Company: MLTX
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001821586-25-000018
Chunk: 17

Company: MoonLake Immunotherapeutics
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 each achieved their protocol-specified primary endpoint with SLK having demonstrated an acceptable safety profile (the “Tranche 3 Milestone”), a third tranche with additional term loans in an aggregate principal amount of up to $50.0 million, available on the Tranche 3 Milestone achievement date through the earlier of (i) 60 days following such date and (ii) September 15, 2026,d.Subject to the Company’s achievement of the Tranche 2 Milestone and Tranche 3 Milestone and the FDA’s acceptance of the Company’s submission of a BLA for SLK (collectively, the “Tranche 4 Milestone”), a fourth tranche with additional term loans in an aggregate principal amount of up to $50.0 million, available on the Tranche 4 Milestone achievement date through the earlier of (i) 60 days following such date and (ii) March 15, 2027, ande.Subject to approval by the Lenders’ in their discretion, a fifth tranche (the "Tranche 5 Loan") of additional term loans in an aggregate principal amount of up to $200.0 million.

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MOONLAKE IMMUNOTHERAPEUTICSNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2025(Unaudited)

As of June 30, 2025, the carrying value of the term loan consists of the Tranche 1 Loan principal amount outstanding, plus the accreted present value of the End of Term Charge, less the unamortized End of Term Charge, debt issuance costs and debt discount. The effective interest rate is 10.41% and the Company recognized interest expense of $2.0 million and $2.1 million on the Loan and Security Agreement for the three and six months ended June 30, 2025, respectively. A portion of the debt issuance costs relate to undrawn tranches and are recognized as deferred charges.(in thousands)Non-current liabilitiesJune 30, 2025Principal amount$75,000 Accreted present value of End of Term Charge3,431 Unamortized End of Term Charge(3,171)Unamortized debt issuance cost(1,071)Unamortized debt discount(808)Carrying value$73,381 Non-current assetsDeferred charges - long-term debt$1,697 Total$1,697 The Company may prepay advances