Cormorant reports 4.35% stake in MoonLake

Cormorant Asset Management, LP and Bihua Chen report beneficial ownership of 3,205,433 Class A ordinary shares of MoonLake Immunotherapeutics, representing 4.35% of the class.

Rhea-AI Filing Summary

Cormorant Asset Management, LP and Bihua Chen report beneficial ownership of 3,205,433 Class A ordinary shares of MoonLake Immunotherapeutics, representing 4.35% of the class. All reported shares are held with shared voting and dispositive power; neither reporting person has sole voting or dispositive power.

The ownership percentage is calculated using 73,615,396 Class A ordinary shares outstanding as of May 1, 2026, as stated in MoonLake’s quarterly report. The filing indicates ownership of 5 percent or less of this class of securities and includes customary disclaimers that the filing should not be construed as an admission of beneficial ownership for Section 13 purposes.

Key Figures

Shares beneficially owned: 3,205,433 shares Percent of class: 4.35% Shares outstanding: 73,615,396 shares +3 more

6 metrics

Shares beneficially owned 3,205,433 shares Class A ordinary shares of MoonLake Immunotherapeutics reported by the Reporting Persons

Percent of class 4.35% Ownership percentage of MoonLake Class A ordinary shares

Shares outstanding 73,615,396 shares Class A ordinary shares outstanding as of May 1, 2026

Sole voting power 0 shares Shares over which the Reporting Persons have sole voting power

Shared voting power 3,205,433 shares Shares over which the Reporting Persons have shared voting power

Shared dispositive power 3,205,433 shares Shares over which the Reporting Persons have shared dispositive power

Key Terms

beneficial owner, shared voting power, shared dispositive power, Schedule 13G/A, +1 more

5 terms

beneficial owner regulatory

"not be construed as an admission that any Reporting Person is, for the purposes of Section 13, the beneficial owner"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power regulatory

"Shared Voting Power 3,205,433.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 3,205,433.00"

Schedule 13G/A regulatory

"Ownership of 5 percent or less of a class in this Schedule 13G/A amendment"

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.

percent of class financial

"Percent of class: 4.35%"

Percent of class is the portion of a specific category of securities—such as a company’s common shares, preferred shares, or a bond series—that takes part in or approves a corporate action (vote, consent, tender, etc.). Investors watch this number because it reveals how much support or opposition exists within that particular shareholder group; like counting how many members of a club back a proposal, it can determine whether a plan passes or how influence is distributed.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of MoonLake Immunotherapeutics (MLTX) does Cormorant Asset Management currently report owning?

Cormorant Asset Management and Bihua Chen report beneficial ownership of 4.35% of MoonLake Immunotherapeutics’ Class A ordinary shares, based on 3,205,433 shares held and 73,615,396 shares outstanding as of May 1, 2026.

How many MoonLake Immunotherapeutics (MLTX) shares are beneficially owned by Cormorant Asset Management and Bihua Chen?

They report beneficial ownership of 3,205,433 Class A ordinary shares of MoonLake Immunotherapeutics. This entire position is reported with shared voting and shared dispositive power and represents 4.35% of the outstanding class.

Do Cormorant Asset Management and Bihua Chen have sole voting power over MoonLake (MLTX) shares?

No. The filing states they have 0 shares with sole voting power and 3,205,433 shares with shared voting power. They also report 0 shares with sole dispositive power and the same amount with shared dispositive power.

What outstanding share count did Cormorant use to calculate its 4.35% stake in MoonLake (MLTX)?

The 4.35% ownership is calculated using 73,615,396 Class A ordinary shares outstanding as of May 1, 2026, as stated in MoonLake Immunotherapeutics’ Quarterly Report for the period ended March 31, 2026.

Do Cormorant Asset Management and Bihua Chen report owning more than 5% of MoonLake (MLTX)?

No. They report ownership of 4.35% of MoonLake’s Class A ordinary shares. The Schedule 13G/A specifically notes Ownership of 5 percent or less of a class for these reporting persons.

Who are the reporting persons in the MoonLake Immunotherapeutics (MLTX) Schedule 13G/A?

The reporting persons are Cormorant Asset Management, LP, a Delaware limited partnership and investment adviser to certain funds, and Bihua Chen. Both report on shares directly held by the Cormorant funds, with customary beneficial ownership disclaimers.

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

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Available on EDGAR 08/14/2026 - 02:05 PM Accepted by SEC EDGAR 08/14/2026 - 02:04 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

MoonLake Immunotherapeutics

(Name of Issuer)

Class A ordinary share, par value $0.0001 per share

(Title of Class of Securities)

61559X104

(CUSIP Number)

06/30/2026

(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 3,205,433.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,205,433.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,205,433.00

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)

4.35 %

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 3,205,433.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,205,433.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,205,433.00

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)

4.35 %

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, 50th 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: 3,205,433
(b)	Percent of class: 4.35%
(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: 3,205,433
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,205,433 The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on May 11, 2026, that there were 73,615,396 shares of Class A Ordinary Shares of the Issuer outstanding as of May 1, 2026.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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:	08/14/2026

Bihua Chen

Signature:	/s/ Bihua Chen
Name/Title:	Bihua Chen
Date:	08/14/2026

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.