Company: MLTX
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001821586-25-000022
Chunk: 110

Company: MoonLake Immunotherapeutics
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected term.Equity Incentive Plan (Restricted Stock Awards)Number of SharesWeighted-Average Grant Date Fair ValueAwards unvested as of January 1, 2025—$—Awards granted for the nine months ended September 30, 2025191,52641.77Awards unvested as of September 30, 2025191,526$41.77Weighted average assumptions for the awards issued during the nine months ended September 30, 2025Estimated fair value of Common Shares on the grant date ($)41.77As of September 30, 2025, the Company had $6.8 million of total unrecognized compensation expense related to restricted stock awards under the Equity Incentive Plan that will be recognized over the weighted average period of 3.42 years.

Note 15 — Income Taxes

The Company's effective tax rate (“ETR”) was (0.2)% and (0.2)% for the three and nine months ended September 30, 2025, respectively, and (0.3)% and (0.3)% for the three and nine months ended September 30, 2024, respectively. The Company is not aware of any items that would cause the quarterly ETR to be significantly different from the Company's annual ETR. The difference between the income tax provision that would be derived by applying the statutory rate to the Company's loss before income taxes and the income tax provision recorded was primarily attributable to the change in the valuation allowance. The Company continues to incur losses for the entities domiciled in the Cayman Island and Switzerland, and its ability to utilize the deferred tax asset related to the tax losses is not considered more likely than not. A full valuation allowance has been recorded against the deferred tax asset.

Note 16 — Commitments and Contingencies

CommitmentsThe Company has entered into agreements as of September 30, 2025 primarily in regards to the clinical and non-clinical development services with contract research organizations ("CROs"), as well as supply and logistics services with contract manufacturing organizations ("CMOs"), for the advancement of SLK. As of September 30, 2025, the total committed expense under these agreements amounted to $191.0 million.

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MOONLAKE IMMUNOTHERAPEUTICSNOTES TO CONDENSED