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MoonLake Immunotherapeutics
(NASDAQ:MLTX)
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Rating:54Neutral
Price Target:
$20.50
▲(11.78% Upside)
Action:Reiterated
Date:06/26/26
The score is held back primarily by weak financial performance (no revenue, large losses, significant cash burn, and rising debt). Offsetting this are constructive technical momentum and positive corporate developments around Phase 3 results and progress toward a BLA, with added balance-sheet support from the recent equity raise despite dilution.
Positive Factors
Phase 3 efficacy for sonelokimab (HS)
Durable, high-response Phase 3 results in adults (and strong adolescent signals) establish sonelokimab as a potentially best-in-class HS therapy. Robust efficacy plus a favorable safety profile materially strengthens commercial prospects, formulary positioning, and lasting competitive differentiation once approved.
Negative Factors
No revenue and large, persistent losses
As a pre-commercial biotech, the company records no product revenue while reporting widening losses that translate into real cash outflows. This structural lack of operating income means long-term sustainability depends on successful approvals/commercialization or continuous financing, exposing strategic and execution risk until revenue is established.
Read all positive and negative factors
Positive Factors
Negative Factors
Phase 3 efficacy for sonelokimab (HS)
Durable, high-response Phase 3 results in adults (and strong adolescent signals) establish sonelokimab as a potentially best-in-class HS therapy. Robust efficacy plus a favorable safety profile materially strengthens commercial prospects, formulary positioning, and lasting competitive differentiation once approved.
Read all positive factors
MoonLake Immunotherapeutics (MLTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.65B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)0.78
Revenue GrowthN/A
EPS Growth-68.11%
CountryUS
Employees130
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.88
Shares Outstanding82,615,395
10 Day Avg. Volume1,204,549
30 Day Avg. Volume1,203,803
Financial Highlights & Ratios
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 Cap0.74
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-519.67
Enterprise Value/Ebitda-4.94
Forecast
1Y Price Target
$34.44Price Target Upside87.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-3.83
Revenue Forecast (FY)N/A
MoonLake Immunotherapeutics Business Overview & Revenue Model
Company Description
MoonLake Immunotherapeutics operates as a clinical-stage biopharmaceutical company, concentrating its efforts on discovering and developing novel therapies. The company's primary focus is the advancement of Sonelokimab, an innovative, investigatio...
How the Company Makes Money
As a clinical-stage biotechnology company, MoonLake Immunotherapeutics does not have publicly available information indicating recurring product sales revenue; therefore, detailed specifics on commercial revenue streams are not available (null). T...
MoonLake Immunotherapeutics Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -2.34M | -2.62M | 0.00 | 0.00 | 0.00 | -4.97K |
| EBITDA | -245.81M | -219.85M | -119.58M | -43.61M | -64.30M | -53.63M |
| Net Income | -257.08M | -227.32M | -118.94M | -36.01M | -49.97M | -53.64M |
Balance Sheet | ||||||
| Total Assets | 400.37M | 424.43M | 477.93M | 526.54M | 76.84M | 9.68M |
| Cash, Cash Equivalents and Short-Term Investments | 357.92M | 393.97M | 448.03M | 511.01M | 72.11M | 8.04M |
| Total Debt | 100.80M | 75.71M | 2.83M | 3.70M | 282.58K | 15.00M |
| Total Liabilities | 146.35M | 119.95M | 24.54M | 13.05M | 8.08M | 21.33M |
| Stockholders Equity | 254.02M | 304.48M | 446.83M | 495.68M | 48.90M | -11.65M |
Cash Flow | ||||||
| Free Cash Flow | -224.15M | -196.04M | -117.11M | -43.06M | -55.91M | -35.23M |
| Operating Cash Flow | -224.15M | -196.01M | -116.59M | -42.78M | -55.89M | -35.18M |
| Investing Cash Flow | 146.84M | 202.99M | -205.60M | -25.18M | -32.34M | -50.71K |
| Financing Cash Flow | 103.52M | 146.00M | 51.31M | 479.70M | 119.69M | 43.26M |
MoonLake Immunotherapeutics Technical Analysis
Positive
18.34
Price Trends
18.48
Positive
18.06
Positive
16.32
Positive
Market Momentum
0.32
Positive
59.68
Neutral
58.95
Neutral
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 18.34 is below the 20-day moving average (MA) of 19.56, below the 50-day MA of 18.48, and above the 200-day MA of 16.32, indicating a bullish trend. The MACD of 0.32 indicates Positive momentum. The RSI at 59.68 is Neutral, neither overbought nor oversold. The STOCH value of 58.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MLTX.
MoonLake Immunotherapeutics Risk Analysis
MoonLake Immunotherapeutics disclosed 65 risk factors in its most recent earnings report. MoonLake Immunotherapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MoonLake Immunotherapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $8.85B | -16.27 | -43.96% | ― | 4905.26% | -34.49% | |
59 Neutral | $8.85B | -73.39 | -17.76% | ― | -64.36% | -302.09% | |
54 Neutral | $1.65B | -5.25 | -85.61% | ― | ― | -68.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $2.22B | -12.27 | -24.29% | ― | 8.57% | 35.12% |
* Healthcare Sector Average
MLTX
MoonLake Immunotherapeutics
20.36
-28.64
-58.45%
PTGX
Protagonist Therapeutics
131.42
78.42
147.96%
ZLAB
Zai Lab
20.49
-12.24
-37.40%
CRNX
Crinetics Pharmaceuticals
83.58
51.65
161.76%
MoonLake Immunotherapeutics Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
MoonLake Immunotherapeutics Announces $200 Million Public Offering
Positive
Jun 25, 2026
On June 23, 2026, MoonLake Immunotherapeutics entered into an underwriting agreement to conduct a public offering of 9,000,000 Class A ordinary shares at $20.00 per share and pre-funded warrants for up to 1,000,000 shares at $19.9999 each, with an...
Business Operations and StrategyProduct-Related Announcements
MoonLake Highlights Strong Phase 3 Sonelokimab HS Results
Positive
Jun 22, 2026
On June 21, 2026, MoonLake Immunotherapeutics reported final Week 52 data from its Phase 3 VELA-1 and VELA-2 trials showing that sonelokimab delivered strong and durable efficacy in adults with moderate-to-severe hidradenitis suppurativa, with abo...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
MoonLake shareholders back director, auditor and compensation plans
Positive
Jun 9, 2026
At MoonLake Immunotherapeutics’ recent Annual Meeting, shareholders elected Class I director nominee Spike Loy, with 47,222,233 votes cast in favor and 3,889,131 withheld, and also approved the ratification of Baker Tilly U.S., LLP as the co...
Business Operations and Strategy
MoonLake Secures Long-Term Manufacturing Capacity with Vetter Pharma
Neutral
Jun 1, 2026
On May 22, 2026, MoonLake Immunotherapeutics signed a Master Commercial Supply Agreement with Vetter Pharma under which Vetter will manufacture pre-filled application systems containing active pharmaceutical ingredients, placebos or other material...
Business Operations and StrategyFinancial DisclosuresProduct-Related AnnouncementsRegulatory Filings and Compliance
MoonLake advances sonelokimab toward BLA after positive FDA meeting
Positive
May 11, 2026
MoonLake Immunotherapeutics reported that an April 1, 2026 final pre-BLA meeting with the U.S. FDA for sonelokimab in hidradenitis suppurativa yielded a positive outcome, with agreement on submission plans, label strategy and inclusion of adolesce...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.