Company: MLTX
Filing Date: 2025-04-03
Form Type: 8-K
Source: 0001213900-25-028366
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Company: MoonLake Immunotherapeutics
Filing Date: 2025-04-03
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

On March 31, 2025 (the “ Closing
Date”), MoonLake Immunotherapeutics (the “ Company”) as a guarantor entered into a loan and security agreement (the “ Loan
and Security Agreement”) with its subsidiary, MoonLake Immunotherapeutics AG, as borrower, the lenders party thereto (the “ Lenders”),
and Hercules Capital, Inc., as the administrative agent and collateral agent for itself and the Lenders. The Loan and Security Agreement
provides for a non-dilutive term loan facility of up to an aggregate principal amount of $500.0 million, of which $300.0 million is fully
committed subject to achievement of milestones (the “ Credit Facility”), consisting of (a) a first tranche consisting of term
loans in an aggregate principal amount of $75.0 million which was fully funded on the Closing Date, (b) subject to the Company’s
announcement that the VELA-1 (NCT06411899) and VELA-2 (NCT06411379) Phase 3 studies of sonelokimab (“ SLK”) in adult patients
with moderate to severe hidradenitis suppurativa have each achieved their protocol-specified primary endpoint with SLK having demonstrated
an acceptable safety profile (“ Tranche 2 Milestone”), a second tranche consisting of additional term loans in an aggregate
principal amount of up to $125.0 million, available at the Company’s option beginning on the date that the Tranche 2 Milestone is
achieved through the earlier of (i) 30 days following such date and (ii) December 31, 2025, (c) subject to the Company’s announcement
that the IZAR-1 (NCT06641076) and IZAR-2 (NCT06641089) Phase 3 studies of SLK in patients with active psoriatic arthritis have each achieved
their protocol-specified primary endpoint with SLK having demonstrated an acceptable safety profile (“ Tranche 3 Milestone”),
a third tranche consisting of additional term loans in an aggregate principal amount of up to $50.0 million, available at the Company’s
option beginning on the date that the Tranche 3 Milestone is achieved through the earlier of (i) 60 days following such date and (ii)
September 15, 2026, (d) subject to the