MoonLake Immunotherapeutics (MLTX) AI Stock Analysis

• Market Cap: $1.30B
• Dividend Yield: N/A
• Average Volume (3M): 1.44M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: N/A
• EPS Growth: -157.74%
• Country: US
• Employees: 100
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.95
• Shares Outstanding: 70,847,404
• 10 Day Avg. Volume: 1,503,488
• 30 Day Avg. Volume: 1,437,909
• PEG Ratio: -0.04
• Price to Book (P/B): 2.79
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.33
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -694.04
• Enterprise Value/Ebitda: -4.69
• 1Y Price Target: $25.64
• Price Target Upside: 40.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 55 Neutral
• Price Target: $18.50 ▲(1.65% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held back mainly by weak financial performance (no revenue, accelerating losses and cash burn, and rising debt). Offsetting factors include constructive technical momentum and notably positive corporate catalysts (strong trial results, supportive FDA feedback, and expanded non-dilutive financing), while valuation remains difficult to support due to ongoing losses.

Positive Factors

Strong Phase 2 efficacy

Robust Phase 2 efficacy across clinical endpoints, imaging (SPARCC MRI, PET) and biomarkers suggests sonelokimab has deep anti‑inflammatory activity and potential disease‑modifying effects. That durable clinical profile supports differentiation, long‑term market positioning and partner interest across indications.

Regulatory de‑risking (FDA Type B)

FDA agreement that existing MIRA/VELA data can support a BLA materially reduces regulatory execution risk and development time. Avoiding new HS trials lowers program cost and shortens path to approval, increasing the probability of commercialization and improving strategic optionality for partnerships or launch planning.

Material cash runway & facility

A combination of ~$394M cash, recent equity proceeds and an expanded, milestone‑contingent credit facility materially extends runway into H2 2027. This durable financing cushion supports execution of multiple late‑stage readouts and regulatory filings without immediate dilutive equity, lowering near‑term funding uncertainty.

Negative Factors

No revenue; widening losses

As a pre‑revenue biotech, MoonLake depends entirely on financing until commercialization. The substantial increase in net losses in 2025 doubles the magnitude of operating deficits versus prior year, raising persistent financing need and dilutive risk if development timelines slip or commercialization is delayed.

High and rising cash burn

Rapidly worsening operating cash flow demonstrates material negative cash generation that will require repeated external funding until products generate revenue. Sustained high burn constrains optionality, increases refinancing risk, and could force program prioritization or delay if capital markets tighten.

Rising secured debt & restrictive covenants

The sharp increase in secured debt and asset pledging reduces balance sheet flexibility and puts IP and subsidiaries as collateral. Facility drawdowns are milestone‑contingent and include revenue covenants, which could limit strategic moves, complicate future financings, or accelerate repayment pressure if milestones falter.

MoonLake Immunotherapeutics Business Overview & Revenue Model

Company Description

MoonLake Immunotherapeutics, a clinical-stage biopharmaceutical company, engages in developing therapies. It is developing Sonelokimab, a novel investigational Nanobody therapy for the treatment of inflammation. The company is involved in conducting Phase II trials for hidradenitis suppurativa, psoriatic arthritis, ankylosing spondylitis, or radiographic axial spondyloarthritis. MoonLake Immunotherapeutics was founded in 2021 and is headquartered in Zug, Switzerland.

How the Company Makes Money

MoonLake Immunotherapeutics makes money primarily through the development and commercialization of its proprietary drug candidates. The company generates revenue by advancing its therapeutic products through clinical trials and ultimately seeking regulatory approval for marketing and sales. Additionally, MoonLake may engage in strategic partnerships or collaborations with other pharmaceutical companies, which can include licensing agreements, joint ventures, or co-development opportunities to enhance its product pipeline and expand market reach. These partnerships can provide upfront payments, milestone payments, and royalties, contributing to the company's overall revenue. Furthermore, MoonLake might receive funding through grants, public offerings, or private investments to support its research and development activities.

MoonLake Immunotherapeutics Financial Statement Overview

Summary

Development-stage profile with $0 revenue, widening net losses (about $229M in 2025 vs. about $119M in 2024) and sharply more negative operating cash flow (about -$196M in 2025 vs. about -$117M in 2024). Balance sheet remains a support with positive equity (about $304M in 2025), but debt rose sharply (about $75.7M vs. about $2.8M in 2024) and assets declined, increasing financing risk if burn persists.

Income Statement

The income statement reflects a pre-revenue biotech profile: revenue is consistently $0 across the annual periods provided, with persistent operating losses. Losses have widened materially in the most recent year (net loss of about $229M in 2025 vs. about $119M in 2024), indicating rising spend and a heavier burn phase. The main strength is that losses are expected for the industry stage, but the lack of revenue and the recent acceleration in net losses weigh heavily on the score.

Balance Sheet

The balance sheet is a relative bright spot: stockholders’ equity remains solidly positive in recent years (about $304M in 2025) and leverage is still moderate in absolute terms (about $75.7M of total debt in 2025). However, debt increased sharply versus 2024 (from roughly $2.8M to $75.7M), and total assets declined from about $478M (2024) to $424M (2025), consistent with cash usage. Overall, the company appears funded today, but the trend shows weakening balance sheet flexibility as burn continues and debt steps up.

Cash Flow

Cash generation is weak and deteriorating: operating cash flow is meaningfully negative and worsened to about -$196M in 2025 from about -$117M in 2024, with free cash flow similarly negative. While free cash flow growth is shown as positive in 2025, the business is still deeply cash-consuming, implying continued reliance on external funding (equity raises or additional debt) until revenue ramps. The key positive is that the company’s cash burn is broadly aligned with its reported losses, but the absolute burn level is high.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	-4.97K
EBITDA	-219.85M	-141.71M	-53.75M	-64.90M	-53.63M
Net Income	-229.10M	-118.94M	-36.01M	-49.97M	-53.64M
Balance Sheet
Total Assets	424.43M	477.93M	526.54M	76.84M	9.68M
Cash, Cash Equivalents and Short-Term Investments	393.97M	448.03M	511.01M	72.11M	8.04M
Total Debt	75.71M	2.83M	3.70M	282.58K	15.00M
Total Liabilities	119.95M	24.54M	13.05M	8.08M	21.33M
Stockholders Equity	304.48M	446.83M	495.68M	48.90M	-11.65M
Cash Flow
Free Cash Flow	-196.04M	-117.11M	-43.06M	-55.91M	-35.23M
Operating Cash Flow	-196.01M	-116.59M	-42.78M	-55.89M	-35.18M
Investing Cash Flow	202.99M	-205.60M	-25.18M	-32.34M	-50.71K
Financing Cash Flow	146.00M	51.31M	479.70M	119.69M	43.26M

MoonLake Immunotherapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MLTX, the sentiment is Positive. The current price of 18.2 is above the 20-day moving average (MA) of 16.46, above the 50-day MA of 15.36, and below the 200-day MA of 30.99, indicating a neutral trend. The MACD of 0.83 indicates Negative momentum. The RSI at 63.39 is Neutral, neither overbought nor oversold. The STOCH value of 82.28 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MLTX.

MoonLake Immunotherapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRNX	64 Neutral	$4.56B	-9.82	-44.42%	―	―	-21.96%
PTGX	61 Neutral	$5.46B	137.97	7.80%	―	-35.39%	-72.97%
APLS	58 Neutral	$2.80B	74.54	14.10%	―	42.11%	―
MLTX	55 Neutral	$1.30B	-5.47	-54.17%	―	―	-157.74%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZLAB	48 Neutral	$2.16B	-9.93	-28.97%	―	23.73%	30.16%

MoonLake Immunotherapeutics Corporate Events

MoonLake Highlights Positive S-OLARIS Data and Investor Day

On February 20, 2026, MoonLake Immunotherapeutics amended its loan and security agreement with Hercules Capital, expanding a senior secured credit facility to six tranches totaling up to $500 million and drawing an additional $25 million. The amended structure leaves up to $400 million of non-dilutive debt available, largely contingent on key clinical and regulatory milestones for sonelokimab in hidradenitis suppurativa and psoriatic arthritis, and introduces a conditional revenue covenant tied to future product sales.

All obligations under the facility are secured by substantially all of MoonLake’s and its material subsidiaries’ assets, including intellectual property, and the loans feature no scheduled amortization with principal due at maturity. The financing package bolsters MoonLake’s balance sheet alongside its existing cash, cash equivalents and short-term marketable debt securities of $394 million as of December 31, 2025, supporting the costly late-stage development and potential commercialization of sonelokimab.

On February 18, 2026, board member Simon Sturge notified MoonLake he would resign effective February 28, 2026, after which the board will shrink from six to five directors. The company said his departure was not due to any disagreement on operations or policies, and it appointed CEO Jorge Santos da Silva as interim chair and director Spike Loy as lead independent director from the same date, signaling continuity in governance during a pivotal clinical phase.

On February 22, 2026, MoonLake reported positive topline results from its Phase 2 S-OLARIS trial of sonelokimab in axial spondyloarthritis, where 81% of treated patients achieved an ASAS40 response at week 12. Additional clinical, imaging and biomarker data, including SPARCC MRI and PET measures of inflammation and osteoblast activity, indicated rapid, deep-tissue effects and a safety profile consistent with prior trials, reinforcing the drug’s potential to modify disease pathways in axial spondyloarthritis.

The same day, the company released financial results for the fourth quarter and full year 2025, posting research and development expenses of $56 million and general and administrative expenses of $9.2 million for the quarter. MoonLake said its year-end cash and marketable securities, together with recent equity proceeds and the amended Hercules facility, are expected to fund operations into the second half of 2027, underpinning multiple upcoming data readouts and regulatory steps in its late-stage pipeline.

MoonLake also confirmed it would hold an Investor Day webcast on February 23, 2026 to present the S-OLARIS data, discuss outcomes of a recent Type B FDA meeting for hidradenitis suppurativa and outline its biologics license application plans. Management intends to share interim Phase 3 hidradenitis suppurativa data, adolescent trial results and detail 2026 catalysts, including Phase 3 readouts in psoriatic arthritis and palmo-plantar pustulosis program plans, indicating an intense news flow that could influence investor expectations and partner interest.

The most recent analyst rating on (MLTX) stock is a Buy with a $33.00 price target. To see the full list of analyst forecasts on MoonLake Immunotherapeutics stock, see the MLTX Stock Forecast page.

MoonLake Advances Sonelokimab After Positive FDA Feedback

On January 8, 2026, MoonLake Immunotherapeutics reported that a recent Type B meeting with the U.S. Food and Drug Administration delivered positive regulatory feedback on the clinical evidence package for sonelokimab in hidradenitis suppurativa, confirming that the company may pursue a Biologics License Application in the second half of 2026 without conducting additional HS clinical trials. The FDA agreed that data from MoonLake’s existing MIRA, VELA‑1 and VELA‑2 studies—together enrolling more than 1,000 HS patients and showing significant efficacy and a favorable safety profile—can collectively establish substantial evidence of effectiveness, while emphasizing the inclusion of VELA‑2 primarily to inform safety, a stance that reinforces the value of the current HS program and de-risks the regulatory path. The company said preparations for the BLA submission remain on track and highlighted a catalyst-heavy 2026, including multiple Phase 2 and Phase 3 data readouts in axial spondyloarthritis, psoriatic arthritis and adolescent HS, alongside an Investor Day set for February 23, 2026 to discuss the FDA feedback, new clinical data and its broader development roadmap for sonelokimab.

The most recent analyst rating on (MLTX) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on MoonLake Immunotherapeutics stock, see the MLTX Stock Forecast page.