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SCHEDULE 13D/A 0001231919-25-000511 0001609492 XXXXXXXX LIVE 3 Common Stock 12/01/2025 false 0001785530 95075A107 WEREWOLF THERAPEUTICS, INC. 200 TALCOTT AVENUE 2ND FLOOR WATERTOWN MA 02472 Ansbert Gadicke 617-425-9200 c/o MPM BioImpact LLC 339 Boylston Street, Suite 1100 Boston MA 02116 0001609492 N MPM BioVentures 2014, L.P. b WC N DE 2111105.00 0.00 2111105.00 0.00 2111105.00 N 4.3 PN 0001609493 N MPM BioVentures 2014 (B), L.P. b WC N DE 140807.00 0.00 140807.00 0.00 140807.00 N 0.3 PN 0001609495 N MPM Asset Management Investors BV2014 LLC b WC N DE 72664.00 0.00 72664.00 0.00 72664.00 N 0.1 OO 0001691428 N UBS Oncology Impact Fund L.P. b WC N E9 1745647.00 0.00 1745647.00 0.00 1745647.00 N 3.6 PN 0001765091 N MPM BioVentures 2014 GP LLC b WC N DE 0.00 2251912.00 0.00 2251912.00 2251912.00 N 4.6 OO 0001765021 N MPM BioVentures 2014 LLC b WC N DE 0.00 2324576.00 0.00 2324576.00 2324576.00 N 4.8 OO 0001721036 N Oncology Impact Fund (Cayman) Management L.P. b WC N E9 0.00 1745647.00 0.00 1745647.00 1745647.00 N 3.6 PN 0001687078 N MPM BioImpact LLC b WC N DE 0.00 1745647.00 0.00 1745647.00 1745647.00 N 3.6 OO 0001134655 N ANSBERT GADICKE b WC N X1 0.00 4867341.00 0.00 4867341.00 4867341.00 N 10.0 IN 0001134657 N LUKE EVNIN b WC N X1 0.00 3121694.00 0.00 3121694.00 3121694.00 N 6.4 IN 0001473930 N Todd Foley b WC N X1 0.00 2324576.00 0.00 2324576.00 2324576.00 N 4.8 IN 0001263048 N MPM ASSET MANAGEMENT LLC b WC N DE 334302.00 0.00 334302.00 0.00 334302.00 N 0.7 OO 0001719960 N MPM ONCOLOGY INNOVATIONS FUND LP b WC N DE 462816.00 0.00 462816.00 0.00 462816.00 N 1.0 PN 0001857903 N MPM Oncology Innovations Fund GP LLC b WC N DE 0.00 462816.00 0.00 462816.00 462816.00 N 1.0 OO Common Stock WEREWOLF THERAPEUTICS, INC. 200 TALCOTT AVENUE 2ND FLOOR WATERTOWN MA 02472 Explanatory Note: This Amendment No. 3 to Schedule 13D ("Amendment No. 3") is being filed as an amendment to the initial statement on Schedule 13D relating to the common stock (the "Common Stock"), of Werewolf Therapeutics Inc. (the 'Issuer'), as filed with the Securities and Exchange Commission (the "SEC") on May 14, 2021 and as amended by Amendment No. 1 filed November 4, 2025 and Amendment No. 2 filed November 17, 2025 (as amended, the "Original Schedule 13D"). This Schedule 13D/A is being filed by the Filing Persons to report the open market sales of the Issuer's Common Stock by certain Filing Persons. Items 5 and 7 of the Original Schedule 13D are hereby amended and supplemented to the extent hereinafter expressly set forth and, except as amended and supplemented hereby, the Original Schedule 13D remains in full force and effect. All capitalized terms used in this Amendment No. 3 but not defined herein shall have the meanings ascribed thereto in the Original Schedule 13D. See rows (11) and (13) of the Filing Persons Owner Profile of this Amendment No. 3 for the aggregate number of Common Stock and percentages of the shares of Common Stock beneficially owned by the Filing Person. The Common Stock is held as follows: * 2,111,105 shares are held directly by BV 2014; * 140,807 shares are held directly by BV 2014(B); * 72,664 shares are held directly by AM BV2014 LLC; * 462,816 shares are held directly by MPM OIF; * 334,302 shares by AM LLC; and * 1,745,647 shares are held directly by UBS Oncology. BV 2014 GP and BV 2014 LLC are the direct and indirect general partners of BV 2014 and BV 2014(B) and, accordingly, may be deemed to beneficially own the shares held by BV 2014 and BV 2014(B). BV 2014 LLC is the managing member of AM BV2014 LLC and, accordingly, may be deemed to beneficially own the shares held by AM BV2014 LLC. MPM OIF GP is the general Partner of MPM OIF and, accordingly, may be deemed to beneficially own the shares held by MPM OIF. BioImpact and Oncology Cayman are the direct and indirect general partners of UBS Oncology and, accordingly, may be deemed to beneficially own the shares held by UBS Oncology. Drs. Gadicke and Evnin and Mr. Foley are the managing directors of BV 2014 LLC and, accordingly, may be deemed to beneficially own the shares held by BV 2014, BV 2014(B) and AM BV2014 LLC. Drs. Gadicke and Evnin are the members of AM LLC and managers of MPM OIF GP and, accordingly, may be deemed to beneficially own the shares held by AM LLC and MPM OIF. Dr. Gadicke is the managing partner of BioImpact and, accordingly may be deemed to beneficially own the shares held by UBS Oncology. Calculation of the percentage of the shares of Common Stock beneficially owned is based upon 48,540,200 Common Stock outstanding as of October 29, 2025, as reported in the Issuer's Form 10-Q filed with the SEC on November 4, 2025. See rows (7) through (10) of the Filing Persons Owner Profile of this Amendment No. 3 for the number of shares as to which there is sole power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition. The Reporting Persons sold the following Common Stock in the open market since the date of filing Amendment No. 2: Date of Price Range Ave. Price Sold by Sold by Sold By Sold by Sold by Sold by Sale BV 2014 BV 2014(B) AM BV2014 MPM OIF AM LLC UBS Oncology LLC 11/18/25 $0.8902-$0.9601 $0.93 22,827 1,523 786 5,027 3,613 18,851 11/19/25 $0.901-$0.9806 $0.94 28,768 1,919 990 6,335 4,554 23,758 11/20/25 $0.8506-$0.9556 $0.89 17,850 1,191 614 3,931 2,825 14,741 11/21/25 $0.80-$0.8861 $0.83 27,904 1,861 960 6,145 4,417 23,044 11/24/25 $0.8733-$1.03 $0.98 38,518 2,569 1,325 8,483 6,097 31,810 11/25/25 $0.90-$0.99 $0.92 18,449 1,230 635 4,063 2,920 15,236 11/26/25 $0.9328-$1.01 $0.98 26,343 1,757 907 5,801 4,170 21,755 11/28/25 $0.9681-$1.01 $0.99 8,795 587 303 1,937 1,392 7,263 12/01/25 $0.905-$1.00 $0.94 26,423 1,762 910 5,819 4,182 21,821 12/02/25 $0.852-$0.9246 $0.89 25,712 1,715 884 5,662 4,070 21,234 12/03/25 $0.82-$0.9256 $0.87 24,821 1,656 854 5,466 3,929 20,499 Inapplicable. Inapplicable. Joint Filing Statement MPM BioVentures 2014, L.P. /s/ Ansbert Gadicke Managing Director of MPM BioVentures 2014 LLC, the Managing Member of MPM BioVentures 2014 GP LLC, the General Partner of MPM BioVentures 2014, L.P. 12/03/2025 MPM BioVentures 2014 (B), L.P. /s/ Ansbert Gadicke Managing Director of MPM BioVentures 2014 LLC, Managing Member of MPM BioVentures 2014 GP LLC, the General Partner of MPM BioVentures 2014 (B), L.P. 12/03/2025 MPM Asset Management Investors BV2014 LLC /s/ Ansbert Gadicke Managing Director of MPM BioVentures 2014 LLC, the manager of MPM Asset Management Investors BV2014 LLC 12/03/2025 UBS Oncology Impact Fund L.P. /s/ Ansbert Gadicke Managing Partner of MPM BioImpact LLC, the GP of Oncology Impact Fund (Cayman) Management L.P., the GP of UBS Oncology Impact Fund L.P. 12/03/2025 MPM BioVentures 2014 GP LLC /s/ Ansbert Gadicke Managing Director of MPM BioVentures 2014 LLC, the Managing Member of MPM BioVentures 2014 GP LLC 12/03/2025 MPM BioVentures 2014 LLC /s/ Ansbert Gadicke Managing Director 12/03/2025 Oncology Impact Fund (Cayman) Management L.P. /s/ Ansbert Gadicke Managing Partner of MPM BioImpact LLC, the General Partner of Oncology Impact Fund (Cayman) Management L.P. 12/03/2025 MPM BioImpact LLC /s/ Ansbert Gadicke Managing Partner 12/03/2025 ANSBERT GADICKE /s/ Ansbert Gadicke Ansbert Gadicke 12/03/2025 LUKE EVNIN /s/ Luke Evnin Luke Evnin 12/03/2025 Todd Foley /s/ Todd Foley Todd Foley 12/03/2025 MPM ASSET MANAGEMENT LLC /s/ Ansbert Gadicke Member 12/03/2025 MPM ONCOLOGY INNOVATIONS FUND LP /s/ Ansbert Gadicke Manager of MPM Oncology Innovations Fund GP LLC, the General Partner of MPM Oncology Innovations Fund, L.P. 12/03/2025 MPM Oncology Innovations Fund GP LLC /s/ Ansbert Gadicke Manager 12/03/2025