MoonLake Immunotherapeutics reported significant financial results for the first quarter of 2025, with a net loss of $40.6 million, a substantial increase from the $14.0 million loss recorded in the same period of 2024. The company's total operating expenses surged to $47.5 million, up 139.6% from $19.8 million year-over-year. This increase was primarily driven by a 180.2% rise in research and development expenses, which reached $36.5 million, reflecting heightened investment in clinical trials for its lead product candidate, Sonelokimab (SLK).
The company's cash and cash equivalents stood at $271.6 million as of March 31, 2025, compared to $180.4 million at the end of 2024. This increase was bolstered by a $73.0 million term loan secured under a new loan and security agreement with Hercules Capital, which provides a total credit facility of up to $500 million, contingent on achieving specific clinical milestones. The company’s total assets increased to $511.3 million, up from $477.9 million at the end of the previous fiscal year.
Operationally, MoonLake is focused on advancing SLK, a tri-specific Nanobody targeting inflammatory skin and joint diseases. The company has made significant progress in its clinical trials, including the completion of enrollment in the VELA program for hidradenitis suppurativa and the initiation of trials for additional indications such as psoriatic arthritis and palmoplantar pustulosis. The company anticipates submitting a Biologics License Application (BLA) for SLK in 2026, with a potential commercial launch in the U.S. in 2027.
In terms of organizational changes, MoonLake has expanded its workforce to support its growing clinical development efforts, with general and administrative expenses rising to $11.0 million, up from $6.8 million in the prior year. The company continues to invest in its infrastructure to prepare for future commercialization and regulatory submissions. As of March 31, 2025, MoonLake had a total of 63.5 million Class A Ordinary Shares outstanding, reflecting ongoing equity management strategies.
Looking ahead, MoonLake expects to incur significant operating losses as it continues to develop SLK and prepare for its commercial launch. The company believes its current cash reserves, combined with the new loan facility, will be sufficient to fund operations into 2028. However, it acknowledges the inherent risks associated with clinical development and the need for additional capital to support its long-term growth objectives.
About MoonLake Immunotherapeutics
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