Schedule 13G/A: Bihua Chen Discloses 1.99M MLTX Shares (3.14%)

Rhea-AI Filing Summary

MoonLake Immunotherapeutics - Schedule 13G/A summary: This filing reports that Bihua Chen, acting through Cormorant Asset Management-related funds, beneficially owns 1,994,173 Class A Ordinary Shares, representing 3.14% of the outstanding Class A shares. The holder reports shared voting and dispositive power over these shares and no sole voting or dispositive power. The percentage calculation references the issuer's reported outstanding Class A share count of 63,501,402. The filer certifies the securities are held in the ordinary course of business and not to influence control of the issuer.

Insights

Financial Analyst

TL;DR A sub-5% passive holding reported; no sole control and position size is modest relative to total shares.

This Schedule 13G/A discloses a 3.14% stake held with shared voting and dispositive power, indicating the reporting person exercises influence jointly rather than unilaterally. As a 13G filing (amendment), it characterizes the position as passive and held in the ordinary course of business. The holding size is below common 5% thresholds that often trigger heightened market attention or 13D disclosure requirements.

Corporate Governance Expert

TL;DR Shared authority and certification suggest passive investment, limiting governance implications from this disclosure.

The filing specifies shared voting and dispositive power with no sole control, and includes the certifying language that the shares are not held to change control. This reduces immediate governance concerns such as imminent proxy contests or control actions. The amendment format and explicit ordinary-course certification align with routine institutional reporting rather than activist intent.

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 Shares

(Title of Class of Securities)

61559X104

(CUSIP Number)

09/30/2025

(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)

SCHEDULE 13G

CUSIP No. 61559X104

1

Names of Reporting Persons

Chen Bihua

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 1,994,173.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,994,173.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,994,173.00

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)

3.14 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MoonLake Immunotherapeutics
(b)	Address of issuer's principal executive offices: Dorfstrasse 29, Zug, Switzerland, 6300
Item 2.
(a)	Name of person filing: Bihua Chen This statement is filed by Bihua Chen, with respect to the shares held for the benefit of investment funds for which Cormorant Asset Management, LP serves as the investment manager. Bihua Chen serves as the general partner of Cormorant Asset Management, LP. The foregoing person is hereinafter referred to as the "Reporting Person." The filing of this statement should not be construed as an admission that the 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: United States
(d)	Title of class of securities: Class A Ordinary Shares
(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: 1,994,173
(b)	Percent of class: 3.14%
(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: 1,994,173
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 1,994,173 The percentages reported herein with respect to the Reporting Person's holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, as filed with the Securities and Exchange Commission on August 5, 2025, that there were 63,501,402 Class A Ordinary Shares of the Issuer outstanding as of August 1, 2025.
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.

Chen Bihua

Signature:	/s/ Bihua Chen
Name/Title:	Chen Bihua
Date:	10/01/2025

FAQ

What stake in MoonLake Immunotherapeutics (MLTX) does Bihua Chen report?

The filing reports a beneficial ownership of 1,994,173 shares, equal to 3.14% of Class A Ordinary Shares.

Does the filer have sole voting control over the MLTX shares?

No. The filer reports 0 sole voting power and 1,994,173 shared voting power.

Are the shares held to influence control of MoonLake Immunotherapeutics?

The filing includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

How was the percent ownership calculated in the filing?

Percent ownership (3.14%) is based on the issuer's reported outstanding Class A share count of 63,501,402.

Through what entity are the shares held or managed?

The filing states shares are held for funds for which Cormorant Asset Management, LP serves as investment manager; Bihua Chen is named as the reporting person.