BVF Partners L.P. Amends MoonLake Immunotherapeutics Stake

TL;DR

BVF Partners L.P. just updated their MoonLake Immunotherapeutics filing - big player adjusting their position.

AI Summary

BVF Partners L.P. has amended its Schedule 13D filing regarding MoonLake Immunotherapeutics, as of October 8, 2024. The filing indicates a change in beneficial ownership, with BVF Partners L.P. now holding a significant stake in the company's Class A Ordinary Shares.

Why It Matters

This amendment signals a potential shift in control or influence for MoonLake Immunotherapeutics, as a significant investment fund adjusts its holdings.

Risk Assessment

Risk Level: medium — Changes in significant shareholder filings can indicate shifts in company strategy or potential activist involvement, impacting stock price.

Key Players & Entities

• BVF Partners L.P. (company) — Filing entity
• MoonLake Immunotherapeutics (company) — Subject company
• James Kratky (person) — Associated with BVF Partners L.P.

FAQ

Key Financial Figures

• $0.0001 — me of Issuer) Class A Ordinary Shares, $0.0001 par value per share (Title of Class o
• $30,764,550 — eficially owned by BVF is approximately $30,764,550, including brokerage commissions. The
• $23,558,663 — ficially owned by BVF2 is approximately $23,558,663, including brokerage commissions. The
• $3,670,614 — ned by Trading Fund OS is approximately $3,670,614, including brokerage commissions. The
• $595,890 — rtners Managed Account is approximately $595,890, including brokerage commissions. The
• $29.18 — e 11,297 Shares at an exercise price of $29.18 per Share. All of such stock options ha
• $42.44 — e Issuer, (b) have an exercise price of $42.44 per Share and (c) expire on June 6, 203

Filing Documents

• sc13da307422mltx_10082024.htm (SC 13D/A) — 301KB
• 0000921895-24-002262.txt ( ) — 303KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended and restated to read

Item 3 is hereby amended and restated to read as follows: The Shares beneficially owned by BVF, BVF2 and Trading Fund OS and held in the Partners Managed Account were purchased with working capital. The aggregate cost basis of the 10,235,089 Shares directly beneficially owned by BVF is approximately $30,764,550, including brokerage commissions. The aggregate cost basis of the 8,168,838 Shares directly beneficially owned by BVF2 is approximately $23,558,663, including brokerage commissions. The aggregate cost basis of the 1,287,768 Shares directly beneficially owned by Trading Fund OS is approximately $3,670,614, including brokerage commissions. The aggregate cost basis of the 59,589 Shares held in the Partners Managed Account is approximately $595,890, including brokerage commissions. The Shares beneficially owned by Mr. Loy were awarded to him by the Issuer in connection with his service as a director.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a) and (c) are hereby amended and restated to read as follows: (a) The aggregate percentage of Shares reported owned by each person named herein is based on 62,888,637 Shares outstanding, which is the total number of Shares outstanding as of August 1, 2024, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 7, 2024. As of the date hereof, (i) BVF beneficially owned 10,235,089 Shares, representing percentage ownership of approximately 16.3% of the Shares outstanding, (ii) BVF2 beneficially owned 8,168,838 Shares, representing percentage ownership of approximately 13.0% of the Shares outstanding, (iii) Trading Fund OS beneficially owned 1,287,768 Shares, representing percentage ownership of approximately 2.0% of the Shares outstanding, and (iv) 59,589 Shares were held in the Partners Managed Account, representing percentage ownership of less than 1% of the Shares outstanding. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 10,235,089 Shares beneficially owned by BVF, representing percentage ownership of approximately 16.3% of the Shares outstanding. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 8,168,838 Shares beneficially owned by BVF2, representing percentage ownership of approximately 13.0% of the Shares outstanding. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 1,287,768 Shares beneficially owned by Trading Fund OS, representing percentage ownership of approximately 2.0% of the Shares outstanding. 13 CUSIP No. 61559X104 BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 18,403,927 Shares beneficially owned in the aggregate by BVF and BVF2, representing percentage ownership of approximately 29.3% of the Shares outstanding. Partners, as the investment manager of BVF, BVF2, T

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer .

is hereby amended

Item 6 is hereby amended to add the following: As previously disclosed, on June 8, 2023, Mr. Loy was granted stock options in connection with his service as a director of the Issuer that represent a right to purchase 11,297 Shares at an exercise price of $29.18 per Share. All of such stock options have vested in full and expire on June 8, 2033. On June 6, 2024, Mr. Loy was granted stock options in connection with his service as a director of the Issuer that represent a right to purchase 7,688 Shares. Such options (a) will vest in full on the earlier of (i) June 6, 2025 and (ii) the date of the Issuer’s next annual general meeting of shareholders, subject to Mr. Loy’s continued service to the Issuer, (b) have an exercise price of $42.44 per Share and (c) expire on June 6, 2034. Pursuant to a certain agreement entered into between Partners and Mr. Loy, Mr. Loy is obligated to transfer the economic benefit, if any, received upon the sale of the Shares issuable upon exercise of the above referenced stock options to Partners. 14 CUSIP No. 61559X104

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: October 8, 2024 BIOTECHNOLOGY VALUE FUND, L.P. BIOTECHNOLOGY VALUE TRADING FUND OS LP By: BVF I GP LLC, its general partner By: BVF Partners L.P., its investment manager By: BVF Inc., its general partner By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert President BVF I GP LLC BVF GP HOLDINGS LLC By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert Chief Executive Officer BIOTECHNOLOGY VALUE FUND II, L.P. BVF PARTNERS L.P. By: BVF II GP LLC, its general partner By: BVF Inc., its general partner By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert President BVF II GP LLC BVF INC. By: /s/ Mark N. Lampert Mark N. Lampert By: /s/ Mark N. Lampert Chief Executive Officer Mark N. Lampert President BVF PARTNERS OS LTD. /s/ Mark N. Lampert By: BVF Partners L.P., its sole member MARK N. LAMPERT By: BVF Inc., its general partner By: /s/ Mark N. Lampert /s/ Spike Loy Mark N. Lampert SPIKE LOY President 15 CUSIP No. 61559X104 SCHEDULE A Transactions in the Securities of the Issuer During the Past Sixty Days Class of Security Securities (Sold) Price ($) Date of Sale BIOTECHNOLOGY VALUE FUND, L.P. Class A Ordinary Shares (1,030,589) 50.0016 10/04/2024 BIOTECHNOLOGY VALUE FUND II, L.P. Class A Ordinary Shares (836,862) 50.0016 10/04/2024 BIOTECHNOLOGY VALUE TRADING FUND OS LP Class A Ordinary Shares (132,549) 50.0016 10/04/2024

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