MoonLake Immunotherapeutics filed its Form 10-Q for the quarterly period ended June 30, 2026 with the U.S. Securities and Exchange Commission, reporting a net loss of $131.5 million for the first half of the year and a significant increase in cash holdings compared to year-end 2025.

Key Highlights

  • Net loss (six months): The company reported a net loss of $131,513 thousand for the six months ended June 30, 2026, compared to $96,611 thousand for the same period in 2025.
  • Cash position: Cash and cash equivalents stood at $477,905 thousand as of June 30, 2026, up from $334,517 thousand at December 31, 2025.
  • Research and development expenses: R&D expenses totaled $104,736 thousand for the six months ended June 30, 2026, compared to $86,221 thousand for the same period in 2025.
  • Shares outstanding: As of August 1, 2026, there were 85,106,685 Class A Ordinary Shares issued and outstanding.
  • Long-term debt: Long-term debt increased to $99,514 thousand as of June 30, 2026, from $74,100 thousand at December 31, 2025.
  • Basic and diluted net loss per share: Net loss per share attributable to controlling interest shareholders was $1.81 for the six months ended June 30, 2026, compared to $1.50 for the same period in 2025.

MoonLake Immunotherapeutics Financial Position and Operating Results for the First Half of 2026

MoonLake Immunotherapeutics (Nasdaq Capital Market: MLTX), incorporated in the Cayman Islands and headquartered in Zug, Switzerland, disclosed its unaudited condensed consolidated financial results for the quarter and six months ended June 30, 2026. According to the filing, total operating expenses for the six-month period reached $131,685 thousand, consisting of $104,736 thousand in research and development costs and $26,949 thousand in general and administrative expenses. For the three months ended June 30, 2026, total operating expenses were $61,660 thousand, compared to $60,698 thousand in the prior-year quarter.

The filing reported that other income, net, was $5,786 thousand for the six months ended June 30, 2026, compared to $13,876 thousand in the same period of 2025. Interest expense for the six-month period was $4,901 thousand, up from $2,056 thousand a year earlier. Total assets increased to $573,947 thousand as of June 30, 2026, from $424,433 thousand at December 31, 2025. This increase was driven primarily by growth in cash and cash equivalents and supported in part by the issuance of Class A Ordinary Shares under a Sales Agreement, which raised net proceeds of $6,007 thousand in the first quarter of 2026, according to the equity statement.

The company's accumulated deficit grew to $594,423 thousand as of June 30, 2026, from $462,911 thousand at December 31, 2025. Total shareholders' equity was reported at $428,195 thousand at the end of the quarter, compared to $304,481 thousand at year-end 2025. Class A Ordinary Shares issued and outstanding as of June 30, 2026 were 83,606,685, an increase from 71,373,579 at December 31, 2025. The weighted-average number of Class A Ordinary Shares used for the basic and diluted loss per share calculation was 72,601,770 for the six months ended June 30, 2026.

What Was Disclosed

MoonLake Immunotherapeutics disclosed its unaudited financial results for the quarter and six months ended June 30, 2026, including a net loss of $131,513 thousand for the first half, increased R&D spending, higher cash balances, and growth in long-term debt and total assets relative to year-end 2025.