SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chen Bihua

(Last)

(First)

(Middle)

C/O CORMORANT ASSET MANAGEMENT, LP

200 CLARENDON STREET, 52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MoonLake Immunotherapeutics [ MLTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Ordinary Shares	09/29/2025		S		70,748	D	$9.38⁽¹⁾	8,423,403	I	See Footnotes⁽²⁾⁽³⁾⁽⁴⁾
Class A Ordinary Shares	09/29/2025		S		232,460	D	$8.4⁽⁵⁾	8,190,943	I	See Footnotes⁽²⁾⁽³⁾⁽⁶⁾
Class A Ordinary Shares	09/29/2025		S		3,390,943	D	$7.58⁽⁷⁾	4,800,000	I	See Footnotes⁽²⁾⁽³⁾⁽⁸⁾
Class A Ordinary Shares	09/29/2025		S		2,800,000	D	$6.61⁽⁹⁾	2,000,000	I	See Footnotes⁽²⁾⁽³⁾⁽¹⁰⁾
Class A Ordinary Shares	09/30/2025		S		5,827	D	$6.96⁽¹¹⁾	1,994,173	I	See Footnotes⁽²⁾⁽³⁾⁽¹²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

Chen Bihua

(Last)

(First)

(Middle)

C/O CORMORANT ASSET MANAGEMENT, LP

200 CLARENDON STREET, 52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

1. Name and Address of Reporting Person^*

Cormorant Asset Management, LP

(Last)

(First)

(Middle)

200 CLARENDON STREET

52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

1. Name and Address of Reporting Person^*

Cormorant Global Healthcare Master Fund, LP

(Last)

(First)

(Middle)

200 CLARENDON STREET

52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

1. Name and Address of Reporting Person^*

Cormorant Private Healthcare Fund II, LP

(Last)

(First)

(Middle)

200 CLARENDON STREET, 52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

1. Name and Address of Reporting Person^*

Cormorant Private Healthcare Fund III LP

(Last)

(First)

(Middle)

200 CLARENDON STREET

52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

1. Name and Address of Reporting Person^*

Cormorant Private Healthcare Fund IV LP

(Last)

(First)

(Middle)

200 CLARENDON STREET

52ND FLOOR

(Street)

BOSTON

02116

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director		10% Owner
Officer (give title below)	X	Other (specify below)
		Former 10% Owner

Explanation of Responses:

1. Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $9.25 to $9.43 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund (as defined below) , Fund II (as defined below), Fund III (as defined below), Fund IV (as defined below), and the Account (as defined below).

2. Information reported herein relates to Shares owned by Cormorant Global Healthcare Master Fund, LP (the "Master Fund"), Cormorant Private Healthcare Fund II, LP ("Fund II"), Cormorant Private Healthcare Fund III, LP ("Fund III"), Cormorant Private Healthcare Fund IV, LP ("Fund IV") and a managed account (the "Account" and together with the Master Fund, Fund II, Fund III and Fund IV, the "Funds")). Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of the Funds. Cormorant Global Healthcare GP, LLC ("GP LLC"), Cormorant Private Healthcare GP II, LLC ("GP II"), Cormorant Private Healthcare GP III, LLC ("GP III") and Cormorant Private Healthcare GP IV, LLC ("GP IV") serve as General Partner of the Master Fund, Fund II, Fund III and Fund IV, respectively. Bihua Chen serves as manager of Cormorant, GP LLC, GP II, GP III and GP IV.

3. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such ordinary shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

4. Represents (i) 2,690,183 Shares beneficially owned by the Master Fund, (ii) 1,787,722 Shares beneficially owned by Fund II, (iii) 2,433,441 Shares beneficially owned by Fund III, (iv) 1,487,507 Shares beneficially owned by Fund IV, and (v) 24,550 shares beneficially owned by the Account.

5. Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $8.20 to $9.02 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund, Fund II, Fund III, Fund IV, and the Account.

6. Represents (i) 2,615,943 Shares beneficially owned by the Master Fund, (ii) 1,738,386 Shares beneficially owned by Fund II, (iii) 2,366,285 Shares beneficially owned by Fund III, (iv) 1,446,456 Shares beneficially owned by Fund IV, and (v) 23,873 shares beneficially owned by the Account.

7. Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $7.30 to $8.18 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund, Fund II, Fund III, Fund IV, and the Account.

8. Represents (i) 1,532,978 Shares beneficially owned by the Master Fund, (ii) 1,018,717 Shares beneficially owned by Fund II, (iii) 1,386,674 Shares beneficially owned by Fund III, (iv) 847,642 Shares beneficially owned by Fund IV, and (v) 13,989 shares beneficially owned by the Account.

9. Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $6.20 to $7.04 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Master Fund, Fund II, Fund III, Fund IV, and the Account.

10. Represents (i) 638,740 Shares beneficially owned by the Master Fund, (ii) 424,466 Shares beneficially owned by Fund II, (iii) 577,783 Shares beneficially owned by Fund III, (iv) 353,184 Shares beneficially owned by Fund IV, and (v) 5,827 shares beneficially owned by the Account.

11. Represents the weighted average sale price of Class A Ordinary Shares ("Shares") sold in a series of open market transactions on the transaction date at prices ranging from $6.94 to $6.99 per Share. The Reporting Persons undertake to provide, upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer, full information regarding the number of Shares sold at each price. All of these Shares were sold by the Account.

12. Represents (i) 638,740 Shares beneficially owned by the Master Fund, (ii) 424,466 Shares beneficially owned by Fund II, (iii) 577,783 Shares beneficially owned by Fund III, and (iv) 353,184 Shares beneficially owned by Fund IV.

	/s/ Bihua Chen	10/01/2025
	/s/ CORMORANT ASSET MANAGEMENT, LP By: Cormorant Asset Management GP, LLC, its General Partner, By: Bihua Chen, Managing Member	10/01/2025
	/s/ CORMORANT GLOBAL HEALTHCARE MASTER FUND, LP, By: Cormorant Global Healthcare GP, LLC, its General Partner By: Bihua Chen, Managing Member	10/01/2025
	/s/ CORMORANT PRIVATE HEALTHCARE FUND II, LP By: Cormorant Private Healthcare GP II, LLC, its General Partner By: Bihua Chen, Managing Member	10/01/2025
	/s/ CORMORANT PRIVATE HEALTHCARE FUND III, LP By: Cormorant Private Healthcare GP III, LLC, its General Partner By: Bihua Chen, Managing Member	10/01/2025
	/s/ CORMORANT PRIVATE HEALTHCARE FUND IV, LP By: Cormorant Private Healthcare GP IV, LLC, its General Partner By: Bihua Chen, Managing Member	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Former 10% Owner Chen Bihua sold $46,868,184 worth of Class A Ordinary Shares (6,499,978 units at $7.21) (SEC Form 4)