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MoonLake Immunotherapeutics

MLTX

MoonLake Immunotherapeutics • NASDAQ
$13.73 ▼ -0.51% (-0.07)
Market Cap $874.60 M
52w High $62.75
52w Low $5.95
Dividend Yield 0%
P/E -4.12
Volume 753.90K
Outstanding Shares 63.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $70.689M ▲ $-69.729M ▼ 0% $-1.1 ▼ $-66.636M ▼
Q2-2025 $0 $59.956M ▲ $-55.22M ▼ 0% $-0.87 ▼ $-53.177M ▼
Q1-2025 $0 $47.485M ▼ $-39.944M ▲ 0% $-0.63 ▲ $-40.01M ▲
Q4-2024 $0 $49.58M ▲ $-45.605M ▼ 0% $-0.72 ▼ $-48.279M ▼
Q3-2024 $0 $43.079M $-35.39M 0% $-0.56 $-35.99M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $380.479M ▼ $414.335M ▼ $123.144M ▲ $288.906M ▼
Q2-2025 $425.083M ▼ $460.096M ▼ $102.152M ▲ $353.731M ▼
Q1-2025 $480.13M ▲ $511.262M ▲ $98.681M ▲ $407.52M ▼
Q4-2024 $448.027M ▼ $477.933M ▼ $24.542M ▲ $446.825M ▼
Q3-2024 $493.925M $518.213M $22.712M $488.195M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-70.692M ▼ $-44.543M ▲ $88.403M ▲ $480K ▲ $44.055M ▲ $-44.543M ▲
Q2-2025 $-56.052M ▼ $-54.53M ▼ $88.254M ▲ $0 ▼ $35.115M ▼ $-54.53M ▼
Q1-2025 $-40.559M ▲ $-38.14M ▲ $56.246M ▲ $73.122M ▲ $91.14M ▲ $-38.175M ▲
Q4-2024 $-45.605M ▼ $-48.474M ▼ $-147.331M ▼ $150.706K ▼ $-195.23M ▼ $-48.649M ▼
Q3-2024 $-36.115M $-25.276M $58.282M $183.002K $32.865M $-25.408M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$300.00M ▲$300.00M ▲$300.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MoonLake is still a pure research-stage company with no product sales yet, so the income statement is entirely about spending, not earnings. The company has reported steady losses each year, reflecting ongoing investment in clinical trials and overhead. Losses have grown as development has ramped up, which is typical as programs move into larger, later-stage trials. Profitability is not visible in the current figures; any path toward positive earnings would depend on successful approvals or substantial partnership / licensing income, which are both uncertain at this stage.

Balance Sheet

Balance Sheet The balance sheet shows a classic profile of an early-stage biotech: asset-light, cash-heavy, and almost no financial debt. Equity is clearly positive, indicating that the company has been funded mainly through issuing shares rather than borrowing. Cash represents a large part of total assets, but the cash balance has started to drift down as spending rises, which is a normal pattern for a company in active clinical development. Overall, the financial foundation looks solid for a clinical-stage player, but the business still depends on future access to capital if trials continue for several more years without revenue.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, which simply reflects that the company is spending on R&D and running trials without bringing in sales. There is essentially no capital expenditure, so free cash flow is almost the same as operating cash flow and likewise negative. This means MoonLake is consuming cash to fund progress, not generating it, and relies on past or future financings to support its pipeline. The key question for the future is how quickly the cash burn evolves as larger Phase 3 programs scale up, and how that lines up with the timing of any potential partnership payments or regulatory milestones.

Competitive Edge

Competitive Edge MoonLake sits in a highly competitive but attractive niche: inflammatory diseases like hidradenitis suppurativa and psoriatic arthritis, where patient need is still high despite existing treatments. Its lead asset, Sonelokimab, aims to stand out through dual targeting of IL‑17A and IL‑17F and the advantages of Nanobody technology, such as smaller size and potentially better tissue penetration. Early and mid-stage trial results have been encouraging and suggest the drug could compete with, or possibly outperform, some existing options on certain measures. However, it goes up against very large pharmaceutical companies with established brands and commercial muscle, and a direct competitor with a similar dual‑IL‑17 mechanism is already on the market. The company’s competitive position therefore hinges on whether later-stage data can clearly show a meaningful clinical edge and a strong safety profile in real patients, which remains to be proven.

Innovation and R&D

Innovation and R&D Innovation is MoonLake’s main asset. The company is built around Nanobody-based biologics, with Sonelokimab as a potential “pipeline in a product” across several inflammatory diseases. The technology promises deeper tissue penetration, longer duration in the body, and easier manufacturing, all of which could translate into better patient convenience and potentially lower production costs over time. R&D activity is intense: multiple Phase 2 successes, several Phase 3 and additional Phase 2 programs underway or planned across hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, and other conditions. This creates multiple shots on goal from a single molecule but also concentrates scientific and regulatory risk in one core asset. R&D spending is likely to keep growing as trials expand, and outcomes from these programs will heavily shape the company’s future.

Summary

MoonLake is a classic high-risk, high-uncertainty clinical-stage biotech: no product revenue, ongoing losses, and a business model built around one main advanced asset, Sonelokimab. Financially, the company has a relatively clean and simple structure—strong equity, little to no debt, and a cash position that currently supports operations but is being drawn down by development costs. Strategically, its strength lies in a differentiated technology platform and encouraging mid-stage data in diseases with significant unmet needs, which has already attracted interest from large pharma. The flip side is concentrated risk: outcomes depend heavily on a few pivotal trials, regulatory decisions, and the ability to compete against entrenched players in a crowded space. For anyone following MoonLake, the story is less about current financial metrics and more about clinical milestones, regulatory interactions, competitive data, and access to capital over the next several years.

NEWS

November 30, 2025 · 7:45 AM UTC

MLTX LAWSUIT: BFA Law Reminds MoonLake Immunotherapeutics Investors the Company has been Sued for Securities Fraud and to Contact BFA Law by December 15 Deadline

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November 29, 2025 · 11:36 PM UTC

MLTX DEADLINE: ROSEN, NATIONAL TRIAL ATTORNEYS, Encourages MoonLake Immunotherapeutics Investors to Secure Counsel Before Important Deadline in Securities Class Action – MLTX

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November 29, 2025 · 10:14 PM UTC

MLTX DEADLINE: ROSEN, TOP-RANKED INVESTOR COUNSEL, Encourages MoonLake Immunotherapeutics Investors to Secure Counsel Before Important Deadline in Securities Class Action - MLTX

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November 29, 2025 · 8:29 AM UTC

SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of MoonLake Immunotherapeutics

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November 29, 2025 · 6:38 AM UTC

MLTX STOCK: Lose Money on Your MoonLake Immunotherapeutics Investment? Contact BFA Law about the Pending Securities Class Action before December 15 Deadline

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