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).
MoonLake is funding a fast-rising clinical spend cycle from a cash-rich balance sheet rather than operating inflows.
From FY2024 to FY2025, operating cash burn rose from$116.6M to$196.0M . Yet cash increased from$180.4M to$334.5M , so the heavier spend was sustained by external and investment-related inflows rather than by the business funding itself, which means reported cash growth masked a much steeper internal burn rate.
R&D is the core cash use: FY2025 research spending was
Even after adding new long-term debt of
Financial Health Signals
MoonLake Immunotherapeutics does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
MoonLake Immunotherapeutics passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
MoonLake Immunotherapeutics reported a net loss of $227.3M while operations used $196.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
MoonLake Immunotherapeutics reported an operating loss of $244.8M against $7.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
MoonLake Immunotherapeutics recorded an outflow of $196.0M in free cash flow in fiscal year 2025, representing a cash shortfall 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.
Not reported for 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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
MLTX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| R&D Expenses | N/A | $202.9M+79.9% | $112.8M+254.6% | $31.8M-24.4% | $42.0M | N/A |
| SG&A Expenses | N/A | $42.0M+38.4% | $30.3M+35.8% | $22.3M-3.0% | $23.0M+403.5% | $4.6M |
| Operating Income | N/A | -$244.8M-71.1% | -$143.1M-164.4% | -$54.1M+16.8% | -$65.1M-1323.6% | -$4.6M |
| Interest Expense | N/A | $7.2M | $0 | $0 | N/A | N/A |
| Income Tax | N/A | $611K+116.7% | $282K+200.0% | $94K+158.5% | $36K | N/A |
| Net Income | N/A | -$227.3M-91.1% | -$118.9M-230.3% | -$36.0M+27.9% | -$50.0M-1000.1% | -$4.5M |
| EPS (Diluted) | — | -$3.53-86.8% | -$1.89-158.9% | -$0.73 | -$1.70 | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MLTX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Total Assets | $424.4M-11.2% | $477.9M-9.2% | $526.5M+585.2% | $76.8M+693.6% | $9.7M |
| Current Assets | $421.7M-11.1% | $474.3M-7.8% | $514.2M+572.0% | $76.5M+694.0% | $9.6M |
| Cash & Equivalents | $334.5M+85.4% | $180.4M-60.0% | $451.2M+1042.0% | $39.5M+391.4% | $8.0M |
| Total Liabilities | $120.0M+388.8% | $24.5M+88.1% | $13.0M-53.3% | $27.9M+31.0% | $21.3M |
| Current Liabilities | $45.5M+102.5% | $22.5M+125.4% | $10.0M+30.0% | $7.7M-63.6% | $21.1M |
| Long-Term Debt | $74.1M | $0 | N/A | N/A | N/A |
| Total Equity | $304.5M-31.9% | $446.8M-9.9% | $495.7M+913.7% | $48.9M+519.9% | -$11.6M |
| Retained Earnings | -$462.9M-96.5% | -$235.6M-102.0% | -$116.7M-44.6% | -$80.7M-50.3% | -$53.6M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
MLTX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$225.2M | -$196.0M-68.1% | -$116.6M-172.5% | -$42.8M+23.5% | -$55.9M-9046.9% | -$611K |
| Capital Expenditures | $0 | $35K-93.3% | $520K+83.1% | $284K+1674.0% | $16K | N/A |
| Free Cash Flow | -$225.2M | -$196.0M-67.4% | -$117.1M-171.9% | -$43.1M+23.0% | -$55.9M | N/A |
| Investing Cash Flow | $58.9M | $203.0M+198.7% | -$205.6M-716.4% | -$25.2M+22.1% | -$32.3M | N/A |
| Financing Cash Flow | $338.1M | $146.0M+184.5% | $51.3M-89.3% | $479.7M+300.8% | $119.7M+206242.9% | -$58K |
| Share Buybacks | N/A | N/A | $50 | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
MLTX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 |
|---|---|---|---|---|---|
| Return on Equity | -74.7%-48.0pp | -26.6%-19.4pp | -7.3%+94.9pp | -102.2% | N/A |
| Return on Assets | -53.6%-28.7pp | -24.9%-18.1pp | -6.8%+58.2pp | -65.0%-18.1pp | -46.9% |
| Current Ratio | 9.27-11.8x | 21.11-30.5x | 51.59+41.6x | 9.98+9.5x | 0.46 |
| Debt-to-Equity | 0.24+0.2x | 0.000.0x | 0.03-0.5x | 0.57 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where MoonLake Immunotherapeutics Ranks
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) recorded an outflow of $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) recorded an outflow of $196.0M in operating cash flow during fiscal year 2025, representing cash used by 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 Piotroski F-Score?
MoonLake Immunotherapeutics (MLTX) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $227.3M while operations used $196.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $244.8M against $7.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.