Form 4: Werewolf Therapeutics Director Sells HOWL Shares

Ansbert Gadicke, a director and 10% owner of Werewolf Therapeutics, along with affiliated entities, reported the sale of 141,927 shares of common stock in late 2025.

Summary

• Ansbert Gadicke, a Director and 10% Owner of Werewolf Therapeutics, Inc. (HOWL), reported multiple sales of common stock.
• The transactions were effected pursuant to a Rule 10b5-1 plan established on September 24, 2025.
• On November 26, 2025, 60,733 shares of common stock were sold at a weighted average price of $0.98 per share.
• On November 28, 2025, an additional 20,277 shares of common stock were sold at a weighted average price of $0.99 per share.
• On December 1, 2025, a further 60,917 shares of common stock were sold at a weighted average price of $0.94 per share.
• The total number of shares sold across these three dates is 141,927.
• Following these transactions, the reporting persons beneficially own 4,983,843 shares indirectly.
• The sales were conducted by various affiliated entities, including MPM Asset Management LLC, MPM BioVentures 2014, L.P., MPM BioVentures 2014(B), L.P., MPM Asset Management Investors BV2014 LLC, MPM Oncology Innovations Fund, L.P., and UBS Oncology Impact Fund L.P.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant insider selling by a director and 10% owner, which typically signals a lack of confidence or a strategic reduction in exposure, despite being pre-planned under Rule 10b5-1.

Negatives

• Significant insider selling by a director and 10% owner, even if pre-planned, can be perceived as a negative signal regarding management's confidence in the company's near-term prospects or valuation.

Related Party Transactions

• Ansbert Gadicke, a director and 10% owner, and several affiliated entities (MPM Oncology Innovations Fund LP, UBS Oncology Impact Fund L.P., Oncology Impact Fund (Cayman) Management L.P., MPM BioImpact LLC, MPM Oncology Innovations Fund GP LLC, MPM Asset Management LLC) engaged in sales of Werewolf Therapeutics common stock.

Stakeholder Impact

• Shareholders may perceive the insider selling as a negative signal, potentially leading to decreased investor confidence and downward pressure on the stock price.

Key Dates

Recommendation

The significant insider selling by a director and 10% owner, even if pre-planned under a Rule 10b5-1 plan, typically warrants caution. While not an immediate 'sell' signal without further context on the company's fundamentals, it suggests that a key insider is reducing their exposure. Investors should 'hold' and monitor for further developments or fundamental changes that might explain this reduction in stake, rather than initiating new positions or increasing existing ones based solely on this filing.

Keywords

Werewolf Therapeutics, HOWL, Insider Trading, Form 4, Stock Sale, Beneficial Ownership, Ansbert Gadicke, MPM BioImpact, Rule 10b5-1