MoonLake Immunotherapeutics Reports First Quarter 2025 Financial Results and Provides a Business Update
- Secured $500 million non-dilutive debt facility, extending cash runway into 2028
- Strong cash position of $480.1 million as of Q1 2025
- Completed enrollment for Phase 3 VELA program in HS with baseline characteristics replicating Phase 2 success
- Positive interim readout in PPP study, opening potential new blockbuster market opportunity
- Successfully initiated three new clinical trials expanding the potential market for sonelokimab
- Increased G&A expenses from $9.2M to $11.0M quarter-over-quarter
- Taking on debt of up to $500M could increase financial obligations
Insights
MoonLake reports strong financial position while advancing multiple clinical trials for sonelokimab, with key Phase 3 readouts approaching.
MoonLake's Q1 update presents a company with exceptional financial positioning and clinical execution. The $480.1 million cash position combined with their new $500 million non-dilutive debt facility (of which $75 million has been drawn) extends their runway into 2028, providing remarkable operational flexibility during market volatility. This runway far exceeds industry norms and significantly de-risks their ambitious clinical development strategy.
The company's pipeline progress is particularly impressive. They've completed enrollment for their Phase 3 VELA program in hidradenitis suppurativa (HS) with baseline characteristics mirroring their successful Phase 2 MIRA trial – a critical detail suggesting higher probability of success when results arrive around September 2025. The company has simultaneously expanded its clinical program with new trials in adolescent HS, palmoplantar pustulosis (PPP), and axial spondyloarthritis (axSpA).
Their R&D spending (
What sets MoonLake apart is their Nanobody® sonelokimab platform targeting IL-17A and IL-17F – an approach that could potentially offer advantages over existing IL-17 inhibitors that only target IL-17A. With multiple data readouts approaching, including Phase 3 results in HS (September 2025) and Phase 2 data in PPP (2H 2025), the company is approaching critical value-creation milestones that could significantly redefine their market position.
MoonLake Immunotherapeutics Reports First Quarter 2025 Financial Results and Provides a Business Update
- Continued to make significant progress with the development of the Nanobody® sonelokimab across portfolio of indications, including Phase 3 studies in hidradenitis suppurativa (HS), psoriatic Arthritis (PsA) and adolescent HS, as well as Phase 2 studies in palmoplantar pustulosis (PPP) and axial spondyloarthritis (axSpA)
- Announced completion of enrollment of patients in the Phase 3 program in HS (the VELA program) and disclosed baseline characteristics, replicating the Phase 2 MIRA trial
- Presented an interim readout of the Phase 2 LEDA study in PPP, highlighting the potential of sonelokimab in an indication with currently no approved therapeutics in the US and Europe, and further derisking the overall development of sonelokimab
- Ended the first quarter with
$480.1 million in cash, cash equivalents and short-term marketable debt securities and announced closing of a debt facility, providing up to$500 million in non-dilutive funds and extending expected cash runway into 2028
ZUG, Switzerland, May 12, 2025 – MoonLake Immunotherapeutics (NASDAQ:MLTX) (“MoonLake” or the “Company”), a clinical-stage biotechnology company focused on creating next-level therapies for inflammatory diseases, today announced its financial results for the first quarter of 2025.
Matthias Bodenstedt, Chief Financial Officer of MoonLake Immunotherapeutics, said: “We continue executing across our portfolio of indications with quality, speed and efficiency. Having enrolled our Phase 3 VELA program with a patient population that mirrors our Phase 2 MIRA trial further increases our confidence in the primary endpoint data which we expect to present around September 2025. The interim readout in PPP opens up another potential blockbuster indication in dermatology with a significant unmet need, and also our trials in rheumatology are progressing well. The non-dilutive facility with Hercules Capital of up to
Q1 highlights (including post-period end):
- Initiated three new trials in the beginning of 2025 with the Nanobody® sonelokimab: Phase 3 VELA-TEEN trial in adolescent HS, Phase 2 LEDA trial in PPP and Phase 2 S-OLARIS trial in axSpA.
- Announced up to
$500 million non-dilutive financing agreement with Hercules Capital Inc. (NYSE:HTGC), a leader in customized debt financing for companies in the life sciences and technology-related markets, for up to$500 million in non-dilutive capital, of which$75 million was drawn down at close and additional tranches will become available upon achievement of certain pre-specified milestones that are aligned with MoonLake’s strategy and funding needs. - Held an in-person and virtual Capital Markets Update in New York on Tuesday, April 29, 2025 where we:
- Confirmed the baseline characteristics of the VELA program with the Nanobody® sonelokimab in HS and its comparability to Phase 2 MIRA and other competitor trials following the conclusion of patient recruitment and provided narrowed guidance with respect to the timing of the primary endpoint readout
- Announced an earlier-than-expected interim readout of the LEDA study, highlighting the potential of sonelokimab in the evolving PPP market and further derisking the overall development of the asset
First quarter 2025 financial results
As of March 31, 2025, MoonLake held cash, cash equivalents and short-term marketable debt securities of
Important upcoming anticipated milestones for MoonLake:
- Initiation of Phase 2 P-OLARIS trial of Nanobody® sonelokimab in PsA and axSpA (mid 2025)
- Top line results for Phase 3 VELA program for the Nanobody® sonelokimab in HS (around September 2025)
- Primary end point readout from the Phase 2 LEDA trial, the first clinical trial in PPP for an IL-17A and IL-17F inhibitor (2H 2025)
Upcoming investor and medical conferences:
- Jefferies Global Healthcare Conference, June 3-5, New York
- Goldman Sachs Annual Global Healthcare Conference, June 10-13, Miami
- EULAR 2025 (European Congress of Rheumatology), June 11-14, Barcelona
- Leerink Partners Therapeutics Forum, July 8-9, Boston
- GRAPPA Annual Meeting, July, 10-12, Bogotá, Colombia
-Ends-
About MoonLake Immunotherapeutics
MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company unlocking the potential of sonelokimab, a novel investigational Nanobody® for the treatment of inflammatory disease, to revolutionize outcomes for patients. Sonelokimab inhibits IL-17A and IL-17F by inhibiting the IL-17A/A, IL-17A/F, and IL-17F/F dimers that drive inflammation. The Company’s focus is on inflammatory diseases with a major unmet need, including hidradenitis suppurativa and psoriatic arthritis – conditions affecting millions of people worldwide with a large need for improved treatment options. MoonLake was founded in 2021 and is headquartered in Zug, Switzerland. Further information is available at www.moonlaketx.com.
About Nanobodies®
Nanobodies® represent a new generation of antibody-derived targeted therapies. They consist of one or more domains based on the small antigen-binding variable regions of heavy-chain-only antibodies (VHH). Nanobodies® have a number of potential advantages over traditional antibodies, including their small size, enhanced tissue penetration, resistance to temperature changes, ease of manufacturing, and their ability to be designed into multivalent therapeutic molecules with bespoke target combinations.
The terms Nanobody® and Nanobodies® are trademarks of Ablynx, a Sanofi company.
About Sonelokimab
Sonelokimab (M1095) is an investigational ~40 kDa humanized Nanobody® consisting of three VHHs covalently linked by flexible glycine-serine spacers. With two domains, sonelokimab selectively binds with high affinity to IL-17A and IL-17F, thereby inhibiting the IL-17A/A, IL-17A/F, and IL-17F/F dimers. A third central domain binds to human albumin, facilitating further enrichment of sonelokimab at sites of inflammatory edema.
Sonelokimab is being assessed in two lead indications, hidradenitis suppurative (HS) and psoriatic arthritis (PsA), and the Company is pursuing other indications in dermatology and rheumatology, including adolescent HS, palmo-plantar pustulosis (PPP) and axial spondyloarthritis (axSpA).
For adults with HS, sonelokimab is being assessed in the Phase 3 trials, VELA-1 and VELA-2, following the successful outcome of MoonLake’s end-of-Phase 2 interactions with the FDA and as well as positive feedback from its interactions with the EMA announced in February 2024. In June 2023, topline results of the MIRA trial (NCT05322473) at 12 weeks showed that the trial met its primary endpoint, the Hidradenitis Suppurativa Clinical Response (HiSCR) 75, which is a higher measure of clinical response versus the HiSCR50 measure used in other clinical trials, setting a landmark milestone. In October 2023, the full dataset from the MIRA trial at 24 weeks showed that maintenance treatment with sonelokimab led to further improvements in HiSCR75 response rates and other high threshold clinical and patient relevant outcomes. The safety profile of sonelokimab in the MIRA trial was consistent with previous trials with no new safety signals detected.
Sonelokimab is currently undergoing evaluation in the VELA-TEEN Phase 3 trial, which is the first clinical study specifically focused on adolescent patients with moderate-to-severe HS.
For PsA, sonelokimab is being assessed in the Phase 3 trials, IZAR-1 and IZAR-2, following the announcement in March 2024 of the full dataset from the global Phase 2 ARGO trial (M1095-PSA-201) evaluating the efficacy and safety of the Nanobody® sonelokimab over 24 weeks in patients with active PsA. Significant improvements were observed across all key outcomes, including approximately
Sonelokimab is also being assessed in the Phase 2 LEDA trial, which is ongoing for PPP, a debilitating inflammatory skin condition affecting a significant number of patients.
Additionally, Sonelokimab is being assessed in the ongoing Phase 2 S-OLARIS trial for active axSpA. The trial features an innovative design complementing traditional clinical outcomes with cellular imaging techniques.
Sonelokimab has also been assessed in a randomized, placebo-controlled third-party Phase 2b trial (NCT03384745) in 313 patients with moderate-to-severe plaque-type psoriasis. High threshold clinical responses (Investigator’s Global Assessment Score 0 or 1, and Psoriasis Area and Severity Index 90/100) were observed in patients with moderate-to-severe plaque-type psoriasis. Sonelokimab was generally well tolerated, with a safety profile similar to the active control, secukinumab (Papp KA, et al. Lancet. 2021; 397:1564-1575).
In an earlier third-party Phase 1 trial in patients with moderate-to-severe plaque-type psoriasis, sonelokimab has been shown to decrease (to normal skin levels) the cutaneous gene expression of pro-inflammatory cytokines and chemokines (Svecova D. J Am Acad Dermatol. 2019;81:196–203).
About the VELA program
The Phase 3 VELA program is expected to enroll 800 patients across VELA-1 and VELA-2. Both global, randomized, double-blind, and placebo-controlled trials are identical in design evaluating the efficacy and safety of the Nanobody® sonelokimab, administered subcutaneously, in adult patients with active moderate-to-severe hidradenitis suppurativa. Similar to the design of the landmark Phase 2 MIRA trial, the primary endpoint is the percentage of participants achieving Hidradenitis Suppurativa Clinical Response (HiSCR) 75, defined as a ≥
About the VELA-TEEN trial
The Phase 3 VELA-TEEN trial is an open-label, single-arm trial designed to evaluate sonelokimab 120mg administered subcutaneously once every two weeks (Q2W) until week six and once every four weeks (Q4W) from week eight onwards. The trial aims to enroll 30-40 adolescents, aged 12-17, with moderate-to-severe hidradenitis suppurativa, from U.S. sites experienced in clinical trials and pediatric dermatology. The primary trial phase will be 24 weeks with a primary endpoint evaluating the pharmacokinetics, safety, and tolerability of sonelokimab. VELA-TEEN will also evaluate several secondary endpoints, including the proportion of patients achieving the higher clinical response measure of the Hidradenitis Suppurativa Clinical Response Score (HiSCR) 75, in addition to HiSCR50. Other outcomes are the change from baseline in the International Hidradenitis Suppurativa Severity Score System (IHS4), which includes the quantitative measure of draining tunnels, and the proportion of patients achieving a meaningful reduction of the Children’s Dermatology Life Quality Index (CDLQI) and the Patients Global Assessment of Skin Pain (PGA Skin Pain). Further details are available under NCT06768671 at ClinicalTrials.gov.
About Hidradenitis Suppurativa
Hidradenitis suppurativa (HS) is a severely debilitating chronic skin condition resulting in irreversible tissue destruction. HS manifests as painful inflammatory skin lesions, typically around the armpits, groin, and buttocks. Over time, uncontrolled and inadequately treated inflammation can result in irreversible tissue destruction and scarring. The disease affects an estimated
About the IZAR Program
IZAR-1 (NCT06641076) and IZAR-2 (NCT06641089) are global, randomized, double-blind, placebo-controlled Phase 3 trials designed to evaluate the efficacy and safety of sonelokimab compared with placebo in a total of approximately 1,500 adults with active psoriatic arthritis (PsA), with a primary endpoint of superiority to placebo in American College of Rheumatology (ACR) 50 response at Week 16. IZAR-1 is expected to enroll biologic-naïve patients and include an evaluation of radiographic progression, while IZAR-2 is expected to enroll patients with an inadequate response to tumor necrosis factor-α inhibitors (TNF-IR) — reflecting patients commonly seen in clinical practice — and is the first PsA trial to include a risankizumab active reference arm. Both trials will also assess a range of secondary endpoints reflecting the multiple disease manifestations characteristic of PsA. These include skin and nail outcomes, multidomain outcomes, and patient-reported outcome measures such as pain and quality of life assessments. Further details are available under NCT06641076 and NCT06641089 at ClinicalTrials.gov.
About Psoriatic Arthritis
Psoriatic arthritis (PsA) is a chronic, progressive and complex inflammatory disease that manifests across multiple domains, leading to substantial functional impairment and decreased quality of life. The clinical features of PsA are diverse, comprising both musculoskeletal (peripheral arthritis, spondylitis, dactylitis, and enthesitis) and non-musculoskeletal (skin and nail disease) domains. PsA occurs in up to
About the S-OLARIS trial
S-OLARIS is an open-label Phase 2 proof-of-concept trial aiming to investigate sonelokimab 60mg administered subcutaneously in approximately 25 patients with active axial spondylarthritis (axSpA). The primary endpoint is the change from baseline (CfB) at week 12 in the uptake of 18F-NaF in the sacroiliac joints and spine using PET in combination with MRI imaging. Throughout the trial, several other endpoints will be assessed including established clinical disease activity outcomes (e.g., ASAS), scores related to physical function, spinal mobility, and enthesitis as well as patient reported outcomes. The trial also includes an exploratory peripheral blood and tissue biomarker program.
About Axial Spondyloarthritis
Axial Spondyloarthritis (axSpA) typically impacts young people, with diagnosis based on chronic inflammatory back pain lasting more than three months with onset under 45 years of age. Advanced disease can lead to progressive and pathologic bone formation and joint fusion, severely limiting spinal mobility. Global reported prevalence of axSpA ranges from
About the LEDA Trial
The LEDA trial is a Phase 2 trial designed to evaluate the efficacy and safety of sonelokimab 120mg administered subcutaneously in adult patients with palmoplantar pustulosis (PPP). The primary endpoint of the trial is percent change from baseline in Palmoplantar Psoriasis Area and Severity Index (ppPASI) with important secondary endpoints including ppPASI75 (at least
The trial design has been informed by previous successful studies of sonelokimab, including the landmark Phase 2 MIRA trial in hidradenitis suppurativa, which identified the optimal dosing and demonstrated the potential of sonelokimab to target deep tissue inflammation effectively.
About Palmoplantar Pustulosis
Palmoplantar Pustulosis (PPP) is characterized by the development of blister-like pustules within erythematous, scaly plaques on the palms and the soles of the feet. PPP typically develops in adulthood, more frequently impacts females. Patients frequently experience significant pain, burning, and itching sensations on the palms and soles of the feet which can be debilitating and impair their ability to work, sleep, or perform other activities of daily living. Currently, the treatment of PPP is challenging with a significant unmet need for novel therapies to reduce the symptom burden for patients. Evidence suggests that activation of the IL-17 pathway has an important role in disease pathophysiology.
Cautionary Statement Regarding Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding MoonLake’s expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding: trial design, plans for and timing of clinical trials, including initiation of the Phase 2 P-OLARIS trial; the efficacy and safety of sonelokimab for the treatment of adult HS, adolescent HS, PPP, PsA and axSpA, including in comparison to existing standards or care or other competing therapies, clinical trials and research and development programs; the anticipated timing of the results from those studies and trials, including timing of topline results from the Phase 3 VELA program and primary endpoint readout from the Phase 2 LEDA trial; potential market opportunities for sonelokimab and MoonLake’s anticipated cash position. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking.
Forward-looking statements are based on current expectations and assumptions that, while considered reasonable by MoonLake and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with MoonLake’s business in general and limited operating history, difficulty enrolling patients in clinical trials, state and federal healthcare reform measures that could result in reduced demand for MoonLake’s product candidates, reliance on third parties to conduct and support its preclinical studies and clinical trials, the impact of general economic, health, industrial or political conditions in the United States or internationally, including recently announced tariffs and potential additional tariffs, FDA and comparable foreign regulatory authorities changes in leadership or policies or issuing additional regulations or revising existing regulations, and the other risks described in or incorporated by reference into MoonLake’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission, including MoonLake’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this press release, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. MoonLake does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or in the events, conditions or circumstances on which any such statement is based.
Contacts:
MoonLake Immunotherapeutics Media & Investors Relations
Carla Bretes, Director IR & External Communications
ir@moonlaketx.com
ICR Healthcare
Mary-Jane Elliott, Namrata Taak, Ashley Tapp
Tel: +44 (0) 20 3709 5700
MoonLake@ICRHealthcare.com
MOONLAKE IMMUNOTHERAPEUTICS
CONDENSED CONSOLIDATED BALANCE SHEETS
| (in thousands, except share and per share data) | March 31, 2025 (Unaudited) | December 31, 2024 | ||
| Current assets | ||||
| Cash and cash equivalents | $ 271,566 | $ 180,426 | ||
| Short-term marketable debt securities | 208,564 | 267,601 | ||
| Other receivables | 2,988 | 2,844 | ||
| Prepaid expenses | 23,146 | 23,418 | ||
| Total current assets | 506,264 | 474,289 | ||
| Non-current assets | ||||
| Operating lease right-of-use assets | 2,589 | 2,922 | ||
| Property and equipment, net | 711 | 722 | ||
| Other non-current assets | 1,698 | — | ||
| Total non-current assets | 4,998 | 3,644 | ||
| Total assets | $ 511,262 | $ 477,933 | ||
| Current liabilities | ||||
| Trade and other payables | $ 12,006 | $ 8,992 | ||
| Accrued expenses and other current liabilities | 10,543 | 12,099 | ||
| Short-term portion of operating lease liabilities | 1,432 | 1,372 | ||
| Total current liabilities | 23,981 | 22,463 | ||
| Non-current liabilities | ||||
| Long-term debt | 73,022 | — | ||
| Long-term portion of operating lease liabilities | 1,142 | 1,458 | ||
| Pension liability | 536 | 621 | ||
| Total non-current liabilities | 74,700 | 2,079 | ||
| Total liabilities | 98,681 | 24,542 | ||
| Commitments and contingencies (Note 16) | ||||
| Equity | ||||
| Class A Ordinary Shares: | 6 | 6 | ||
| Class C Ordinary Shares: | — | — | ||
| Additional paid-in capital | 680,664 | 677,415 | ||
| Accumulated deficit | (275,537) | (235,593) | ||
| Accumulated other comprehensive income | 2,387 | 4,997 | ||
| Total shareholders’ equity | 407,520 | 446,825 | ||
| Noncontrolling interests | 5,061 | 6,566 | ||
| Total equity | 412,581 | 453,391 | ||
| Total liabilities and equity | $ 511,262 | $ 477,933 |
MOONLAKE IMMUNOTHERAPEUTICS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| Three Months Ended March 31, | ||||
| (in thousands, except share and per share data) | 2025 | 2024 | ||
| Operating expenses | ||||
| Research and development | $ (36,459) | $ (13,014) | ||
| General and administrative | (11,026) | (6,806) | ||
| Total operating expenses | (47,485) | (19,820) | ||
| Operating loss | (47,485) | (19,820) | ||
| Interest expense | (18) | – | ||
| Other income, net | 7,097 | 5,915 | ||
| Loss before income tax | (40,406) | (13,905) | ||
| Income tax expense | (153) | (70) | ||
| Net loss | $ (40,559) | $ (13,975) | ||
| Of which: net loss attributable to controlling interests shareholders | (39,944) | (13,673) | ||
| Of which: net loss attributable to noncontrolling interests shareholders | (615) | (302) | ||
| Net unrealized gain (loss) on marketable securities and short-term investments | (2,756) | 182 | ||
| Actuarial income on employee benefit plans | 95 | 81 | ||
| Other comprehensive income (loss) | (2,661) | 263 | ||
| Comprehensive loss | $ (43,220) | $ (13,712) | ||
| Comprehensive loss attributable to controlling interests shareholders | (42,564) | (13,416) | ||
| Comprehensive loss attributable to noncontrolling interests | (656) | (296) | ||
| Weighted-average number of Class A Ordinary Shares, basic and diluted | 63,233,788 | 62,637,212 | ||
| Basic and diluted net loss per share attributable to controlling interests shareholders | $ (0.63) | $ (0.22) | ||
FAQ
What were MLTX's Q1 2025 financial results?
When will MoonLake's Phase 3 VELA trial results for sonelokimab in HS be released?
What is the new debt facility MLTX secured with Hercules Capital?
What new clinical trials did MLTX initiate in early 2025?
How long will MLTX's current cash runway last?
