MoonLake Immunotherapeutics
MLTX · Pharmaceutical Preparations · 73.6M shares · -39%/yr ↓ buyback · EDGAR filings ↗
Reference price $22.04 · est. market cap ~$1.6B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — immuno-dermatology clinical (sonelokimab), heavy burn ($196M), funded.
Strengths
- Liquidity — current ratio 9.3 (77th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-196.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Buying back stockNet buyback — share count -39%/yr over 4y
- Strong balance sheetStrong balance sheet — $394M cash & investments, ~8 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Trial readout soonUpcoming trial readout ~2026-09-28 — PHASE3 · Hidradenitis Suppurativa
- Insider sellingInsider selling — 15 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$72M, last 6mo) Form 4 ↗
- AccumulatingInstitutional holders rose 8→9 QoQ (2025-12-31→2026-03-31)
- Notable holderHeld by 5 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-74.7%
Return on assets
-53.6%
ROIC
-51.1%
Debt / equity
0.2×
Current ratio
9.3×
Free cash flow
-$196M
EBITDA
-$242M
Tangible book value
$304M
Cash & investments
$394M
Cash runway
8q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Bodenstedt Matthias | Sell | 39K | $22.04 |
| 2026-06-18 | Bodenstedt Matthias | Sell | 2.8K | $19.60 |
| 2026-06-17 | Bodenstedt Matthias | Sell | 15K | $19.68 |
| 2026-06-17 | Reich Kristian | Sell | 50K | $19.43 |
| 2026-06-16 | Reich Kristian | Sell | 50K | $18.70 |
| 2026-06-15 | Reich Kristian | Sell | 50K | $18.89 |
| 2026-05-11 | Bodenstedt Matthias | Sell | 14K | $20.02 |
| 2026-04-14 | Bodenstedt Matthias | Sell | 2.4K | $19.56 |
| 2026-04-13 | Santos da Silva Jorge | Sell | 52K | $18.23 |
| 2026-04-10 | Santos da Silva Jorge | Sell | 98K | $18.41 |
| 2026-04-10 | Bodenstedt Matthias | Sell | 1.9K | $19.51 |
| 2026-04-09 | Bodenstedt Matthias | Sell | 86K | $18.94 |
| 2026-03-31 | BVF PARTNERS L P/IL | Sell | 1.9M | $16.79 |
| 2026-03-31 | BVF PARTNERS L P/IL | Sell | 1.6M | $16.79 |
| 2026-03-31 | BVF PARTNERS L P/IL | Sell | 249K | $16.79 |
| 2026-01-07 | Bodenstedt Matthias | Grant | 354K | — |
| 2025-12-19 | Santos da Silva Jorge | Conversion | 196K | — |
| 2025-12-19 | Bodenstedt Matthias | Conversion | 294K | — |
| 2025-12-19 | Bodenstedt Matthias | Disposition | 294K | — |
| 2025-12-19 | Reich Kristian | Conversion | 35K | — |
| 2025-12-19 | Reich Kristian | Disposition | 35K | — |
| 2025-12-19 | Santos da Silva Jorge | Disposition | 196K | — |
| 2025-12-09 | Santos da Silva Jorge | Sell | 70K | $14.49 |
| 2025-12-09 | Reich Kristian | Sell | 73K | $14.43 |
| 2025-12-08 | Santos da Silva Jorge | Sell | 130K | $15.08 |
| 2025-12-08 | Reich Kristian | Sell | 130K | $15.08 |
| 2025-10-08 | Bodenstedt Matthias | Buy | 11K | $9.09 |
| 2025-09-30 | Chen Bihua | Sell | 5.8K | $6.96 |
| 2025-09-29 | Chen Bihua | Sell | 232K | $8.40 |
| 2025-09-29 | Chen Bihua | Sell | 3.4M | $7.58 |
| 2025-09-29 | Chen Bihua | Sell | 2.8M | $6.61 |
| 2025-09-29 | Chen Bihua | Sell | 71K | $9.38 |
| 2025-09-02 | Reich Kristian | Conversion | 49K | — |
| 2025-09-02 | Reich Kristian | Disposition | 49K | — |
| 2025-07-03 | Moukheibir Catherine | Option exercise | 24K | — |
| 2025-07-03 | Moukheibir Catherine | Sell | 24K | $48.79 |
| 2025-02-27 | Santos da Silva Jorge | Grant | 96K | — |
| 2025-02-27 | Bodenstedt Matthias | Grant | 96K | — |
| 2025-01-20 | Reich Kristian | Conversion | 112K | — |
| 2025-01-20 | Reich Kristian | Disposition | 112K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07007637 ↗ | A Study to Evaluate the Long-term Safety, Tolerability, and Efficacy of Subcutaneous Sonelokimab in Participants With Moderate to Severe Hidradenitis Suppurativa Hidradenitis Suppurativa | PHASE3 | Enrolling By Invitation | 2028-06-13 |
| NCT07223138 ↗ | A Study to Evaluate the Long-term Safety, Tolerability, and Efficacy of Subcutaneous Sonelokimab in Participants With Psoriatic Arthritis Arthritis, Psoriatic | PHASE3 | Enrolling By Invitation | 2028-02-04 |
| NCT06641076 ↗ | Evaluation of Sonelokimab in Patients With Active Psoriatic Arthritis Naive to Biologic Disease-Modifying Antirheumatic Drug Arthritis, Psoriatic | PHASE3 | Active Not Recruiting | 2027-02-04 |
| NCT06641089 ↗ | Evaluation of Sonelokimab in Patients With Active Psoriatic Arthritis and Anti-TNFα Inadequate Response Arthritis, Psoriatic | PHASE3 | Recruiting | 2027-01-15 |
| NCT06768671 ↗ | An Open-label, Single-arm Study to Evaluate Pharmacokinetics and Safety of Subcutaneous Sonelokimab in Adolescents With Moderate to Severe Hidradenitis Suppurativa (VELA-TEEN) Hidradenitis Suppurativa | PHASE3 | Active Not Recruiting | 2026-09-28 |
| NCT06994936 ↗ | An Open-label Study in Healthy Adults to Evaluate the Relative Bioequivalence of a Single-dose Administration of Sonelokimab Either by a Prefilled Syringe or an Autoinjector Relative Bioequivalence | PHASE1 | Completed | 2025-11-01 |
| NCT06411899 ↗ | A Study to Evaluate the Efficacy and Safety of Subcutaneous Sonelokimab Compared With Placebo in Adult Participants With Moderate to Severe Hidradenitis Suppurativa Hidradenitis Suppurativa | PHASE3 | Completed | 2025-09-02 |
| NCT06411379 ↗ | Study to Evaluate the Efficacy and Safety of Subcutaneous Sonelokimab Compared With Placebo in Adult Participants With Moderate to Severe Hidradenitis Suppurativa Hidradenitis Suppurativa | PHASE3 | Completed | 2025-08-14 |
| NCT05640245 ↗ | Evaluation of Sonelokimab for the Treatment of Patients With Active Psoriatic Arthritis Arthritis, Psoriatic | PHASE2 | Completed | 2023-09-05 |
| NCT05322473 ↗ | Evaluation of Sonelokimab for the Treatment of Patients With Active Moderate to Severe Hidradenitis Suppurativa Hidradenitis Suppurativa | PHASE2 | Completed | 2023-05-09 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Material agreementExhibits | filing ↗ |
| 2026-06-22 | Reg FDOtherExhibits | filing ↗ |
| 2026-06-09 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-06-01 | Material agreement | filing ↗ |
| 2026-05-11 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-23 | Material agreementResultsDebt obligationExec/director changeReg FDOtherExhibits | filing ↗ |
| 2026-01-08 | OtherExhibits | filing ↗ |
| 2025-11-05 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-23 | 0001213900-26-071721 ↗ |
| 8-K | 2026-06-22 | 2026-06-21 | 0001213900-26-070362 ↗ |
| 8-K | 2026-06-09 | 2026-06-04 | 0001213900-26-066821 ↗ |
| 8-K | 2026-06-01 | 2026-05-22 | 0001213900-26-063125 ↗ |
| 10-Q | 2026-05-11 | 2026-03-31 | 0001821586-26-000007 ↗ |
| 8-K | 2026-05-11 | 2026-05-10 | 0001821586-26-000005 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001821586-26-000002 ↗ |
| 8-K | 2026-02-23 | 2026-02-18 | 0001213900-26-018967 ↗ |
| 8-K | 2026-01-08 | 2026-01-08 | 0001213900-26-002344 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001821586-25-000021 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001821586-25-000022 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001213900-25-106723 ↗ |