BIOTECHNOLOGY VALUE FUND L P 4

What Happened

• BVF Partners L.P. (part of a group that owns more than 10% of MoonLake Immunotherapeutics, ticker MLTX) reported three open-market/private sales on 2026-03-31. The disposals totaled 3,750,000 shares (1,932,354; 1,569,116; 248,530) at $16.79 per share, for an aggregate proceeds of $62,962,501. Transaction code: S = Sale.
• This filing documents sales by an institutional 10%+ holder (not an individual executive). Sales are disposals of existing stock rather than purchases or option exercises.

Key Details

• Transaction date and price: 2026-03-31, all reported at $16.79 per share.
• Shares sold: 3,750,000 total (three separate dispositions). Total value: $62,962,501.
• Shares owned after transaction: Not specified in the provided filing excerpt; filing notes the reporting persons collectively own more than 10% of common stock.
• Footnotes: Joint filing by multiple BVF entities and individuals (see F1–F4); disclaimers that many reporting persons disclaim beneficial ownership except to the extent of pecuniary interest. Footnote F8 and the Remarks note an agreement involving director Spike Loy that may create a pecuniary interest for Partners, BVF Inc. and Mark N. Lampert.
• Filing timeliness: Form filed 2026-04-02 for trades on 2026-03-31; no late-filing flag noted in the provided data.

Context

• Institutional sales by a 10% holder are often portfolio or fund-level transactions and do not directly indicate insider sentiment about company fundamentals.
• Transaction code S = sale (disposition). No options exercised, awards granted, or gifts reported in these transactions.