Company: MLTX
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001821586-25-000011
Chunk: 137

Company: MoonLake Immunotherapeutics
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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 and liabilities are translated using exchange rates in effect at the balance sheet dates and non-monetary assets and liabilities are translated at historical exchange rates. Income and expenses are translated at the daily exchange rate on the respective transaction date.

Gains or losses from foreign currency translation are included in the consolidated statements of operations and comprehensive loss in “other income, net”. We recognized a foreign currency transaction loss of $35 thousand for the three months ended March 31, 2025 and a foreign currency transaction loss of $60 thousand for the three months ended March 31, 2024.

35

Results of Operations

Comparison of the three months ended March 31, 2025 and 2024

(in thousands, except percentages)    Three Months Ended March 31, 2025Three Months Ended March 31, 2024ChangeChange %Operating expensesResearch and development$(36,459)$(13,014)$(23,445)180.2 %General and administrative(11,026)(6,806)(4,220)62.0 %Total operating expenses(47,485)(19,820)(27,665)139.6 %Operating loss(47,485)(19,820)(27,665)139.6 %Interest expense(18)— (18)-Other income, net7,097 5,915 1,182 20.0 %Loss before income tax(40,406)(13,905)(26,501)190.6 %Income tax expense(153)(70)(83)118.6 %Net loss(40,559)(13,975)(26,584)190.2 %Net unrealized gain (loss) on marketable securities and short-term investments(2,756)182 (2,938)(1614.3)%Actuarial gain on employee benefit plans95 81 14 17.3 %Other comprehensive income (loss)(2,661)263 (2,924)(1,111.8)%Comprehensive loss$(43,220)$(13,712)$(29,508)215.2 %

Research and Development

Research and development expenses were $36.5 million for the three months ended March 31, 2025, compared to $13.0 million for the three months ended March 31, 2024. The increase of $23.4 million primarily related to an increase of $15.8 million in expenses pertaining to