MLTX insider ownership: who sold, why, and what they still hold

What stands out

da Santos sold $2.8M of stock with no disclosed trading plan. The filings don't state a reason.Largest such sale, Apr 10, 2026

Outside holder BVF PARTNERS L P/IL, a 10% owner and not part of management, sold $63.0M of stock.Largest sale, Mar 31, 2026

A share of stake is shown for 0 of the 3 officers and directors who sold. 9 are left out

Left out: da Santos, Kristian Reich, Bihua Chen, Matthias Bodenstedt, Simon Sturge, Catherine Moukheibir, Spike Loy, Ramnik Xavier and Andrew Phillips (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

da Santos

Chief Executive Officer, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$8.7M34% planned, 34% to cover taxes 32% no plan disclosed

Kristian Reich

Chief Scientific Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$8.1M63% planned, 37% to cover taxes

Matthias Bodenstedt

Chief Financial Officer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$3.2MDisclosed plan

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

No officer or director trades were reported for the past 30 days. The most recent before that:

Jul 27, 2026Kristian Reich sold 1.1K shares ($22K) under a disclosed trading plan.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Kristian Reich Chief Scientific Officer	1,100	$20.00	n/a	n/a	Jul 27, 2026	Jul 29, 2026

Outside holders, reported separately

BVF PARTNERS L P/IL sold $63.0M in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the MoonLake Immunotherapeutics CEO selling stock?

Yes. da Santos sold 500K shares ($8.7M) in the past 12 months, 34% of it under a trading plan disclosed in the filings.

Why are MoonLake Immunotherapeutics insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 56% of sales by value ran under 10b5-1 trading plans disclosed in the filings, 30% were to cover taxes and 14% had no disclosed plan. A trading plan schedules sales in advance.

Are any MoonLake Immunotherapeutics insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold3 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
da Santos Chief Executive Officer, Director	$8.7M 500K shares	Not confirmed share of stake is being verified. Why	34% under a disclosed plan, 34% to cover taxes 32% no plan disclosed
Kristian Reich Chief Scientific Officer	$8.1M 466K shares	Not confirmed share of stake is being verified. Why	63% under a disclosed plan, 37% to cover taxes
Matthias Bodenstedt Chief Financial Officer	$3.2M 161K shares	Not confirmed share of stake is being verified. Why	Disclosed plan

Outside holder, reported separately: BVF PARTNERS L P/IL (a 10% owner, not part of management). Sold $63.0M (3.75M shares) from Mar 31, 2026 to Mar 31, 2026. Latest filing

The full ownership picture0 of 9 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

da Santos

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for da Santos are complete.

Chief Executive Officer, Director

n/a

−500K

n/a

Vesting, gifts, unvested awards and holding lines for da Santos

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for da Santos are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Some sales match sales reported by Kristian Reich exactly (date, shares and price). Possibly the same shares reported by both; the filings don't confirm it.

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
520,342	$11.29	Jan 7, 2036	$4.5M

Estimate: options held × ($20.00 − strike price), using the most recent insider trade price on Form 4 (Jul 27, 2026), not a market close.

Kristian Reich

Chief Scientific Officer

n/a

−466K

n/a

Vesting, gifts, unvested awards and holding lines for Kristian Reich

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kristian Reich are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Some sales match sales reported by da Santos exactly (date, shares and price). Possibly the same shares reported by both; the filings don't confirm it.

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
139,273	$41.77	Feb 27, 2035	$0
520,342	$11.29	Jan 7, 2036	$4.5M

Estimate: options held × ($20.00 − strike price), using the most recent insider trade price on Form 4 (Jul 27, 2026), not a market close.

Bihua Chen

CEO and Chairman, Director

n/a

Vesting, gifts, unvested awards and holding lines for Bihua Chen

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Bihua Chen are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Matthias Bodenstedt

Chief Financial Officer

n/a

−161K

n/a

Vesting, gifts, unvested awards and holding lines for Matthias Bodenstedt

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Matthias Bodenstedt are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Simon Sturge

Director

n/a

Vesting, gifts, unvested awards and holding lines for Simon Sturge

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Simon Sturge are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Catherine Moukheibir

Director

n/a

Vesting, gifts, unvested awards and holding lines for Catherine Moukheibir

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Catherine Moukheibir are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Spike Loy

Director

n/a

Vesting, gifts, unvested awards and holding lines for Spike Loy

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Spike Loy are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Ramnik Xavier

Director

n/a

Vesting, gifts, unvested awards and holding lines for Ramnik Xavier

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ramnik Xavier are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Andrew Phillips

Director

n/a

Vesting, gifts, unvested awards and holding lines for Andrew Phillips

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Andrew Phillips are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Holdings and share of stake for MoonLake Immunotherapeutics are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$20.1M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $20.1M across 1,127,131 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $11.3M · 56%

44%

The lighter segment is sales with no plan disclosed in the filing ($8.7M), including tax-related sales outside a plan.

No plan disclosed · $2.8M

Sales with no 10b5-1 plan and no tax reference in the filing. $2.8M of it is da Santos. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: da Santos, Apr 10, 2026

Taxes

$7.7M of sales (38.1%) cite tax obligations in their footnotes, $1.7M of them also under a plan. Example: Matthias Bodenstedt, Apr 10, 2026

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
da Santos Chief Executive Officer, Director	500K	$8.7M	34%	44%	Dec 8, 2025 to Jul 10, 2026
Kristian Reich Chief Scientific Officer	466K	$8.1M	63%	41%	Dec 8, 2025 to Jul 27, 2026
Matthias Bodenstedt Chief Financial Officer	161K	$3.2M	100%	16%	Apr 9, 2026 to Jun 22, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$6.0M	$0	$6.0M	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$0	$0	$0	$0
Mar 2026	$0	$0	$0	$0
Apr 2026	$4.5M	$1.7M	$0	$2.8M
May 2026	$273K	$273K	$0	$0
Jun 2026	$4.1M	$4.1M	$0	$0
Jul 2026	$5.3M	$5.3M	$0	$0
Aug 2026	$0	$0	$0	$0
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year4 earlier years to compare with

Less than usual: about two-thirds of the 4-year average. 3 insiders sold; the average is 2 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 13, 2026 Latest 12 months	1.13M	3	$20.1M
Oct 13, 2025 1 year earlier	6.52M	2	$48.0M
Oct 13, 2024 2 years earlier	656K	4	$36.9M
Oct 14, 2023 3 years earlier	0	0	$0
Oct 14, 2022 4 years earlier	0	0	$0
Oct 14, 2021 5 years earlier · filings don't cover the whole year	n/a	n/a	n/a

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty9 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for MoonLake Immunotherapeutics are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology97 filings on record, 27 filed in the 12-month period, and how we read them

All 97 Forms 3, 4 and 5 on record for MoonLake Immunotherapeutics (SEC CIK 1821586), filed from Oct 19, 2020 to Jul 29, 2026; 27 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (6)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Helix Holdings LLC	Apr 7, 2022	3,215,000 shares, last reported balance as of Apr 5, 2022
John Schmid	Oct 19, 2020	30,000 shares, last reported balance as of Oct 19, 2020
Nancy Chang	Oct 19, 2020	30,000 shares, last reported balance as of Oct 19, 2020
Will Lewis	Oct 19, 2020	30,000 shares, last reported balance as of Oct 19, 2020
Jay Scollins		No balance on record
Kara Lassen		No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

MoonLake Immunotherapeutics insiders sold $20.1M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Outside holders, reported separately

Common questions

Is the MoonLake Immunotherapeutics CEO selling stock?

Why are MoonLake Immunotherapeutics insiders selling?

Are any MoonLake Immunotherapeutics insiders buying?

The evidence

No plan disclosed · $2.8M

Taxes

Sales by month