5AM Venture Bails on MoonLake After a Brutal Year: Here’s What Stands Out
Key Points
Sold 282,313 shares for an estimated $13.33 million net change
Post-sale, the fund holds zero shares valued at $0
The position was previously 5.12% of the fund’s assets as of last quarter
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On November 14, 2025, 5AM Venture Management, LLC disclosed it sold out its entire MoonLake Immunotherapeutics (MLTX) stake, reflecting an estimated $13.33 million net position change.
What happened
According to a filing with the Securities and Exchange Commission dated November 14, 2025, 5AM Venture Management, LLC exited its position in MoonLake Immunotherapeutics (NASDAQ:MLTX). The fund liquidated 282,313 shares since the previous quarter. The estimated value of the trade was $13,325,174 based on the average share price for the quarter.
What else to know
The fund fully exited its MoonLake Immunotherapeutics position, which accounted for 5.12% of reportable assets before the sale; post-sale, the stake is zero.
Top holdings after the filing:
- SKYE: $38.05 million (13.9% of AUM)
- TRDA: $24.7 million (9% of AUM)
- PHVS: $19.9 million (7.3% of AUM)
- CAMP: $17.6 million (6.4% of AUM)
- CNTA: $16.51 million (6.0% of AUM)
As of November 18, 2025, shares were priced at $13.58, down 74.9% over the prior year, underperforming the S&P 500 by 88 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of November 18, 2025) | $13.58 |
| One-Year Price Change | 74.9% |
| Dividend Yield | N/A |
Company snapshot
- MoonLake Immunotherapeutics is a clinical-stage biotechnology company with a focus on developing next-generation immunotherapies for inflammatory diseases.
- The company is developing Sonelokimab, a novel Nanobody therapy targeting inflammatory diseases such as hidradenitis suppurativa, psoriatic arthritis, and ankylosing spondylitis.
- MoonLake Immunotherapeutics operates as a clinical-stage biopharmaceutical company advancing proprietary drug candidates.
- The company is headquartered in Zug, Switzerland, and focuses on high-unmet-need markets in immunology.
Foolish take
5AM Venture Management selling its entire stake in MoonLake Immunotherapeutics is probably a classic move to reduce risk after the stock had a really hard time, dropping nearly 75% in the past year. The fund might be shifting its money away from the unpredictability of a clinical-stage company and into investments with a more certain short-term future.
MoonLake is still very much an early-stage story, and its long-term success still completely depends on its main drug, sonelokimab, a Nanobody therapy aimed at several inflammatory diseases. Drug trials can be a bumpy ride, and investor sentiment can swing wildly, especially before key data is released.
For individual investors, the main point remains: MoonLake's value lives or dies by the progress of its development, not by short-term fund movements. A full exit from one holder doesn't change the science behind it, but it does show how fast institutional investors will de-risk when timelines get longer or trial results become the central focus. Anyone following the stock should keep a close eye on its clinical milestones.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Net position change: The difference in the value of a fund's holdings after buying or selling a security.
Liquidated: Sold off an entire investment position, reducing the holding to zero.
Exposure: The degree to which a fund or investor is invested in a particular asset or market.
Clinical-stage: Refers to a biopharmaceutical company developing drugs that are currently being tested in human clinical trials.
Nanobody: A small antibody fragment derived from camelids, used in drug development for its stability and specificity.
Phase II clinical trials: The second stage of human drug testing, focused on evaluating effectiveness and side effects in patients.
Proprietary drug candidates: Experimental drugs owned and developed exclusively by a specific company.
High-unmet-need markets: Disease areas where current treatments are inadequate or lacking, representing significant opportunities for new therapies.
Pipeline: The portfolio of drug candidates a biopharmaceutical company is developing at various stages.
TTM: The 12-month period ending with the most recent quarterly report.
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Adam Palasciano has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Centessa Pharmaceuticals Plc. The Motley Fool has a disclosure policy.
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