MoonLake Immunotherapeutics第二季淨虧損6180萬美元 現金儲備5.37億美元支持營運至2028年中

mnlk-20260630FALSE2026Q212/3100018215861xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:puremnlk:facilitymnlk:dayiso4217:CHFmnlk:voteiso4217:EURmnlk:segment00018215862026-01-012026-06-3000018215862026-08-0100018215862026-06-3000018215862025-12-310001821586us-gaap:CommonClassAMember2025-12-310001821586us-gaap:CommonClassAMember2026-06-3000018215862026-04-012026-06-3000018215862025-04-012025-06-3000018215862025-01-012025-06-300001821586us-gaap:CommonClassAMember2026-04-012026-06-300001821586us-gaap:CommonClassAMember2025-04-012025-06-300001821586us-gaap:CommonClassAMember2026-01-012026-06-300001821586us-gaap:CommonClassAMember2025-01-012025-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-12-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassCMember2024-12-310001821586us-gaap:AdditionalPaidInCapitalMember2024-12-310001821586us-gaap:RetainedEarningsMember2024-12-310001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001821586us-gaap:ParentMember2024-12-310001821586us-gaap:NoncontrollingInterestMember2024-12-3100018215862024-12-310001821586us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001821586us-gaap:ParentMember2025-01-012025-03-310001821586us-gaap:NoncontrollingInterestMember2025-01-012025-03-3100018215862025-01-012025-03-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-01-012025-03-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassCMember2025-01-012025-03-310001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001821586us-gaap:CommonClassAMember2025-01-012025-03-310001821586us-gaap:RetainedEarningsMember2025-01-012025-03-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-03-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassCMember2025-03-310001821586us-gaap:AdditionalPaidInCapitalMember2025-03-310001821586us-gaap:RetainedEarningsMember2025-03-310001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001821586us-gaap:ParentMember2025-03-310001821586us-gaap:NoncontrollingInterestMember2025-03-3100018215862025-03-310001821586us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001821586us-gaap:ParentMember2025-04-012025-06-300001821586us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001821586us-gaap:RetainedEarningsMember2025-04-012025-06-300001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassCMember2025-06-300001821586us-gaap:AdditionalPaidInCapitalMember2025-06-300001821586us-gaap:RetainedEarningsMember2025-06-300001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001821586us-gaap:ParentMember2025-06-300001821586us-gaap:NoncontrollingInterestMember2025-06-3000018215862025-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-12-310001821586us-gaap:AdditionalPaidInCapitalMember2025-12-310001821586us-gaap:RetainedEarningsMember2025-12-310001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001821586us-gaap:ParentMember2025-12-310001821586us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001821586us-gaap:ParentMember2026-01-012026-03-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2026-01-012026-03-310001821586us-gaap:RetainedEarningsMember2026-01-012026-03-310001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2026-03-310001821586us-gaap:AdditionalPaidInCapitalMember2026-03-310001821586us-gaap:RetainedEarningsMember2026-03-310001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001821586us-gaap:ParentMember2026-03-310001821586us-gaap:AdditionalPaidInCapitalMember2026-04-012026-06-300001821586us-gaap:ParentMember2026-04-012026-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2026-04-012026-06-300001821586us-gaap:RetainedEarningsMember2026-04-012026-06-300001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-04-012026-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassAMember2026-06-300001821586us-gaap:AdditionalPaidInCapitalMember2026-06-300001821586us-gaap:RetainedEarningsMember2026-06-300001821586us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-06-300001821586us-gaap:ParentMember2026-06-300001821586mnlk:EquityIncentivePlanMember2026-01-012026-06-300001821586mnlk:EquityIncentivePlanMember2025-01-012025-06-300001821586mnlk:EmployeeStockOptionPlanESOPMember2026-01-012026-06-300001821586mnlk:EmployeeStockOptionPlanESOPMember2025-01-012025-06-300001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche1LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586mnlk:Tranche2MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586mnlk:Tranche3MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586mnlk:Tranche3MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche4MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche4MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586mnlk:Tranche5MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586mnlk:Tranche5MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche6LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-310001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-06-300001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-04-012026-06-300001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-01-012026-06-300001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-04-012025-06-300001821586us-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-01-012025-06-300001821586mnlk:Tranche1LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche2MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche6LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2025-03-312025-03-310001821586mnlk:Tranche1LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-06-302026-06-300001821586mnlk:Tranche2MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-06-300001821586mnlk:Tranche1LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-06-300001821586mnlk:Tranche1LoanMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-01-012026-06-300001821586mnlk:Tranche2MilestoneMemberus-gaap:LineOfCreditMembermnlk:CreditFacilityMember2026-01-012026-06-300001821586us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2026-06-300001821586us-gaap:CertificatesOfDepositMember2026-06-300001821586us-gaap:CertificatesOfDepositMemberus-gaap:FairValueInputsLevel2Member2025-12-310001821586us-gaap:CertificatesOfDepositMember2025-12-310001821586us-gaap:FairValueInputsLevel2Member2026-06-300001821586us-gaap:FairValueInputsLevel2Member2025-12-310001821586us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:FairValueInputsLevel2Member2025-12-310001821586us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:FairValueInputsLevel2Member2024-12-310001821586us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:FairValueInputsLevel2Member2026-01-012026-06-300001821586us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:FairValueInputsLevel2Member2025-01-012025-06-300001821586us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:FairValueInputsLevel2Member2026-06-300001821586us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:FairValueInputsLevel2Member2025-06-300001821586srt:ScenarioForecastMember2026-01-012026-12-310001821586us-gaap:CommonStockMemberus-gaap:CommonClassBMember2026-06-300001821586us-gaap:CommonStockMemberus-gaap:CommonClassCMember2026-06-300001821586us-gaap:PreferredStockMember2026-06-300001821586mnlk:August2023SalesAgreementMembermnlk:ATMSharesMember2023-08-310001821586mnlk:August2023SalesAgreementMembermnlk:ATMSharesMember2026-06-300001821586mnlk:SalesAgreementsMember2026-04-012026-06-300001821586mnlk:SalesAgreementsMember2026-01-012026-06-300001821586mnlk:UnderwritingAgreementMember2025-11-062025-11-060001821586mnlk:UnderwritingAgreementMember2025-11-060001821586us-gaap:CommonClassAMembermnlk:PublicStockOfferingMember2026-06-262026-06-260001821586us-gaap:CommonClassAMembermnlk:PublicStockOfferingMember2026-06-260001821586mnlk:PreFundedWarrantMemberus-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2026-06-262026-06-260001821586mnlk:PreFundedWarrantMemberus-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2026-06-2600018215862026-06-252026-06-250001821586mnlk:PreFundedWarrantMember2026-06-252026-06-250001821586us-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2026-06-260001821586us-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2026-06-262026-06-260001821586us-gaap:StockCompensationPlanMember2026-01-012026-06-300001821586us-gaap:StockCompensationPlanMember2025-01-012025-06-300001821586mnlk:OverAllotmentOptionCommonStockMember2026-01-012026-06-300001821586mnlk:OverAllotmentOptionCommonStockMember2025-01-012025-06-300001821586us-gaap:EmployeeStockMember2026-04-012026-06-300001821586us-gaap:EmployeeStockMember2025-04-012025-06-300001821586us-gaap:EmployeeStockMember2026-01-012026-06-300001821586us-gaap:EmployeeStockMember2025-01-012025-06-300001821586us-gaap:EmployeeStockOptionMember2026-04-012026-06-300001821586us-gaap:EmployeeStockOptionMember2025-04-012025-06-300001821586us-gaap:EmployeeStockOptionMember2026-01-012026-06-300001821586us-gaap:EmployeeStockOptionMember2025-01-012025-06-300001821586mnlk:EquityIncentivePlanMember2026-04-012026-06-300001821586mnlk:EquityIncentivePlanMember2025-04-012025-06-300001821586us-gaap:ResearchAndDevelopmentExpense2026-04-012026-06-300001821586us-gaap:ResearchAndDevelopmentExpense2025-04-012025-06-300001821586us-gaap:ResearchAndDevelopmentExpense2026-01-012026-06-300001821586us-gaap:ResearchAndDevelopmentExpense2025-01-012025-06-300001821586us-gaap:GeneralAndAdministrativeExpense2026-04-012026-06-300001821586us-gaap:GeneralAndAdministrativeExpense2025-04-012025-06-300001821586us-gaap:GeneralAndAdministrativeExpense2026-01-012026-06-300001821586us-gaap:GeneralAndAdministrativeExpense2025-01-012025-06-300001821586us-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:EmployeeStockMember2026-01-012026-06-300001821586us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:EmployeeStockMember2026-01-012026-06-300001821586us-gaap:ShareBasedCompensationAwardTrancheThreeMemberus-gaap:EmployeeStockMember2026-01-012026-06-300001821586mnlk:ShareBasedPaymentArrangementTrancheFourMemberus-gaap:EmployeeStockMember2026-01-012026-06-300001821586us-gaap:EmployeeStockMember2025-12-310001821586us-gaap:EmployeeStockMember2026-06-300001821586us-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:EmployeeStockOptionMember2026-01-012026-06-300001821586us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:EmployeeStockOptionMember2026-01-012026-06-300001821586mnlk:ShareBasedPaymentArrangementTrancheFourMemberus-gaap:EmployeeStockOptionMember2026-01-012026-06-300001821586us-gaap:ShareBasedCompensationAwardTrancheThreeMemberus-gaap:EmployeeStockOptionMember2026-01-012026-06-300001821586mnlk:EquityIncentivePlanMember2022-04-052022-04-050001821586mnlk:EmployeeStockOptionPlanESOPMemberus-gaap:EmployeeStockOptionMember2025-12-310001821586mnlk:EmployeeStockOptionPlanESOPMemberus-gaap:EmployeeStockOptionMember2025-01-012025-12-310001821586mnlk:EmployeeStockOptionPlanESOPMemberus-gaap:EmployeeStockOptionMember2026-01-012026-06-300001821586mnlk:EmployeeStockOptionPlanESOPMemberus-gaap:EmployeeStockOptionMember2026-06-300001821586mnlk:EquityIncentivePlanMemberus-gaap:EmployeeStockMember2026-06-300001821586mnlk:EquityIncentivePlanMemberus-gaap:EmployeeStockMember2026-01-012026-06-300001821586us-gaap:EmployeeStockOptionMember2026-06-300001821586us-gaap:EmployeeStockOptionMember2025-12-310001821586us-gaap:RestrictedStockMember2025-12-310001821586us-gaap:RestrictedStockMember2026-01-012026-06-300001821586us-gaap:RestrictedStockMember2026-06-300001821586mnlk:EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2026-06-300001821586mnlk:EquityIncentivePlanMemberus-gaap:RestrictedStockUnitsRSUMember2026-01-012026-06-300001821586mnlk:SonelokimabProgramSLKProgramMemberus-gaap:LicenseMember2026-06-300001821586country:PT2026-06-300001821586country:PT2025-12-310001821586country:GB2026-06-300001821586country:GB2025-12-310001821586country:CH2026-06-300001821586country:CH2025-12-310001821586country:US2026-06-300001821586country:US2025-12-310001821586us-gaap:SubsequentEventMember2026-07-010001821586us-gaap:SubsequentEventMemberus-gaap:CommonClassAMemberus-gaap:OverAllotmentOptionMember2026-07-142026-07-140001821586us-gaap:LineOfCreditMemberus-gaap:SubsequentEventMembermnlk:CreditFacilityMember2026-08-03

UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended June 30, 2026
 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to 

Commission file number: 001-39630
MOONLAKE IMMUNOTHERAPEUTICS
(Exact Name of Registrant as Specified in Its Charter)

Cayman Islands
98-1711963

(State or other jurisdiction of incorporation or organization)    

(I.R.S. Employer Identification No.)

Dorfstrasse 29

6300 Zug

Switzerland
N/A

(Address of principal executive offices)
(ZIP Code)

41 415108022
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Class A Ordinary Share, par value $0.0001 per share

MLTX

The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer     ☒                    Accelerated filer        ☐
Non-accelerated filer        ☐                    Smaller reporting company    ☐
                                Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 1, 2026, there were 85,106,685 of the registrant's Class A Ordinary Shares, $0.0001 par value (the “Class A Ordinary Shares”) issued and outstanding.

MOONLAKE IMMUNOTHERAPEUTICS
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
2

Item 1. Financial Statements (Unaudited)
2

Condensed Consolidated Balance Sheets
2

Condensed Consolidated Statements of Operations and Comprehensive Loss
3

Condensed Consolidated Statements of Changes in Equity
4

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
24

Item 3. Quantitative and Qualitative Disclosures About Market Risk
39

Item 4. Controls and Procedures
40

PART II. OTHER INFORMATION
41

Item 1. Legal Proceedings
41

Item 1A. Risk Factors
41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
42

Item 3. Defaults Upon Senior Securities
43

Item 4. Mine Safety Disclosures
43

Item 5. Other Information
43

Item 6. Exhibits
44

SIGNATURES
45

1

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

MOONLAKE IMMUNOTHERAPEUTICS

s

s

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)
June 30, 2026 (Unaudited)
December 31, 2025

Assets

Current assets

Cash and cash equivalents
$
477,905
$
334,517

Short-term marketable debt securities
59,125
59,451

Prepaid expenses
26,447
22,857

Other receivables
6,561
4,869

Total current assets 
570,038
421,694

Non-current assets

Operating lease right-of-use assets
2,078
1,566

Property and equipment, net
487
577

Other non-current assets
1,344
596

Total non-current assets
3,909
2,739

Total assets 
$
573,947 

$
424,433

Liabilities and Equity

Current liabilities

Trade and other payables
$
17,038
$
29,553

Accrued expenses and other current liabilities
27,108
14,691

Short-term portion of operating lease liabilities
1,246
1,234

Total current liabilities 
45,392
45,478

Non-current liabilities

Long-term debt
99,514
74,100

Long-term portion of operating lease liabilities
772
374

Pension liability
74
—

Total non-current liabilities
100,360
74,474

Total liabilities
145,752
119,952

Commitments and contingencies (Note 15)

Shareholders' equity

Class A Ordinary Shares: $0.0001 par value per share; 500,000,000 shares authorized; 83,606,685 shares issued and outstanding as of June 30, 2026; 71,373,579 shares issued and outstanding as of December 31, 2025
8
7

Additional paid-in capital
1,021,980
766,781

Accumulated deficit
(594,423)
(462,911)

Accumulated other comprehensive income
630
604

Total shareholders’ equity 
428,195
304,481

Total liabilities and shareholders' equity

$
573,947 

$
424,433

    
The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
2

MOONLAKE IMMUNOTHERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)

Three Months Ended June 30, 
Six Months Ended June 30, 

(in thousands, except share and per share data)
2026
2025
2026
2025

Operating expenses

Research and development
$
(50,221)
$
(49,762)
$
(104,736)
$
(86,221)

General and administrative
(11,439)
(10,936)
(26,949)
(21,962)

Total operating expenses
(61,660)
(60,698)
(131,685)
(108,183)

Operating loss
(61,660)
(60,698)
(131,685)
(108,183)

Interest expense
(2,632)
(2,037)
(4,901)
(2,056)

Other income, net
2,577
6,779
5,786
13,876

Loss before income tax
(61,715)
(55,956)
(130,800)
(96,363)

Income tax expense
(90)
(95)
(713)
(248)

Net loss
$
(61,805)
$
(56,051)
$
(131,513)
$
(96,611)

Of which: net loss attributable to controlling interests shareholders
(61,805)
(55,220)
(131,513)
(95,165)

Of which: net loss attributable to noncontrolling interests shareholders
—
(831)
—
(1,446)

Net unrealized gain (loss) on marketable securities and short-term investments
16
(1,908)
94
(4,664)

Actuarial gain (loss) on employee benefit plans
292
13
(68)
108

Other comprehensive income (loss)
308
(1,895)
26
(4,556)

Comprehensive loss
$
(61,497)
$
(57,946)
$
(131,487)
$
(101,167)

Comprehensive loss attributable to controlling interests shareholders
(61,497)
(57,087)
(131,487)
(99,651)

Comprehensive loss attributable to noncontrolling interests
—
(859)
—
(1,516)

Weighted-average number of Class A Ordinary Shares, basic and diluted
73,915,296
63,282,728
72,601,770
63,258,393

Basic and diluted net loss per share attributable to controlling interests shareholders
$
(0.84)
$
(0.87)
$
(1.81)
$
(1.50)

 
The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.    
3

MOONLAKE IMMUNOTHERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

Class A Ordinary Shares
Class C Ordinary Shares
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Total Shareholders' Equity
Noncontrolling Interests
Total Equity

(in thousands except share data)
Shares
Amount
Shares
Amount

Balance at January 1, 2025
63,077,431 

$
6 

841,269 

$
— 

$
677,415 

$
(235,593)

$
4,997 

$
446,825 

$
6,566 

$
453,391 

Share-based compensation under the Employee Share Participation Plan and the Equity Incentive Plan
— 

— 

— 

— 

2,279 

— 

— 

2,279 

11 

2,290 

Conversion of MoonLake Class C Ordinary Shares into Class A Ordinary Shares
111,949 

— 

(111,949)

— 

841 

— 

10 

851 

(851)

— 

Options exercised and converted under the Employee Stock Option Plan, net of stamp duty fee
93,347 

— 

— 

— 

129 

— 

— 

129 

(9)

120 

Issuance of Restricted Stock Awards under the Equity Incentive Plan
191,526 

— 

— 

— 

— 

— 

— 

— 

— 

— 

Net loss for the three months ended March 31, 2025
— 

— 

— 

— 

— 

(39,944)

— 

(39,944)

(615)

(40,559)

Other comprehensive loss
— 

— 

— 

— 

— 

— 

(2,620)

(2,620)

(41)

(2,661)

Balance at March 31, 2025
63,474,253 

$
6 

729,320 

$
— 

$
680,664 

$
(275,537)

$
2,387 

$
407,520 

$
5,061 

$
412,581 

Share-based compensation under the Employee Share Participation Plan and the Equity Incentive Plan
— 

— 

— 

— 

3,298 

— 

— 

3,298 

11 

3,309 

Net loss for the three months ended June 30, 2025
— 

— 

— 

— 

— 

(55,220)

— 

(55,220)

(831)

(56,051)

Other comprehensive loss
— 

— 

— 

— 

— 

— 

(1,867)

(1,867)

(28)

(1,895)

Balance at June 30, 2025
63,474,253 

$
6 

729,320 

$
— 

$
683,962 

$
(330,757)

$
520 

$
353,731 

$
4,213 

$
357,944 

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

4

MOONLAKE IMMUNOTHERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

Class A Ordinary Shares
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Total Shareholders' Equity 

(in thousands except share data)
Shares
Amount

Balance at January 1, 2026
71,373,579 

$
7 

$
766,781 

$
(462,911)

$
604 

$
304,481 

Share-based compensation under the Employee Share Participation Plan and the Equity Incentive Plan
— 

— 

13,355 

— 

— 

13,355 

Issuance of Restricted Stock Awards under the Equity Incentive Plan
354,296 

— 

— 

— 

— 

— 

Options exercised under the Equity Incentive Plan
69,632 

— 

170 

— 

— 

170 

Issuance of Class A Ordinary Shares under the Sales Agreement, net of transaction costs 
336,559 

— 

6,007 

— 

— 

6,007 

Net loss for the three months ended March 31, 2026
— 

— 

— 

(69,707)

— 

(69,707)

Other comprehensive loss
— 

— 

— 

— 

(282)

(282)

Balance at March 31, 2026
72,134,066 

$
7 

$
786,313 

$
(532,618)

$
322 

$
254,024 

Share-based compensation under the Equity Incentive Plan
— 

— 

2,546 

— 

— 

2,546 

Options exercised under the Equity Incentive Plan
45,000 

— 

551 

— 

— 

551 

Issuance of Class A Ordinary Shares under the Sales Agreement, net of transaction costs
2,427,619 

— 

44,312 

— 

— 

44,312 

Issuance of Class A Ordinary Shares and Pre-Funded Warrants under the 2026 Offering, net of transaction costs
9,000,000 

1 

189,758 

— 

— 

189,759 

Stamp duty fees for capital injection from MoonLake to MoonLake AG
— 

— 

(1,500)

— 

— 

(1,500)

Net loss for the three months ended June 30, 2026
— 

— 

— 

(61,805)

— 

(61,805)

Other comprehensive income
— 

— 

— 

— 

308 

308 

Balance at June 30, 2026
83,606,685 

$
8 

$
1,021,980 

$
(594,423)

$
630 

$
428,195 

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
5

MOONLAKE IMMUNOTHERAPEUTICS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Unaudited)

Six Months Ended June 30, 

(in thousands)    
2026
2025

Cash flow from operating activities

Net loss
$
(131,513)
$
(96,611)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization
1,741
1,120

Share-based compensation expense
15,901
5,599

Net periodic pension benefit gain (loss) for the qualified pension plan
20
(9)

Other non-cash items
441
(1,211)

Changes in operating assets and liabilities:

Other receivables
(1,692)
(566)

Operating lease right-of-use assets
(22)
—

Prepaid expenses
(3,590)
(3,570)

Other non-current assets
(748)
(1,697)

Trade and other payables
(12,515)
8,087

Operating lease liabilities
(784)
(444)

Accrued expenses and other current liabilities
10,917
(3,368)

Net cash flow used in operating activities
(121,844)
(92,670)

Cash flow from investing activities

Purchase of short-term marketable debt securities
(117,816)
(206,207)

Proceeds from maturities of short-term marketable debt securities
118,236
350,742

Purchase of property and equipment
—
(35)

Net cash flow provided by investing activities
420
144,500

Cash flow from financing activities

Proceeds from long-term debt, net of issuance costs
24,467
73,022

Issuance of Class A Ordinary Shares under the Sales Agreement, net of transaction costs
50,319
—

Issuance of Class A Ordinary Shares and Pre-Funded Warrants under the 2026 Offering, net of transaction costs
189,759
—

Proceeds from options exercised under the Equity Incentive Plan
721
—

Proceeds from options exercised under Employee Stock Option Plan
—
100

Net cash flow provided by financing activities
265,266
73,122

Effect of movements in exchange rates on cash held
(454)
1,303

Net change in cash and cash equivalents
143,388
126,255

Cash and cash equivalents, beginning of period
334,517
180,426

Cash and cash equivalents, end of period
$
477,905 

$
306,681

Supplementary disclosure of cash flow information:

Cash paid for interest
$
3,955
$
1,156

Non-cash operating lease right-of-use assets obtained in exchange for lease obligations
$
1,194
$
—

 
The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
6

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

s

Note 1 — Overview of the Company
Corporate Information
MoonLake Immunotherapeutics (“the Company” or “MoonLake”) is a clinical stage biotechnology company advancing therapies to address significant unmet needs in inflammatory skin and joint diseases. MoonLake Immunotherapeutics is currently a single asset company focused on the development of Sonelokimab (“SLK”), a novel tri-specific IL-17A and IL-17F inhibiting Nanobody that has the potential, based on response levels seen in clinical trials, to drive disease modification in dermatology and rheumatology patients. The Company's Class A Ordinary Shares are listed on the Nasdaq Capital Market under the trading symbol “MLTX”.
The Company, a Cayman Islands exempted company was originally incorporated on August 13, 2020 under the name Helix Acquisition Corp. (“Helix”) as a special purpose acquisition company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. On April 5, 2022, Helix consummated such business combination with MoonLake Immunotherapeutics AG (“MoonLake AG”), a stock-based company incorporated in Switzerland in 2021, pursuant to that certain business combination agreement, dated October 4, 2021 (the “Business Combination Agreement”), by and among Helix, MoonLake AG, the existing equityholders of MoonLake AG set forth on the signature pages to the Business Combination Agreement and the equityholders of MoonLake AG that executed joinders to the Business Combination Agreement (collectively, the “ML Parties”), Helix Holdings LLC, a Cayman Islands limited liability company and the sponsor of Helix, and the representative of the ML Parties (such transactions contemplated by the Business Combination Agreement, collectively, the “Business Combination”). Pursuant to the Business Combination Agreement, Helix changed its name from “Helix Acquisition Corp.” to “MoonLake Immunotherapeutics”, and MoonLake AG merged with and into Helix, with MoonLake AG as the surviving company in the Business Combination and, after giving effect to such Business Combination, MoonLake AG became a subsidiary of the Company. For financial accounting and reporting purposes, MoonLake AG was deemed the accounting acquirer and Helix was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization, in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Note 2 — Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, MoonLake AG, a Swiss stock corporation (Aktiengesellschaft) registered with the commercial register of the Canton of Zug, Switzerland under the number CHE-433.093.536, MoonLake Immunotherapeutics Ltd., a private limited company incorporated in the United Kingdom, MNLK Immunotherapeutics, Unipessoal Lda, a private limited company incorporated in Portugal, and MoonLake Immunotherapeutics US, Inc., a Delaware corporation incorporated in the United States, after elimination of all intercompany accounts and transactions. The accompanying unaudited condensed consolidated financial statements and notes hereto have been prepared in conformity with U.S. GAAP as set forth by the Financial Accounting Standards Board (“FASB”) and in conformity with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial reporting. Accordingly, they do not include all of the information and footnote disclosures normally required by U.S. GAAP for complete financial statements, as is permitted by such rules and regulations. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification and Accounting Standards Updates (“ASU”) of the FASB.
In the opinion of management, all material adjustments necessary for a fair presentation of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the entire fiscal year or any 
7

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

other period. The unaudited condensed consolidated financial information for the three and six months ended June 30, 2026 and 2025 have been prepared on the same basis as and should be read in conjunction with MoonLake’s audited consolidated financial statements and notes thereto for the year ended December 31, 2025 included in MoonLake’s Annual Report on Form 10-K.
All amounts are presented in U.S. Dollar (“$”) unless otherwise indicated. The term “CHF” refers to the legal currency of Switzerland, “GBP” refers to the legal currency of the United Kingdom, and “€” and “Euro” refer to the legal currency of the Eurozone, including Portugal.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses. The significant judgments, estimates and assumptions relevant to the Company relate to:
•the fair value of share-based compensation;
•the recoverability of the deferred tax asset; and
•accruals in connection with the completion of clinical trial milestones.
The Company bases its judgments and estimates on various factors and information, which may include, but are not limited to, the Company’s forecasts and future plans, current economic conditions and observable market-based transactions of its own shares, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future results of operations may be affected.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in large financial institutions which, at times, may exceed the CHF 100 thousand deposit protection limit in Switzerland, the $250 thousand Federal Deposit Insurance Corporation deposit insurance coverage limit in the United States, the GBP 120 thousand Financial Services Compensation Scheme deposit protection limit in the United Kingdom, or the €100 thousand Fundo de Garantia de Depósitos deposit protection limit in Portugal. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. Additionally, the Company ensures further protection against credit risk by diversifying its cash holdings across a variety of credit institutions, thereby minimizing the potential impact of any adverse events on a single institution. Further, the Company's investment strategy for cash (in excess of current business requirements) is set to invest in short-term marketable debt securities. Management actively monitors credit risk in the investment portfolio. Credit risk exposures are controlled in accordance with policies approved by the board of directors to identify, measure, monitor and control credit risks. 
Significant Accounting Policies
See Note 2, Basis of Presentation and Significant Accounting Policies included in MoonLake’s Annual Report on Form 10-K for the year ended December 31, 2025.
Recently Adopted Accounting Pronouncements
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract, which introduces a new scope exception to derivative 
8

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

accounting for non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract, such as regulatory approval. Although it is effective for fiscal years beginning after December 15, 2026, the Company adopted early a modified retrospective application of ASU 2025-07 during the three months ended March 31, 2026. The adoption of ASU 2025-07 did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures for the six months ended June 30, 2026.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure, which requires a public entity to disclose additional information about specific expense categories in the notes to financial statements on an annual and interim basis. It is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03. In January 2025, the FASB issued ASU 2025-01 to clarify that all public entities, including non-calendar year-end entities, should adopt the disclosure requirements of ASU 2024-03. The Company is currently evaluating the impact this will have on its consolidated financial statements and related disclosures.

Note 3 – Risks and Liquidity
Going Concern, Liquidity and Capital Resources
MoonLake is subject to risks common to companies in the biopharmaceutical industry, and the Company believes that changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of operations: ability to obtain future financing, regulatory approval and market acceptance of, and reimbursement for, product candidates, performance of third-party contract research organizations and manufacturers upon which the Company relies, protection of the Company's intellectual property, litigation or claims against the Company based on intellectual property, patent, product, regulatory, clinical or other factors, and the Company's ability to attract and retain employees necessary to support its growth.
The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs and for eventual commercialization. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply the Company with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.
The Company's ability to generate revenue sufficient to achieve profitability will depend on the successful development and eventual commercialization of SLK in one or more indications. The Company expects to continue to incur substantial expenses and operating losses for at least the next two years as the Company continues the development of SLK, and prepares for and invests in commercial launches. It is expected that operating losses will fluctuate notably from year to year depending on the timing of the Company's planned clinical development programs, efforts to achieve regulatory approval, and planned marketing and sales expenditures to support anticipated commercial launches.
The Company incurred a loss of $131.5 million for the six months ended June 30, 2026. As of June 30, 2026, the Company’s current assets exceeded its current liabilities by $524.6 million. 
As of June 30, 2026, the Company had $537.0 million of cash and cash equivalents and short-term marketable debt securities. Based on the Company's current operating plan, management believes that the Company has sufficient capital to fund its operations and capital expenditures to mid-2028. 
9

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

Note 4 – Debt 
On March 31, 2025 (the “Closing Date”), MoonLake as a guarantor entered into a loan and security agreement (the “Original Loan and Security Agreement”) with its subsidiary, MoonLake AG, as borrower, the lenders party thereto (the “Lenders”), and Hercules Capital, Inc. (“Hercules”), as the administrative and collateral agent for itself and the Lenders. The Original Loan and Security Agreement provided a non-dilutive senior secured term loan facility (the “Original Credit Facility”) of up to an aggregate principal amount of $500.0 million. The Credit Facility (as defined below) matures on April 1, 2030 and bears interest at an annual rate equal to the greater of (i) prime rate as reported in The Wall Street Journal plus 1.45% and (ii) 8.45%, subject to a 0.25% reduction upon achievement of the United States Food and Drug Administration's (“FDA”) approval of a Biologics License Application (“BLA”) for SLK.
On February 20, 2026 (the “Amendment Closing Date”), the Company executed the First Amendment to the Loan and Security Agreement (the “First Amended Loan and Security Agreement” and, together with the Original Loan and Security Agreement, the “Loan and Security Agreement”) with, among others, Hercules, as administrative and collateral agent for the Lenders, which amended the Original Loan and Security Agreement. The Loan and Security Agreement provides for six non-dilutive senior secured term loan facilities in the aggregate principal amount of $500.0 million (the “Amended Credit Facility” and, together with the Original Credit Facility, the “Credit Facility”).
The Credit Facility comprises:
a.A first tranche (the “Tranche 1 Loan”) in an aggregate principal amount of $75.0 million fully funded on the Closing Date,
b.A second tranche (the “Tranche 2 Loan”) in an aggregate principal amount of $25.0 million fully funded on the Amendment Closing Date,
c.Subject to the Company's announcement that the IZAR-1 and IZAR-2 Phase 3 studies of SLK in patients with active psoriatic arthritis each achieved their protocol-specified primary endpoint and that the efficacy and safety data available to the Company together support the planned commercialization strategy and outlook of the Company (the “Tranche 3 Milestone”), a third tranche (the “Tranche 3 Loan”) 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) March 15, 2027,
d.Subject to MoonLake’s announcement that the VELA-1 and VELA-2 Phase 3 studies of SLK in adult patients with moderate to severe hidradenitis suppurativa each demonstrated clinically meaningful improvements across the 52-week endpoints with SLK having demonstrated an acceptable safety profile, which together support (x) the planned commercialization strategy and outlook of the Company and (y) the filing of the BLA for SLK with the FDA (together, the “Tranche 4 HS Milestone”), and immediately prior to the advance of a fourth tranche, MoonLake has closed the previous 10 consecutive trading days with a market capitalization of at least $1,500.0 million; provided that, the first trading day tested cannot be prior to the public announcement of the Tranche 4 HS Milestone (collectively with the Tranche 4 HS Milestone, the “Amended Tranche 4 Milestone”), this fourth tranche (the “Tranche 4 Loan”) with additional term loans in an aggregate principal amount of up to $50.0 million, available on the Amended Tranche 4 Milestone achievement date through the earlier of (i) 60 days following the achievement of the Tranche 4 HS Milestone and (ii) December 15, 2026,
e.Subject to the Company’s achievement of the Tranche 4 HS Milestone and the FDA’s approval of the Company’s submission of a BLA for SLK (the “Approval Milestone”) (collectively, the “Tranche 5 Milestone”), a fifth tranche (the “Tranche 5 Loan”) with additional term loans in an aggregate principal amount of up to $100.0 million, available on the Tranche 5 Milestone achievement date through the earlier of (i) 60 days following such date and (ii) December 15, 2027, and
f.Subject to approval by the Lenders in their discretion, a sixth tranche (the “Tranche 6 Loan”) of additional term loans in an aggregate principal amount of up to $200.0 million.
10

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

On June 21, 2026, the Company announced the week 52 results from its Phase 3 VELA clinical trials (VELA 1 and VELA-2). The two Phase 3 studies of SLK in adult patients with moderate to severe hidradenitis suppurativa each demonstrated clinically meaningful improvements across the 52-week endpoints with SLK demonstrating an acceptable safety profile and, as a result, the Company achieved the Tranche 4 HS Milestone.
As of June 30, 2026, the Company's carrying value of long-term debt and recognized deferred charges on the condensed consolidated balance sheet consists of the following:

(in thousands)

Non-current liabilities
June 30, 2026
December 31, 2025

Principal amount
$
100,000 

$
75,000 

Accreted present value of End of Term Charge
5,081 

3,618 

Less: Unamortized debt discount, issuance costs, and End of Term Charge
(5,567)

(4,518)

Carrying value
$
99,514 

$
74,100 

Non-current assets

Deferred charges - long-term debt
$
1,344 

$
587 

Total
$
1,344 

$
587 

The effective interest rate on the Tranche 1 and Tranche 2 Loans is 9.93%. For the three and six months ended June 30, 2026, the Company recognized interest expense of $2.6 million and $4.9 million, respectively. For the three and six months ended June 30, 2025, the Company recognized interest expense of $2.0 million and $2.1 million, respectively. A portion of the debt issuance costs related to the undrawn tranches were recognized as deferred charges until drawn. During the period ended December 31, 2025, debt issuance costs related to the previously unavailable tranches were recognized as interest expense, reducing deferred charges. No such expense recognition has occurred during the six months ended June 30, 2026.
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, the Tranche 2 Loan, and any future draws under the Tranche 3 Loan, Tranche 4 Loan, or Tranche 5 Loan; 4.25% for any future draw under the Tranche 6 Loan, and if repayment occurs prior to 24 months, the charge applied will be 4.25% (“End of Term Charge”). As of June 30, 2026, the End of Term Charge is accrued at 6.95% of the Tranche 1 Loan and the Tranche 2 Loan balances and is recorded at present value as an addition to the long-term debt in non-current liabilities whereas the unamortized portion is recorded as contra non-current liabilities. The unamortized End of Term Charge contra liability will be amortized and the present value of the liability will be accreted up to the future value over the loan term as interest expense. The Tranche 1 Loan and the Tranche 2 Loan have a maturity requirement of $100.0 million due in 2030, with no other principal payments due for each of the five years following the date of the latest condensed consolidated balance sheets presented. Additional fees will be payable in connection with the Credit Facility upon drawing of future tranches.
The Loan and Security Agreement allows for the Company to satisfy a portion of the cash interest payments by capitalizing such interest payments as payment-in-kind (“PIK”). No PIK interest relating to the term loan has been recorded and included in the condensed consolidated balance sheet as of June 30, 2026.
The Loan and Security Agreement contains customary covenants, such as financial covenants and certain events of default after which loans under the Credit Facility may be due and payable immediately. The Company was in compliance with all covenants as of June 30, 2026.
11

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

All obligations under the Loan and Security Agreement are secured on a first-priority basis, subject to certain exceptions, by security interests in substantially all assets of the Company and material subsidiaries of the Company, including its intellectual property, and is guaranteed by material subsidiaries of the Company, including foreign subsidiaries, subject to certain exceptions.

Note 5 – Fair Value Measurements
The following table presents information about the Company's short-term marketable debt securities measured at fair value on a recurring basis and indicates the level in the fair value hierarchy in which the Company classifies the fair value measurement:

(in thousands)
June 30, 2026
December 31, 2025

Level 2
Total
Level 2
Total

Certificates of Deposit
59,125 

59,125 

59,451 

59,451 

Total
$
59,125 

$
59,125 

$
59,451 

$
59,451 

Cash and accounts payable approximate their fair values as of June 30, 2026 and December 31, 2025, due to their short-term nature. Pension plan assets fair value is determined based on Level 2 inputs. The fair value of the long-term debt is estimated using the net present value of the payments, discounted at an interest rate that is consistent with a market interest rate, which is a Level 2 input as it is not actively traded. As of June 30, 2026, long-term debt of $99.5 million is reported at amortized cost which approximates the fair value.

Note 6 – Investments
The fair value and amortized cost of investments in short-term marketable debt securities by major security type as of June 30, 2026 and December 31, 2025 are as follows:

(in thousands)
June 30, 2026

Amortized cost
Gross unrealized gains
Fair value

Certificates of Deposit
58,747 

378 

59,125 

Total
$
58,747
$
378
$
59,125

Of which classified within short-term marketable debt securities
58,747 

378 

59,125 

(in thousands)
December 31, 2025

Amortized cost
Gross unrealized gains
Fair value

Certificates of Deposit
59,166 

285 

59,451 

Total
$
59,166
$
285
$
59,451

Of which classified within short-term marketable debt securities
59,166 

285 

59,451 

12

MOONLAKE IMMUNOTHERAPEUTICS

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
JUNE 30, 2026
(Unaudited)

The following table presents the changes in fair values of the Company’s short-term marketable debt securities, classified as Le