# MoonLake Immunotherapeutics (MLTX)

> Source: Nexqual · https://nexqual.com/MLTX · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, MoonLake Immunotherapeutics (MLTX), nexqual.com/MLTX" · informational, not investment advice.

**Price:** USD 11.85 (-3.97% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 11.85 · day 11.48–12.28 · 52w 9.36–23.29 · market cap null · NCM

## Key facts
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $14.1M; 1 not under a Rule 10b5-1 plan ($2.8M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (15 analysts), mean target USD 28.54 (range 6–50).
- Total return with dividends: 1Y +24.5% vs S&P 500 +13.4%; 5Y +18.5% vs S&P 500 +76.9%.
- Next earnings: 2026-11-05, EPS estimate USD -0.78, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$4.6M | -$65.1M | -$54.1M | -$143M | -$245M | -$268M |
| Net income | -$4.5M | -$50.0M | -$36.0M | -$119M | -$227M | -$264M |
| EPS (diluted) | -$0.31 | -$1.70 | -$0.73 | -$1.89 | -$3.53 | — |
| Free cash flow | — | -$55.9M | -$43.1M | -$117M | -$196M | -$225M |
| Cash + short-term investments | $8.0M | $72.1M | $511M | $448M | $394M | — |
| Total debt | — | — | — | $0K | $74.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-27 | Reich Kristian | Chief Scientific Officer | 1,100 | $22K | 0% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-21…2026-07-22 | Reich Kristian | Chief Scientific Officer | 52,448 | $1.0M | 1.9% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-20 | Reich Kristian | Chief Scientific Officer | 43,700 | $878K | 1.5% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-15 | Reich Kristian | Chief Scientific Officer | 16,105 | $322K | 0.6% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-09…2026-07-10 | Santos Da Silva Jorge | Chief Executive Officer | 102,225 | $2.0M | 3.6% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Santos Da Silva Jorge | Chief Executive Officer | 47,775 | $957K | 1.6% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-22 | Bodenstedt Matthias | Chief Financial Officer | 39,120 | $862K | 3.4% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2024) |
| 2026-06-17…2026-06-18 | Bodenstedt Matthias | Chief Financial Officer | 17,876 | $352K | 1.5% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2024) |
| 2026-06-15…2026-06-17 | Reich Kristian | Chief Scientific Officer | 150,000 | $2.9M | 5% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Bodenstedt Matthias | Chief Financial Officer | 13,653 | $273K | 1.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2024) |
| 2026-04-14 | Bodenstedt Matthias | Chief Financial Officer | 2,426 | $47K | 0.2% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2024) |
| 2026-04-10…2026-04-13 | Santos Da Silva Jorge | Chief Executive Officer | 150,000 | $2.8M | 4.9% | No | Too little history (no open-market trades in 2023) |
| 2026-04-09…2026-04-10 | Bodenstedt Matthias | Chief Financial Officer | 87,795 | $1.7M | 6.9% | Yes (adopted December 10, 2025) | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 15 analysts; mean target USD 28.54 (low 6, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | HC Wainwright & Co. | Reiterated | Buy | $50 |
| 2026-08-13 | HC Wainwright & Co. | Target raised | Buy | $45 → $50 |
| 2026-07-20 | HC Wainwright & Co. | Reiterated | Buy | $45 |
| 2026-07-01 | Leerink Partners | Target raised | Outperform | $24 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +24.5% | +18.5% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +24.6% | +3.5% |
| Volatility (annualized) | 70.7% | 120.2% |
| Max drawdown | -56.9% (Jun 2026→Oct 2026) | -86.7% (Feb 2024→Sep 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 303.53 -1.39% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 89.27 -1.79% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.09 -0.35% · PRAX (Praxis Precision Medicines, Inc) USD 252.96 -2.30% · IONS (Ionis Pharmaceuticals, Inc.) USD 42.93 -2.23% · ABVX (Abivax SA) USD 88.01 -2.46%

## More
Full page: https://nexqual.com/MLTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MLTX's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1821586/000182158626000002/mnlk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Richter BioLogics | "Our current drug substance supplier is Richter BioLogics GmbH & Co. KG ("Richter Biologics") based in Bovenau, Germany." |
| Partner | Merck (MRK) | "The Merck Healthcare KGaA (Darmstadt, Germany) License Agreement" |
| Partner | Ablynx | "Concurrently with the License Agreement, on April 29, 2021, we also executed a Side Letter to the License Agreement with MHKDG, which provides that upon the termination of the Initial License Agreement, under the terms o…" |
| Partner | Research Cooperation Technologies | "On May 12, 2023, we entered into an agreement with RCT and MHKDG, effective as of June 1, 2023, pursuant to which we were granted a royalty-bearing, nonexclusive, sublicensable right and license under RCT's patents and k…" |
| Partner | Leerink Partners | "On August 31, 2023, we entered into a Sales Agreement with Leerink Partners (the "August 2023 Sales Agreement" and together with the May 2023 Sales Agreement, the "Sales Agreements"), through which we could issue and sel…" |
| Partner | Leerink Partners and Guggenheim Securities | "On June 27, 2023, we entered into an underwriting agreement with Leerink Partners and Guggenheim Securities LLC as the representatives of the underwriters named therein to issue and sell 8,000,000 Class A Ordinary Shares…" |

## Company outlook (8-K filed 2026-08-10)

- "The Company expects to have sufficient capital to fund its operating expenses and capital expenditure requirements to mid-2028."
- "In VELA-2, intercurrent events in the higher-than-expected placebo arm precluded the study from achieving statistical significance in the Week 16 primary endpoint using the composite strategy (HiSCR75, delta to placebo of 9%, p=0.053)."
- "Real-world data in the United States indicate that at least 2 million unique patients have been diagnosed with and treated for HS between 2016 and 2023 alone, highlighting a significant unmet need and impact on healthcare systems, and a market opportunity projected to reach $15 billion by 2035."
- "IZAR-1 is expected to enroll biologic-naïve patients and include an evaluation of radiographic progression, while IZAR-2 is expected to enroll patients with an inadequate response to tumor necrosis factor-α inhibitors (TNF-IR) – reflecting patients commonly seen in clinical practice – and is the first PsA trial to include a risankizumab active reference arm."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.78 | $-0.92 | -15.5% | $0 | 7 |
| Next quarter (ends 2026-12-31) | $-0.81 | $-0.90 | -9.6% | $0 | 7 |
| Current fiscal year (ends 2026-12-31) | $-3.38 | $-3.84 | -12.0% | $0 | 7 |
| Next fiscal year (ends 2027-12-31) | $-3.33 | $-3.43 | -3.0% | $19.0M | 9 |