MoonLake Immunotherapeutics Financials
This page shows MoonLake Immunotherapeutics (MLTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
MoonLake Immunotherapeutics passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, MoonLake Immunotherapeutics generates $0.86 in operating cash flow (-$196.0M OCF vs -$227.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
MoonLake Immunotherapeutics earns $-33.8 in operating income for every $1 of interest expense (-$244.8M vs $7.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
MoonLake Immunotherapeutics's EBITDA was -$242.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 70.9% from the prior year.
MoonLake Immunotherapeutics reported -$227.3M in net income in fiscal year 2025. This represents a decrease of 91.1% from the prior year.
MoonLake Immunotherapeutics earned $-3.53 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 86.8% from the prior year.
Cash & Balance Sheet
MoonLake Immunotherapeutics generated -$196.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 67.4% from the prior year.
MoonLake Immunotherapeutics held $334.5M in cash against $74.1M in long-term debt as of fiscal year 2025.
Margins & Returns
MoonLake Immunotherapeutics's ROE was -74.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 48.0 percentage points from the prior year.
Capital Allocation
MoonLake Immunotherapeutics invested $202.9M in research and development in fiscal year 2025. This represents an increase of 79.9% from the prior year.
MoonLake Immunotherapeutics invested $35K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 93.3% from the prior year.
MLTX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | $60.6M+21.9% | $49.8M+36.5% | $36.5M | N/A | $35.7M+51.0% | $23.7M+81.8% | $13.0M |
| SG&A Expenses | N/A | $10.8M-1.3% | $10.9M-0.8% | $11.0M | N/A | $7.4M+6.7% | $6.9M+1.6% | $6.8M |
| Operating Income | N/A | -$71.4M-17.7% | -$60.7M-27.8% | -$47.5M | N/A | -$43.1M-41.0% | -$30.6M-54.3% | -$19.8M |
| Interest Expense | N/A | $3.2M+57.0% | $2.0M+11216.7% | $18K | N/A | $0 | $0 | $0 |
| Income Tax | N/A | $115K+21.1% | $95K-37.9% | $153K | N/A | $92K+16.5% | $79K+12.9% | $70K |
| Net Income | N/A | -$69.7M-26.3% | -$55.2M-38.2% | -$39.9M | N/A | -$35.4M-45.8% | -$24.3M-77.5% | -$13.7M |
| EPS (Diluted) | N/A | $-1.10-26.4% | $-0.87-38.1% | $-0.63 | N/A | $-0.56-43.6% | $-0.39-77.3% | $-0.22 |
MLTX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $424.4M+2.4% | $414.3M-9.9% | $460.1M-10.0% | $511.3M+7.0% | $477.9M-7.8% | $518.2M-4.9% | $544.9M-3.4% | $564.1M |
| Current Assets | $421.7M+2.5% | $411.2M-9.7% | $455.5M-10.0% | $506.3M+6.7% | $474.3M-7.4% | $512.3M-4.6% | $536.9M-3.0% | $553.6M |
| Cash & Equivalents | $334.5M-4.6% | $350.7M+14.4% | $306.7M+12.9% | $271.6M+50.5% | $180.4M-52.0% | $375.7M+9.6% | $342.8M-25.2% | $458.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $120.0M-2.6% | $123.1M+20.5% | $102.2M+3.5% | $98.7M+302.1% | $24.5M+8.1% | $22.7M+53.0% | $14.8M+26.6% | $11.7M |
| Current Liabilities | $45.5M-6.0% | $48.4M+76.8% | $27.4M+14.1% | $24.0M+6.8% | $22.5M+11.9% | $20.1M+63.5% | $12.3M+37.8% | $8.9M |
| Long-Term Debt | $74.1M+0.5% | $73.7M+0.5% | $73.4M+0.5% | $73.0M | $0 | N/A | N/A | N/A |
| Total Equity | $304.5M+5.4% | $288.9M-18.3% | $353.7M-13.2% | $407.5M-8.8% | $446.8M-8.5% | $488.2M-6.2% | $520.7M-4.0% | $542.6M |
| Retained Earnings | -$462.9M-15.6% | -$400.5M-21.1% | -$330.8M-20.0% | -$275.5M-17.0% | -$235.6M-24.0% | -$190.0M-22.9% | -$154.6M-18.6% | -$130.3M |
MLTX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$58.8M-32.0% | -$44.5M+18.3% | -$54.5M-43.0% | -$38.1M+21.3% | -$48.5M-91.8% | -$25.3M+9.4% | -$27.9M-86.6% | -$14.9M |
| Capital Expenditures | $0 | $0 | $0-100.0% | $35K-80.1% | $176K+33.3% | $132K | $0-100.0% | $212K |
| Free Cash Flow | -$58.8M-32.0% | -$44.5M+18.3% | -$54.5M-42.8% | -$38.2M+21.5% | -$48.6M-91.5% | -$25.4M+8.9% | -$27.9M-84.0% | -$15.2M |
| Investing Cash Flow | -$29.9M-133.8% | $88.4M+0.2% | $88.3M+56.9% | $56.2M+138.2% | -$147.3M-352.8% | $58.3M+166.4% | -$87.7M-204.6% | -$28.8M |
| Financing Cash Flow | $72.4M+14982.3% | $480K | $0-100.0% | $73.1M+48325.2% | $151K-17.5% | $183K | $0-100.0% | $51.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 | $0-100.0% | $50 |
MLTX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | -24.1%-8.5pp | -15.6%-5.8pp | -9.8% | N/A | -7.2%-2.6pp | -4.7%-2.1pp | -2.5% |
| Return on Assets | N/A | -16.8%-4.8pp | -12.0%-4.2pp | -7.8% | N/A | -6.8%-2.4pp | -4.5%-2.0pp | -2.4% |
| Current Ratio | 9.27+0.8 | 8.50-8.1 | 16.65-4.5 | 21.110.0 | 21.11-4.4 | 25.51-18.2 | 43.71-18.4 | 62.13 |
| Debt-to-Equity | 0.24-0.0 | 0.26+0.0 | 0.21+0.0 | 0.18+0.2 | 0.00-0.0 | 0.05+0.0 | 0.030.0 | 0.02 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is MoonLake Immunotherapeutics profitable?
No, MoonLake Immunotherapeutics (MLTX) reported a net income of -$227.3M in fiscal year 2025.
What is MoonLake Immunotherapeutics's EBITDA?
MoonLake Immunotherapeutics (MLTX) had EBITDA of -$242.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does MoonLake Immunotherapeutics have?
As of fiscal year 2025, MoonLake Immunotherapeutics (MLTX) had $334.5M in cash and equivalents against $74.1M in long-term debt.
What is MoonLake Immunotherapeutics's return on equity (ROE)?
MoonLake Immunotherapeutics (MLTX) has a return on equity of -74.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is MoonLake Immunotherapeutics's free cash flow?
MoonLake Immunotherapeutics (MLTX) generated -$196.0M in free cash flow during fiscal year 2025. This represents a -67.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is MoonLake Immunotherapeutics's operating cash flow?
MoonLake Immunotherapeutics (MLTX) generated -$196.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are MoonLake Immunotherapeutics's total assets?
MoonLake Immunotherapeutics (MLTX) had $424.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are MoonLake Immunotherapeutics's capital expenditures?
MoonLake Immunotherapeutics (MLTX) invested $35K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does MoonLake Immunotherapeutics spend on research and development?
MoonLake Immunotherapeutics (MLTX) invested $202.9M in research and development during fiscal year 2025.
What is MoonLake Immunotherapeutics's current ratio?
MoonLake Immunotherapeutics (MLTX) had a current ratio of 9.27 as of fiscal year 2025, which is generally considered healthy.
What is MoonLake Immunotherapeutics's debt-to-equity ratio?
MoonLake Immunotherapeutics (MLTX) had a debt-to-equity ratio of 0.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is MoonLake Immunotherapeutics's return on assets (ROA)?
MoonLake Immunotherapeutics (MLTX) had a return on assets of -53.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is MoonLake Immunotherapeutics's cash runway?
Based on fiscal year 2025 data, MoonLake Immunotherapeutics (MLTX) had $334.5M in cash against an annual operating cash burn of $196.0M. This gives an estimated cash runway of approximately 20 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is MoonLake Immunotherapeutics's Piotroski F-Score?
MoonLake Immunotherapeutics (MLTX) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are MoonLake Immunotherapeutics's earnings high quality?
MoonLake Immunotherapeutics (MLTX) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can MoonLake Immunotherapeutics cover its interest payments?
MoonLake Immunotherapeutics (MLTX) has an interest coverage ratio of -33.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.