixed 7 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 | Director | Director | Director | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Option to Buy	22,195	$0.00	$0.00
holding	Option to Buy	--	--	--
holding	Option to Buy	--	--	--
holding	Option to Buy	--	--	--
holding	Class A Ordinary Shares, $0.0001 par value	--	--	--
holding	Class A Ordinary Shares, $0.0001 par value	--	--	--
holding	Class A Ordinary Shares, $0.0001 par value	--	--	--

Holdings After Transaction: Option to Buy — 47,862 shares (Indirect, See footnote); Class A Ordinary Shares, $0.0001 par value — 15,941,695 shares (Direct)

Footnotes (9)

1. F1. 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. F2. 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. F3. 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. F4. 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. F5. This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 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. F6. This option represents a right to purchase a total of 6,682 Class A Ordinary Shares of the Issuer. This option has fully vested as of the date hereof.
7. F7. 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.
8. F8. 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.
9. F9. 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

New option grant size: 22,195 shares New option exercise price: $19.19 per share Existing option 1: 11,297 shares at $29.18 +5 more

8 metrics

New option grant size 22,195 shares Class A Ordinary Shares underlying new option award

New option exercise price $19.19 per share Exercise price for 22,195-share option expiring June 17, 2036

Existing option 1 11,297 shares at $29.18 Fully vested option to buy Class A Ordinary Shares, expires June 8, 2033

Existing option 2 7,688 shares at $42.44 Fully vested option to buy Class A Ordinary Shares, expires June 6, 2034

Existing option 3 6,682 shares at $48.83 Fully vested option to buy Class A Ordinary Shares, expires June 5, 2035

Direct holding entry 1 1,039,238 shares Class A Ordinary Shares directly owned in one BVF-related account

Direct holding entry 2 6,599,722 shares Class A Ordinary Shares directly owned in another BVF-related account

Direct holding entry 3 8,302,735 shares Class A Ordinary Shares directly owned in a third BVF-related account

Key Terms

Section 13(d) group, pecuniary interest, Class A Ordinary Shares, Option to Buy, +1 more

5 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%..."

pecuniary interest financial

"Each of the Reporting Persons disclaims beneficial ownership... except to the extent of his or its pecuniary interest therein."

Class A Ordinary Shares financial

"This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer..."

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.

Option to Buy financial

"This option represents a right to purchase a total of 11,297 Class A Ordinary Shares of the Issuer."

annual general meeting of shareholders regulatory

"…will vest in full the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's next annual general meeting of shareholders…"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/22/2026 - 04:51 PM Accepted by SEC EDGAR 06/22/2026 - 04:50 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).

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)
06/17/2026

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)								8,302,735	D(2)
Class A Ordinary Shares, $0.0001 par value(1)								6,599,722	D(3)
Class A Ordinary Shares, $0.0001 par value(1)								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)	$19.19	06/17/2026		A		22,195		(5)	06/17/2036	Class A Ordinary Shares, $0.0001 par value	22,195	$0.00	22,195	I(9)	See footnote(9)
Option to Buy(1)	$48.83							(6)	06/05/2035	Class A Ordinary Shares, $0.0001 par value	6,682		6,682	I(9)	See footnote(9)
Option to Buy(1)	$42.44							(7)	06/06/2034	Class A Ordinary Shares, $0.0001 par value	7,688		7,688	I(9)	See footnote(9)
Option to Buy(1)	$29.18							(8)	06/08/2033	Class A Ordinary Shares, $0.0001 par value	11,297		11,297	I(9)	See footnote(9)

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

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

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 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 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 6,682 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 7,688 Class A Ordinary Shares of the Issuer. This option has fully vested as of the date hereof.

8. 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.

9. 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	06/22/2026
	Biotechnology Value Fund, L.P., By: BVF I GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer	06/22/2026
	BVF I GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer	06/22/2026
	Biotechnology Value Fund II, L.P., By: BVF II GP LLC, its general partner, By: /s/ Mark N. Lampert, Chief Executive Officer	06/22/2026
	BVF II GP LLC, By: /s/ Mark N. Lampert, Chief Executive Officer	06/22/2026
	BVF Partners OS Ltd., By: BVF Partners L.P., its sole member, By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President	06/22/2026
	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	06/22/2026
	BVF GP Holdings LLC, By: /s/ Mark N. Lampert, Chief Executive Officer	06/22/2026
	BVF Inc., By: /s/ Mark N. Lampert, President	06/22/2026
	/s/ Mark N. Lampert	06/22/2026
	** 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)