Company: MLTX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001821586-25-000022
Chunk: 54

Company: MoonLake Immunotherapeutics
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 debt securities and an increase of $0.5 million in net unrealized currency losses, partially offset by an increase of $0.3 million in net realized currency gains.

Income Tax Expense

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

Other Comprehensive Loss

Other comprehensive loss was $0.2 million for the three months ended September 30, 2025, compared to $0.4 million for the three months ended September 30, 2024. The decrease in other comprehensive loss of $0.2 million, or (44.1)%, is primarily related to a decrease in net unrealized loss in short-term marketable debt securities.

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Comparison of the nine months ended September 30, 2025 and 2024

(in thousands, except percentages)    Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024ChangeChange %Operating expensesResearch and development$(146,856)$(72,412)$(74,444)102.8 %General and administrative(32,760)(21,099)(11,661)55.3 %Total operating expenses(179,616)(93,511)(86,105)92.1 %Operating loss(179,616)(93,511)(86,105)92.1 %Interest expense(5,254)— (5,254)100.0 %Other income, net17,930 18,903 (973)(5.1)%Loss before income tax(166,940)(74,608)(92,332)123.8 %-Income tax expense(363)(241)(122)50.6 %Net loss(167,303)(74,849)(92,454)123.5 %Net unrealized gain (loss) on marketable securities and short-term investments(4,920)509 (5,429)(1066.6)%Actuarial gain (loss) on employee benefit plans116 (111)227 (204.5)%Other comprehensive income (loss)(4,804)398 (5,202)(1,307.0)%Comprehensive loss$(172,107)$(74,451)$(97,656)131.2 %

Research and Development

Research and development expenses were $