MoonLake Immunotherapeutics reported significant financial results for the second quarter of 2025, reflecting a net loss of $56.1 million, a 126.4% increase compared to a net loss of $24.8 million in the same period of 2024. For the six months ending June 30, 2025, the company incurred a total net loss of $96.6 million, up from $38.7 million in the prior year. The increase in losses is attributed primarily to a substantial rise in operating expenses, which totaled $60.7 million for the quarter, compared to $30.6 million in the previous year, marking a 98.5% increase.

The company's operating expenses were driven largely by research and development costs, which surged to $49.8 million in Q2 2025, up from $23.7 million in Q2 2024, reflecting a 110.3% increase. This rise is linked to ongoing clinical trials for its lead product, Sonelokimab (SLK), including the Phase 3 VELA program for hidradenitis suppurativa and the IZAR program for psoriatic arthritis. General and administrative expenses also rose to $10.9 million, a 58.1% increase from $6.9 million in the prior year, primarily due to higher personnel and advisory costs.

In terms of liquidity, MoonLake reported cash and cash equivalents of $306.7 million as of June 30, 2025, an increase from $180.4 million at the end of 2024. The company also has access to a $500 million loan and security agreement, of which $75 million has been drawn down. This financial backing is expected to support ongoing operations and clinical development through at least 2028. The company’s current assets exceed its current liabilities by $428.1 million, indicating a strong liquidity position.

MoonLake continues to focus on the development of SLK, a novel tri-specific Nanobody targeting inflammatory skin and joint diseases. The company has made significant progress in its clinical trials, with positive results reported from various studies. Looking ahead, MoonLake plans to submit a Biologics License Application for SLK in 2026, with a potential commercial launch in the U.S. anticipated in 2027, contingent upon regulatory approvals. The company expects to incur significant expenses and operating losses as it advances its clinical programs and prepares for commercialization.

About MoonLake Immunotherapeutics

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