Company: MLTX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001821586-25-000022
Chunk: 155

Company: MoonLake Immunotherapeutics
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 155
---
Other income, net4,053 7,090 (3,037)(42.8)%Loss before income tax(70,579)(36,022)(34,557)95.9 %Income tax expense(115)(92)(23)25.0 %Net loss(70,694)(36,114)(34,580)95.8 %Net unrealized loss on marketable securities and short-term investments(255)(326)71 (21.8)%Actuarial gain (loss) on employee benefit plans8 (116)124 (106.9)%Other comprehensive loss(247)(442)195 (44.1)%Comprehensive loss$(70,941)$(36,556)$(34,385)94.1 %

Research and Development

Research and development expenses were $60.6 million for the three months ended September 30, 2025, compared to $35.7 million for the three months ended September 30, 2024. The increase of $24.9 million, or 69.7%, is primarily related to an increase of $18.0 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 $4.0 million in manufacturing, supply and logistics expenses through CMOs, of which $2.9 million is related to the production of stockpiled pre-launch inventory, and an increase of $1.8 million in personnel-related costs to support research and development efforts.

General and Administrative

General and administrative expenses were $10.8 million for the three months ended September 30, 2025, compared to $7.4 million for the three months ended September 30, 2024. The increase of $3.4 million, or 46.4%, is primarily related to an increase of $2.4 million in personnel-related costs and an increase of $0.7 million in advisory and legal expenses, 

40

both to support organizational growth, and an increase of $0.5 million in marketing and communications expenses related to pre-commercial customer engagement.

Interest Expense

Interest expense