Company: MLTX
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001821586-25-000006
Chunk: 156

Company: MoonLake Immunotherapeutics
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 156
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ICSFORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024PART II

Results of Operations

Comparison of the years ended December 31, 2024 and 2023

Year Ended December 31, 2024Year Ended December 31, 2023ChangeChange %Operating expensesResearch and development$(112,771,302)$(31,801,880)$(80,969,422)254.6 %General and administrative(30,319,780)(22,321,216)(7,998,564)35.8 %Total operating expenses(143,091,082)(54,123,096)(88,967,986)164.4 %Operating loss(143,091,082)(54,123,096)(88,967,986)164.4 %Other income, net22,128,881 10,138,367 11,990,514 118.3 %Loss before income tax(120,962,201)(43,984,729)(76,977,472)175.0 %Income tax expense(282,199)(94,388)(187,811)199.0 %Net loss(121,244,400)(44,079,117)(77,165,283)175.1 %Net unrealized gain on marketable securities and short-term investments2,686,220 2,330,101 356,119 15.3 %Actuarial loss on employee benefit plans(87,278)(336,579)249,301 (74.1)%Other comprehensive income2,598,942 1,993,522 605,420 30.4 %Comprehensive loss$(118,645,458)$(42,085,595)$(76,559,863)181.9 %

Research and Development

Research and development expenses were $112.8 million for the year ended December 31, 2024, compared to $31.8 million for the year ended December 31, 2023. The increase of $81.0 million primarily related to an increase of $47.7 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 LED