MoonLake Immunotherapeutics (MLTX)

Market Price (8/23/2026): $15.745 | Market Cap: $1.2 BilSector: Health Care | Industry: Biotechnology

MoonLake Immunotherapeutics (MLTX)

Market Price (8/23/2026): $15.745
Market Cap: $1.2 Bil
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 -37%

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 -105%, 3Y Excs Rtn is -147%

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 -27%

High stock price volatility
Vol 12M is 118%

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 -37%
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 -105%, 3Y Excs Rtn is -147%
3	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -268 Mil
5	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 -27%
6	High stock price volatility Vol 12M is 118%
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

ESML0.05%

NUSC0.04%

VHT0.01%

ONEQ0.00%

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	8/23/26	2025	2024	2023	2022
Share Price			$15.74	$13.18	$54.15	$60.39	$10.50
Mkt Cap ($ Bil)			1.2	0.9	3.4	3.6	0.4
+ Debt ($ Bil)			0.1	0.1	0.0	0.0	0.0
- Cash ($ Bil)			0.5	0.4	0.4	0.5	0.1
TEV ($ Bil)			0.7	1.0	3.4	3.6	0.4
Valuation Ratios
P/S	55.9	—	-	-	-	-	-
P/EBIT	—	—	-4.6	-4.0	-28.2	-82.4	-6.4
P/E	—	—	-4.4	-3.9	-28.7	-100.7	-7.6
P/FCF	—	—	-5.2	-4.6	-29.2	-84.7	-7.5
Sector Ratios (* = sector average)
P/S *			4.3	4.1	3.9	4.2	4.6
P/EBIT *			-2.1	-1.7	-1.5	-1.5	-1.3
P/E *			-2.0	-1.8	-1.7	-1.7	-1.3
P/FCF *			-2.1	-1.8	-1.5	-1.7	-1.6

FYE: 12/31	Forward FYE		Now
	2027	2026	8/23/26
Share Price			$15.74
Mkt Cap ($ Bil)			1.2
+ Debt ($ Bil)			0.1
- Cash ($ Bil)			0.5
TEV ($ Bil)			0.7
Valuation Ratios
P/S	55.9	—	-
P/EBIT	—	—	-4.6
P/E	—	—	-4.4
P/FCF	—	—	-5.2
Sector Ratios (* = sector average)
P/S *			4.3
P/EBIT *			-2.1
P/E *			-2.0
P/FCF *			-2.1

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	$20.8 Mil	—
FY 2026 Sales Growth	—	—
FY 2027 Sales Growth	—	12.9%
EARNINGS
LTM Net Income (GAAP) [3]	$-263.7 Mil	—
FY 2026 Net Income (Non-GAAP)	$-226.6 Mil	—
FY 2027 Net Income (Non-GAAP)	$-220.5 Mil	—
FY 2027 Net Income Growth	—	19.0%
FY 2026 EPS (Non-GAAP)	$-3.52	—
FY 2027 EPS (Non-GAAP)	$-3.40	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	—	1.8
FY 2027 P/S	55.9	—
FY 2026 P/E	—	8.5
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 8/31/27 (~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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Recent
8/10/2026	Earnings Release	Rev: - EPS: -

Why The Stock Moved

Qualitative Assessment

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Updated on 8/21/2026

MoonLake Immunotherapeutics (MLTX) stock has lost about 5% since 4/30/2026 because of the following key factors:

1. Increased Net Loss and Missed Earnings in Fiscal Q2 2026.

MoonLake Immunotherapeutics reported a net loss of $61.8 million for fiscal Q2 2026, which ended on June 30, 2026, contributing to a net loss of $131.5 million for the first half of the year, a notable increase year-over-year. The company's reported net loss of $0.98 per share for Q2 2026 missed analysts' consensus estimates of $0.91 per share by $0.07. This continued expansion of operating losses and accumulated deficit to $594.4 million as of June 30, 2026, weighed on investor sentiment.

2. Share Dilution from Public Offering in Q2 2026.

In June 2026, MoonLake Immunotherapeutics announced and completed a public offering of Class A ordinary shares and prefunded warrants, which raised approximately $200 million. This capital raise, while intended to extend the company's operational runway, resulted in an increase in the number of Class A Ordinary Shares outstanding, rising from 71,373,579 at December 31, 2025, to 83,606,685 as of June 30, 2026. Such dilution typically exerts downward pressure on the stock price.

3. Significant Insider Selling Activity.

Over the three months leading up to June 21, 2026, company insiders collectively sold shares worth approximately $70.9 million. Additionally, as of August 10, 2026, insiders sold 344,800 shares valued at approximately $6.82 million over the preceding 90 days. This substantial volume of insider selling may have signaled a lack of confidence from key stakeholders, contributing to bearish sentiment among investors.

4. Macroeconomic Headwinds and Valuation Compression.

The "hawkish hold" by the Federal Open Market Committee (FOMC) on July 29, 2026, which maintained elevated federal funds rates, caused the 10-year Treasury yield to climb to 4.62%. For clinical-stage biotechnology companies like MoonLake Immunotherapeutics, whose valuations are highly sensitive to the discount rates applied to future cash flows, this rise in the "risk-free rate" increases the hurdle for long-duration assets, contributing to valuation compression. The stock experienced a 1.76% decline following this announcement.

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Stock Movement Drivers

Fundamental Drivers

The -3.8% change in MLTX stock from 4/30/2026 to 8/22/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	4302026	8222026	Change
Stock Price ($)	16.38	15.76	-3.8%
Change Contribution By:
Total Revenues ($ 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

4/30/2026 to 8/22/2026

	Return	Correlation
MLTX	-3.8%
Market (SPY)	6.5%	21.7%
Sector (XLV)	19.6%	1.1%

Fundamental Drivers

The 0.6% change in MLTX stock from 1/31/2026 to 8/22/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).

(LTM values as of)	1312026	8222026	Change
Stock Price ($)	15.67	15.76	0.6%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	63	74	-14.3%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/22/2026

	Return	Correlation
MLTX	0.6%
Market (SPY)	11.0%	35.4%
Sector (XLV)	13.3%	16.5%

Fundamental Drivers

The -68.8% change in MLTX stock from 7/31/2025 to 8/22/2026 was primarily driven by a -14.5% change in the company's Shares Outstanding (Mil).

(LTM values as of)	7312025	8222026	Change
Stock Price ($)	50.44	15.76	-68.8%
Change Contribution By:
Total Revenues ($ Mil)	0	0	0.0%
P/S Multiple	∞	∞	0.0%
Shares Outstanding (Mil)	63	74	-14.5%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/22/2026

	Return	Correlation
MLTX	-68.8%
Market (SPY)	22.2%	11.6%
Sector (XLV)	35.6%	6.3%

Fundamental Drivers

The -74.1% change in MLTX stock from 7/31/2023 to 8/22/2026 was primarily driven by a -50.0% change in the company's Shares Outstanding (Mil).

(LTM values as of)	7312023	8222026	Change
Stock Price ($)	60.81	15.76	-74.1%
Change Contribution By:
Total Revenues ($ Mil)	�	0	0.0%
P/S Multiple	�	∞	0.0%
Shares Outstanding (Mil)	37	74	-50.0%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/22/2026

	Return	Correlation
MLTX	-74.1%
Market (SPY)	73.2%	16.5%
Sector (XLV)	36.3%	12.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
MLTX Return	-13%	6%	475%	-10%	-76%	20%	40%
Peers Return	36%	15%	5%	8%	30%	23%	182%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	103%
Monthly Win Rates [3]
MLTX Win Rate	25%	67%	58%	42%	50%	62%
Peers Win Rate	60%	60%	47%	50%	60%	62%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
MLTX Max Drawdown	-23%	-64%	-42%	-40%	-90%	-28%
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 8/21/2026 (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

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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 82% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 10th 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.

15%

of 460 industry peers · -71.8% return

30%

of 406 industry peers · -71.8% return

82%

of 364 industry peers · 59.2% return

No Biotechnology peer with a comparable growth profile has beaten MLTX by more than 20pp over 5Y.

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	7	9.5%	83.4%	124.2%	CAH 390% · MCK 336% · COR 180%
Health Care Services	20	20.6%	45.3%	9.4%	HIMS 364% · RDNT 152% · DGX 79%
Managed Health Care	8	29.7%	-3.2%	0.4%	OSCR 147% · HQY 66% · ELV 14%
Health Care Facilities	24	7.9%	-1.7%	-16.4%	THC 285% · NHC 262% · ENSG 121%
Health Care Equipment	51	-4.5%	-5.0%	-17.0%	POCI 11300% · UFPT 372% · GKOS 270%
Health Care Supplies	12	33.9%	-13.2%	-26.0%	LNTH 288% · HAE 79% · MMSI 29%
Pharmaceuticals	63	4.5%	4.6%	-36.8%	LQDA 2519% · INDV 1253% · ETON 1220%
Health Care Technology	21	-19.9%	-55.1%	-71.3%	SPOK 108% · HSTM -4% · VEEV -23%
Life Sciences Tools & Services	108	-2.5%	-28.7%	-71.8%	SNWV 1782% · MEDP 246% · ELMD 241%
Biotechnology ←	365	7.8%	-24.9%	-78.0%	BRTX 107550% · CELZ 1771% · DNTH 1536%

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	Category	1D Rtn	YTD Rtn
IBIT	iShares Bitcoin Trust ETF	Cryptocurrency	6.0%	-12.0%
FBTC	Fidelity Wise Origin Bitcoin Fund	Cryptocurrency	5.9%	-12.1%
URA	Global X Uranium ETF	Equity	5.1%	7.8%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	3.9%	-18.7%
RING	iShares MSCI Global Gold Miners ETF	Equity	3.6%	23.4%
ARKK	ARK Innovation ETF	Equity	3.5%	12.1%
IAI	iShares U.S. Broker-Dealers & Securit...	Equity	3.0%	8.9%
ILF	iShares Latin America 40 ETF	Equity	2.8%	13.9%
LIT	Global X Lithium & Battery Tech ETF	Equity	2.7%	18.1%
ARKW	ARK Next Generation Internet ETF	Equity	2.7%	5.3%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
XLU	State Street Utilities Select Sector ...	Equity	-2.3%	0.9%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-0.5%	65.9%
EDV	Vanguard World Funds Extended Duratio...	Bond	-0.5%	-6.1%
SOXX	iShares Semiconductor ETF	Equity	-0.4%	72.8%
SCHP	Schwab U.S. TIPS ETF	Bond	-0.4%	0.0%
SMH	VanEck Semiconductor ETF	Equity	-0.4%	55.6%
TIP	iShares TIPS Bond ETF	Bond	-0.4%	0.1%
VGLT	Vanguard Long-Term Treasury ETF	Bond	-0.4%	-2.9%
SPTL	State Street SPDR Portfolio Long Term...	Bond	-0.4%	-3.2%
TLT	iShares 20+ Year Treasury Bond ETF	Bond	-0.4%	-3.7%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	28.6%	-18.7%
IBIT	iShares Bitcoin Trust ETF	Cryptocurrency	22.6%	-12.0%
FBTC	Fidelity Wise Origin Bitcoin Fund	Cryptocurrency	22.4%	-12.1%
RING	iShares MSCI Global Gold Miners ETF	Equity	15.8%	23.4%
IBB	iShares Biotechnology ETF	Equity	7.7%	26.6%
SLV	iShares Silver Trust	Commodity	7.3%	-2.6%
PPLT	ETFS Physical Platinum Shares	Commodity	7.2%	-8.7%
USO	United States Oil Fund LP	Commodity	6.4%	94.7%
ARKK	ARK Innovation ETF	Equity	6.3%	12.1%
IAU	iShares Gold Trust	Commodity	5.5%	6.9%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-6.6%	-2.1%
ITA	iShares U.S. Aerospace & Defense ETF	Equity	-6.3%	10.6%
SOXX	iShares Semiconductor ETF	Equity	-5.5%	72.8%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-5.4%	65.9%
MISL	First Trust Indxx Aerospace & Defense...	Equity	-5.2%	6.4%
SMH	VanEck Semiconductor ETF	Equity	-4.7%	55.6%
ARKX	ARK Space & Defense Innovation ETF	Equity	-4.6%	-4.7%
BOTZ	Global X Funds Global X Robotics & Ar...	Equity	-4.5%	-0.5%
ROBO	ROBO Global Robotics & Automation Ind...	Equity	-4.3%	17.1%
KRE	State Street SPDR S&P Regional Bankin...	Equity	-3.9%	16.2%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
RING	iShares MSCI Global Gold Miners ETF	Equity	40.9%	23.4%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	29.3%	-18.7%
SLV	iShares Silver Trust	Commodity	20.5%	-2.6%
IBIT	iShares Bitcoin Trust ETF	Cryptocurrency	19.2%	-12.0%
FBTC	Fidelity Wise Origin Bitcoin Fund	Cryptocurrency	18.9%	-12.1%
IGV	iShares Expanded Tech-Software Sector...	Equity	18.7%	-2.2%
PPLT	ETFS Physical Platinum Shares	Commodity	17.7%	-8.7%
ARKK	ARK Innovation ETF	Equity	16.8%	12.1%
GDE	WisdomTree Efficient Gold Plus Equity...	Equity	16.5%	0.3%
GLDM	SPDR Gold MiniShares Trust	Commodity	14.0%	7.0%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
XLU	State Street Utilities Select Sector ...	Equity	-7.4%	0.9%
UNG	United States Natural Gas Fund LP	Commodity	-5.8%	-18.5%
SOXX	iShares Semiconductor ETF	Equity	-5.7%	72.8%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-4.9%	65.9%
ICLN	iShares Global Clean Energy ETF	Equity	-4.2%	7.1%
USO	United States Oil Fund LP	Commodity	-3.5%	94.7%
SMH	VanEck Semiconductor ETF	Equity	-3.4%	55.6%
EWZ	iShares MSCI Brazil ETF	Equity	-3.1%	10.4%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-2.8%	22.0%
EDV	Vanguard World Funds Extended Duratio...	Bond	-2.2%	-6.1%

Peer Comparisons

Peers to compare with:

Financials

	MLTX	ABBV	LLY	JNJ	AMGN	PFE	Median
Name	MoonLake.	AbbVie	Eli Lilly	Johnson .	Amgen	Pfizer
Mkt Price	15.76	264.96	1,255.40	270.24	439.33	28.07	267.60
Mkt Cap	1.2	468.7	1,120.3	650.6	237.2	160.0	353.0
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	1.2	468.7	1,120.3	650.6	237.2	160.0	353.0
P/S	-	7.3	14.1	6.6	6.2	2.5	6.6
P/Op Inc	-4.3	21.5	28.3	24.8	20.8	9.4	21.1
P/EBIT	-4.6	40.4	27.2	24.8	18.3	23.2	24.0
P/E	-4.4	74.3	41.9	30.9	27.1	36.9	33.9
P/CFO	-5.2	24.0	39.9	23.6	19.0	11.9	21.3
Total Yield	-22.6%	3.9%	2.9%	5.2%	5.9%	8.8%	4.5%
Dividend Yield	0.0%	2.6%	0.5%	1.9%	2.2%	6.1%	2.1%
FCF Yield 3Y Avg	-7.9%	5.2%	0.3%	4.6%	5.2%	6.7%	4.9%
D/E	0.1	0.2	0.0	0.1	0.2	0.4	0.1
Net D/E	-0.4	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	-18.6%	3.1%	6.0%	4.2%	18.9%	14.2%	5.1%
3M Rtn	-13.4%	23.7%	18.0%	16.0%	30.2%	10.3%	17.0%
6M Rtn	-16.0%	19.7%	24.7%	12.7%	18.8%	8.9%	15.7%
12M Rtn	-71.8%	29.7%	77.5%	54.5%	53.7%	16.1%	41.7%
3Y Rtn	-71.8%	99.8%	131.6%	79.3%	86.8%	-7.1%	83.0%
1M Excs Rtn	-22.2%	-0.5%	2.4%	0.6%	15.4%	10.6%	1.5%
3M Excs Rtn	-17.7%	21.3%	17.6%	14.2%	27.9%	7.0%	15.9%
6M Excs Rtn	-27.1%	8.6%	13.7%	1.6%	7.7%	-2.1%	4.7%
12M Excs Rtn	-90.9%	10.6%	59.1%	34.9%	33.6%	-1.6%	22.1%
3Y Excs Rtn	-146.8%	19.7%	60.4%	-3.1%	8.6%	-78.3%	2.7%

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

Expand for Morenull

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	$15.76
Market Cap ($ Bil)	1.1
First Trading Date	10/20/2020
Distance from 52W High	-74.6%
	50 Days	200 Days
DMA Price	$19.39	$16.87
DMA Trend	up	indeterminate
Distance from DMA	-18.7%	-6.6%
	3M	1YR
Volatility	58.5%	118.2%
Downside Capture	144.24	93.90
Upside Capture	60.26	-72.77
Correlation (SPY)	19.0%	12.3%

MLTX Betas & Captures as of 7/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.82	0.87	1.10	1.62	1.07	0.89
Up Beta	2.80	1.79	0.73	1.79	2.52	1.06
Down Beta	-2.70	0.65	0.44	0.31	0.39	0.59
Up Capture	93%	60%	176%	247%	-31%	12%
Bmk +ve Days	11	22	35	67	138	427
Stock +ve Days	10	20	31	61	130	373
Down Capture	174%	82%	130%	165%	72%	100%
Bmk -ve Days	11	21	28	59	114	326
Stock -ve Days	12	23	32	64	120	374

[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	-71.0%	117.7%	0.33	-
Sector ETF (XLV)	28.8%	16.0%	1.39	5.9%
Equity (SPY)	21.1%	12.9%	1.22	12.2%
Gold (GLD)	37.5%	28.8%	1.10	5.1%
Commodities (DBC)	43.2%	20.2%	1.66	0.3%
Real Estate (VNQ)	12.9%	13.8%	0.64	9.2%
Bitcoin (BTCUSD)	-31.6%	44.1%	-0.73	-1.6%

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	6.2%	93.2%	0.70	-
Sector ETF (XLV)	7.1%	15.1%	0.28	11.1%
Equity (SPY)	12.9%	17.2%	0.57	13.5%
Gold (GLD)	20.6%	18.6%	0.90	3.1%
Commodities (DBC)	10.4%	19.6%	0.41	-1.9%
Real Estate (VNQ)	2.3%	18.9%	0.02	13.1%
Bitcoin (BTCUSD)	10.4%	52.8%	0.38	6.3%

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	2.7%	88.2%	0.65	-
Sector ETF (XLV)	10.7%	16.7%	0.52	10.6%
Equity (SPY)	15.2%	17.9%	0.72	13.4%
Gold (GLD)	12.7%	16.2%	0.64	3.0%
Commodities (DBC)	8.0%	18.0%	0.36	-1.7%
Real Estate (VNQ)	5.0%	20.7%	0.20	13.0%
Bitcoin (BTCUSD)	63.1%	66.1%	1.03	5.1%

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

Short Interest

Short Interest: As Of Date	7312026
Short Interest: Shares Quantity	5.7 Mil
Short Interest: % Change Since 7152026	-9.7%
Average Daily Volume	0.9 Mil
Days-to-Cover Short Interest	6.6 days
Basic Shares Quantity	73.9 Mil
Short % of Basic Shares	7.7%

Returns Analyses

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Earnings Returns History

Updated 8/19/2026

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/10/2026	-5.1%	-9.8%
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	2
Median Positive	4.5%	5.9%	25.7%
Median Negative	-2.8%	-8.3%	-7.9%
Max Positive	10.4%	16.0%	47.1%
Max Negative	-5.1%	-9.8%	-10.1%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/10/2026	-5.1%	-9.8%
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	2
Median Positive	4.5%	5.9%	25.7%
Median Negative	-2.8%	-8.3%	-7.9%
Max Positive	10.4%	16.0%	47.1%
Max Negative	-5.1%	-9.8%	-10.1%

SEC Filings

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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

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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 8/11/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2028 Cash Runway						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 Aug 23, 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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Supporting Evidence:

PRIMARY RISK

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Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

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Noise: Real but irrelevant to thesis

Repricing Catalyst

What MLTX Makes & Who Pays

TTM figures based on

MLTX Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

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

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

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

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 8/22/2026

MoonLake Immunotherapeutics (MLTX)

Market Price (8/23/2026): $15.745 | Market Cap: $1.2 BilSector: Health Care | Industry: Biotechnology

MoonLake Immunotherapeutics (MLTX)

Market Price (8/23/2026): $15.745Market Cap: $1.2 BilSector: Health CareIndustry: Biotechnology

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

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MLTX Trade Sentinel

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CONVICTION RATIONALE

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INVESTMENT THESIS

Market Price (8/23/2026): $15.745
Market Cap: $1.2 Bil
Sector: Health Care
Industry: Biotechnology