MoonLake Immunotherapeutics MLTX
We are a clinical stage biotechnology company advancing therapies to address significant unmet needs in inflammatory skin and joint diseases. We are currently a single asset company focused on the development of SLK, a novel tri-specific IL-17A and IL-17F inhibiting Nanobody, that we exclusively licensed from MHKDG and that has the potential, based on response levels seen in clinical trials, to drive disease modification in dermatology and rheumatology patients.
SLK is a proprietary Nanobody that was discovered by Ablynx N.V., Belgium, a Sanofi company ("Ablynx"), and previously studied by MHKDG and Avillion LLP ("Avillion") under a 2017 co-development agreement. The terms "Nanobody" and "Nanobodies" used herewith are registered trademarks of Ablynx. Nanobodies are able to bind selectively to a specific antigen with high affinity. Nanobodies have a fraction of the molecular weight compared to traditional antibodies. They offer a number of potential advantages over traditional monoclonal antibodies, including the potential to create multivalent molecules with enhanced ability to penetrate inflamed tissue, especially when containing an additional albumin binding domain such as SLK, an easier manufacturing process and a higher thermostability.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| R&D | $202.9M | $112.8M | $31.8M | $42.0M | — | — |
| SG&A | $42.0M | $30.3M | $22.3M | $23.0M | $4.6M | — |
| Total operating expenses | $244.8M | $143.1M | $54.1M | $65.1M | — | — |
| Operating income | -$244.8M | -$143.1M | -$54.1M | -$65.1M | -$4.6M | — |
| Interest expense | $7.2M | $0 | $0 | — | — | — |
| Pre-tax income | -$229.7M | -$121.0M | -$44.0M | -$64.5M | — | — |
| Income tax | $611.0K | $282.0K | $94.0K | $36.4K | — | — |
| Net income | -$227.3M | -$118.9M | -$36.0M | -$50.0M | -$4.5M | — |
| EPS, basic | -3.53 | -1.89 | -0.73 | -1.70 | — | — |
| EPS, diluted | -3.53 | -1.89 | -0.73 | -1.70 | -0.31 | — |
| Shares, diluted (wtd. avg.) | $64.5M | $62.9M | $49.1M | $29.4M | $360.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $334.5M | $180.4M | $451.2M | $39.5M | $8.0M | $0 |
| Short-term investments | $59.5M | $267.6M | $59.8M | $32.6M | $0 | — |
| Total current assets | $421.7M | $474.3M | $514.2M | $76.5M | $9.6M | $1.6M |
| Property, plant and equipment | $577.0K | $722.0K | $320.9K | $49.4K | $45.7K | — |
| Other intangibles | — | — | — | — | — | $5.0M |
| Total assets | $424.4M | $477.9M | $526.5M | $76.8M | $9.7M | $116.6M |
| Short-term debt | — | — | — | $0 | $15.0M | — |
| Total current liabilities | $45.5M | $22.5M | $10.0M | $7.7M | $21.1M | $125.2K |
| Long-term debt | $74.1M | $0 | — | — | — | — |
| Total liabilities | $120.0M | $24.5M | $13.0M | $8.1M | $21.3M | $4.2M |
| Retained earnings | -$462.9M | -$235.6M | -$116.7M | -$80.7M | -$53.6M | -$2.5M |
| Total equity | $304.5M | $446.8M | $513.5M | $68.8M | -$11.6M | $106.5K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$196.0M | -$116.6M | -$42.8M | -$55.9M | -$611.1K | — |
| Depreciation and amortisation | $2.6M | $1.4M | $370.0K | $164.8K | — | — |
| Stock-based compensation | $12.9M | $7.3M | $7.1M | $9.7M | — | — |
| Capital expenditure | $35.0K | $520.0K | $284.0K | $16.0K | — | — |
| Investing cash flow | $203.0M | -$205.6M | -$25.2M | -$32.3M | — | — |
| Financing cash flow | $146.0M | $51.3M | $479.7M | $119.7M | -$58.1K | — |
| Buybacks | — | $0 | $0 | $0 | $80.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-015916.
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