Company: MLTX
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001821586-25-000018
Chunk: 125

Company: MoonLake Immunotherapeutics
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 125
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 or 110.3%, is primarily related to an increase of $15.8 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 additional trials in adolescent HS (the VELA-TEEN trial), PPP (the LEDA trial), axSpA (the S-OLARIS trial) and PsA (the P-OLARIS trial), an increase of $6.1 million in manufacturing, supply and logistics expenses, increases of $1.4 million and $1.3 million in consulting expenses and personnel-related costs, respectively, to support the research and development effort, and an increase of $1.3 million related to contracted non-clinical research and development expenses.

General and Administrative

General and administrative expenses were $10.9 million for the three months ended June 30, 2025, compared to $6.9 million for the three months ended June 30, 2024. The increase of $4.0 million, or 58.1%, is primarily related to an increase of $2.5 million in personnel-related costs and an increase of $1.6 million in advisory and legal expenses, both to support organizational growth. 

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Interest Expense

Interest expense was $2.0 million, or 100.0%, for the three months ended June 30, 2025, compared to $nil for the three 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 $6.8 million for the three months ended June 30, 2025, compared to $5.9 million for the three months ended June 30, 2024. The increase in income of $0.9 million, or 14.9%, primarily related to an increase of $1.0 million in net realized currency gains and an increase of $0.5 million in realized interest on cash held in bank and cash investments in short-term marketable debt securities, partially offset by an increase of $0.6 million in net unrealized currency losses.

Income Tax Expense

Income tax expense was $0.1 million for the three months ended June 30, 2025 and 2024. The expense is related to corporate income tax of our subsidiaries in