Company: MLTX
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001821586-25-000018
Chunk: 124

Company: MoonLake Immunotherapeutics
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 124
---
 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 condensed consolidated statements of operations and comprehensive loss in “Other income, net”. We recognized a foreign currency transaction gain of $378 thousand and $343 thousand for the three and six months ended June 30, 2025, respectively, and a foreign currency transaction loss of $39 thousand and $99 thousand for the three and six months ended June 30, 2024, respectively.

37

Results of Operations

Comparison of the three months ended June 30, 2025 and 2024

(in thousands, except percentages)    Three Months Ended June 30, 2025Three Months Ended June 30, 2024ChangeChange %Operating expensesResearch and development$(49,762)$(23,662)$(26,100)110.3 %General and administrative(10,936)(6,916)(4,020)58.1 %Total operating expenses(60,698)(30,578)(30,120)98.5 %Operating loss(60,698)(30,578)(30,120)98.5 %Interest expense(2,037)— (2,037)100.0 %Other income, net6,779 5,898 881 14.9 %Loss before income tax(55,956)(24,680)(31,276)126.7 %Income tax expense(95)(79)(16)20.3 %Net loss(56,051)(24,759)(31,292)126.4 %Net unrealized gain (loss) on marketable securities and short-term investments(1,908)652 (2,560)(392.6)%Actuarial gain (loss) on employee benefit plans13 (76)89 (117.1)%Other comprehensive income (loss)(1,895)576 (2,471)(429.0)%Comprehensive loss$(57,946)$(24,183)$(33,763)139.6 %

Research and Development

Research and development expenses were $49.8 million for the three months ended June 30, 2025, compared to $23.7 million for the three months ended June 30, 2024. The increase of $26.1 million,