Company: MLTX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001821586-25-000022
Chunk: 106

Company: MoonLake Immunotherapeutics
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 due to share-based compensation expense in the condensed consolidated statements of operations and comprehensive loss of $3.7 million and $9.3 million, respectively, and $1.8 million and $5.3 million for the three and nine months ended September 30, 2024, respectively. The share-based compensation expense was driven by the aforementioned two active share-based compensation plans and programs:(in thousands)Compensation PlanThree Months Ended September 30, 2025Three Months Ended September 30, 2024Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024ESPP$741 $741 $2,199 $2,192 ESOP— — (18)— Equity Incentive Plan2,967 1,102 7,127 3,156 Total share-based compensation expense$3,708 $1,843 $9,308 $5,348 Of which: included in research and development expense1,190 509 2,723 1,446 Of which: included in general and administrative expense2,518 1,334 6,585 3,902 We expect that all future employee awards will be made under the Equity Incentive Plan. As of September 30, 2025, 2,552,390 Class A Ordinary Shares from the authorized pool of 4,353,948 Class A Ordinary Shares remain available for future grants, and 1,440,740 Class A Ordinary Shares are reserved for issuance upon exercise of stock options granted under the Equity Incentive Plan.Restricted Founder Shares 2021-2023 - MoonLake AGOn April 28, 2021, the shareholders’ agreement between the co-founders, the Series A investors and MoonLake AG imposed a reverse vesting condition on 90% of the total 110,000 Common Shares (the equivalent of 3,700,257 Class C Ordinary Shares) held by each of the three co-founders. Therefore, 99,000 Common Shares (the equivalent of 3,330,231 Class C Ordinary Shares) held by each of the co-founders were subject to these restrictions and considered unvested (the “Restricted Founder Shares”). The Restricted Founder Shares vested on the 28th of each month at a rate of 4.166% over a period of two years until April 28, 2023. In the event of termination of the