The SRD reads it as the following
"Natural Spell [General] Prerequisites
Wis 13, wild shape ability.
Benefit
You can complete the verbal and somatic components of spells while in a wild shape. You substitute various noises and gestures for the normal verbal and somatic components of a spell.
You can also use any material components or focuses you possess, even if such items are melded within your current form. This feat does not permit the use of magic items while you are in a form that could not ordinarily use them, and you do not gain the ability to speak while in a wild shape."
It seems to be worded in the same way in the PHB, so I am assuming by RAW that Natural Spell would not apply to a Lycanthropes Alternate shapes, even if that Lycanthrope possesses the prerequisites and is a Druid?
"Natural Spell [General] Prerequisites
Wis 13, wild shape ability.
Benefit
You can complete the verbal and somatic components of spells while in a wild shape. You substitute various noises and gestures for the normal verbal and somatic components of a spell.
You can also use any material components or focuses you possess, even if such items are melded within your current form. This feat does not permit the use of magic items while you are in a form that could not ordinarily use them, and you do not gain the ability to speak while in a wild shape."
It seems to be worded in the same way in the PHB, so I am assuming by RAW that Natural Spell would not apply to a Lycanthropes Alternate shapes, even if that Lycanthrope possesses the prerequisites and is a Druid?