Company: MLTX
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001821586-25-000006
Chunk: 157

Company: MoonLake Immunotherapeutics
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 157
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A trial), axSpA (the S-OLARIS trial) and PsA (the P-OLARIS trial). An additional increase of $23.7 million related to supply and logistic services for such clinical development trials, including the purchase of a comparator drug for the IZAR-2 trial in PsA, and an increase of $5.4 million in personnel-related costs to support our research and development efforts. In the years ended December 31, 2024 and 2023, research and development expenses were predominantly made up of external costs.

General and Administrative

General and administrative expenses were $30.3 million for the year ended December 31, 2024, compared to $22.3 million for the year ended December 31, 2023. The increase of $8.0 million primarily related to an increase of $3.3 million in personnel-related costs to support organizational growth, an increase of $2.4 million in expenses for advisory and professional services to support organizational growth, an increase of $1.6 million in office expenses driven by the new leases for additional office space, and an increase of $1.2 million in market research expenses. 

Other Income, Net

84

MOONLAKE IMMUNOTHERAPEUTICSFORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024PART II

Other income, net was $22.1 million for year ended December 31, 2024, compared to $10.1 million for the year ended December 31, 2023. The increase of $12.0 million primarily related to an increase of $12.3 million in realized interest on cash held in bank and cash investments in short-term marketable debt securities. 

Income Tax Expense

Income tax expense was $0.3 million for the year ended December 31, 2024, compared to $0.1 million for the year ended December 31, 2023. The expense is related to corporate income tax of our subsidiaries in the U.K. and Portugal.

Other Comprehensive Income

Other comprehensive income was $2.6 million for the year ended December 31, 2024, compared to $2.0 million for the year ended December 31, 2023. The increase of $0.6 million primarily related to an increase in net unrealized gain in short-term marketable debt securities.

Liquidity and Capital Resources

We have no products approved for commercial sale,