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Mar 31, 2025
MoonLake Q1 2025 Earnings Report
Reports First Quarter 2025 Financial Results and Provides a Business Update
Key Takeaways
MoonLake Immunotherapeutics reported a net loss of $40.56 million for the first quarter of 2025, compared to a net loss of $13.98 million in the same period last year. The increase in loss was primarily driven by higher research and development and general and administrative expenses as the company advances its clinical programs. The company ended the quarter with a strong cash position of $480.1 million and secured a non-dilutive debt facility of up to $500 million, extending its cash runway into 2028.
Net loss for Q1 2025 was $40.56 million, a significant increase from $13.98 million in Q1 2024.
Cash, cash equivalents, and short-term marketable debt securities totaled $480.1 million as of March 31, 2025.
Secured a non-dilutive debt facility providing up to $500 million, with $75 million drawn at close.
Cash runway is expected to extend into 2028 with the new debt facility.
Completed enrollment in the Phase 3 program in hidradenitis suppurativa (HS) and expect primary endpoint data around September 2025.
Presented positive interim readout from the Phase 2 LEDA study in palmoplantar pustulosis (PPP).
Forward Guidance
MoonLake expects several key milestones in the near future, including the initiation of a Phase 2 trial in PsA and axSpA, topline results from the Phase 3 VELA program in HS, and primary endpoint readout from the Phase 2 LEDA trial in PPP.
Positive Outlook
- Initiation of Phase 2 P-OLARIS trial of sonelokimab in PsA and axSpA expected mid-2025.
- Topline results for Phase 3 VELA program for sonelokimab in HS expected around September 2025.
- Primary end point readout from the Phase 2 LEDA trial in PPP expected 2H 2025.
- New non-dilutive debt facility extends cash runway into 2028.
- Continued progress across multiple clinical trials for sonelokimab.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
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