MoonLake Immunotherapeutics: Strong Financials and Promising Clinical Developments Drive Buy RatingThis morning, MoonLake (Nasdaq: MLTX) reported Q3 2025 earnings, finishing the quarter with $380.5M in cash, cash equivalents, and short-term marketable debt securies. The balance sheet along with funds from the non-diluve financing agreement with Hercules Capital are expected to fund operaons into H2 2027. The Company also announced a $75M underwrien offering which is expected to close on or about November 6 th . Recent updates from MoonLake’s pipeline include: Palmoplantar Pustulosis (PPP): PPP is a chronic skin disorder that is characterized by painful and recurrent pustules on the palms/soles and affects 10-15% of paents with psoriasis. Management notes that ~170k unique PPP paents were diagnosed in the US between 2016-2025, and~20k paents are newly diagnosed every year.