NASDAQ: MLTX
MoonLake ImmunotherapeuticsCIK 0001821586 · SIC 2834 · Pharmaceutical Preparations
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MLTX narrows net loss 10.3% to -$61.8M in Q2 2026 on positive Phase 3 data, equity raise
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MoonLake Immunotherapeutics prices $200M offering of 9M shares plus pre-funded warrants at $20.00/share
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MoonLake shareholders approve 5M share increase to equity compensation plan
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MoonLake locks in commercial manufacturing with Vetter, faces penalties if orders fall short
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MoonLake gains FDA alignment on drug approval pathway for hidradenitis suppurativa treatment
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net income -$69.7M. MoonLake faces securities litigation as BLA filing nears; Q3 2026 submission confirmed
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Latest financial statements
From 10-Q filed Aug 10, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Operating expenses | ||||
| Research and development | (50,221) | (49,762) | (104,736) | (86,221) |
| General and administrative | (11,439) | (10,936) | (26,949) | (21,962) |
| Total operating expenses | (61,660) | (60,698) | (131,685) | (108,183) |
| Operating loss | (61,660) | (60,698) | (131,685) | (108,183) |
| Interest expense | (2,632) | (2,037) | (4,901) | (2,056) |
| Other income, net | 2,577 | 6,779 | 5,786 | 13,876 |
| Loss before income tax | (61,715) | (55,956) | (130,800) | (96,363) |
| Income tax expense | (90) | (95) | (713) | (248) |
| Net loss | (61,805) | (56,051) | (131,513) | (96,611) |
| Of which: net loss attributable to controlling interests shareholders | (61,805) | (55,220) | (131,513) | (95,165) |
| Of which: net loss attributable to noncontrolling interests shareholders | — | (831) | — | (1,446) |
| Net unrealized gain (loss) on marketable securities and short-term investments | 16 | (1,908) | 94 | (4,664) |
| Actuarial gain (loss) on employee benefit plans | 292 | 13 | (68) | 108 |
| Other comprehensive income (loss) | 308 | (1,895) | 26 | (4,556) |
| Comprehensive loss | (61,497) | (57,946) | (131,487) | (101,167) |
| Comprehensive loss attributable to controlling interests shareholders | (61,497) | (57,087) | (131,487) | (99,651) |
| Comprehensive loss attributable to noncontrolling interests | — | (859) | — | (1,516) |
| Weighted-average number of Class A Ordinary Shares, basic and diluted | 73,915,296 | 63,282,728 | 72,601,770 | 63,258,393 |
| Basic and diluted net loss per share attributable to controlling interests shareholders | (0.84) | (0.87) | (1.81) | (1.50) |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 477,905 | 334,517 |
| Short-term marketable debt securities | 59,125 | 59,451 |
| Prepaid expenses | 26,447 | 22,857 |
| Other receivables | 6,561 | 4,869 |
| Total current assets | 570,038 | 421,694 |
| Non-current assets | ||
| Operating lease right-of-use assets | 2,078 | 1,566 |
| Property and equipment, net | 487 | 577 |
| Other non-current assets | 1,344 | 596 |
| Total non-current assets | 3,909 | 2,739 |
| Total assets | 573,947 | 424,433 |
| Liabilities and Equity | ||
| Current liabilities | ||
| Trade and other payables | 17,038 | 29,553 |
| Accrued expenses and other current liabilities | 27,108 | 14,691 |
| Short-term portion of operating lease liabilities | 1,246 | 1,234 |
| Total current liabilities | 45,392 | 45,478 |
| Non-current liabilities | ||
| Long-term debt | 99,514 | 74,100 |
| Long-term portion of operating lease liabilities | 772 | 374 |
| Pension liability | 74 | — |
| Total non-current liabilities | 100,360 | 74,474 |
| Total liabilities | 145,752 | 119,952 |
| Commitments and contingencies (Note 15) | ||
| Shareholders' equity | ||
| Class A Ordinary Shares: $0.0001 par value per share; 500,000,000 shares authorized; 83,606,685 shares issued and outstanding as of June 30, 2026; 71,373,579 shares issued and outstanding as of December 31, 2025 | 8 | 7 |
| Additional paid-in capital | 1,021,980 | 766,781 |
| Accumulated deficit | (594,423) | (462,911) |
| Accumulated other comprehensive income | 630 | 604 |
| Total shareholders’ equity | 428,195 | 304,481 |
| Total liabilities and shareholders' equity | 573,947 | 424,433 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flow from operating activities | ||
| Net loss | (131,513) | (96,611) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,741 | 1,120 |
| Share-based compensation expense | 15,901 | 5,599 |
| Net periodic pension benefit gain (loss) for the qualified pension plan | 20 | (9) |
| Other non-cash items | 441 | (1,211) |
| Changes in operating assets and liabilities: | ||
| Other receivables | (1,692) | (566) |
| Operating lease right-of-use assets | (22) | — |
| Prepaid expenses | (3,590) | (3,570) |
| Other non-current assets | (748) | (1,697) |
| Trade and other payables | (12,515) | 8,087 |
| Operating lease liabilities | (784) | (444) |
| Accrued expenses and other current liabilities | 10,917 | (3,368) |
| Net cash flow used in operating activities | (121,844) | (92,670) |
| Cash flow from investing activities | ||
| Purchase of short-term marketable debt securities | (117,816) | (206,207) |
| Proceeds from maturities of short-term marketable debt securities | 118,236 | 350,742 |
| Purchase of property and equipment | — | (35) |
| Net cash flow provided by investing activities | 420 | 144,500 |
| Cash flow from financing activities | ||
| Proceeds from long-term debt, net of issuance costs | 24,467 | 73,022 |
| Issuance of Class A Ordinary Shares under the Sales Agreement, net of transaction costs | 50,319 | — |
| Issuance of Class A Ordinary Shares and Pre-Funded Warrants under the 2026 Offering, net of transaction costs | 189,759 | — |
| Proceeds from options exercised under the Equity Incentive Plan | 721 | — |
| Proceeds from options exercised under Employee Stock Option Plan | — | 100 |
| Net cash flow provided by financing activities | 265,266 | 73,122 |
| Effect of movements in exchange rates on cash held | (454) | 1,303 |
| Net change in cash and cash equivalents | 143,388 | 126,255 |
| Cash and cash equivalents, beginning of period | 334,517 | 180,426 |
| Cash and cash equivalents, end of period | 477,905 | 306,681 |
| Supplementary disclosure of cash flow information: | ||
| Cash paid for interest | 3,955 | 1,156 |
| Non-cash operating lease right-of-use assets obtained in exchange for lease obligations | 1,194 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗