MoonLake Immunotherapeutics (MLTX)

Market Price (10/7/2026): $11.16 | Market Cap: $824.9 MilSector: Health Care | Industry: Biotechnology

MoonLake Immunotherapeutics (MLTX)

Market Price (10/7/2026): $11.16
Market Cap: $824.9 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -54%

Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.

Weak multi-year price returns
2Y Excs Rtn is -116%, 3Y Excs Rtn is -163%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -268 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -36%

Key risks
MLTX key risks include [1] regulatory uncertainty for its lead drug, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -54%
1	Megatrend and thematic drivers Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
2	Weak multi-year price returns 2Y Excs Rtn is -116%, 3Y Excs Rtn is -163%
3	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
4	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -268 Mil
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -36%
7	Key risks MLTX key risks include [1] regulatory uncertainty for its lead drug, Show more.

MLTX in ETFs

Weight = MLTX's share of each fund

NUSC0.04%

ESML0.04%

VHT0.01%

ONEQ0.00%

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	10/7/26	2025	2024	2023	2022
Share Price			$11.16	$13.18	$54.15	$60.39	$10.50
Mkt Cap ($ Mil)			824.9	895.8	3,415.3	3,625.4	419.5
+ Debt ($ Mil)			101.5	75.7	2.8	3.7	0.3
- Cash ($ Mil)			537.0	394.0	448.0	511.0	72.1
TEV ($ Mil)			389.4	971.5	3,418.1	3,629.1	419.8
Valuation Ratios
P/S	43.0	—	-	-	-	-	-
P/EBIT	—	—	-3.2	-4.0	-28.2	-82.4	-6.4
P/E	—	—	-3.1	-3.9	-28.7	-100.7	-7.6
P/FCF	—	—	-3.7	-4.6	-29.2	-84.7	-7.5
Sector Ratios (* = sector average)
P/S *			3.8	3.9	3.5	4.2	4.4
P/EBIT *			-1.8	-1.8	-1.2	-1.6	-1.2
P/E *			-1.7	-1.9	-1.5	-1.9	-1.3
P/FCF *			-1.8	-1.8	-1.3	-1.7	-1.4

FYE: 12/31	Forward FYE		Now
	2027	2026	10/7/26
Share Price			$11.16
Mkt Cap ($ Mil)			824.9
+ Debt ($ Mil)			101.5
- Cash ($ Mil)			537.0
TEV ($ Mil)			389.4
Valuation Ratios
P/S	43.0	—	-
P/EBIT	—	—	-3.2
P/E	—	—	-3.1
P/FCF	—	—	-3.7
Sector Ratios (* = sector average)
P/S *			3.8
P/EBIT *			-1.8
P/E *			-1.7
P/FCF *			-1.8

FYE: 12/31	MLTX [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$0.0 Mil	—
FY 2026 Sales	$0.0 Mil	—
FY 2027 Sales	$19.2 Mil	—
FY 2026 Sales Growth	—	—
FY 2027 Sales Growth	—	13.1%
EARNINGS
LTM Net Income (GAAP) [3]	$-263.7 Mil	—
FY 2026 Net Income (Non-GAAP)	$-217.5 Mil	—
FY 2027 Net Income (Non-GAAP)	$-221.7 Mil	—
FY 2027 Net Income Growth	—	18.7%
FY 2026 EPS (Non-GAAP)	$-3.37	—
FY 2027 EPS (Non-GAAP)	$-3.41	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	—	1.7
FY 2027 P/S	43.0	—
FY 2026 P/E	—	7.8
FY 2027 P/E	—	—

[1] MLTX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

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Metric	Value	Date	Source
Number of Clinical Trials	10	1082025	Link
Total Planned Patient Enrollment	over 3000	1082025	Link
VELA Program Patient Enrollment	over 800	11052025	Link
Patent Protection Term	until at least 2032	2262025	Link

Price Chart

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Upcoming
11/04/2026	Earnings Release	Rev: - EPS: -

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

MoonLake Immunotherapeutics (MLTX) stock has lost about 45% since 6/30/2026 because of the following key factors:

1. Dilution from Public Offering in late fiscal Q2 2026.

MoonLake Immunotherapeutics completed an upsized underwritten public offering in June 2026, raising approximately $200 million in gross proceeds by selling 9,000,000 Class A ordinary shares and pre-funded warrants at a price of $20.00 per share. This offering, announced on June 23, 2026, likely contributed to stock dilution and exerted downward pressure on the share price.

2. Increased Operating Cash Burn and Sustained Net Losses in fiscal Q2 2026.

For the six-month period ended June 30, 2026, MoonLake reported a net loss of $131.5 million, marking a 36.1% increase year-over-year. Operating cash consumption also increased to $121.8 million during the first half of 2026, compared to $92.7 million in the same period in 2025.

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Stock Movement Drivers

Fundamental Drivers

The -43.8% change in MLTX stock from 6/30/2026 to 10/6/2026 was primarily driven by a -3.6% change in the company's Shares Outstanding (Mil).

(LTM values as of)	6302026	10062026	Change
Stock Price ($)	19.47	10.95	-43.8%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	71	74	-3.6%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/6/2026

	Return	Correlation
MLTX	-43.8%
Market (SPY)	4.3%	16.8%
Sector (XLV)	5.3%	8.2%

Fundamental Drivers

The -41.3% change in MLTX stock from 3/31/2026 to 10/6/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	3312026	10062026	Change
Stock Price ($)	18.64	10.95	-41.3%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	68	74	-8.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/6/2026

	Return	Correlation
MLTX	-41.3%
Market (SPY)	20.1%	25.5%
Sector (XLV)	14.5%	12.8%

Fundamental Drivers

The 52.7% change in MLTX stock from 9/30/2025 to 10/6/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	9302025	10062026	Change
Stock Price ($)	7.17	10.95	52.7%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	63	74	-14.4%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/6/2026

	Return	Correlation
MLTX	52.7%
Market (SPY)	17.9%	20.9%
Sector (XLV)	21.6%	9.2%

Fundamental Drivers

The -80.8% change in MLTX stock from 9/30/2023 to 10/6/2026 was primarily driven by a -40.9% change in the company's Shares Outstanding (Mil).

(LTM values as of)	9302023	10062026	Change
Stock Price ($)	57.00	10.95	-80.8%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	44	74	-40.9%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/6/2026

	Return	Correlation
MLTX	-80.8%
Market (SPY)	88.5%	16.9%
Sector (XLV)	35.9%	13.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MLTX Return	-13%	6%	475%	-10%	-76%	-14%	0%
Peers Return	36%	15%	5%	8%	30%	18%	171%
S&P 500 Return	27%	-19%	24%	23%	16%	14%	107%
Monthly Win Rates [3]
MLTX Win Rate	25%	67%	58%	42%	50%	50%
Peers Win Rate	60%	60%	47%	50%	60%	58%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
MLTX Max Drawdown	-23%	-64%	-42%	-40%	-90%	-49%
Peers Max Drawdown	-16%	-18%	-24%	-20%	-21%	-16%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABBV, LLY, JNJ, AMGN, PFE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/6/2026 (YTD)

Event	MLTX	S&P 500
2025 US Tariff Shock
% Loss	-21.6%	-18.8%
% Gain to Breakeven	27.6%	23.1%
Time to Breakeven	22 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-35.4%	-9.5%
% Gain to Breakeven	54.7%	10.5%
Time to Breakeven	38 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-52.7%	-24.5%
% Gain to Breakeven	111.5%	32.4%
Time to Breakeven	198 days	427 days

Compare to ABBV, LLY, JNJ, AMGN, PFE

In The Past

MoonLake Immunotherapeutics's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	MLTX	S&P 500
2025 US Tariff Shock
% Loss	-21.6%	-18.8%
% Gain to Breakeven	27.6%	23.1%
Time to Breakeven	22 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-35.4%	-9.5%
% Gain to Breakeven	54.7%	10.5%
Time to Breakeven	38 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-52.7%	-24.5%
% Gain to Breakeven	111.5%	32.4%
Time to Breakeven	198 days	427 days

Compare to ABBV, LLY, JNJ, AMGN, PFE

In The Past

MoonLake Immunotherapeutics's stock fell -21.6% during the 2025 US Tariff Shock. Such a loss loss requires a 27.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About MoonLake Immunotherapeutics (MLTX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

MoonLake Immunotherapeutics (MLTX) is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies. Headquartered in Zug, Switzerland, and founded in 2021, the company's core mission revolves around addressing significant unmet needs in the treatment of inflammatory diseases.

The company's primary focus is Sonelokimab, an investigational Nanobody therapy designed to combat inflammation. Sonelokimab is currently advancing through Phase II clinical trials, targeting a range of chronic inflammatory conditions. These include hidradenitis suppurativa, psoriatic arthritis, ankylosing spondylitis, and radiographic axial spondyloarthritis, representing its key market segments and potential future patient populations.

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Here are 1-3 brief analogies for MoonLake Immunotherapeutics (MLTX):

An early-stage AbbVie, but entirely focused on developing novel treatments for inflammatory diseases.
A startup Eli Lilly, aiming to discover breakthrough drugs for autoimmune and inflammatory conditions.

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MoonLake Immunotherapeutics (MLTX) is developing the following major product:

Sonelokimab: A novel investigational Nanobody therapy currently in Phase II clinical trials for the treatment of various inflammatory conditions.

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MoonLake Immunotherapeutics (MLTX) is a clinical-stage biopharmaceutical company focused on developing therapies. As per the provided description, the company is currently involved in conducting Phase II trials for its investigational therapy, Sonelokimab. This indicates that MoonLake Immunotherapeutics is in the research and development phase and does not yet have any approved products on the market for sale.

Therefore, MoonLake Immunotherapeutics does not have major customers at this time, as it is not generating revenue from product sales.

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Lonza Group Ltd. (SIX: LONN)

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Jorge Santos da Silva, Co-Founder and Chief Executive Officer

Jorge Santos da Silva co-founded MoonLake Immunotherapeutics in 2021 and took the company public on NASDAQ in 2022. Prior to MoonLake, he was a Senior Partner at McKinsey & Company for nearly 15 years, leading the Pharmaceutical & Medical Products Practice in Zurich. At McKinsey, he advised international biopharma and biotech companies on corporate and business-unit strategy, R&D, organizational design, and mergers and acquisitions. He also led McKinsey's Biotech group and Biosimilars group. He holds a Ph.D. in Neuroscience and has over a decade of experience in academic research.

Matthias Bodenstedt, Chief Financial Officer and Principal Accounting Officer

Matthias Bodenstedt joined MoonLake Immunotherapeutics as Chief Financial Officer in July 2021. Before MoonLake, he was a Partner at McKinsey & Company from 2011 to 2021, where he gained extensive experience in the biopharmaceutical industry with a focus on finance and commercial strategy. He advised a wide range of clients, from pre-revenue biotechs to large global pharmaceutical companies, on topics such as financing, M&A, business development and licensing, portfolio strategy, and go-to-market strategy. He holds an M.B.A. from Columbia Business School, an MPhil in Finance from the University of Cambridge, and a B.Sc. in Industrial Engineering from the University of Hannover.

Kristian Reich, Co-Founder and Chief Scientific Officer

Kristian Reich is a Co-Founder of MoonLake Immunotherapeutics and serves as its Chief Scientific Officer. He is a globally recognized dermatologist and key opinion leader who previously served as a principal investigator in Merck's psoriasis program.

Arnout Ploos van Amstel, Co-Founder and Chief Operating Officer

Arnout Ploos van Amstel is a Co-Founder of MoonLake Immunotherapeutics and holds the position of Chief Operating Officer. He was appointed COO in May 2021.

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Key Risks to MoonLake Immunotherapeutics (MLTX)


    Clinical Trial Outcomes and Single Asset Dependence: MoonLake Immunotherapeutics' business success is overwhelmingly dependent on the successful development and approval of its lead and sole clinical-stage asset, Sonelokimab. The highly binary nature of this risk was starkly demonstrated by a nearly 90% stock price collapse following mixed Phase 3 trial results for Sonelokimab in hidradenitis suppurativa (HS), where one of two pivotal studies failed to meet its primary endpoint due to a higher-than-expected placebo response. Any further setbacks in ongoing Phase 2 or Phase 3 trials for other indications, such as psoriatic arthritis or axial spondyloarthritis, could significantly jeopardize the company's future prospects.
    Regulatory Approval and Commercialization Challenges: Even if Sonelokimab demonstrates clinical efficacy, there is no guarantee of regulatory approval. Analyst skepticism regarding the drug's approval path and commercial potential, particularly given observations that its effects might appear "uncompetitive" compared to existing treatments like Bimzelx for HS, highlight significant hurdles. Navigating the complex regulatory landscape and securing market access, especially in a competitive therapeutic area with established treatments, remains a critical risk.
    Financial Sustainability and Funding Needs: As a clinical-stage biopharmaceutical company, MoonLake Immunotherapeutics currently generates zero revenue and has a history of widening operating losses, reporting a net loss of $227.32 million in 2025. This heavy cash burn and lack of a near-term path to profitability necessitate substantial ongoing funding. While the company has secured a debt facility and reports cash runway into the second half of 2027, the increasing losses underscore persistent funding needs. This financial profile introduces the risk of future equity raises, which could lead to dilution for existing shareholders.

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The most clear emerging threat to MoonLake Immunotherapeutics (MLTX) is the advanced development and regulatory status of bimekizumab by UCB.

Bimekizumab is a dual inhibitor of IL-17A and IL-17F, a mechanism of action identical to MLTX's lead investigational Nanobody therapy, Sonelokimab.

UCB's bimekizumab is already approved for psoriatic arthritis (PsA) in key markets and has completed positive Phase 3 trials with regulatory submissions for hidradenitis suppurativa (HS). These indications are primary targets for MoonLake's Sonelokimab.

This means a highly similar drug from a larger pharmaceutical company is significantly ahead in development and market establishment in MLTX's core therapeutic areas, posing a direct competitive challenge to Sonelokimab's future market entry and potential market share.

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MoonLake Immunotherapeutics (MLTX) is developing Sonelokimab for the treatment of several inflammatory conditions. The addressable markets for these conditions are significant:

Hidradenitis Suppurativa (HS): The global hidradenitis suppurativa market was valued at USD 799.49 million in 2024 and is projected to reach USD 1154.47 million by 2032. Another estimate places the global market at USD 883.0 million in 2025, expected to reach USD 1570.4 million by 2032. For the seven major pharmaceutical markets (7MM: US, France, Germany, Italy, Spain, UK, and Japan), the market is forecasted to grow from USD 1.84 billion in 2024 to USD 7.83 billion in 2034. The U.S. market alone for hidradenitis suppurativa was approximately USD 1,100 million in 2023.
Psoriatic Arthritis: The global psoriatic arthritis treatment market was valued at USD 12.18 billion in 2024 and is projected to reach USD 25.89 billion by 2034. In 2023, the global market size was USD 10.2 billion, estimated to grow to USD 23.3 billion by 2032. The U.S. psoriatic arthritis treatment market size was USD 3.58 billion in 2024 and is projected to reach USD 7.76 billion by 2034.
Ankylosing Spondylitis (AS): The global ankylosing spondylitis market is estimated at USD 6.64 billion in 2025 and is projected to reach USD 11.84 billion in 2034. Another report indicates the global market size was USD 6.7 billion in 2025, projected to reach around USD 11.83 billion by 2035. The 7 major markets for ankylosing spondylitis reached a total value of USD 5.10 billion in 2024, with projections to reach USD 10.03 billion by 2035. The U.S. ankylosing spondylitis market was valued at USD 3.29 billion in 2024 and is expected to reach USD 3.49 billion in 2025.
Radiographic Axial Spondyloarthritis (r-axSpA) (as part of Axial Spondyloarthritis): The global axial spondyloarthritis (axSpA) market, which includes both radiographic and non-radiographic forms, was valued at USD 5.2 billion in 2022 and is expected to reach USD 10.1 billion by 2032. The global axial spondyloarthritis market is also estimated to be valued at USD 4.72 billion in 2026 and is expected to reach USD 7.61 billion by 2033. North America is a leading market for axial spondyloarthritis, accounting for approximately 45% of the global market share. The total prevalent population of axial spondyloarthritis in the 7MM was approximately 4,575,000 in 2023.

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Expected Drivers of Future Revenue Growth for MoonLake Immunotherapeutics (MLTX)

Over the next two to three years, MoonLake Immunotherapeutics' future revenue growth is expected to be driven primarily by the advancement and potential commercialization of its lead investigational Nanobody therapy, Sonelokimab, across multiple inflammatory indications.

Regulatory Approval and Commercial Launch in Hidradenitis Suppurativa (HS): A significant driver of future revenue is the anticipated regulatory approval and subsequent commercial launch of Sonelokimab for the treatment of hidradenitis suppurativa. MoonLake plans to submit a Biologics License Application (BLA) for Sonelokimab in HS in the second half of 2026, with potential U.S. approval expected in mid-2027. The HS market represents a substantial commercial opportunity.
Successful Progression and Potential Regulatory Approval in Psoriatic Arthritis (PsA): The successful completion of Phase 3 trials and potential regulatory approval of Sonelokimab in psoriatic arthritis is another key revenue driver. Primary endpoint data from the Phase 3 trials in PsA are expected in Q2 2026, with a supplemental BLA potentially filed in Q3 2027. The PsA biologic market is a large and growing segment.
Advancement and Potential Regulatory Approval in Palmoplantar Pustulosis (PPP): MoonLake's progress with Sonelokimab in palmoplantar pustulosis, which has received FDA Fast Track designation, is expected to contribute to future revenue. This designation can accelerate development, with a BLA targeting Q3/Q4 2026. As a potential first-approved therapy, Sonelokimab could capture a meaningful share of this market.
Expansion into Additional Inflammatory Indications and Adolescent HS: Continued positive clinical development and the eventual expansion of Sonelokimab into other inflammatory indications, such as axial spondyloarthritis (axSpA) and adolescent HS, will further drive revenue growth. Positive Phase 2 results for Sonelokimab in axSpA indicate further clinical development, and promising interim data from the VELA-TEEN study in adolescent HS could support a broader label including adolescents.

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Share Issuance

In November 2025, MoonLake Immunotherapeutics priced an underwritten offering of 7,142,857 Class A ordinary shares at $10.50 per share, generating gross proceeds of approximately $75 million.
The company priced an upsized underwritten public offering of 8,000,000 Class A ordinary shares at $50.00 per share in June 2023, expecting gross proceeds of $400 million.
In late 2021/early 2022, as part of its business combination with Helix Acquisition Corp. to become publicly listed, MoonLake Immunotherapeutics secured commitments for a $115 million PIPE (private investment in public equity).

Inbound Investments

MoonLake Immunotherapeutics secured up to $500 million in non-dilutive financing from Hercules Capital in April 2025, with $75 million drawn at closing and additional tranches available upon achieving specific milestones.
In February 2026, the company amended its debt facility with Hercules Capital, drawing down $25 million, with up to $400 million in non-dilutive funds remaining accessible for future needs.
The company closed a Series A financing round in May 2021, led by BVF Partners LP, which also included investments from Merck KGaA, Darmstadt, Germany.

Capital Expenditures

MoonLake Immunotherapeutics reported capital expenditures of -$35,000 in the last 12 months leading up to March 6, 2026.
The company anticipates its cash, cash equivalents, and short-term marketable debt securities will be sufficient to cover operating expenses and capital expenditure requirements into the second half of 2027.
The primary focus of capital expenditures is funding the research and development of sonelokimab and general corporate purposes. Research and development expenses for the quarter ended September 30, 2025, were $60.6 million.

Interactive Breakdown

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Better Bets vs. MoonLake Immunotherapeutics (MLTX)

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Peer Outperformance in Biotechnology

MLTX has outperformed 80% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Biotechnology constituents that MLTX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

73%

of 453 industry peers · 26.4% return

24%

of 401 industry peers · -81.9% return

80%

of 361 industry peers · 10.3% return

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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is MLTX's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Health Care Distributors	6	14.6%	45.3%	93.9%	CAH 427% · MCK 373% · COR 181%
Health Care Facilities	24	0.4%	5.6%	9.6%	THC 307% · NHC 280% · ENSG 140%
Health Care Services	20	20.8%	36.1%	8.3%	HIMS 296% · RDNT 144% · DGX 75%
Managed Health Care	8	27.5%	-7.2%	3.4%	OSCR 101% · HQY 40% · ELV 13%
Health Care Equipment	50	-8.4%	-2.5%	-18.3%	POCI 11150% · UFPT 370% · GKOS 252%
Pharmaceuticals	62	-7.8%	-6.9%	-32.6%	INDV 1105% · ETON 1034% · LQDA 842%
Health Care Supplies	11	12.8%	-11.8%	-42.2%	LNTH 301% · HAE 51% · MMSI 17%
Life Sciences Tools & Services	109	-10.6%	-13.2%	-64.8%	SNWV 2022% · NTRA 244% · MEDP 212%
Biotechnology ←	362	-18.0%	-26.3%	-79.4%	CELZ 1186% · DNTH 1091% · ELVN 1027%
Health Care Technology	20	-31.9%	-55.1%	-80.7%	SPOK 79% · HSTM 11% · VEEV -2%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	MLTX Dip Buy Analysis	07/10/2025
2	MoonLake Immunotherapeutics (MLTX) Valuation Ratios Comparison	05/15/2025
3	null	02/28/2025
4	MoonLake Immunotherapeutics (MLTX) Operating Cash Flow Comparison	02/17/2025
5	MoonLake Immunotherapeutics (MLTX) Net Income Comparison	02/16/2025
6	MoonLake Immunotherapeutics (MLTX) Operating Income Comparison	02/15/2025
7	MoonLake Immunotherapeutics (MLTX) Revenue Comparison	02/13/2025
8	Fundamental Metrics: ...	06/19/2024
9	ARTICLES
10	Market Movers \| Winners: WOLF, BQ, YCBD \| Losers: MLTX, KALA, IOBT	09/30/2025
11	What’s Next For Moonlake Immunotherapeutics?	09/29/2025

	Title
0	DASHBOARDS
1	MLTX Dip Buy Analysis
2	MoonLake Immunotherapeutics (MLTX) Valuation Ratios Comparison
3	null
4	MoonLake Immunotherapeutics (MLTX) Operating Cash Flow Comparison
5	MoonLake Immunotherapeutics (MLTX) Net Income Comparison
6	MoonLake Immunotherapeutics (MLTX) Operating Income Comparison
7	MoonLake Immunotherapeutics (MLTX) Revenue Comparison
8	Fundamental Metrics: ...
9	ARTICLES
10	Market Movers \| Winners: WOLF, BQ, YCBD \| Losers: MLTX, KALA, IOBT
11	What’s Next For Moonlake Immunotherapeutics?

Trade Ideas

Select ideas related to MLTX.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OPCH	Option Care Health	4.7	32.6%	-2.7%
STDN	Standard Nuclear	2.4	16.8%	23.5%
HTZ	Hertz Global	0.7	15.1%	-59.9%
FCEL	FuelCell Energy	1.5	14.3%	182.5%
CIEN	Ciena	63.0	13.8%	89.7%
SWRD	Stewards	0.6	13.2%	-48.0%
TLN	Talen Energy	17.1	12.4%	-0.5%
CTVA	Corteva	9.3	12.3%	-79.1%
CEG	Constellation Energy	108.1	12.2%	-14.6%
XNDU	Xanadu Quantum Technologies	1.5	11.9%	-56.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AVBP	ArriVent BioPharma	0.7	-47.0%	-25.0%
TWST	Twist Bioscience	10.4	-18.6%	426.4%
TXG	10x Genomics	10.5	-17.5%	394.5%
DNA	Ginkgo Bioworks	0.8	-17.2%	49.3%
ALMR	Alamar Biosciences	1.9	-15.4%	46.6%
APMD	Apnimed	0.7	-14.3%	-25.4%
TEM	Tempus AI	13.0	-13.8%	21.9%
NEO	NeoGenomics	2.1	-13.7%	40.3%
SYRE	Spyre Therapeutics	6.8	-13.6%	144.5%
ACRS	Aclaris Therapeutics	0.5	-13.3%	22.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PACB	Pacific Biosciences of California	0.8	47.5%	44.4%
PTC	PTC	22.1	40.3%	10.8%
RXO	RXO	4.8	37.8%	125.8%
OPCH	Option Care Health	4.7	35.9%	-2.7%
AAOI	Applied Optoelectronics	10.6	29.3%	273.4%
STDN	Standard Nuclear	2.4	26.4%	23.5%
CIEN	Ciena	63.0	25.0%	89.7%
MTSI	MACOM Technology Solutions	26.8	23.4%	104.7%
HTZ	Hertz Global	0.7	22.6%	-59.9%
FCEL	FuelCell Energy	1.5	22.2%	182.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LQDA	Liquidia	2.3	-63.3%	-24.9%
AVBP	ArriVent BioPharma	0.7	-48.9%	-25.0%
EMAT	Evolution Metals & Technologies	1.2	-34.0%	-91.0%
NKTR	Nektar Therapeutics	1.3	-32.6%	-5.6%
ACRS	Aclaris Therapeutics	0.5	-29.9%	22.9%
GLAS	Glass House Brands	0.5	-24.0%	-41.7%
APMD	Apnimed	0.7	-22.0%	-25.4%
SPHR	Sphere Entertainment	3.8	-21.5%	10.8%
IART	Integra Lifesciences	1.0	-20.0%	7.2%
SECZ	Securitize	1.9	-19.8%	3.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MYPS	PLAYSTUDIOS	0.6	780.8%	602.5%
KOD	Kodiak Sciences	5.8	161.1%	230.3%
PACB	Pacific Biosciences of California	0.8	100.0%	44.4%
DNA	Ginkgo Bioworks	0.8	78.6%	49.3%
MXL	MaxLinear	9.8	74.2%	527.1%
SECZ	Securitize	1.9	71.2%	3.3%
GRAL	GRAIL	5.9	70.9%	60.4%
VICR	Vicor	13.7	58.7%	173.1%
BALY	Ballys	0.8	53.2%	-15.3%
PS	Pershing Square	23.9	52.9%	147.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	9.3	-84.2%	-79.1%
LQDA	Liquidia	2.3	-62.3%	-24.9%
AVBP	ArriVent BioPharma	0.7	-51.2%	-25.0%
QURE	uniQure	1.5	-48.2%	-3.6%
XNDU	Xanadu Quantum Technologies	1.5	-47.9%	-56.0%
NKTR	Nektar Therapeutics	1.3	-46.2%	-5.6%
GLAS	Glass House Brands	0.5	-41.9%	-41.7%
ACRS	Aclaris Therapeutics	0.5	-40.0%	22.9%
XENE	Xenon Pharmaceuticals	3.6	-38.8%	-18.4%
ALHC	Alignment Healthcare	1.7	-38.2%	-57.6%

Peer Comparisons

Peers to compare with:

Financials

	MLTX	ABBV	LLY	JNJ	AMGN	PFE	Median
Name	MoonLake.	AbbVie	Eli Lilly	Johnson .	Amgen	Pfizer
Mkt Price	11.25	274.48	1,202.67	260.65	414.69	28.16	267.56
Mkt Cap	0.8	485.6	1,073.3	627.5	223.9	160.5	354.7
Rev LTM	0	64,386	79,666	97,929	38,095	63,695	64,040
Op Inc LTM	-268	21,850	39,608	26,256	11,426	17,019	19,434
FCF LTM	-225	18,210	13,560	22,228	10,175	10,985	12,272
FCF 3Y Avg	-152	18,076	3,294	19,486	8,754	9,411	9,082
CFO LTM	-225	19,507	28,083	27,608	12,478	13,401	16,454
CFO 3Y Avg	-152	19,143	14,510	25,093	10,312	12,198	13,354

Growth & Margins

	MLTX	ABBV	LLY	JNJ	AMGN	PFE	Median
Name	MoonLake.	AbbVie	Eli Lilly	Johnson .	Amgen	Pfizer
Rev Chg LTM	-	10.4%	49.6%	8.1%	9.1%	-0.2%	9.1%
Rev Chg 3Y Avg	-	4.9%	39.4%	6.0%	12.8%	-5.2%	6.0%
Rev Chg Q	-	10.2%	47.7%	6.6%	9.5%	2.6%	9.5%
QoQ Delta Rev Chg LTM	-	2.5%	10.3%	1.6%	2.4%	0.6%	2.4%
Op Inc Chg LTM	-33.6%	59.5%	76.5%	21.4%	39.5%	2.1%	30.4%
Op Inc Chg 3Y Avg	-75.3%	11.2%	71.3%	6.7%	12.3%	233.9%	11.7%
Op Mgn LTM	-	33.9%	49.7%	26.8%	30.0%	26.7%	30.0%
Op Mgn 3Y Avg	-	27.5%	42.1%	25.6%	24.5%	18.7%	25.6%
QoQ Delta Op Mgn LTM	-	0.8%	2.4%	0.0%	1.6%	-0.5%	0.8%
CFO/Rev LTM	-	30.3%	35.3%	28.2%	32.8%	21.0%	30.3%
CFO/Rev 3Y Avg	-	32.4%	22.5%	27.4%	29.3%	19.7%	27.4%
FCF/Rev LTM	-	28.3%	17.0%	22.7%	26.7%	17.2%	22.7%
FCF/Rev 3Y Avg	-	30.6%	2.5%	21.2%	24.9%	15.1%	21.2%

Valuation

	MLTX	ABBV	LLY	JNJ	AMGN	PFE	Median
Name	MoonLake.	AbbVie	Eli Lilly	Johnson .	Amgen	Pfizer
Mkt Cap	0.8	485.6	1,073.3	627.5	223.9	160.5	354.7
P/S	-	7.5	13.5	6.4	5.9	2.5	6.4
P/Op Inc	-3.1	22.2	27.1	23.9	19.6	9.4	20.9
P/EBIT	-3.3	41.8	26.0	23.9	17.3	23.2	23.6
P/E	-3.2	77.0	40.2	29.8	25.6	37.1	33.4
P/CFO	-3.7	24.9	38.2	22.7	17.9	12.0	20.3
Total Yield	-32.6%	3.9%	3.1%	5.5%	6.5%	9.0%	4.7%
Dividend Yield	0.0%	2.5%	0.6%	2.1%	2.4%	6.2%	2.2%
FCF Yield 3Y Avg	-7.9%	4.5%	0.3%	4.6%	4.9%	6.7%	4.5%
D/E	0.1	0.1	0.1	0.1	0.3	0.4	0.1
Net D/E	-0.5	0.1	0.0	0.0	0.2	0.3	0.1

Returns

	MLTX	ABBV	LLY	JNJ	AMGN	PFE	Median
Name	MoonLake.	AbbVie	Eli Lilly	Johnson .	Amgen	Pfizer
1M Rtn	-25.0%	7.0%	4.6%	-5.3%	-5.2%	-1.0%	-3.1%
3M Rtn	-41.3%	8.6%	-2.5%	-2.0%	13.3%	19.1%	3.3%
6M Rtn	-34.1%	35.1%	29.6%	10.5%	23.6%	7.5%	17.1%
12M Rtn	29.9%	22.9%	43.2%	41.6%	44.9%	14.0%	35.8%
3Y Rtn	-81.4%	105.4%	117.2%	80.1%	69.6%	3.1%	74.8%
1M Excs Rtn	-26.4%	5.7%	3.3%	-6.6%	-6.5%	-2.3%	-4.4%
3M Excs Rtn	-45.6%	4.8%	-5.6%	-5.2%	8.7%	14.6%	-0.2%
6M Excs Rtn	-52.8%	16.4%	10.7%	-8.1%	4.9%	-11.1%	-1.6%
12M Excs Rtn	16.6%	4.1%	27.0%	24.5%	26.2%	-6.7%	20.5%
3Y Excs Rtn	-164.9%	19.5%	43.0%	-2.0%	-16.0%	-81.4%	-9.0%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	8/10/2026	2/25/2026	2/26/2025	2/29/2024	3/20/2023
Key Financials
Total Revenue	0	0	0	0	0
Gross Profit	-	-	-	-	-
EBITDA	-251	-220	-120	-44	-65
Operating Income	-268	-245	-143	-54	-65
Net Income	-264	-227	-119	-36	-50
EPS	-3.84	-3.53	-1.89	-0.73	-1.70
Growth Rates
Total Revenue Growth	-	-	-	-	-
EBITDA Growth	-43.4%	-83.9%	-174.2%	32.8%	-
Operating Income Growth	-33.6%	-71.1%	-164.4%	16.8%	-
Net Income Growth	-49.7%	-91.1%	-230.3%	27.9%	-
Margins
Gross Margin	-	-	-	-	-
EBITDA Margin	-	-	-	-	-
Operating Income Margin	-	-	-	-	-
Net Income Margin	-	-	-	-	-
Cash & Debt
Total Cash	537	394	448	511	72
Total Debt	102	76	3	4	0
Net Debt / (Cash)	-435	-318	-445	-507	-72
Cash Flows & CapEx
Net Cash from Operations	-225	-196	-117	-43	-56
Total CapEx	0	-0	-1	-0	-0
Free Cash from Operations	-225	-196	-117	-43	-56
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	-0	0	-0	-0

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/10/2026	5/11/2026	2/25/2026	11/5/2025	8/5/2025	5/12/2025	2/26/2025	11/7/2024	8/7/2024	5/7/2024	2/29/2024	11/14/2023
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	-58	-66	-60	-67	-53	-40	-46	-36	-24	-14	-5	-13
Operating Income	-62	-70	-65	-71	-61	-47	-50	-43	-31	-20	-15	-13
Net Income	-62	-70	-62	-70	-55	-40	-46	-35	-24	-14	-7	-9
EPS	-0.84	-0.98	-0.92	-1.10	-0.87	-0.63	-0.72	-0.56	-0.39	-0.22	-0.10	-0.18
Key Financials TTM
Total Revenue TTM	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-251	-246	-220	-206	-175	-146	-120	-78	-55	-44	-44	-56
Operating Income TTM	-268	-267	-245	-229	-201	-171	-143	-109	-78	-61	-54	-56
Net Income TTM	-264	-257	-227	-210	-176	-145	-119	-81	-55	-41	-36	-46
Growth Rates Quarterly
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA Growth	-9.4%	-64.9%	-30.5%	-86.8%	-118.5%	-194.7%	-915.1%	-175.0%	-84.6%	-5.0%	72.6%	12.1%
Operating Income Growth	-1.6%	-47.5%	-31.5%	-65.7%	-98.5%	-139.6%	-229.9%	-232.2%	-131.9%	-53.3%	10.0%	12.1%
Net Income Growth	-11.9%	-74.5%	-36.9%	-97.0%	-127.6%	-192.1%	-513.2%	-275.4%	-139.3%	-51.8%	56.5%	6.8%
Margins Quarterly
EBITDA Margin	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Debt
Total Cash	537	358	394	380	425	480	448	494	520	547	511	496
Total Debt	102	101	76	76	76	76	3	4	3	4	4	0
Net Debt / (Cash)	-435	-257	-318	-305	-349	-405	-445	-490	-516	-543	-507	-496
Cash Flows Quarterly
FCF from Operations	-56	-66	-59	-45	-55	-38	-48	-25	-28	-15	-12	-9
Cash Flows TTM
FCF from Operations TTM	-225	-224	-196	-186	-166	-140	-117	-80	-64	-49	-43	-42
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-42.0%	-52.9%	-58.1%	-74.3%	-72.4%	-68.2%	-83.6%	-91.8%	-77.0%	-61.2%	-57.2%	-135.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-45.7%	-50.5%	-54.5%	-59.6%	-59.9%	-61.3%	-60.3%	-57.7%	-49.4%	-47.1%	-51.5%	-145.5%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Research, development, and eventual commercialization of its product	424	478
Single Segment			527	77	10
Total	424	478	527	77	10

Price Behavior

Price Behavior

Market Price	$10.95
Market Cap ($ Bil)	0.8
First Trading Date	10/20/2020
Distance from 52W High	-50.6%
	50 Days	200 Days
DMA Price	$14.81	$16.91
DMA Trend	indeterminate	down
Distance from DMA	-26.1%	-35.2%
	3M	1YR
Volatility	51.0%	72.6%
Downside Capture	328.31	141.72
Upside Capture	-23.54	143.51
Correlation (SPY)	17.2%	21.8%

MLTX Betas & Captures as of 9/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.89	0.88	0.84	1.26	1.24	0.92
Up Beta	1.91	-0.91	0.26	0.96	1.12	1.03
Down Beta	5.97	3.70	-0.54	0.22	0.57	0.55
Up Capture	-87%	-34%	8%	83%	261%	11%
Bmk +ve Days	6	16	27	66	132	424
Stock +ve Days	9	16	26	56	123	369
Down Capture	288%	359%	272%	220%	116%	104%
Bmk -ve Days	16	26	37	60	120	328
Stock -ve Days	13	26	38	69	127	377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MLTX
MLTX	30.0%	72.5%	0.64	-
Sector ETF (XLV)	16.9%	15.7%	0.79	9.0%
Equity (SPY)	17.5%	13.0%	0.96	21.4%
Gold (GLD)	6.9%	29.6%	0.23	13.9%
Commodities (DBC)	46.1%	20.8%	1.71	-7.0%
Real Estate (VNQ)	2.1%	13.7%	-0.10	15.0%
Bitcoin (BTCUSD)	-29.8%	44.3%	-0.67	9.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MLTX
MLTX	-1.2%	92.6%	0.61	-
Sector ETF (XLV)	7.1%	15.2%	0.28	11.3%
Equity (SPY)	13.9%	17.1%	0.62	13.6%
Gold (GLD)	18.7%	18.9%	0.80	3.4%
Commodities (DBC)	10.3%	19.5%	0.40	-2.2%
Real Estate (VNQ)	1.2%	18.8%	-0.04	13.2%
Bitcoin (BTCUSD)	16.0%	52.2%	0.47	6.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with MLTX
MLTX	-1.0%	87.5%	0.57	-
Sector ETF (XLV)	10.6%	16.7%	0.51	10.8%
Equity (SPY)	15.6%	17.9%	0.74	13.4%
Gold (GLD)	11.6%	16.4%	0.58	3.2%
Commodities (DBC)	8.3%	18.1%	0.37	-2.0%
Real Estate (VNQ)	4.2%	20.7%	0.16	13.1%
Bitcoin (BTCUSD)	64.1%	66.2%	1.04	5.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	8.9 Mil
Short Interest: % Change Since 8312026	25.2%
Average Daily Volume	1.5 Mil
Days-to-Cover Short Interest	6.1 days
Basic Shares Quantity	73.9 Mil
Short % of Basic Shares	12.1%

Returns Analyses

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Earnings Returns History

Updated 9/30/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/10/2026	-5.1%	-9.8%	-18.2%
5/11/2026	10.4%	2.9%	4.3%
2/23/2026	-0.5%	-6.7%	-10.1%
11/5/2025	4.5%	16.0%	47.1%
8/10/2023	0.6%	5.9%	-5.7%
SUMMARY STATS
# Positive	3	3	2
# Negative	2	2	3
Median Positive	4.5%	5.9%	25.7%
Median Negative	-2.8%	-8.3%	-10.1%
Max Positive	10.4%	16.0%	47.1%
Max Negative	-5.1%	-9.8%	-18.2%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/10/2026	-5.1%	-9.8%	-18.2%
5/11/2026	10.4%	2.9%	4.3%
2/23/2026	-0.5%	-6.7%	-10.1%
11/5/2025	4.5%	16.0%	47.1%
8/10/2023	0.6%	5.9%	-5.7%
SUMMARY STATS
# Positive	3	3	2
# Negative	2	2	3
Median Positive	4.5%	5.9%	25.7%
Median Negative	-2.8%	-8.3%	-10.1%
Max Positive	10.4%	16.0%	47.1%
Max Negative	-5.1%	-9.8%	-18.2%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
06/30/2026	08/10/2026	10-Q
03/31/2026	05/11/2026	10-Q
12/31/2025	02/25/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/07/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/14/2023	10-Q
06/30/2023	08/10/2023	10-Q
03/31/2023	05/11/2023	10-Q
12/31/2022	03/20/2023	10-K
09/30/2022	11/14/2022	10-Q

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Report Date	Filing Date	Filing
06/30/2026	08/10/2026	10-Q
03/31/2026	05/11/2026	10-Q
12/31/2025	02/25/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	05/12/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	11/07/2024	10-Q
06/30/2024	08/07/2024	10-Q
03/31/2024	05/07/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/14/2023	10-Q
06/30/2023	08/10/2023	10-Q
03/31/2023	05/11/2023	10-Q
12/31/2022	03/20/2023	10-K
09/30/2022	11/14/2022	10-Q
06/30/2022	08/12/2022	10-Q
12/31/2021	03/04/2022	DEFR14A

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2028 Cash Runway	Reported						Raised	Guidance: 0 for 2027

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Insider Activity

Updated 7/29/2026

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7292026	20.00	1,100	22,000	54,223,960	Form
2	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7232026	20.00	2,448	48,960	54,245,960	Form
3	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7232026	20.02	50,000	1,001,000	54,349,215	Form
4	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7212026	20.09	43,700	877,933	55,543,747	Form
5	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7202026	20.01	16,105	322,261	56,197,004	Form

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7292026	20.00	1,100	22,000	54,223,960	Form
2	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7232026	20.00	2,448	48,960	54,245,960	Form
3	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7232026	20.02	50,000	1,001,000	54,349,215	Form
4	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7212026	20.09	43,700	877,933	55,543,747	Form
5	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	7202026	20.01	16,105	322,261	56,197,004	Form
6	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	7132026	20.02	68,289	1,367,146	55,553,358	Form
7	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	7132026	20.01	33,936	679,059	56,892,072	Form
8	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	7022026	20.03	47,775	956,933	57,628,674	Form
9	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	6232026	22.04	39,120	862,205	24,584,187	Form
10	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	6182026	19.60	2,794	54,762	22,629,278	Form
11	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	6182026	19.68	15,082	296,814	22,776,628	Form
12	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	6172026	19.43	50,000	971,500	54,881,026	Form
13	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	6172026	18.70	50,000	935,000	53,754,104	Form
14	Reich, Kristian	Chief Scientific Officer	See footnote.	Sell	6172026	18.89	50,000	944,500	55,244,768	Form
15	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	5132026	20.02	13,653	273,333	23,472,069	Form
16	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	4162026	19.56	2,426	47,453	23,199,803	Form
17	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	4142026	18.23	51,873	945,645	53,320,799	Form
18	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	4142026	18.41	98,127	1,806,518	54,802,262	Form
19	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	4102026	19.51	1,925	37,557	23,187,830	Form
20	Bodenstedt, Matthias	Chief Financial Officer	Direct	Sell	4102026	18.94	85,870	1,626,378	22,546,839	Form
21	Bvf, Partners L P/il		Direct	Sell	4022026	16.79	3,750,000	62,962,500	17,448,806	Form
22	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	12102025	14.49	70,000	1,014,300	41,710,581	Form
23	Reich, Kristian	Chief Scientific Officer	Direct	Sell	12102025	14.43	72,908			Form
24	Santos, Da Silva Jorge	Chief Executive Officer	Direct	Sell	12102025	15.08	130,000	1,960,400	44,464,541	Form
25	Reich, Kristian	Chief Scientific Officer	Direct	Sell	12102025	15.08	130,000	1,960,400	1,099,453	Form
26	Bodenstedt, Matthias	Chief Financial Officer	Direct	Buy	10092025	9.09	10,870	98,808	5,704,302	Form
27	Chen, Bihua		See Footnotes	Sell	10012025	6.96	5,827	40,556	13,879,444	Form
28	Chen, Bihua		See Footnotes	Sell	10012025	7.21	6,494,151	46,827,628	14,421,478	Form
29	Moukheibir, Catherine		Direct	Sell	7072025	48.79	23,500			Form

Investor Activity (13F)

Updated Oct 7, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
BVF Inc/Il	$298.3 Mil	9.5%	41	TRIM -19.0%	13F
Cormorant Asset Management, LP	$83.5 Mil	4.2%	46	Hold	13F
MPM Bioimpact LLC	$33.8 Mil	2.6%	41	New	13F
Great Point Partners LLC	$9.3 Mil	2.3%	39	New	13F
Vivo Capital, LLC	$18.6 Mil	1.5%	46	Hold	13F
First Turn Management, LLC	$5.9 Mil	0.7%	33	ADD +20.1%	13F
Casdin Capital, LLC	$8.4 Mil	0.6%	40	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
MPM Bioimpact LLC	$33.8 Mil	2.6%	41	New	13F
Great Point Partners LLC	$9.3 Mil	2.3%	39	New	13F
Casdin Capital, LLC	$8.4 Mil	0.6%	40	New	13F
First Turn Management, LLC	$5.9 Mil	0.7%	33	ADD +20.1%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
BVF Inc/Il	$298.3 Mil	9.5%	41	TRIM -19.0%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
BVF Inc/Il	$298.3 Mil	9.5%	41	TRIM -19.0%	13F
Cormorant Asset Management, LP	$83.5 Mil	4.2%	46	Hold	13F
MPM Bioimpact LLC	$33.8 Mil	2.6%	41	New	13F
Vivo Capital, LLC	$18.6 Mil	1.5%	46	Hold	13F
Great Point Partners LLC	$9.3 Mil	2.3%	39	New	13F
Casdin Capital, LLC	$8.4 Mil	0.6%	40	New	13F
First Turn Management, LLC	$5.9 Mil	0.7%	33	ADD +20.1%	13F

MLTX Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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INVESTMENT THESIS

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Combined Score

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1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

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6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

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Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Core Cache Last Updated: 10/6/2026

MoonLake Immunotherapeutics (MLTX)

Market Price (10/7/2026): $11.16 | Market Cap: $824.9 MilSector: Health Care | Industry: Biotechnology

MoonLake Immunotherapeutics (MLTX)

Market Price (10/7/2026): $11.16Market Cap: $824.9 MilSector: Health CareIndustry: Biotechnology

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Market Price (10/7/2026): $11.16
Market Cap: $824.9 Mil
Sector: Health Care
Industry: Biotechnology