MoonLake Immunotherapeutics reports that Cormorant Asset Management, LP and Bihua Chen together beneficially own 4,480,433 Class A ordinary shares, equal to 6.25% of the Class A shares outstanding. The percentage is calculated using 71,727,875 shares outstanding as of February 1, 2026.
The filing states the holders have shared voting and dispositive power over the 4,480,433 shares. The statement is an amendment to an earlier joint filing and is signed by Bihua Chen.
Positive
None.
Negative
None.
Insights
Large passive holding disclosed by an investment adviser and its principal.
This Schedule 13G/A shows Cormorant Asset Management and Bihua Chen report 4,480,433 shares or 6.25% ownership based on February 1, 2026 outstanding figures. The filing classifies authority as shared voting and dispositive power.
The position appears consistent with an institutional investor disclosure rather than an active control intent; subsequent filings would show if voting posture changes.
"This statement is filed by Cormorant Asset Management, LP and Bihua Chen"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Shared dispositive powerregulatory
"Shared Dispositive Power 4,480,433.00"
Beneficially ownedfinancial
"Amount beneficially owned: 4,480,433"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
MoonLake Immunotherapeutics
(Name of Issuer)
Class A ordinary share, par value $0.0001 per share
(Title of Class of Securities)
61559X104
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
61559X104
1
Names of Reporting Persons
Cormorant Asset Management, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,480,433.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,480,433.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,480,433.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.25 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP Number(s):
61559X104
1
Names of Reporting Persons
Bihua Chen
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,480,433.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,480,433.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,480,433.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.25 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
MoonLake Immunotherapeutics
(b)
Address of issuer's principal executive offices:
Dorfstrasse 29, 6300 Zug, Switzerland
Item 2.
(a)
Name of person filing:
Cormorant Asset Management, LP
Bihua Chen
This statement is filed by (i) Cormorant Asset Management, LP, a Delaware limited partnership, and the investment adviser to certain funds (the "Cormorant Funds"), with respect to the shares directly held by the Cormorant Funds and (ii) Bihua Chen with respect to the shares directly held by the Cormorant Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the shares reported herein.
(b)
Address or principal business office or, if none, residence:
200 Clarendon Street, 52nd Floor
Boston, MA 02116
(c)
Citizenship:
Cormorant Asset Management, LP - Delaware
Bihua Chen - United States
(d)
Title of class of securities:
Class A ordinary share, par value $0.0001 per share
(e)
CUSIP No.:
61559X104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
4,480,433
(b)
Percent of class:
6.25%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
4,480,433
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
4,480,433
The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon a statement in the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on February 25, 2026, that there were 71,727,875 shares of Class A Ordinary Shares of the Issuer outstanding as of February 1, 2026.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Cormorant Asset Management, LP
Signature:
/s/ Bihua Chen
Name/Title:
Bihua Chen, Managing Member
Date:
05/15/2026
Bihua Chen
Signature:
/s/ Bihua Chen
Name/Title:
Bihua Chen
Date:
05/15/2026
Exhibit Information
Joint Filing Statement, incorporated by reference to the Joint Filing Statement included with the Schedule 13G filed by the Reporting Persons on February 17, 2026.
What stake does Cormorant Asset Management report in MoonLake Immunotherapeutics (MLTX)?
Cormorant Asset Management and Bihua Chen report beneficial ownership of 4,480,433 Class A shares, representing 6.25% of Class A shares using the issuer's outstanding count as of February 1, 2026. The filing is an amendment to an earlier joint statement.
How was the 6.25% ownership percentage calculated for MLTX?
The percentage uses the issuer's reported 71,727,875 Class A shares outstanding as of February 1, 2026. The filing states the ownership and percentage are calculated from the issuer's Annual Report on Form 10-K referenced in the amendment.
What voting and dispositive powers are reported by the filers for MLTX shares?
The filers report 0 sole voting power and 4,480,433 shared voting power, and similarly 0 sole dispositive power with 4,480,433 shared dispositive power over the Class A shares disclosed in the filing.
Who signed the Schedule 13G/A amendment for MLTX?
The amendment is signed by Bihua Chen in capacities shown in the filing (Managing Member and as an individual). The signature lines list Bihua Chen and the date 05/15/2026 for both signatures.
