Company: MLTX
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001821586-25-000018
Chunk: 127

Company: MoonLake Immunotherapeutics
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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s, 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 $9.4 million in manufacturing, supply, and logistics expenses, increases of $3.1 million and $2.6 million in consulting expenses and personnel-related costs, respectively, to support the research and development effort, and an increase of $2.6 million related to contracted non-clinical research and development expenses. 

General and Administrative

General and administrative expenses were $22.0 million for the six months ended June 30, 2025, compared to $13.7 million for the six months ended June 30, 2024. The increase of $8.3 million, or 60.0%, is primarily related to an increase of $3.5 million in advisory and legal expenses, an increase of $4.5 million in personnel-related costs, both to support organizational growth, and an increase of $0.5 million for marketing and communication expenses. 

40

Interest Expense

Interest expense was $2.1 million, or 100.0%, for the six months ended June 30, 2025, compared to $nil for the six months ended June 30, 2024. The interest expense during the current period is related to recognized interest on the new Loan and Security Agreement.

Other Income, Net

Other income, net was $13.9 million for the six months ended June 30, 2025, compared to $11.8 million for the six months ended June 30, 2024. The increase in income of $2.1 million, or 17.5%, is primarily related to an increase of $1.7 million in realized interest on cash held in bank and cash investments in short-term marketable debt securities, an increase of $1.3 million in net realized currency gains, partially offset by an increase of $0.9 million in net unrealized currency losses.

Income Tax Expense

Income tax expense was $0.2 million for the six months ended June 30, 2025, compared to $0.1 million for the six months ended June 30, 2024. The expense for each period is related to corporate income tax of our subsidiaries in the U.K. and Portugal.

Other