MoonLake Immunotherapeutics
- Open
- 14.99
- Day high
- 15.14
- Day low
- 14.89
- Prev close
- 15.05
- Volume
- 31K
- Mkt cap
- $1.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.0
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.4M over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions accumulating (13F)
MoonLake Immunotherapeutics (MLTX) is a Healthcare company listed on NASDAQ. The stock is down 75% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
MoonLake Immunotherapeutics (MLTX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MLTX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $-0.91 | $-0.84 | +7.5% | — | — |
| May 11, 2026 | $-0.91 | $-0.98 | -7.7% | — | — |
| Feb 25, 2026 | $-0.92 | $-0.92 | +0.0% | — | — |
| Nov 5, 2025 | $-0.89 | $-1.10 | -23.6% | — | — |
| Feb 26, 2025 | $-0.53 | $-0.72 | -35.8% | $101850 | — |
| Nov 7, 2024 | $-0.44 | $-0.56 | -27.3% | — | — |
| Feb 29, 2024 | $-0.21 | $-0.12 | +42.9% | $19738 | — |
| Nov 14, 2023 | $-0.22 | $-0.18 | +18.2% | — | — |
| Aug 10, 2023 | $-0.25 | $-0.23 | +8.0% | — | — |
| May 12, 2023 | $-0.28 | $-0.23 | +17.9% | — | — |
| Mar 20, 2023 | $-0.32 | $-0.31 | +3.1% | — | — |
| Nov 14, 2022 | $-0.32 | $-0.27 | +15.6% | — | — |
MLTX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 29, 2026 | Reich Kristianofficer: Chief Scientific Officer | Sell | 1,100 | $20.00 |
| Jul 23, 2026 | Reich Kristianofficer: Chief Scientific Officer | Sell | 2,448 | $20.00 |
| Jul 23, 2026 | Reich Kristianofficer: Chief Scientific Officer | Sell | 50,000 | $20.02 |
| Jul 21, 2026 | Reich Kristianofficer: Chief Scientific Officer | Sell | 43,700 | $20.09 |
| Jul 20, 2026 | Reich Kristianofficer: Chief Scientific Officer | Sell | 16,105 | $20.01 |
| Jul 13, 2026 | Santos da Silva Jorgedirector, officer: Chief Executive Officer | Sell | 33,936 | $20.01 |
| Jul 13, 2026 | Santos da Silva Jorgedirector, officer: Chief Executive Officer | Sell | 68,289 | $20.02 |
| Jul 2, 2026 | Santos da Silva Jorgedirector, officer: Chief Executive Officer | Sell | 47,775 | $20.03 |
| Jun 23, 2026 | Bodenstedt Matthiasofficer: Chief Financial Officer | Sell | 39,120 | $22.04 |
| Jun 22, 2026 | BVF PARTNERS L P/ILdirector, 10 percent owner: | Grant | 22,195 | $19.19 |
| Jun 18, 2026 | Phillips Andrew Johndirector | Grant | 22,195 | $19.19 |
| Jun 18, 2026 | Bodenstedt Matthiasofficer: Chief Financial Officer | Sell | 15,082 | $19.68 |
| Jun 18, 2026 | Bodenstedt Matthiasofficer: Chief Financial Officer | Sell | 2,794 | $19.60 |
| Jun 18, 2026 | Loy Spikedirector | Grant | 22,195 | $19.19 |
| Jun 18, 2026 | Moukheibir Catherinedirector | Grant | 22,195 | $19.19 |
Source: MLTX SEC Form 4 filings, latest Jul 29, 2026. For informational purposes only — not investment advice.
See the full MLTX insider & 13F page →MoonLake Immunotherapeutics company profile
Overview
MoonLake Immunotherapeutics (NASDAQ:MLTX) is a clinical-stage biopharmaceutical company founded in 2021 and headquartered in Zug, Switzerland. The company went public in October 2020 and focuses on developing innovative therapies for inflammatory conditions. MoonLake is currently advancing its lead candidate, Sonelokimab, through multiple Phase II clinical trials targeting various autoimmune and inflammatory diseases.
Business
MoonLake Immunotherapeutics operates in the biotechnology sector, specifically developing treatments for inflammatory and autoimmune diseases. The company's core focus is on Sonelokimab, a novel investigational therapy based on Nanobody technology. Nanobodies are a unique class of therapeutic proteins derived from naturally occurring single-domain antibodies found in camelids (camels, llamas, and alpacas). These antibodies are significantly smaller than conventional antibodies, allowing them to penetrate tissues more effectively and potentially access targets that traditional antibodies cannot reach. Sonelokimab is designed to target specific inflammatory pathways that contribute to various autoimmune conditions. The company is currently conducting Phase II clinical trials for Sonelokimab across multiple inflammatory conditions including hidradenitis suppurativa (a chronic skin condition causing painful lumps), psoriatic arthritis (an inflammatory arthritis affecting people with psoriasis), ankylosing spondylitis (a type of arthritis affecting the spine), and radiographic axial spondyloarthritis (inflammatory back pain conditions). These conditions represent significant unmet medical needs, as current treatments often provide incomplete relief and can have substantial side effects. As a clinical-stage company, MoonLake currently generates minimal revenue and operates as a single business segment focused entirely on drug development and clinical trials.
Revenue model
MoonLake currently operates as a pre-revenue biotechnology company, meaning it does not yet generate meaningful income from product sales. The company's business model follows the typical biotech development pathway: conduct clinical trials to prove safety and efficacy, seek regulatory approval, and eventually commercialize approved therapies through product sales or licensing agreements. The company's future revenue model will likely depend on successfully bringing Sonelokimab to market, at which point it would generate income through direct pharmaceutical sales to healthcare providers, hospitals, and specialty pharmacies. Given the nature of the targeted conditions, the primary customers would be rheumatologists, dermatologists, and other specialists treating inflammatory diseases. Several factors could significantly impact MoonLake's future profitability. Positive clinical trial results demonstrating superior efficacy or safety compared to existing treatments would strengthen pricing power and market penetration. The competitive landscape in inflammatory disease treatment is intense, with established players like AbbVie (Humira), Johnson & Johnson (Stelara), and Novartis offering competing therapies. Manufacturing costs for biologics like Nanobodies can be substantial, though potentially lower than traditional monoclonal antibodies due to their simpler structure. Regulatory approval timelines and requirements across different markets will also influence the speed and cost of commercialization. Additionally, the company's ability to secure favorable reimbursement from insurance providers will be crucial for commercial success, as these specialty treatments typically carry high price points.
Competitive moat
MoonLake's competitive moat is currently limited and largely dependent on the unique properties of its Nanobody technology platform and the clinical performance of Sonelokimab. The company's primary potential advantage lies in the novel mechanism of action and delivery characteristics of Nanobodies, which may offer superior tissue penetration and potentially better safety profiles compared to conventional antibodies. However, this moat is relatively weak at present. The biotechnology industry is characterized by intense competition, with numerous companies developing treatments for inflammatory conditions. Large pharmaceutical companies possess significantly greater resources for research, development, and commercialization. Patent protection provides some temporary exclusivity, but biotech patents typically have limited duration and can be challenged or circumvented through alternative approaches. The company's competitive position will ultimately depend on clinical trial outcomes. If Sonelokimab demonstrates superior efficacy, safety, or convenience compared to existing treatments, MoonLake could establish a stronger market position. However, the risk of clinical failure remains substantial, and even successful trials do not guarantee commercial success given the crowded inflammatory disease treatment landscape. Potential disruption could come from other novel therapeutic approaches, including gene therapies, cell therapies, or next-generation biologics being developed by competitors with deeper resources and more diversified pipelines.
Risks & safety
MoonLake presents a moderate margin of safety from a financial solvency perspective but carries substantial business execution risk typical of clinical-stage biotechnology companies. • Cash Position: Strong liquidity with $271.6 million in cash and short-term investments as of Q1 2025, providing substantial runway for operations • Burn Rate: Quarterly cash burn of approximately $38-48 million, suggesting roughly 1.5-2 years of funding at current spending levels • Debt Level: Minimal debt with debt-to-equity ratio of 0.185, indicating low financial leverage risk • Current Ratio: Exceptionally strong at 21.1, demonstrating excellent short-term liquidity • Valuation Metrics: Trading at 6.1x book value with negative earnings, reflecting typical pre-revenue biotech valuation challenges • Business Risk: High execution risk due to clinical-stage development, with binary outcomes from trial results that could dramatically impact valuation • Regulatory Risk: Subject to FDA and international regulatory approval processes that are lengthy, expensive, and uncertain
Recent development
Based on available financial data, MoonLake has been consistently advancing its clinical development programs over recent years. The company has maintained focus on Sonelokimab across multiple Phase II trials, demonstrating commitment to its core therapeutic platform. The company's cash position has evolved significantly, starting with $39.5 million at the end of 2022 and building to over $450 million by 2023, likely through equity financing activities. This substantial capital raise provided the resources necessary to fund multiple concurrent clinical trials across different inflammatory conditions. The cash position decreased to $271.6 million by Q1 2025, reflecting ongoing clinical trial expenses and operational costs. Operating expenses have increased substantially as the company has scaled its clinical operations, with annual losses growing from $64.5 million in 2022 to $121.2 million in 2024. This increase reflects the typical cost escalation associated with advancing multiple Phase II trials simultaneously, which require larger patient populations and more extensive data collection compared to earlier-stage studies. The company appears to be maintaining its focus on the core Sonelokimab program rather than diversifying into additional therapeutic candidates, suggesting a concentrated bet on the success of its lead asset.
MLTX company profile · for informational purposes only — not investment advice.
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