MoonLake (MLTX) Insider Exchange: 48,978 Class A Issued; 48,978 Class C Cancelled

Rhea-AI Filing Summary

Kristian Reich, Chief Scientific Officer and director of MoonLake Immunotherapeutics (MLTX), executed an equity exchange on 09/02/2025. He surrendered 1,456 common shares of MoonLake AG in exchange for 48,978 Class A ordinary shares of the issuer, and as part of the transaction 48,978 Class C ordinary shares were automatically cancelled for no consideration. The filing discloses that 10,000 MoonLake AG shares held by the reporting person remain subject to a reverse-vesting schedule that completes on January 18, 2026. The filing also states that JeruCON Beratungsgesellschaft mbH owns 2,974,551 Class A ordinary shares, of which Dr. Reich may be deemed an indirect beneficial owner.

Positive

• Conversion completed: 1,456 MoonLake AG shares exchanged for 48,978 Class A ordinary shares as documented
• Class C cancellation: 48,978 Class C ordinary shares were automatically cancelled for no consideration

Negative

• Reverse-vesting condition: 10,000 MoonLake AG shares remain subject to vesting that completes on January 18, 2026, limiting immediate transferability
• No cash proceeds disclosed: Transaction was an exchange with no sale proceeds reported (no liquidity event shown)

Insights

Corporate Governance Expert

TL;DR: Insider exchanged shares and automatic cancellation of Class C shares occurred; certain shares remain subject to reverse-vesting through 2026.

The Form 4 documents an equity conversion by a senior executive rather than an open-market sale, with 48,978 Class C shares cancelled upon exchange for Class A shares. The presence of a reverse-vesting schedule on 10,000 second-leaver shares indicates ongoing retention conditions through January 18, 2026. The filing clarifies indirect ownership through JeruCON Beratungsgesellschaft mbH, which is relevant to beneficial ownership aggregates under Section 16.

Securities Analyst

TL;DR: Transaction is a share conversion with cancellation mechanics; no cash proceeds or open-market trades reported.

The reported activity is a structural equity conversion: 1,456 MoonLake AG shares were exchanged for 48,978 Class A ordinary shares, and corresponding Class C shares were cancelled for no consideration. There is no disclosed sale, purchase price, or market transaction proceeds in this Form 4. The filing was executed by an attorney-in-fact and lists potential indirect beneficial ownership via JeruCON totaling 2,974,551 Class A shares, which investors may use to reconcile insider ownership totals.

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
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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^*

Reich Kristian

(Last) (First) (Middle)

C/O MOONLAKE IMMUNOTHERAPEUTICS

DORFSTRASSE 29

(Street)

ZUG V8 6300

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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
Class A ordinary shares, par value $0.0001 per share	09/02/2025		C(1)		48,978	A	(2)	202,908	D
Class C ordinary shares, par value $0.0001 per share(2)(3)(4)	09/02/2025		D(1)		48,978	D	(2)	35,389	D
Class A ordinary shares, par value $0.0001 per share								2,974,551	I	See footnote.(5)

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
Common shares, par value CHF 0.10 per share, of MoonLake AG(3)(4)	(2)	01/20/2025		C(1)			1,456	(2)	(2)	Class A ordinary shares, par value $0.0001 per share	48,978	(2)	1,052	D

Explanation of Responses:

1. On September 2, 2025, the Reporting Person exchanged 1,456 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 48,978 Class A ordinary shares of the Issuer. In connection with the exchange, 48,978 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

2. The common shares of MoonLake AG may be exchanged at the holder's option into Class A ordinary shares at a rate of 1 common share of MoonLake AG for 33.638698 Class A ordinary shares, rounded to the nearest whole share. Upon any such exchange of a common share of MoonLake AG, the corresponding Class C ordinary share of the Issuer will be automatically cancelled.

3. 10,000 of the common shares of MoonLake AG held by the holder (the "second leaver shares") are subject to a reverse vesting condition, such that 25% vested on January 18, 2023 and 75% vest on the 18th of each month at a rate of 2.08%, and they will be fully vested on January 18, 2026 (the "second vesting period"). Upon the occurrence of any transfer of MoonLake AG shares in one or a series of related transactions that results in the proposed acquiror holding directly, or indirectly through one or more intermediaries, more than 50% of the then issued share capital of MoonLake AG, the unvested second leaver shares will fully vest.

4. (continued from footnote 3) If, before the end of the second vesting period the employment relationship of the holder is terminated (a) for any reason other than for cause, MoonLake AG or any third party designated by it, shall have an option to purchase all or a pro rata portion of the unvested second leaver shares at nominal value of CHF 0.10 per share or (b) for cause, MoonLake AG or any third party designated by it, shall have an option to purchase all or a pro rata portion of the second leaver shares at nominal value of CHF 0.10 per share. In connection with any such purchase of such second leaver shares, the corresponding Class C ordinary shares of the Issuer will also be transferred to the purchaser.

5. Represents the ordinary shares of the Issuer owned by JeruCON Beratungsgesellschaft mbH. Dr. Reich directly (whether through ownership or position) or indirectly through one or more intermediaries, may be deemed for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, to be the indirect beneficial owner of the ordinary shares owned by JeruCON Beratungsgesellschaft mbH.

	/s/ Matthias Bodenstedt, Attorney-in-fact for Kristian Reich	09/04/2025
	** 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 Kristian Reich report on the MLTX Form 4 filed 09/04/2025?

The Form 4 reports that on 09/02/2025 he exchanged 1,456 MoonLake AG common shares for 48,978 Class A ordinary shares and that 48,978 Class C shares were cancelled.

How many Class A ordinary shares does JeruCON Beratungsgesellschaft mbH hold according to the filing?

The filing states JeruCON Beratungsgesellschaft mbH holds 2,974,551 Class A ordinary shares, of which Dr. Reich may be deemed an indirect beneficial owner.

Are any shares subject to vesting or transfer restrictions?

Yes. 10,000 of the MoonLake AG shares are subject to a reverse-vesting schedule that vests fully on January 18, 2026 with specific purchase options if employment terminates early.

Were any cash proceeds or open-market sales reported in this Form 4?

No. The Form 4 discloses an exchange and automatic cancellation of Class C shares; it does not report any cash proceeds or open-market trades.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Matthias Bodenstedt, Attorney-in-fact for Kristian Reich on 09/04/2025.