MLTX · MoonLake Immunotherapeutics · Insider Trading

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $20.00 to $20.06. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $20.00 to $20.25. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $20.00 to $20.04. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $20.00 to $20.10. Upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $20.00 to $20.03. Upon request by the staff of the U.S. Securities and Exchange Commission (the "SEC"), the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 31, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $20.00 to $20.09. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $19.87 to $23.2049. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $19.505 to $19.70. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $19.50 to $20.06. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to the Reporting Person's continued service to the Issuer.

This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to the Reporting Person's continued service to the Issuer.

This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to the Reporting Person's continued service to the Issuer.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $18.915 to $19.97. Upon request by the staff of the Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

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.

This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to the Reporting Person's continued service to the Issuer.

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

This option represents a right to purchase a total of 22,195 Class A Ordinary Shares of the Issuer, which will vest in full the earlier of (i) June 17, 2027 and (ii) the date of the Issuer's next annual general meeting of shareholders, subject to Spike Loy's continued service to the Issuer.

Partners, BVF Inc. and Mr. Lampert may be deemed to have a pecuniary interest in the securities reported owned herein due to a certain agreement between Partners and Spike Loy, who serves on the Issuer's board of directors and as a Managing Director of Partners, pursuant to which Mr. Loy is obligated to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of the securities reported owned herein to Partners. As such, Mr. Loy disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $18.235 to $19.33. Upon request by the staff of the Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on March 10, 2026.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $18.66 to $19.12. Upon request by the staff of the U.S. Securities and Exchange Commission (the "Commission"), the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $19.50 to $20.83. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $19.500 to $19.625. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $18.00 to $18.41. Upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

Sales made pursuant to Rule 144 under the Securities Act of 1933, as amended.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $18.00 to $19.55. Upon request by the staff of the U.S. Securities and Exchange Commission (the "SEC"), the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

Sales made pursuant to Rule 144 under the Securities Act of 1933, as amended.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025 to cover tax liabilities of the Reporting Person.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $19.500 to $19.560. Upon request by the staff of the SEC, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This transaction was executed pursuant to a Rule 10b5-1 trading plan adopted on December 10, 2025 to cover tax liabilities of the Reporting Person.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $18.340 to $19.455. Upon request by the staff of the U.S. Securities and Exchange Commission (the "SEC"), the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own the securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the general parter of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.

This option represents a right to purchase a total of 520,342 of the Issuer's Class A ordinary shares, vesting in four equal annual installments on January 7, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued service to the Issuer through each applicable vesting date.

This option represents a right to purchase a total of 520,342 of the Issuer's Class A ordinary shares, vesting in four equal annual installments on January 7, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued service to the Issuer through each applicable vesting date.

Represents shares of restricted stock that vest in four equal annual installments on January 7, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued service to the Issuer through each applicable vesting date.

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.

(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.

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.

On December 19, 2025, the Reporting Person exchanged 5,836 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 196,316 Class A ordinary shares of the Issuer. In connection with the exchange, 196,316 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

15,000 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.

(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.

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.

On December 19, 2025, the Reporting Person exchanged 8,754 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 294,473 Class A ordinary shares of the Issuer. In connection with the exchange, 294,473 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

On December 19, 2025, the Reporting Person exchanged 5,836 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 196,316 Class A ordinary shares of the Issuer. In connection with the exchange, 196,316 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

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.

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.

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.

(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.

On December 19, 2025, the Reporting Person exchanged 1,052 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 35,389 Class A ordinary shares of the Issuer. In connection with the exchange, 35,389 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

On December 19, 2025, the Reporting Person exchanged 1,052 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 35,389 Class A ordinary shares of the Issuer. In connection with the exchange, 35,389 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

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.

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.

15,000 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.

(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.

On December 19, 2025, the Reporting Person exchanged 8,754 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 294,473 Class A ordinary shares of the Issuer. In connection with the exchange, 294,473 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

On December 19, 2025, the Reporting Person exchanged 8,754 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 294,473 Class A ordinary shares of the Issuer. In connection with the exchange, 294,473 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

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.

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.

(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.

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.

On December 19, 2025, the Reporting Person exchanged 1,052 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 35,389 Class A ordinary shares of the Issuer. In connection with the exchange, 35,389 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

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.

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.

(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.

On December 19, 2025, the Reporting Person exchanged 5,836 common shares of MoonLake Immunotherapeutics AG ("MoonLake AG") for 196,316 Class A ordinary shares of the Issuer. In connection with the exchange, 196,316 Class C ordinary shares of the Issuer were automatically cancelled by the Issuer for no consideration.

Sales made pursuant to Rule 144 under the Securities Act of 1933, as amended, to cover tax liabilities of the Reporting Person and other expenses incurred related to the sales.

Sales made pursuant to Rule 144 under the Securities Act of 1933, as amended, to cover tax liabilities of the Reporting Person and other expenses incurred related to the sales.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $15.045789 to $15.098641. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

Sales made pursuant to Rule 144 under the Securities Act of 1933, as amended, to cover tax liabilities of the Reporting Person and other expenses incurred related to the sales.

The price reported represents the weighted average sale price per share. The shares were sold in multiple transactions at prices ranging from $15.036949 to $15.101507. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares sold at each separate price.

Sales made pursuant to Rule 144 under the Securities Act of 1933, as amended, to cover tax liabilities of the Reporting Person and other expenses incurred related to the sales.

The price reported represents the weighted average purchase price per share. The shares were purchased in multiple transactions at prices ranging from $9.085 to $9.091244. Upon request by the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, the Reporting Person will provide full information regarding the number of shares purchased at each separate price.

Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $6.94 to $6.99 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Account.

Information reported herein relates to Shares owned by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), Cormorant Private Healthcare Fund III, LP ("Fund III"), Cormorant Private Healthcare Fund IV, LP ("Fund IV") and a managed account (the "Account" and together with the Master Fund, Fund II, Fund III and Fund IV, the "Funds")). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Funds. Cormorant Global Healthcare GP, LLC ("GP LLC"), Cormorant Private Healthcare GP II, LLC ("GP II"), Cormorant Private Healthcare GP III, LLC ("GP III") and Cormorant Private Healthcare GP IV, LLC ("GP IV") serve as General Partner of the Master Fund, Fund II, Fund III and Fund IV, respectively. Bihua Chen serves as manager of Cormorant, GP LLC, GP II, GP III and GP IV.

Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such ordinary shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

Represents (i) 638,740 Shares beneficially owned by the Master Fund, (ii) 424,466 Shares beneficially owned by Fund II, (iii) 577,783 Shares beneficially owned by Fund III, and (iv) 353,184 Shares beneficially owned by Fund IV.

Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $9.25 to $9.43 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund (as defined below) , Fund II (as defined below), Fund III (as defined below), Fund IV (as defined below), and the Account (as defined below).

Information reported herein relates to Shares owned by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), Cormorant Private Healthcare Fund III, LP ("Fund III"), Cormorant Private Healthcare Fund IV, LP ("Fund IV") and a managed account (the "Account" and together with the Master Fund, Fund II, Fund III and Fund IV, the "Funds")). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Funds. Cormorant Global Healthcare GP, LLC ("GP LLC"), Cormorant Private Healthcare GP II, LLC ("GP II"), Cormorant Private Healthcare GP III, LLC ("GP III") and Cormorant Private Healthcare GP IV, LLC ("GP IV") serve as General Partner of the Master Fund, Fund II, Fund III and Fund IV, respectively. Bihua Chen serves as manager of Cormorant, GP LLC, GP II, GP III and GP IV.

Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such ordinary shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

Represents (i) 2,690,183 Shares beneficially owned by the Master Fund, (ii) 1,787,722 Shares beneficially owned by Fund II, (iii) 2,433,441 Shares beneficially owned by Fund III, (iv) 1,487,507 Shares beneficially owned by Fund IV, and (v) 24,550 shares beneficially owned by the Account.

Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $8.20 to $9.02 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund, Fund II, Fund III, Fund IV, and the Account.

Information reported herein relates to Shares owned by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), Cormorant Private Healthcare Fund III, LP ("Fund III"), Cormorant Private Healthcare Fund IV, LP ("Fund IV") and a managed account (the "Account" and together with the Master Fund, Fund II, Fund III and Fund IV, the "Funds")). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Funds. Cormorant Global Healthcare GP, LLC ("GP LLC"), Cormorant Private Healthcare GP II, LLC ("GP II"), Cormorant Private Healthcare GP III, LLC ("GP III") and Cormorant Private Healthcare GP IV, LLC ("GP IV") serve as General Partner of the Master Fund, Fund II, Fund III and Fund IV, respectively. Bihua Chen serves as manager of Cormorant, GP LLC, GP II, GP III and GP IV.

Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such ordinary shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

Represents (i) 2,615,943 Shares beneficially owned by the Master Fund, (ii) 1,738,386 Shares beneficially owned by Fund II, (iii) 2,366,285 Shares beneficially owned by Fund III, (iv) 1,446,456 Shares beneficially owned by Fund IV, and (v) 23,873 shares beneficially owned by the Account.

Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $6.20 to $7.04 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund, Fund II, Fund III, Fund IV, and the Account.

Information reported herein relates to Shares owned by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), Cormorant Private Healthcare Fund III, LP ("Fund III"), Cormorant Private Healthcare Fund IV, LP ("Fund IV") and a managed account (the "Account" and together with the Master Fund, Fund II, Fund III and Fund IV, the "Funds")). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Funds. Cormorant Global Healthcare GP, LLC ("GP LLC"), Cormorant Private Healthcare GP II, LLC ("GP II"), Cormorant Private Healthcare GP III, LLC ("GP III") and Cormorant Private Healthcare GP IV, LLC ("GP IV") serve as General Partner of the Master Fund, Fund II, Fund III and Fund IV, respectively. Bihua Chen serves as manager of Cormorant, GP LLC, GP II, GP III and GP IV.

Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such ordinary shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

Represents (i) 638,740 Shares beneficially owned by the Master Fund, (ii) 424,466 Shares beneficially owned by Fund II, (iii) 577,783 Shares beneficially owned by Fund III, (iv) 353,184 Shares beneficially owned by Fund IV, and (v) 5,827 shares beneficially owned by the Account.

Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $7.30 to $8.18 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund, Fund II, Fund III, Fund IV, and the Account.

Information reported herein relates to Shares owned by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), Cormorant Private Healthcare Fund III, LP ("Fund III"), Cormorant Private Healthcare Fund IV, LP ("Fund IV") and a managed account (the "Account" and together with the Master Fund, Fund II, Fund III and Fund IV, the "Funds")). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Funds. Cormorant Global Healthcare GP, LLC ("GP LLC"), Cormorant Private Healthcare GP II, LLC ("GP II"), Cormorant Private Healthcare GP III, LLC ("GP III") and Cormorant Private Healthcare GP IV, LLC ("GP IV") serve as General Partner of the Master Fund, Fund II, Fund III and Fund IV, respectively. Bihua Chen serves as manager of Cormorant, GP LLC, GP II, GP III and GP IV.

Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such ordinary shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

Represents (i) 1,532,978 Shares beneficially owned by the Master Fund, (ii) 1,018,717 Shares beneficially owned by Fund II, (iii) 1,386,674 Shares beneficially owned by Fund III, (iv) 847,642 Shares beneficially owned by Fund IV, and (v) 13,989 shares beneficially owned by the Account.