Company: MLTX
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001821586-25-000018
Chunk: 93

Company: MoonLake Immunotherapeutics
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 93
---
 up to $200.0 million.

14

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 in whole at any time subject to a prepayment charge. Upon repayment of all term loans on or after April 1, 2027, the Company is further required to pay an additional charge equal to 6.95% for the Tranche 1 Loan and any draws under Tranche 2-4 Loans; 4.25% for any draw under the Tranche 5 Loan, and if repayment occurs prior to 24 months, the charge applied will be 4.25% ("End of Term Charge"). As of June 30, 2025, the End of Term Charge is accrued at 6.95% of the Tranche 1 Loan balance, recorded at present value of $3.2 million as an addition to the long-term debt in non-current liabilities and equally offset by unamortized contra non-current liabilities. The unamortized contra-liability will be amortized and the present value will be accreted up to the future value over the loan term as interest expense. The Tranche 1 Loan has a maturity requirement of $75.0 million due in 2030, with