SCHEDULE: Soleus Capital Exits Mural Oncology Stake

Soleus Capital Master Fund and its affiliates have reported a complete divestment of their beneficial ownership in Mural Oncology plc, now holding 0% of the company's ordinary shares.

Summary

• Soleus Capital Master Fund, L.P. and its affiliated entities, including Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, L.P., Soleus GP, LLC, and Guy Levy, have filed an Amendment No. 2 to Schedule 13G.
• The filing indicates that the reporting persons no longer beneficially own any shares of Mural Oncology plc, reporting 0.00 shares and 0.0% of the class of Ordinary Shares.
• The event requiring this filing, which signifies the reduction of beneficial ownership to 0%, occurred on September 30, 2025.
• The reporting persons disclaim beneficial ownership of any shares held by Master Fund, other than for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934.

Sentiment

Score: 2

Explanation: The complete divestment by Soleus Capital Master Fund and its affiliates, reducing their beneficial ownership to 0%, is a strong negative signal for Mural Oncology plc, suggesting a lack of confidence from a sophisticated institutional investor.

Negatives

• The complete divestment by Soleus Capital, a significant institutional investor, could be perceived negatively by the market for Mural Oncology plc.

Risks

• The primary risk for Mural Oncology plc is the potential negative market perception and impact on share price due to a significant institutional investor completely divesting its stake, which could signal a lack of confidence.

Future Outlook

NA

Management Comments

• Soleus Capital is the sole general partner of Master Fund, Soleus Capital Group, LLC is the sole managing member of Soleus Capital, Soleus Capital Management, L.P. is the investment manager for Master Fund, and Soleus GP, LLC is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP.
• Each of SCG, Soleus Capital, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of any shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.

Industry Context

This filing does not provide specific industry context beyond the ownership disclosure.

Stakeholder Impact

• Shareholders: Existing shareholders may react negatively to the news of a major institutional investor divesting its entire stake, potentially leading to downward pressure on the stock price.
• Potential Investors: May view the divestment as a red flag, impacting future investment decisions.

Key Dates

Recommendation

The complete divestment by a significant institutional investor like Soleus Capital, reducing its stake to 0%, is a strong negative indicator. This action suggests a lack of conviction in Mural Oncology plc's future prospects from a sophisticated market participant, which could lead to further downward pressure on the stock price. Investors should consider this significant exit as a potential signal of underlying issues or a re-evaluation of the company's investment thesis by a major holder.

Keywords

Mural Oncology plc, Soleus Capital, Schedule 13G, beneficial ownership, divestment, institutional investor, ordinary shares, G63365103