MoonLake Immunotherapeutics
MLTX evidence brief
What we can confirm
- BioSniper Score:
- 4.7 / 10
- Market Cap:
- $1.27B
- Lead Asset:
- SLK (Phase 2)
What it means
What to watch
Prepared research question
What matters most for MLTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MLTX
MoonLake Immunotherapeutics (MLTX) is a clinical-stage biopharmaceutical company developing sonelokimab, a tri-specific Nanobody targeting IL-17A and IL-17F, for multiple inflammatory conditions including hidradenitis suppurativa, psoriatic arthritis, and palmoplantar pustulosis.
Key risk: Operating losses
BioSniper Score
Based on 4 of 6 signals
Market Cap
$1.27B
Cash Runway
—
Lead Asset
SLK (Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 8 clinical trials for MoonLake Immunotherapeutics.
Similar companies
MoonLake Immunotherapeutics (MLTX) is a clinical-stage biopharmaceutical company developing sonelokimab, a tri-specific Nanobody targeting IL-17A and IL-17F, for multiple inflammatory conditions including hidradenitis suppurativa, psoriatic arthritis, and palmoplantar pustulosis.
- Lead drug sonelokimab is a novel tri-specific IL-17A and IL-17F inhibiting Nanobody administered subcutaneously [pipeline].
- Reported positive Phase 3 VELA data in hidradenitis suppurativa with strong efficacy and consistent safety profile through Week 52 [news · published 2026-06-25].
- Cash & equivalents of $477.9M as of 2026-06-30, with net income of -$61.8M and shareholders' equity of $428.2M [sec].
- Phase 3 VELA program in HS expected primary endpoint readout around September 2025 and US BLA submission expected mid-2026 [news · published 2025-08-05].
- Cash runway backed through mid-2028 [news · published 2026-08-10].
What works
- Sonelokimab has demonstrated positive Phase 3 results in psoriatic arthritis and hidradenitis suppurativa, supporting a broad clinical pipeline [news · published 2026-08-10] [news · published 2026-06-25].
- The company has a strong cash position of $477.9M as of 2026-06-30, providing runway into mid-2028 [sec] [news · published 2026-08-10].
- Multiple ongoing Phase 2 and Phase 3 trials across indications (axSpA, PPP, PsA, HS) create a catalyst-rich roadmap [news · published 2025-08-05] [pipeline].
- Positive pre-BLA meeting with the U.S. FDA supports planned BLA submission for sonelokimab in HS [news · published 2026-05-10].
What to weigh
- The company reported a net loss of -$61.8M for the period ending 2026-06-30, indicating ongoing operating losses [sec].
- Sonelokimab faces competition from established therapies such as adalimumab in axial spondyloarthritis [pipeline].
- Clinical timelines are subject to regulatory and trial execution risks; the HS BLA submission is expected mid-2026 but not yet filed [news · published 2025-08-05].
- The company's valuation and stock price have shown volatility around catalyst events, suggesting market sensitivity to trial outcomes [news · published 2026-06-22].
From the filings
Quoted directly from source documents.
Sonelokimab is a tri-specific IL-17A and IL-17F inhibiting Nanobody
“novel tri-specific IL-17A and IL-17F inhibiting Nanobody”
Positive Phase 3 VELA data in HS through Week 52
“MoonLake Immunotherapeutics recently reported past Week 52 Phase 3 VELA data showing strong efficacy and a consistent safety profile for sonelokimab in moderate-to-severe hidradenitis suppurativa”
News · June 25, 2026
Phase 3 HS primary readout expected around September 2025 and US BLA submission expected mid-2026
“Phase 3 VELA program in hidradenitis suppurativa (HS) on track for an expected primary endpoint readout around September 2025 and an expected submission of a Biologic License Application (BLA) in the United States in mid-2026”
News · August 5, 2025
Catalyst timeline
- 2022-04-25 · Phase 2 start for sonelokimab in hidradenitis suppurativa — Initiated a Phase 2 study in moderate-to-severe HS.
- 2022-12-13 · Phase 2 start for sonelokimab in psoriatic arthritis — Initiated a Phase 2 study in active psoriatic arthritis.
- 2024-05-14 · Phase 3 start for sonelokimab in hidradenitis suppurativa — Initiated a Phase 3 study in moderate-to-severe HS.
- 2024-05-15 · Phase 3 start for sonelokimab in additional indication — Initiated another Phase 3 study for sonelokimab.
Risks & what to watch (4)›
Key risks
- Operating losses — Net loss of -$61.8M as of 2026-06-30 indicates ongoing negative profitability [sec].
- Regulatory approval uncertainty — HS BLA submission expected mid-2026 but not yet filed; FDA acceptance and label scope remain uncertain [news · published 2025-08-05].
- Competitive landscape — Sonelokimab faces competition from adalimumab in axial spondyloarthritis [pipeline].
- Market volatility — Stock price rallied nearly 20% overnight around catalyst events, indicating high sensitivity to news [news · published 2026-06-22].
What to watch
- FDA filing for sonelokimab in hidradenitis suppurativa expected around September 2026 [news · published 2026-06-22].
- Additional late-stage pipeline readouts for sonelokimab in other indications later in 2026 [news · published 2026-06-22].
- MoonLake Investor Day on Monday (date not specified) may provide further pipeline and financial updates [news · published 2026-06-22].
- Cash runway and spending rate given net loss of -$61.8M as of 2026-06-30 [sec].
Sources: Catalysts · News · Pipeline · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.34 · 0% dilution
Lead: Phase 2
1 candidate
No upcoming catalysts tracked
0 buys · 15 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
146
Total value held
$1.14B
| Holder | Shares | Value |
|---|---|---|
| bvf inc/il | 16,001,284 | $298.3M |
| deep track capital, lp | 6,408,863 | $119.5M |
| cormorant asset management, lp | 4,480,433 | $83.5M |
| janus henderson group plc | 3,451,628 | $64.3M |
| d. e. shaw & co., inc. | 2,390,661 | $44.6M |
| mpm bioimpact llc | 1,811,082 | $33.8M |
| weiss asset management lp | 1,708,328 | $31.8M |
| logos global management lp | 1,500,000 | $28.0M |
| point72 asset management, l.p. | 1,368,518 | $25.5M |
| citadel advisors llc | 1,323,728 | $24.7M |
Showing top 10 of 146 institutional holders of MoonLake Immunotherapeutics. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 21.2%
- Days to cover
- 8.4
- Shares short
- 7,757,169
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MLTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for MoonLake Immunotherapeutics?
MoonLake Immunotherapeutics (MLTX) is a clinical-stage biopharmaceutical company developing sonelokimab, a tri-specific Nanobody targeting IL-17A and IL-17F, for multiple inflammatory conditions including hidradenitis suppurativa, psoriatic arthritis, and palmoplantar pustulosis.
What is MoonLake Immunotherapeutics's lead drug candidate?
MoonLake Immunotherapeutics's most advanced tracked candidate is SLK (Phase 2) for Axial spondyloarthritis (axSpA).
Who is the CEO of MoonLake Immunotherapeutics?
Dr. Jorge Santos da Silva Ph.D. is the chief executive officer of MoonLake Immunotherapeutics (MLTX).
Where is MoonLake Immunotherapeutics headquartered?
MoonLake Immunotherapeutics (MLTX) is headquartered in Zug, Switzerland.
What therapeutic areas does MoonLake Immunotherapeutics focus on?
MoonLake Immunotherapeutics develops therapies across Oncology, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.