MLTX Stock — MoonLake Immunotherapeutics: Cash, EV, Pipeline

What they do

We are a clinical stage biotechnology company advancing therapies to address significant unmet needs in inflammatory skin and joint diseases. We are currently a single asset company focused on the development of SLK, a novel tri-specific IL-17A and IL-17F inhibiting Nanobody, that we exclusively licensed from MHKDG and that has the potential, based on response levels seen in clinical trials, to drive disease modification in dermatology and rheumatology patients.

Source: 10-K FY2025 via SEC EDGAR

Share price

$11.53

Market cap

$981.3M

Cash

$498.5M

Enterprise value

$582.8M

Balance sheet

Cash	$498.5M
Debt	$100.0M
Net cash	$398.4M
Enterprise value	$582.8M
Basic shares	85.1M shares
Fully diluted shares	89.1M shares
Fully diluted market cap	$1,027.4M
Cash per share	$5.86
Quarterly burn	$55.6M
Cash runway	9.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

85.1M

Pre-funded warrants

1.0M

Options

2.5M

RSUs

0.5M

Warrants

0.0M

Converts

—

Conv preferred

0.0M

ESPP reserve

—

FDSO

89.1M

Cap table as of 2026-08-01.

Price history

Loading MLTX daily closes…

Loading price history…

Next catalyst

Sonelokimab · Now - Nov 30, 2026 · guided Now

Recently reported

Sonelokimab Positive · 2026-09-30

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDNow - Nov 30, 2026 Now	Sonelokimab Sonelokimab HS BLA acceptance and Priority Review decision	Not disclosed	Sonelokimab HS acceptance and Priority Review	End of November 2026
Nov 9 - Dec 21 in 2d	Sonelokimab	Phase 3	Hidradenitis Suppurativa	—
Feb 26 - Apr 9 in 16 wks	Sonelokimab	Phase 3	Arthritis, Psoriatic	H1 2027 Est. Feb 26, 2027 · PCD + 6 wks (Feb 12-Mar 12)
Mar 18 - Apr 29 in 4 mo	Sonelokimab	Phase 3	Arthritis, Psoriatic	H1 2027 Est. Mar 18, 2027 · PCD + 6 wks (Mar 4-Apr 1)
Mar 17 - Apr 28 in 17 mo	Sonelokimab	Phase 3	Arthritis, Psoriatic	H1 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30)
Jul 25 - Sep 5 in 21 mo	Sonelokimab	Phase 3	Hidradenitis Suppurativa	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

sonelokimab

Phase 3 · Active Modality: Nanobody

Aliases M1095, ALX 0761

Target IL-17A and IL-17F

Partnerships Merck Healthcare KGaA (license for SLK)

Indications

hidradenitis suppurativa (HS), adults (Phase 3)
hidradenitis suppurativa (HS), adolescents (VELA-TEEN) (Phase 3)
psoriatic arthritis (PsA) (Phase 3)
axial spondyloarthritis (axSpA) (Stage not disclosed)
palmoplantar pustulosis (PPP) (Phase 3)

Catalysts

— H2 2026
— H2 2026
— not dated

Status note Single-asset company. Tri-specific IL-17A/IL-17F inhibiting Nanobody. Phase 3 VELA-1/VELA-2 in moderate-to-severe adult HS: week 52 results announced June 21, 2026 with clinically meaningful improvements across 52-week endpoints and acceptable safety (triggered Tranche 4 HS Milestone under credit facility). Phase 3 IZAR-1/IZAR-2 in PsA ongoing. BLA filing planned for HS. Company expects cash sufficient to complete all ongoing trials, the planned Phase 3 PPP trial, submit the BLA, and support first US commercial launch if approved.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Sonelokimab
Lead indication	Arthritis, Psoriatic
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06768671	Phase 3	Active, not recruiting	Sponsor	MoonLake Immunotherapeutics AG	—	Hidradenitis Suppurativa	—
NCT06641089	Phase 3	Recruiting	Sponsor	MoonLake Immunotherapeutics AG	—	Arthritis, Psoriatic	H1 2027 Est. Feb 26, 2027 · PCD + 6 wks (Feb 12-Mar 12)
NCT06641076	Phase 3	Active, not recruiting	Sponsor	MoonLake Immunotherapeutics AG	—	Arthritis, Psoriatic	H1 2027 Est. Mar 18, 2027 · PCD + 6 wks (Mar 4-Apr 1)
NCT07223138	Phase 3	Enrolling by invitation	Sponsor	MoonLake Immunotherapeutics AG	—	Arthritis, Psoriatic	H1 2027 Est. Jun 30, 2027 · PCD + 6 wks (Jun 30-Jun 30)
NCT07007637	Phase 3	Enrolling by invitation	Sponsor	MoonLake Immunotherapeutics AG	—	Hidradenitis Suppurativa	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for MoonLake Immunotherapeutics AG on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	16,001,284	no change	7.97%	2026-08-14
Cormorant Asset Management	3,205,433	-1,275,000	3.20%	2026-08-14
Logos Global Management	2,675,000	+1,175,000	2.24%	2026-08-14
Vivo Capital	1,400,000	+400,000	2.49%	2026-08-14
Great Point Partners	855,813	+355,813	3.93%	2026-08-14
Boxer Capital	275,000	no change	0.40%	2026-08-14
Stonepine Capital	50,000	+50,000	0.74%	2026-08-17
ADAR1 Capital Management	27,000	-430,137	0.02%	2026-08-14
Casdin Capital	0	-450,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

MLTX — MoonLake Immunotherapeutics ☆