One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
MoonLake Immunotherapeutics
MLTX · NCM · Healthcare · Biotechnology
Current price
$9.55
52-week range
$8.90 - $23.29
Market cap
$812.77M
Balance sheet
Healthy
-33.78x Concerning
Net cash $435.50M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
MoonLake Immunotherapeutics
MoonLake Immunotherapeutics is developing new medicines to treat inflammatory skin and joint conditions, like psoriasis and arthritis. Their main product is a special therapy called Sonelokimab, and the money they make will come from selling these treatments to doctors and patients. This is important because successful drug development can lead to significant revenue if the treatments prove effective and get approved.
What it actually does
MoonLake Immunotherapeutics is developing a novel therapy called Sonelokimab, which is a type of drug known as a Nanobody. This Nanobody is designed to target specific proteins, IL-17A and IL-17F, that play a key role in causing inflammation in the body. By inhibiting these proteins, Sonelokimab aims to reduce the inflammation associated with various diseases. The company is focused on diseases that affect the skin and joints, such as hidradenitis suppurativa and psoriatic arthritis, which can significantly impact a patient's quality of life.
Sonelokimab (Inflammatory Diseases)
The core of MoonLake's business is the development of Sonelokimab, a unique Nanobody designed to treat inflammatory diseases. Unlike traditional antibodies, Sonelokimab's small size allows it to penetrate inflamed tissues and joints more effectively. It works by targeting and blocking two key proteins, IL-17A and IL-17F, which are known drivers of inflammation in conditions like hidradenitis suppurativa (HS), psoriatic arthritis (PsA), axial spondyloarthritis, palmoplantar pustulosis, and psoriasis. The company is advancing Sonelokimab through various clinical trials, with a significant focus on seeking regulatory approval for HS and PsA, which represent large potential markets.
What management is betting on now
MoonLake's management is primarily focused on advancing Sonelokimab through the regulatory approval process, particularly for hidradenitis suppurativa (HS). They are working towards submitting a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for HS, with a potential commercial launch targeted for the second half of 2027, pending approval. The company is also investing in further clinical trials for other inflammatory conditions like psoriatic arthritis, aiming to expand the potential uses of Sonelokimab. Management believes the company has sufficient capital to fund its operations and development plans through mid-2028, reducing near-term financial risks.
How the company got here
MoonLake Immunotherapeutics was founded in 2021 and is a clinical-stage biotechnology company based in Zug, Switzerland. It is focused on developing innovative treatments for inflammatory skin and joint diseases. The company's journey is centered around its lead drug candidate, Sonelokimab, which it licensed from Merck KGaA. MoonLake is building on the existing clinical data and expertise from previous work done by Ablynx, a Sanofi company, and Merck KGaA. The company's strategy relies heavily on the potential of Sonelokimab to address significant unmet needs in treating inflammatory conditions.
What it actually does
MoonLake Immunotherapeutics is developing a novel therapy called Sonelokimab, which is a type of drug known as a Nanobody. This Nanobody is designed to target specific proteins, IL-17A and IL-17F, that play a key role in causing inflammation in the body. By inhibiting these proteins, Sonelokimab aims to reduce the inflammation associated with various diseases. The company is focused on diseases that affect the skin and joints, such as hidradenitis suppurativa and psoriatic arthritis, which can significantly impact a patient's quality of life.
Sonelokimab (Inflammatory Diseases)
The core of MoonLake's business is the development of Sonelokimab, a unique Nanobody designed to treat inflammatory diseases. Unlike traditional antibodies, Sonelokimab's small size allows it to penetrate inflamed tissues and joints more effectively. It works by targeting and blocking two key proteins, IL-17A and IL-17F, which are known drivers of inflammation in conditions like hidradenitis suppurativa (HS), psoriatic arthritis (PsA), axial spondyloarthritis, palmoplantar pustulosis, and psoriasis. The company is advancing Sonelokimab through various clinical trials, with a significant focus on seeking regulatory approval for HS and PsA, which represent large potential markets.
What management is betting on now
MoonLake's management is primarily focused on advancing Sonelokimab through the regulatory approval process, particularly for hidradenitis suppurativa (HS). They are working towards submitting a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for HS, with a potential commercial launch targeted for the second half of 2027, pending approval. The company is also investing in further clinical trials for other inflammatory conditions like psoriatic arthritis, aiming to expand the potential uses of Sonelokimab. Management believes the company has sufficient capital to fund its operations and development plans through mid-2028, reducing near-term financial risks.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-25.41M
FY2024 Q4
$-48.65M
FY2025 Q1
$-38.17M
FY2025 Q2
$-54.53M
FY2025 Q3
$-44.54M
FY2025 Q4
$-58.79M
FY2026 Q1
$-66.29M
FY2026 Q2
$-55.56M
Revenue
—
Net income
$-61.80M
Diluted EPS
-0.84
Operating cash flow
$-55.56M
Free cash flow
$-55.56M
Fetching…
Sources
Revenue
—
Net income
$-69.71M
Diluted EPS
-0.98
Operating cash flow
$-66.29M
Free cash flow
$-66.29M
Fetching…
Sources
Revenue
—
Net income
$-62.42M
Diluted EPS
-0.93
Operating cash flow
$-58.79M
Free cash flow
$-58.79M
Fetching…
Sources
Revenue
—
Net income
$-69.73M
Diluted EPS
-1.10
Operating cash flow
$-44.54M
Free cash flow
$-44.54M
Fetching…
Sources
Revenue
—
Net income
$-55.22M
Diluted EPS
-0.87
Operating cash flow
$-54.53M
Free cash flow
$-54.53M
Fetching…
Sources
Revenue
—
Net income
$-39.94M
Diluted EPS
-0.63
Operating cash flow
$-38.14M
Free cash flow
$-38.17M
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Sources
Revenue
—
Net income
$-45.60M
Diluted EPS
-0.72
Operating cash flow
$-48.47M
Free cash flow
$-48.65M
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Sources
Revenue
—
Net income
$-35.39M
Diluted EPS
-0.56
Operating cash flow
$-25.27M
Free cash flow
$-25.41M
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Sources
Is it cheap or expensive?
Fair value — vs current price $9.55
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $435.5M - more cash than debt. Interest coverage -33.8x.
Net debt
$-435.50M
Interest coverage
-33.78x
MoonLake Immunotherapeutics's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
MLTX
BASELINE
MoonLake Immunotherapeutics
Total debt $101.53M Interest coverage -33.78x This is the baseline the peer rows are being compared against.
Total debt $433.83M Interest coverage 1.23x This peer still has a real interest-payment cushion, while MLTX does not.
Total debt $6.00M Interest coverage -54.07x Neither company has much profit cushion over interest right now.
Total debt $112.32M Interest coverage -8.69x Neither company has much profit cushion over interest right now.
Total debt $728.00K Interest coverage -2,864.73x Neither company has much profit cushion over interest right now.
What you should know
The case for and against MLTX
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -67.5% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-2.87x
P/B
1.86x
P/S
—
EV/EBITDA
-1.42x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-67.5%
ROA
-32.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.24x
Current ratio
12.56x
Quick ratio
11.97x
Total debt
$101.53M
Total cash
$537.03M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-3.83
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-225.18M
Free CF TTM
$-196.04M
FCF margin
—
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
—