MobaXterm Personal Edition (Portable), in its 26.3 version (Build 5154), allows arbitrary code execution by loading a malicious DLL located in the same directory as the portable executable. Because the application automatically loads the winspool.drv library from that location during startup, an attacker with local access can place a specially crafted DLL alongside the executable to be executed when the victim launches the application.
The vulnerability has been fixed by the Mobatek team in version 26.4.