MoonLake Immunotherapeutics
MLTXHealthcare|Biotechnology|Switzerland
$20.36
+0.43 (+2.18%)
Tangible Book
$3.52
Earnings Power
$3.55
Financials
Financial Snapshot
Market Cap
$1.70B
Enterprise Value
$257.1M
Revenue (TTM)
$0.00
Net Income (TTM)
$-257.1M
Cash & Equivalents
—
Net Cash/Share
$2.93
Free Cash Flow (TTM)
$-224.2M
Operating CF (TTM)
$-224.2M
Debt/Equity
0.4
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$56.0M
Monthly Burn
$18.7M
Est. Runway
—
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.0M | $72.1M | $511.0M | $448.0M | $394.0M | $357.9M | |
| Operating Cash Flow | $0.00 | $-55.9M | $-42.8M | $-116.6M | $-196.0M | $-224.2M | |
| Free Cash Flow | $0.00 | $-55.9M | $-43.1M | $-117.1M | $-196.0M | $-224.2M | |
| Capital Expenditure | $0.00 | $-16.0K | $-284.0K | $-520.0K | $-35.0K | $0.00 | |
| Financing Cash Flow | $0.00 | $119.7M | $479.7M | $51.3M | $146.0M | $103.5M |
R&D Spending
R&D (TTM)
$220.9M
R&D Intensity
—
R&D Growth YoY
+8.9%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $0.00 | $42.0M | $31.8M | $112.8M | $202.9M | $220.9M | |
| R&D % of Revenue | — | — | — | — | — | — | |
| SG&A | $0.00 | $23.0M | $22.3M | $30.3M | $42.0M | $46.5M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $0.00 | $42.0M | $31.8M | $112.8M | $202.9M | $220.9M | |
| SG&A | $0.00 | $23.0M | $22.3M | $30.3M | $42.0M | $46.5M | |
| Operating Income | $0.00 | $-65.1M | $-54.1M | $-143.1M | $-244.8M | $-267.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $-7.2M | $-9.5M | |
| Pretax Income | $0.00 | $-64.5M | $-44.0M | $-121.0M | $-229.7M | $-258.4M | |
| Net Income | $0.00 | $-50.0M | $-36.0M | $-118.9M | $-227.3M | $-257.1M | |
| EPS (Diluted) | 0.00 | -1.70 | -0.73 | -1.89 | -3.53 | -3.87 | |
| EBITDA | $0.00 | $-64.9M | $-43.6M | $-119.6M | $-219.8M | $-245.8M | |
| Shares Out. (M) | - | 29.36 | 49.12 | 62.87 | 64.46 | 71.27 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.0M | $39.5M | $451.2M | $180.4M | $334.5M | $298.5M | |
| Marketable Securities | $0.00 | $32.6M | $59.8M | $267.6M | $59.5M | $59.4M | |
| Total Current Assets | $9.6M | $76.5M | $514.2M | $474.3M | $421.7M | $396.6M | |
| Total Assets | $9.7M | $76.8M | $526.5M | $477.9M | $424.4M | $400.4M | |
| Total Current Liabilities | $21.1M | $7.7M | $10.0M | $22.5M | $45.5M | $46.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $74.1M | $99.0M | |
| Total Liabilities | $21.3M | $8.1M | $13.0M | $24.5M | $120.0M | $146.3M | |
| Stockholders' Equity | $-11.6M | $48.9M | $495.7M | $446.8M | $304.5M | $254.0M | |
| Retained Earnings | $-53.6M | $-80.7M | $-116.7M | $-235.6M | $-462.9M | $-532.6M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $0.00 | $-55.9M | $-42.8M | $-116.6M | $-196.0M | $-224.2M | |
| Capital Expenditure | $0.00 | $-16.0K | $-284.0K | $-520.0K | $-35.0K | $0.00 | |
| Free Cash Flow | $0.00 | $-55.9M | $-43.1M | $-117.1M | $-196.0M | $-224.2M | |
| Investing Cash Flow | $0.00 | $-32.3M | $-25.2M | $-205.6M | $203.0M | $146.8M | |
| Financing Cash Flow | $0.00 | $119.7M | $479.7M | $51.3M | $146.0M | $103.5M | |
| Issuance of Stock | $0.00 | $0.00 | $482.5M | $52.5M | $72.4M | $78.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $73.0M | $24.5M | |
| Payments of Debt | $0.00 | $-15.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $9.7M | $7.1M | $7.3M | $12.9M | $24.0M | |
| Net Change in Cash | $0.00 | $31.5M | $411.7M | $-270.7M | $154.1M | $26.9M |
Dilution Tracker
Shares Outstanding
71M
5-Year Share Growth
—
Stock Issuance (TTM)
$78.4M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | - | 29.36 | 49.12 | 62.87 | 64.46 | 71.27 | |
| YoY Change % | — | — | 67.3% | 28.0% | 2.5% | 10.6% | |
| Stock Issuance | $0.00 | $0.00 | $482.5M | $52.5M | $72.4M | $78.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $9.7M | $7.1M | $7.3M | $12.9M | $24.0M |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | 0.0% | -268.3% | -13.2% | -25.2% | -60.5% | -79.9% | |
| ROA % | 0.0% | -115.5% | -11.9% | -23.7% | -50.4% | -58.1% | |
| R&D / Revenue | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B5.78
Historical— / — / 5.78
Industry Med.2.93
EV/EBITDA-5.88
Historical-5.88 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$3.52
Net Current Assets
$3.470
Net-Net Working Capital
$2.93
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 8.37 | 7.37 | 7.64 | 3.09 | 5.78 | |
| EV/EBITDA | 0.00 | -5.51 | -72.50 | -24.90 | -2.83 | -5.88 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
1
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $22.60M | $161.00M |
| Net Income | $-283.40M | $-305.40M | $-264.62M |
| EPS | -3.90 | -3.71 | -3.01 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |