Wed, Feb 26, 12:14 PM (19 days ago)
MoonLake Immunotherapeutics (MLTX) reported a significant increase in operating expenses for the year ending December 31, 2024, totaling $143.1 million, up 164.4% from $54.1 million in 2023. Research and development costs surged to $112.8 million, driven by the advancement of clinical trials for its lead asset, Sonelokimab (SLK), including the Phase 3 VELA trials for hidradenitis suppurativa (HS) and psoriatic arthritis (PsA). General and administrative expenses rose to $30.3 million, reflecting organizational growth. The net loss for the year was $121.2 million, compared to $44.1 million in 2023, while other income increased significantly due to interest from cash holdings. As of December 31, 2024, the company had $448 million in cash and equivalents, expected to sustain operations through 2026. The company is focused on SLK, which targets IL-17A and IL-17F for inflammatory diseases, with plans to submit a Biologics License Application (BLA) in 2026. Risks include reliance on third-party manufacturers, regulatory approval uncertainties, and competition from established therapies. The stock remains volatile, influenced by broader market conditions and operational developments.