Company: MLTX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001821586-25-000022
Chunk: 55

Company: MoonLake Immunotherapeutics
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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146.9 million for the nine months ended September 30, 2025, compared to $72.4 million for the nine months ended September 30, 2024. The increase of $74.4 million, or 102.8%, is primarily related to an increase of $49.7 million in expenses pertaining to clinical development trials with CROs, including the Phase 3 VELA program in HS and the Phase 3 IZAR program in PsA, as well as the VELA-TEEN trial, the LEDA trial, the S-OLARIS trial and the P-OLARIS trial, an increase of $13.4 million in manufacturing, supply, and logistics expenses through CMOs, of which $2.9 million is related to the production of stockpiled pre-launch inventory, and increases of $4.3 million and $3.7 million in personnel-related costs and consulting expenses, respectively, to support research and development efforts.

General and Administrative

General and administrative expenses were $32.8 million for the nine months ended September 30, 2025, compared to $21.1 million for the nine months ended September 30, 2024. The increase of $11.7 million, or 55.3%, is primarily related to an increase of $6.8 million in personnel-related costs and an increase of $2.8 million in expenses for advisory and professional services, both to support organizational growth, an increase of $1.4 million in legal expenses to support the Loan and Security Agreement, and an increase of $1.0 million for marketing and communication expenses related to pre-commercial customer engagement. 

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Interest Expense

Interest expense was $5.3 million for the nine months ended September 30, 2025, compared to $nil for the nine months ended September 30, 2024. The interest expense during the current period is related to recognized interest on the Loan and Security Agreement.

Other Income, Net

Other income, net was $17.9 million for the nine months ended September 30, 2025, compared to $18.9 million for the nine months ended September 30, 2024. The decrease in other income of $1.0 million, or (5.1)%, is primarily related to a decrease of $1.1 million in realized interest on cash held in bank and cash investments in short-term marketable debt securities and an increase of $