Form 4: MoonLake CFO Converts Shares, Boosts Direct Stake

MoonLake Immunotherapeutics' CFO, Matthias Bodenstedt, converted MoonLake AG common shares into Class A ordinary shares of the Issuer, increasing his direct beneficial ownership.

Summary

• Matthias Bodenstedt, Chief Financial Officer of MoonLake Immunotherapeutics, exchanged 8,754 common shares of MoonLake Immunotherapeutics AG for 294,473 Class A ordinary shares of the Issuer on December 19, 2025.
• The exchange rate was 1 common share of MoonLake AG for 33.638698 Class A ordinary shares, rounded to the nearest whole share.
• Concurrently, 294,473 Class C ordinary shares of the Issuer were automatically cancelled for no consideration.
• Following this transaction, Mr. Bodenstedt beneficially owns 922,009 Class A ordinary shares directly.
• 15,000 common shares of MoonLake AG held by Mr. Bodenstedt are subject to a reverse vesting condition, with 25% vested on January 18, 2023, and full vesting expected by January 18, 2026.

Sentiment

Score: 5

Explanation: The filing reports a routine insider share conversion, which is a pre-planned transaction and does not inherently indicate positive or negative company performance or outlook. It's a structural change in ownership for a key executive.

Positives

• The Chief Financial Officer, Matthias Bodenstedt, has increased his direct beneficial ownership in MoonLake Immunotherapeutics' Class A ordinary shares to 922,009 shares, aligning his interests more closely with public shareholders.
• The conversion of MoonLake AG shares into Class A ordinary shares of the Issuer streamlines the ownership structure for the reporting person within the publicly traded entity.

Negatives

• 294,473 Class C ordinary shares of the Issuer were automatically cancelled for no consideration as part of the exchange process, which represents a technical reduction in a specific class of shares for the holder.

Risks

• 15,000 common shares of MoonLake AG held by the reporting person are subject to reverse vesting conditions, with full vesting contingent on continued employment until January 18, 2026.
• MoonLake AG or a designated third party holds an option to purchase unvested "second leaver shares" at a nominal value of CHF 0.10 per share if the reporting person's employment terminates for any reason other than cause before January 18, 2026.
• If employment terminates for cause, MoonLake AG or a designated third party has an option to purchase all or a pro rata portion of the "second leaver shares" at a nominal value of CHF 0.10 per share.
• The corresponding Class C ordinary shares of the Issuer would also be transferred to the purchaser in connection with any such repurchase of "second leaver shares."

Future Outlook

The remaining 75% of the 15,000 common shares of MoonLake AG subject to reverse vesting are scheduled to vest at a rate of 2.08% on the 18th of each month, with full vesting anticipated by January 18, 2026. Accelerated vesting would occur if an acquiror holds more than 50% of MoonLake AG's share capital.

Industry Context

This filing is a routine insider transaction reporting a change in beneficial ownership, which typically does not provide broader industry context. It reflects an internal equity restructuring for a key executive within the company's corporate structure.

Related Party Transactions

• The exchange of MoonLake AG common shares for MoonLake Immunotherapeutics Class A ordinary shares by the Chief Financial Officer is a related party transaction.

Stakeholder Impact

• Shareholders may view the Chief Financial Officer's increased direct ownership in the publicly traded entity as a positive sign of alignment with shareholder interests.
• Employees, particularly the reporting person, are impacted by the vesting conditions and potential repurchase options tied to their employment.

Next Steps

• Continued vesting of the remaining 75% of 15,000 common shares of MoonLake AG until full vesting on January 18, 2026.

Key Dates

Keywords

MoonLake Immunotherapeutics, MLTX, Matthias Bodenstedt, CFO, Insider Transaction, Form 4, Share Conversion, Beneficial Ownership, Class A Shares, Vesting, Equity Exchange