Cormorant Asset Management, LP and Bihua Chen have disclosed a significant ownership stake in MoonLake Immunotherapeutics. They report beneficial ownership of 4,355,433 Class A ordinary shares, representing 6.10% of the class. All voting and investment power over these shares is shared, with no sole voting or dispositive authority.
The filing states that the securities were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of MoonLake Immunotherapeutics. The report is made jointly by Cormorant Asset Management, LP and Bihua Chen under Schedule 13G rules.
Positive
None.
Negative
None.
FAQ
What stake in MoonLake Immunotherapeutics (MLTX) does Cormorant Asset Management report?
Cormorant Asset Management and Bihua Chen report beneficial ownership of 4,355,433 Class A ordinary shares of MoonLake Immunotherapeutics, representing 6.10% of the class. This stake reflects shares held by funds advised by Cormorant and reported jointly on a Schedule 13G.
Who are the reporting persons in the MoonLake Immunotherapeutics (MLTX) Schedule 13G?
The reporting persons are Cormorant Asset Management, LP, a Delaware investment adviser, and Bihua Chen, a U.S. citizen. The filing covers shares held by certain Cormorant funds, with both parties reporting shared voting and dispositive power over the same share block.
How much voting power do the Cormorant filers have over MLTX shares?
The filers report 0 shares with sole voting power and 4,355,433 shares with shared voting power. They also report no sole dispositive power and the same 4,355,433 shares under shared dispositive power, indicating joint control over decisions for this block.
Is the Cormorant position in MoonLake (MLTX) intended to influence control of the company?
The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of MoonLake Immunotherapeutics. It also notes they are not held in connection with any control-related transaction.
What is the class of securities covered in the MoonLake (MLTX) Schedule 13G?
The Schedule 13G covers Class A ordinary shares of MoonLake Immunotherapeutics, each with a par value of $0.0001 per share. The CUSIP number for this class is 61559X104, and the filing is based on a 6.10% ownership calculation.
How was the 6.10% ownership in MoonLake (MLTX) calculated by the reporting persons?
The 6.10% figure is based on 71,373,579 Class A ordinary shares outstanding, as described in a MoonLake prospectus and Form 8-K filed on November 5, 2025. The reported 4,355,433 shares are measured against this outstanding share count.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
MoonLake Immunotherapeutics
(Name of Issuer)
Class A ordinary share, par value $0.0001 per share
(Title of Class of Securities)
61559X104
(CUSIP Number)
12/31/2025
(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
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
4,355,433.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,355,433.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,355,433.00
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)
6.10 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
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
4,355,433.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,355,433.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,355,433.00
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)
6.10 %
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:
4,355,433
(b)
Percent of class:
6.10%
(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:
4,355,433
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
4,355,433
The percentages reported herein with respect to the Reporting Persons' holdings are calculated based upon (i) a statement in a Prospectus filed by the Issuer on November 5, 2025 that there would be 71,373,579 shares of Class A Ordinary Shares outstanding following the closing of a public offering described therein and (ii) a statement in a Current Report on Form 8-K filed by the Issuer on November 5, 2025 reporting that the public offering was expected to close on November 6, 2025.
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:
02/17/2026
Bihua Chen
Signature:
/s/ Bihua Chen
Name/Title:
Bihua Chen
Date:
02/17/2026
Exhibit Information
JOINT FILING STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning her or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that she or it knows or has reason to believe that such information is inaccurate.
Dated: February 17, 2026
Cormorant Asset Management, LP
By: Cormorant Asset Management GP, LLC
its General Partner
By: /s/ Bihua Chen
Bihua Chen, Managing Member
Bihua Chen
By: /s/ Bihua Chen
Bihua Chen
