MLTX Stock — MoonLake Immunotherapeutics Class A: Cash, EV, Pipeline

Share price

$12.39

Market cap

$1,054.5M

Cash

$537.0M

Enterprise value

$617.0M

Balance sheet

Cash	$537.0M
Debt	$99.5M
Net cash	$437.5M
Enterprise value	$617.0M
Basic shares	73.9M shares
Fully diluted shares	85.1M shares
Fully diluted market cap	$1,054.5M
Cash per share	$7.27

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 9 - Dec 21	Sonelokimab	Phase 3	Hidradenitis Suppurativa	—
Feb 26 - Apr 9	Sonelokimab	Phase 3	Arthritis, Psoriatic	—
Mar 18 - Apr 29	Sonelokimab	Phase 3	Arthritis, Psoriatic	—
Mar 17 - Apr 28	Sonelokimab	Phase 3	Arthritis, Psoriatic	—
Jul 25 - Sep 5	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	Hidradenitis Suppurativa
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	—
NCT06641076	Phase 3	Active, not recruiting	Sponsor	MoonLake Immunotherapeutics AG	—	Arthritis, Psoriatic	—
NCT07223138	Phase 3	Enrolling by invitation	Sponsor	MoonLake Immunotherapeutics AG	—	Arthritis, Psoriatic	—
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

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Logos Global Management	2,675,000	+1,175,000	2.24%	2026-08-14
ADAR1 Capital Management	27,000	-430,137	0.02%	2026-08-14

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

MLTX — MoonLake Immunotherapeutics Class A