Deadline Alert: MLTX Shareholders, Act Now on Fraud Claim!

MoonLake Immunotherapeutics (NASDAQ: MLTX) is a clinical-stage biotech focused on inflammatory diseases. Its lead asset is sonelokimab (SLK), a Nanobody® drug targeting interleukins IL-17A and IL-17F, being developed for conditions like hidradenitis suppurativa (HS) and psoriatic arthritis (^[1]) (^[2]). A class action lawsuit filed in October 2025 alleges that MoonLake’s management misled investors about SLK’s uniqueness and efficacy. Specifically, the complaint claims MoonLake failed to disclose that SLK shares the same molecular targets as UCB’s BIMZELX® (bimekizumab), and that SLK’s novel Nanobody structure was not actually conferring superior clinical benefits or tissue penetration versus BIMZELX (^[2]). These alleged omissions and overly optimistic statements form the basis of a securities fraud claim. Shareholders have until December 15, 2025 to seek lead plaintiff status in this class action (^[3]), making it crucial for MLTX investors to understand the company’s fundamentals, risks, and the context behind this legal challenge.

Company Overview & Fraud Allegation Context

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MoonLake was founded in 2021 and went public via a SPAC merger in April 2022 (^[4]). The company is advancing SLK, a tri-specific Nanobody that inhibits IL-17A and IL-17F cytokines believed to drive inflammatory diseases (^[1]). Management has positioned SLK as a potentially “best-in-class” therapy in HS and other IL-17 driven conditions (^[5]). Notably, UCB’s BIMZELX – a traditional monoclonal antibody that also blocks IL-17A and IL-17F – was approved by the FDA in late 2024 as the first IL-17A/F inhibitor for HS (^[6]). The lawsuit contends MoonLake downplayed this competitive reality and overhyped SLK’s Nanobody advantages (^[2]). As events unfolded, MoonLake’s Phase 3 HS trials (the VELA-1 and VELA-2 studies) delivered mixed results around September 2025. One trial (VELA-1) achieved a statistically significant ~17% higher response rate (HiSCR75) vs. placebo, but the second trial (VELA-2) showed only a ~9–10% improvement and narrowly missed significance (p≈0.053) (^[7]). Combined analysis still indicated efficacy across primary endpoints, and safety was acceptable (^[7]). However, these “disappointing” HS data eroded investor confidence and sent the stock price plunging】 (^[3]). MLTX shares, which had surged in mid-2025 on speculation of a $3+ billion buyout by Merck (^[8]), collapsed to around $10 by late 2025 – wiping out a large portion of MoonLake’s market capitalization (now roughly $600 million) (^[9]). This backdrop of a rapid rise and fall has set the stage for the current fraud allegations and poses critical questions for shareholders.

Dividend Policy & Shareholder Yield

MoonLake has never paid a dividend and does not intend to pay cash dividends for the foreseeable future (^[10]) (^[10]). As a pre-revenue biotech, the company generates no earnings or free cash flow to distribute. All available capital is reinvested into R&D and operations. In fact, MoonLake explicitly states that it plans to retain any future earnings to fund growth rather than return capital to shareholders (^[10]). The company’s current dividend yield is 0%, and management has cautioned that even future debt agreements could restrict dividend payments (^[10]). Since MLTX has negative net income (–$176 million over the last 12 months) (^[9]), traditional payout metrics like AFFO or FFO are not meaningful in this context. Rather than producing funds from operations, MoonLake uses cash for operations – for example, it burned $38.1 million in operating cash in Q1 2025 alone (^[11]). In short, investors in MLTX are relying entirely on potential stock appreciation (or recovery) for any return, as “capital appreciation, if any, will be your sole source of gain” with no dividends expected (^[10]).

Leverage and Debt Maturities

Despite being in development stage, MoonLake has secured a sizable debt facility to finance its pipeline. In March 2025, the company entered a loan agreement with Hercules Capital, providing up to $500 million in non-dilutive term loans (^[11]). The first $75 million tranche was drawn at closing on March 31, 2025 (^[11]). Additional tranches of $125M, $50M, and $50M are contingent on hitting key milestones – namely positive results from the Phase 3 HS trials (VELA-1 and VELA-2), Phase 3 psoriatic arthritis trials (IZAR-1 and IZAR-2), and FDA acceptance of a Biologics License Application (BLA) for SLK (^[11]) (^[11]). If those milestones are met on schedule, MoonLake can access up to $300M of the facility by 2026, with a further discretionary $200M potentially available thereafter (^[11]). The loan matures on April 1, 2030 – providing a long runway before principal must be repaid (^[11]). Interest on the debt is relatively high, set at the greater of 8.45% or prime + 1.45% annually** (with a 0.25% rate reduction if SLK wins FDA approval) (^[11]) (^[11]). The financing also carries an end-of-term payment (6.95% of drawn amounts) due at maturity as a form of deferred interest (^[11]).

Leverage: As of mid-2025, MoonLake’s balance sheet remains strong relative to its obligations. The company ended Q2 2025 with $425.1 million in cash and equivalents, and had only $73.0 million of debt recorded (the Tranche 1 loan net of fees) (^[11]) (^[12]). No short-term debt is due, and the drawn term loan is classified entirely as long-term liability (maturing 2030). Effectively, MoonLake carries minimal net debt, since cash on hand far exceeds the initial loan. The debt-to-equity ratio is low, and the current $425 million undrawn credit capacity gives flexibility to fund upcoming trials and a potential product launch (^[12]). Management emphasizes that this non-dilutive financing extends the cash runway into 2028 without needing new equity capital (^[1]). Importantly, the debt covenants tie closely to R&D success – if MoonLake fails to achieve the clinical milestones on schedule, it simply cannot draw the additional tranches (mitigating further debt burden). There is no immediate refinancing risk, as the first principal repayment isn’t due until 2027 (interest-only period) and final maturity in 2030 (^[11]). In summary, MoonLake has leveraged its promising (albeit now questioned) pipeline to secure substantial funding on favorable timelines, back-loading repayment until after the expected 2027 launch of sonelokimab (^[12]).

Coverage and Cash Flow Considerations

Given MoonLake’s lack of earnings, traditional interest coverage ratios (EBIT/interest) are negative – the company has operating losses, so it cannot cover interest from earnings. However, MoonLake’s cash reserves and interest income currently exceed its interest obligations. In Q1 2025, for example, the company earned about $7.1 million in net interest income from its large cash and investment balances, while incurring only ~$18 thousand in interest expense on the new loan (drawn at quarter-end) (^[11]). Even with a full quarter of $75M debt, annual interest would be roughly $6–7 million, which is manageable given MoonLake’s ~$425 million cash war chest and ongoing interest income on that cash (U.S. treasuries yield ~5% in 2025). Thus, in the near term, interest payments are well “covered” by the company’s liquidity – effectively, MoonLake is using a small portion of its cash (and the interest that cash generates) to service debt.

On a broader cash flow basis, MoonLake is in a cash-burning phase. Operating cash outflows have been accelerating as multiple Phase 2 and 3 trials progress. The company used $38.1 million of cash for operations in the first quarter of 2025, up from $14.9M in the same quarter a year prior (^[11]). R&D spending nearly tripled from 2023 to 2024 (reaching $112.8M in 2024) as MoonLake launched Phase 3 programs in HS and PsA (^[5]). This burn rate is expected to continue or increase through 2025–2026 with pivotal trials and regulatory preparations. However, MoonLake’s financing activities have kept pace: the Hercules facility provided a $73M boost in Q2, and earlier equity raises (including the SPAC proceeds and a follow-on offering in 2023) have left the company with a substantial cash cushion (over $400M) (^[5]). Management asserts that, with the debt facility, they have enough cash to fund operations through at least 2027–2028 – essentially until after initial commercialization of SLK (^[1]). In effect, MoonLake is funding its clinical development and pre-launch efforts by drawing on external capital (debt) and its cash reserves, since internal cash flows are deeply negative. Investors should monitor the cash burn versus remaining funding closely: if trials are delayed or costs run higher, MoonLake might need to conserve cash or seek additional financing (despite current plans to avoid dilution). For now, though, liquidity is not a short-term concern – the company’s cash + committed debt can cover its anticipated expenditures for the next few years, barring unexpected setbacks (^[1]).

Valuation and Comparables

At the current share price (~$9.50 as of late October 2025), MoonLake’s market capitalization is about $600 million (^[9]). Stripping out the hefty cash balance (~$425M at Q2) and debt drawn (~$75M), MoonLake’s enterprise value (EV) is roughly ~$250–300 million. This implies that the market is valuing the entire pipeline and technology of MoonLake at only a few hundred million dollars – a stark comedown from earlier in 2025. For perspective, in mid-2025 MoonLake’s market cap had soared into the multi-billion dollar range on high expectations for sonelokimab. In early June 2025, Financial Times reported Merck’s interest in acquiring MoonLake for over $3 billion, which sent MLTX shares up 19% in a single day (^[8]). That speculative peak valued MoonLake at well above ~$3 billion, reflecting optimism that SLK could be a blockbuster and/or a prime buyout candidate for Big Pharma. Now, after the mixed Phase 3 results, that valuation premium has evaporated. The stock has lost roughly 80–85% of its value from 52-week highs, underperforming biotech indices.

Traditional valuation metrics are difficult to apply given MoonLake’s lack of revenue (ttm revenue is $0) and losses (ttm net loss ~$176M) (^[9]). Price-to-earnings (P/E) is not meaningful (negative earnings), and Price-to-book (P/B) is roughly ~1.2x (with ~$500M book equity vs $600M market cap) based on Q2 figures – indicating the stock trades only slightly above its net asset value. Another lens is to compare MoonLake’s EV to those of peers or to deal values for similar assets. For example, MoonLake’s EV ~$250M is modest for a Phase 3-stage biotech, especially one with multiple indications in progress. By contrast, UCB, the large pharma marketing BIMZELX, is a diversified company with >€1 billion in annual revenue from BIMZELX’s broader indications; direct comparison isn’t straightforward, but UCB’s success with IL-17A/F validates a market for this mechanism. Smaller immunology-focused biotechs with Phase 3 assets often command EVs in the high hundreds of millions or more if data are strong. The current low valuation of MoonLake suggests skepticism about SLK’s commercial prospects. Essentially, the market is now assigning value mostly to MoonLake’s cash and a deeply discounted option value for the drug portfolio. This discounted valuation arguably prices in the recent clinical setback and litigation risk. If MoonLake can salvage a path to approval and market success for SLK, there may be upside from these levels. Conversely, the downside is somewhat cushioned by the cash on hand (which is close to $7 per share in cash). Investors should note that MLTX’s valuation is now roughly 3.5× its cash – any further deterioration in the drug’s outlook could push the stock toward cash value, whereas any positive surprise in trial outcomes or partnerships might cause a re-rating.

In terms of comparable transactions, it is worth noting that Merck’s rumored >$3B offer (which was rebuffed) valued MoonLake at about 5× the current market cap (^[8]). That was prior to the Phase 3 HS data readout. Now that the data fell short of “best-in-class” hopes, an acquirer would likely assign a much lower value. No new takeover offers have emerged publicly since the stock collapse, but at ~$600M, MoonLake could be an attractive speculative acquisition target for a larger pharma looking to expand in dermatology – albeit one would heavily diligence the head-to-head vs. BIMZELX. Analyst price targets, where available, have likely been revised down post-data; any sum-of-parts valuation would hinge on assumptions of SLK’s probabilities across HS, PsA, and other indications. Overall, MoonLake’s valuation now appears “distressed,” reflecting high risk but also potential optionality if management can turn the tide.

Risks, Red Flags, and Legal Overhang

MoonLake faces significant risks, amplified by the recent developments:

– Clinical and Regulatory Risk: The Phase 3 HS results did not clearly outperform existing therapy. One trial’s primary endpoint was only marginally met due to an unexpectedly high placebo response (^[7]). This raises uncertainty about regulatory approval – MoonLake plans to seek FDA guidance on the path forward, but a scenario where one of two pivotal trials missed its endpoint could complicate approval or labeling. Even if the FDA accepts a BLA (filing targeted mid-2026), the mixed efficacy might result in a narrower label or requirement for additional data. There is also the risk that payers and physicians view SLK as not much better than BIMZELX, undermining its uptake.

– Competition: UCB’s BIMZELX is already approved for HS and on the market, giving it first-mover advantage (^[6]). UCB’s Phase 3 trials (BE HEARD I & II) showed strong results (HiSCR50 primary endpoints met, with significant HiSCR75 improvements as secondary) (^[6]). BIMZELX will likely be entrenched by the time SLK could launch (MoonLake guides for a 2027 launch assuming timely approval) (^[12]) (^[12]). Moreover, other competitors (e.g. adalimumab is already standard of care in HS, and novel treatments like BTK inhibitors or IL-1 inhibitors are in development) add pressure. MoonLake’s entire thesis was differentiation via Nanobody technology – if real-world data don’t show a clear advantage, SLK could struggle to gain market share against an incumbent with superior resources and an established prescriber base.

– Concentration & Pipeline Risk: MoonLake is essentially a one-product company. All its ongoing trials (in HS, psoriatic arthritis, adolescent HS, palmoplantar pustulosis, axial spondyloarthritis) involve sonelokimab (^[1]) (^[1]). This singular focus means any setback with SLK reverberates across the company. The HS indication was the lead value driver; a perceived underperformance in HS casts doubt on SLK’s potential even in other indications. While interim data in pustulosis (PPP) were positive (^[12]), and Phase 2 results in psoriatic arthritis (ARGO trial) were encouraging, those are smaller or highly competitive markets. Failure to execute on any of these trials (or safety issues emerging) would severely harm MoonLake’s prospects, as there is no diversified pipeline to fall back on.

– Financial & Leverage Risk: The company’s aggressive use of debt means it is shouldering repayment obligations that assume future success. If SLK fails to achieve the milestones, MoonLake might not draw additional tranches (which actually limits debt growth – a mitigating factor). However, if the drug ultimately fails to gain approval or market traction, MoonLake would still owe the $75M (plus interest and end-fees) by 2030. Without product revenue by then, repayment could be challenging (potentially forcing dilution or restructuring). The non-dilutive financing strategy, while beneficial to current shareholders if things go well, increases fixed obligations and pressure to succeed. Additionally, the company’s cash burn will eventually require either commercial income or new funding once the current resources are used by ~2028. Any delay in trial timelines or additional studies required by regulators could strain the runway.

– Legal and Management Credibility: The current securities fraud class action is itself a red flag. It alleges that management overstated the uniqueness of SLK and omitted material facts, painting an overly optimistic picture (^[2]). While such lawsuits are not uncommon after a stock drops, it does highlight investor mistrust. If evidence shows executives knew SLK wasn’t superior but hyped it anyway, that could damage management’s reputation. Even if the lawsuit is eventually dismissed or settled (likely covered by D&O insurance), it may distract leadership and raises questions about culture and transparency. Notably, the class period (Mar 10, 2024 – Sep 29, 2025) covers the time when MoonLake was touting Phase 2 results and initiating Phase 3 – investors claim those upbeat communications lacked reasonable basis (^[2]). For current shareholders, a key concern is whether management’s guidance can be trusted going forward, or if there’s a pattern of over-promising. Any further missteps in disclosure (or delays in reporting bad news) could invite regulatory scrutiny beyond just private lawsuits.

– Governance and Shareholder Rights: MoonLake is incorporated in the Cayman Islands and headquartered in Switzerland (^[10]). This can sometimes make shareholder enforcement more complex. In fact, the company’s SEC filings note that Swiss corporate law and the Cayman structure may limit certain shareholder rights or recourse (^[10]). While not directly related to daily operations, this means U.S. shareholders might face additional hurdles in activism or litigation outcomes. It’s a minor risk, but under the spotlight now due to the class action (which will proceed in U.S. courts under U.S. securities law).

Overall, MoonLake’s risk profile is elevated: it hinges on the fate of a single drug facing tough competition and now carries the overhang of investor litigation. The “red flags” include the very issues central to the fraud claim – possibly overstated competitive advantages and insufficient disclosure of challenges. The stock’s steep decline and volatility (beta ~0.47 but effectively high volatility in absolute terms (^[13])) reflect these uncertainties. New investors should be cautious, and existing shareholders need to weigh the probability of MoonLake overcoming these hurdles versus the possibility of further value erosion.

Open Questions and Outlook

Given the current landscape, several open questions will determine MoonLake’s trajectory in the coming months and years:

– Will sonelokimab secure FDA approval in HS, and on what timeline? MoonLake has guided a BLA submission by mid-2026 if the data are accepted (^[12]). A crucial question is whether the FDA will require an additional confirmatory trial or be satisfied with the combined VELA results (since one trial just missed significance). The outcome of regulatory discussions (expected in late 2025 or early 2026) will be pivotal. Approval might still be obtainable given the unmet need in HS, but perhaps with conditions (limited labeling or post-market studies). Investors are awaiting clarity: a straightforward acceptance of the filing would boost sentiment, whereas a need for more data could be a heavy blow.

– How will MoonLake navigate the competitive dynamics? With BIMZELX already on the market for HS (^[6]), MoonLake must differentiate SLK if it launches. Management has pointed to convenience (Nanobody format potentially for self-injection), patient subsets, and the possibility that SLK could show better long-term outcomes or tissue penetration in real-world use. These remain to be proven. An open question is whether MoonLake will partner with a larger pharma for commercialization. Going against UCB’s dermatology sales force alone is daunting for a small company. A partnership or co-promotion deal in 2026 could provide needed marketing muscle and possibly non-dilutive cash (e.g. milestones payment). So far, MoonLake has not announced a commercial partner – perhaps hoping strong Phase 3 data would attract a lucrative deal. Now, with more middling data, will a partner step up? Or could MoonLake itself become a takeover target at a reduced price? These strategic decisions loom large.

– Can MoonLake’s pipeline beyond HS create value? The company often emphasizes SLK as a pipeline-in-a-product, addressing multiple inflammatory diseases (^[1]). Upcoming readouts include Phase 2 data in palmoplantar pustulosis (PPP) in late 2025 and Phase 3 data in psoriatic arthritis (PsA) by 1H 2026 (^[12]). Positive results in these indications could revive some “best-in-class” narrative for SLK outside of HS. For instance, PPP has no approved IL-17F/A therapy, so success there might carve a niche advantage. Similarly, the PsA trials (IZAR-1 & 2) even include head-to-head comparisons (one trial uses Janssen’s IL-23 inhibitor risankizumab as an active reference arm) (^[5]), which could demonstrate SLK’s relative efficacy in joint disease. Open question: will these trials confirm broad utility for SLK, or will they too show only incremental benefits? The answers will shape MoonLake’s long-term value – a single-product company can still succeed if that product addresses multiple markets effectively (e.g. TNF inhibitors revolutionized several diseases). In MoonLake’s case, investors need to see if the Nanobody’s promise materializes in at least one major indication. Each upcoming milestone (PPP data, PsA data, adolescent HS data) is a potential catalyst or risk event.

– What is the endgame for shareholders amid the legal battle? The class action’s deadline (Dec 15, 2025) is drawing near (^[3]), and affected shareholders must decide whether to participate. Often these lawsuits take years to resolve and may result in modest settlements (if any). The bigger question is whether the fraud allegations unearth any new information about internal knowledge or doubtful practices. If substantial evidence of intentional misrepresentation emerges, that could not only increase legal liabilities but also possibly invite SEC investigation. Conversely, if the suit is based mainly on hindsight disappointment, MoonLake might weather it with minor financial impact (aside from legal fees). Shareholders are watching if management provides more cautious, transparent communication going forward – for example, acknowledging competitor data or clearly stating realistic expectations. Rebuilding trust will be important. An upcoming Capital Markets Update or conference presentations may be an opportunity for MoonLake’s executives to address these issues head-on. How candid and proactive management is in the coming months is an open question that could influence stock recovery.

– Will MoonLake adjust its strategy in response to these challenges? So far, the company has stayed the course – continuing all trials, preparing for filings, and utilizing the debt facility to fund plans. But with shares depressed, MoonLake might explore strategic alternatives. One open question is whether MoonLake seeks to renegotiate any terms with Hercules (for instance, if milestones are delayed, can they extend draw timelines?). Another question is if the company might prioritize certain indications over others to conserve cash (focusing on the most promising use-cases for SLK). For example, if HS becomes a tougher market due to BIMZELX, will MoonLake shift more focus to an indication like PPP or axSpA where it might have first-mover advantage? Investors will be keen to hear any strategic pivots or reprioritization in the next earnings call or R&D update.

Outlook: MoonLake finds itself at a critical juncture. The next 6–12 months will likely bring clarity on SLK’s approvability in HS and reveal data from other trials that could either validate the platform or compound doubts. Financially, the company is fortified to reach these milestones (thanks to its cash and credit runway), so short-term survival is not in question – it’s the long-term prospects that are in play. If MoonLake can turn forthcoming data into a compelling story (or secure a partnership), the stock could re-rate from its currently subdued value. On the other hand, any further disappointments would keep MLTX in the market’s penalty box and could even raise the specter of needing to scale back programs.

For shareholders considering the fraud claim, the legal route offers a chance to recover some losses if it’s proven that management materially misled investors. But whether or not one joins the class action, the investment thesis now hinges on execution and honesty going forward. In light of the “Deadline Alert,” investors should stay informed and assert their rights as needed, while also weighing the fundamental outlook of MoonLake. The situation is fluid: a single positive breakthrough (a favorable FDA meeting, strong Phase 2 PPP results, etc.) or conversely a setback could swiftly alter MoonLake’s fortunes. Caution and due diligence are warranted. With the class action deadline approaching, MLTX shareholders must make timely decisions – both about their legal options (^[3]) and about their confidence in the company’s strategy to deliver on the promise of sonelokimab in a now more skeptical market environment.

Sources:

– MoonLake 10-K and filings – Company’s dividend policy (“no cash dividends…for the foreseeable future”) (^[10]); capital structure and risk disclosures. – MoonLake Investor Relations – Q4’24, Q1’25, Q2’25 results and business updates (cash balance, debt financing details, trial milestones) (^[12]) (^[1]). – SEC 10-Q Q1 2025 – Debt Loan and Security Agreement terms (Hercules facility $500M, 8.45% interest, 2030 maturity) (^[11]) (^[11]); Balance sheet and cash flow data (^[11]) (^[11]). – Globenewswire Press Releases – Phase 2 MIRA trial outcomes and Phase 3 VELA guidance (confidence in Sep 2025 readout) (^[1]) (^[1]); Phase 3 VELA top-line results summary (HiSCR75 deltas in VELA-1 and VELA-2) (^[7]). – UCB Press Release – FDA approval of BIMZELX for HS (Nov 2024) and its Phase 3 outcomes (^[6]) (^[6]). – Reuters – Merck’s rumored $3B+ takeover talks (stock +19% on report) (^[8]). – Class Action Notices (Law Offices of Frank R. Cruz, Howard G. Smith) – Allegations of misleading statements about SLK vs. BIMZELX and class period dates (^[2]); shareholder deadline Dec 15, 2025 (^[3]). – Investors Hangout (Thomas Cooper blog) – Commentary on “disappointing trial results” impacting stock (^[3]) and FAQ on lawsuit timeline. – Stock analysis data – Market cap ~$604M, shares outstanding ~63.5M (Oct 24, 2025) (^[9]); trailing net loss ~$176M (^[9]).

Sources

1. https://globenewswire.com/news-release/2025/05/12/3079505/0/en/MoonLake-Immunotherapeutics-Reports-First-Quarter-2025-Financial-Results-and-Provides-a-Business-Update.html
2. https://bahrainbusinessjournal.com/article/861223283-deadline-alert-for-mltx-and-bax-the-law-offices-of-frank-r-cruz-reminds-investors-of-class-actions-on-behalf-of-shareholders
3. https://investorshangout.com/investors-urged-to-act-as-deadline-approaches-for-mltx-class-action-434339-/
4. https://ir.moonlaketx.com/news-releases/news-release-details/moonlake-immunotherapeutics-ag-announces-closing-business
5. https://rss.globenewswire.com/news-release/2025/02/26/3032747/0/en/MoonLake-Immunotherapeutics-Reports-Full-Year-2024-Financial-Results-and-Provides-a-Business-Update.html
6. https://prnewswire.com/news-releases/ucb-receives-us-fda-approval-for-bimzelx-bimekizumab-bkzx-as-the-first-il-17a-and-il-17f-inhibitor-for-adults-with-moderate-to-severe-hidradenitis-suppurativa-302311330.html
7. https://stocktitan.net/news/MLTX/
8. https://reuters.com/business/healthcare-pharmaceuticals/merck-held-talks-buy-biotech-moonlake-over-3-billion-ft-reports-2025-06-02/
9. https://stockanalysis.com/stocks/mltx/
10. https://sec.gov/Archives/edgar/data/1821586/000162828023008604/mnlk-20221231.htm
11. https://sec.gov/Archives/edgar/data/1821586/000182158625000011/mnlk-20250331.htm
12. https://globenewswire.com/news-release/2025/08/05/3127175/0/en/MoonLake-Immunotherapeutics-Reports-Second-Quarter-2025-Financial-Results-and-Provides-a-Business-Update.html
13. https://stocktwits.com/symbol/MLTX

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