SCHEDULE: Major Investors Trim Werewolf Therapeutics Stake

Several key reporting persons, including MPM BioVentures and UBS Oncology Impact Fund, have reduced their beneficial ownership in Werewolf Therapeutics through open market sales.

Summary

• This is Amendment No. 5 to the Schedule 13D for Werewolf Therapeutics, Inc., filed to report open market sales of common stock.
• Various reporting persons affiliated with MPM BioVentures and UBS Oncology Impact Fund conducted sales between December 30, 2025, and January 16, 2026.
• A total of 548,146 shares were sold across multiple entities and individuals during this period.
• The average sale prices ranged from $0.54 to $0.65 per share, with a general declining trend over the selling period.
• Following these sales, Ansbert Gadicke's aggregate beneficial ownership is 3,368,670 shares (6.9%), Luke Evnin's is 2,159,860 shares (4.4%), and Todd Foley's is 1,608,793 shares (3.3%).
• The calculation of beneficial ownership is based on 48,540,200 common shares outstanding as of October 29, 2025.

Sentiment

Score: 3

Explanation: The significant open market sales by major beneficial owners, including institutional funds and key individuals, indicate a lack of confidence or a strategic exit. The sales occurring during a period of declining stock prices further reinforces a negative sentiment regarding the company's short-to-medium term outlook.

Negatives

• Significant open market sales by major institutional and individual investors (MPM BioVentures, UBS Oncology Impact Fund, Ansbert Gadicke, Luke Evnin, Todd Foley) totaling 548,146 shares.
• Sales occurred over a period where the average stock price generally declined, from an average of $0.61 on December 30, 2025, to $0.54 on January 16, 2026.
• The divestment by key early investors could signal a lack of confidence in the company's near-term prospects or a strategic portfolio rebalancing.

Future Outlook

NA

Management Comments

• I certify that the information set forth in this statement is true, complete and correct.

Industry Context

This filing reflects a change in ownership structure for Werewolf Therapeutics, a biotechnology company. While not directly tied to broader industry trends, significant divestment by major biotech investors can sometimes reflect a broader cautious sentiment towards specific sub-sectors or early-stage companies, or simply portfolio rebalancing.

Stakeholder Impact

• Shareholders: Existing shareholders may view the significant selling by major investors as a negative signal, potentially leading to further downward pressure on the stock price.
• Potential Investors: May become more cautious about investing given the divestment by informed parties.

Key Dates

Recommendation

The substantial open market sales by multiple significant beneficial owners, including key institutional investors and individuals, suggest a lack of conviction in Werewolf Therapeutics' future performance. Selling into a declining market, as observed, often indicates a strategic exit or a belief that the stock may continue to underperform. This divestment by informed parties could signal further downward pressure on the share price, making a 'sell' recommendation prudent for investors seeking to mitigate potential losses or reallocate capital.

Keywords

Werewolf Therapeutics, WERE, Schedule 13D, beneficial ownership, stock sales, insider selling, MPM BioVentures, UBS Oncology Impact Fund, biotechnology, pharmaceuticals, oncology