SCHEDULE: MoonLake Immunotherapeutics Ownership Update

BVF Partners and affiliates report a revised 27.7% beneficial ownership in MoonLake Immunotherapeutics following an increase in outstanding shares.

Summary

• This is Amendment No. 4 to the Schedule 13D filing for MoonLake Immunotherapeutics, reflecting a change in the percentage of outstanding shares owned by the Reporting Persons.
• The change in ownership percentage is solely due to an increase in the total number of Class A ordinary shares outstanding.
• As of November 6, 2025, MoonLake Immunotherapeutics has 71,373,579 Class A ordinary shares outstanding, following the closing of a recent offering reported in a Prospectus Supplement filed on November 5, 2025.
• BVF Partners L.P. and its affiliates (the "BVF Group") collectively beneficially own 19,751,284 shares, representing approximately 27.7% of the outstanding shares.
• This aggregate ownership includes shares held by Biotechnology Value Fund L.P. (14.3%), Biotechnology Value Fund II L.P. (11.4%), Biotechnology Value Trading Fund OS L.P. (1.8%), and shares in the Partners Managed Account (less than 1%).
• Mark N. Lampert, a director and officer of BVF Inc., is deemed to beneficially own the same 19,751,284 shares.
• Spike Loy, a director, beneficially owns 18,985 shares, which consist of shares issuable upon the exercise of certain options exercisable within sixty days, representing less than 1% of the outstanding shares.
• The Reporting Persons have not entered into any transactions in the Issuer's securities during the past sixty days.
• On June 5, 2025, Mr. Loy was granted stock options to purchase 6,682 shares at an exercise price of $48.83 per share, which will vest on the earlier of June 5, 2026, or the date of the Issuer's next annual general meeting of shareholders, subject to his continued service, and expire on June 5, 2035.

Sentiment

Score: 6

Explanation: The filing is largely neutral, reporting a factual change in ownership percentage due to an increase in outstanding shares from a recent offering. The continued significant stake by BVF Partners is positive, but the dilution for existing shareholders is a minor negative.

Positives

• The BVF Group maintains a significant stake (27.7%) in MoonLake Immunotherapeutics, indicating continued investor confidence from a specialized biotechnology fund.

Negatives

• The percentage ownership of the BVF Group decreased from previous filings (implied by the reason for amendment), indicating dilution for existing shareholders due to the new offering.

Risks

• Dilution of existing shareholder ownership percentage due to the increase in outstanding shares from the recent offering.

Future Outlook

NA

Industry Context

This filing reflects a common occurrence in the biotechnology sector where companies raise capital through offerings, leading to an increase in outstanding shares and potential dilution for existing shareholders. Specialized biotechnology funds like BVF Partners often maintain significant stakes in their portfolio companies, indicating long-term strategic interest.

Corporate Governance

Related Party Transactions

• Grant of stock options to Spike Loy, a director of the Issuer, for 6,682 shares at an exercise price of $48.83 per share.

Stakeholder Impact

• Shareholders: Experience dilution in their percentage ownership due to the increase in outstanding shares from the recent offering.
• Directors (Spike Loy): Receive additional equity incentives through stock options, aligning their interests with long-term company performance.

Next Steps

• MoonLake Immunotherapeutics' next annual general meeting of shareholders (relevant for Spike Loy's option vesting).

Key Dates

Recommendation

The filing is a routine update on beneficial ownership percentages following a capital raise. It does not contain new information that would fundamentally alter the investment thesis for MoonLake Immunotherapeutics. The significant, albeit slightly diluted, stake held by BVF Partners suggests continued institutional confidence, but the dilution itself is a neutral to slightly negative factor. Investors should hold and monitor future operational and financial performance.

Keywords

MoonLake Immunotherapeutics, MLTX, Schedule 13D, Beneficial Ownership, BVF Partners, Biotechnology, SEC Filing, Shareholder, Equity, Investment Fund, Immunotherapeutics