SCHEDULE: Major Investors Reduce Stake in Werewolf Therapeutics
Beneficial Ownership Amendment
Key investment funds and their managing directors have significantly reduced their beneficial ownership in Werewolf Therapeutics through open market sales.
Summary
- This is Amendment No. 4 to the Schedule 13D filing for Werewolf Therapeutics, Inc. (the 'Issuer').
- The filing reports open market sales of the Issuer's Common Stock by several reporting persons, including MPM BioVentures entities, UBS Oncology Impact Fund, and associated individuals.
- The sales occurred between December 4, 2025, and December 29, 2025, with average prices ranging from $0.61 to $1.14 per share.
- As of October 29, 2025, there were 48,540,200 shares of Common Stock outstanding.
- Ansbert Gadicke's aggregate beneficial ownership decreased to 3,977,612 shares, representing 8.2% of the class.
- Luke Evnin's aggregate beneficial ownership decreased to 2,550,674 shares, representing 5.3% of the class.
- Todd Foley's aggregate beneficial ownership decreased to 1,899,629 shares, representing 3.9% of the class.
- MPM BioVentures 2014, L.P. now beneficially owns 1,725,184 shares (3.6%).
- UBS Oncology Impact Fund L.P. now beneficially owns 1,426,938 shares (2.9%).
Sentiment
Score: 2
Explanation: The sentiment is negative due to significant selling activity by major institutional investors and their principals, indicating a reduction in their confidence or a strategic exit from their positions in Werewolf Therapeutics. The declining average sale price further reinforces this negative outlook.
Negatives
- Significant open market sales of Common Stock by multiple institutional investors and their managing directors.
- The average selling price of shares declined towards the end of the reported period, from a high of $1.14 on December 17, 2025, to a low of $0.61 on December 29, 2025.
Future Outlook
NA
Industry Context
NA
Stakeholder Impact
- Shareholders may experience downward pressure on the stock price due to the significant selling volume from major investors.
- The reduction in institutional ownership could signal a decrease in investor confidence in the company's future prospects.
Key Dates
| Date | Description |
|---|---|
| 2021-05-14 | Initial Schedule 13D filing date. |
| 2025-10-29 | Date of 48,540,200 Common Stock outstanding, as reported in Issuer's Form 10-Q. |
| 2025-11-04 | Amendment No. 1 filed. |
| 2025-11-17 | Amendment No. 2 filed. |
| 2025-12-03 | Amendment No. 3 filed. |
| 2025-12-04 | Start date of reported open market sales. |
| 2025-12-22 | Date of event requiring filing of this statement. |
| 2025-12-29 | End date of reported open market sales and filing date of this Amendment No. 4. |
Recommendation
sellThe filing indicates a clear pattern of significant selling by multiple large institutional investors and their managing partners. This sustained divestment, coupled with a declining average sale price over the period, suggests a lack of conviction or a strategic exit by these sophisticated investors. For a seasoned investor, this signals a strong negative sentiment and potential further downside, warranting a 'sell' recommendation.
Keywords
Werewolf Therapeutics, SEC filing, Schedule 13D, beneficial ownership, stock sales, institutional investors, MPM BioVentures, UBS Oncology Impact Fund, biotechnology, equity stake
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