5AM Venture Bails on MoonLake After a Brutal Year: Here’s What Stands Out

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

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.

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.