MoonLake Immunotherapeutics (MLTX): debt financing — MoonLake secures up to $500M non-dilutive loan from Hercules Capital; $75M drawn at close

MoonLake Immunotherapeutics

Up to $500M non-dilutive term loan facility from Hercules Capital; $75M funded at close on March 31, 2025.
Additional tranches up to $125M upon VELA Phase 3 HS success; further tranches for PsA and BLA acceptance.
Facility matures April 1, 2030; interest rate prime+1.45% (floor 8.45%), 0.25% reduction on FDA BLA acceptance.
Company had $448M cash (from 10-K); combined facility expected to fund sonelokimab launch in 2027.
Capital Markets Update April 29, 2025: VELA baseline characteristics, primary endpoint readout timing, and Phase 2 LEDA interim data.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MoonLake Immunotherapeutics incurred term loan of $300.0 million is fully committed with Hercules Capital, Inc. at prime rate as reported in The Wall Street Journal plus 1.45% and (ii) 8.45% maturing April 1, 2030.

Instrument: term loan
Principal: $300.0 million is fully committed
Counterparty: Hercules Capital, Inc.
Rate: prime rate as reported in The Wall Street Journal plus 1.45% and (ii) 8.45%
Maturity: April 1, 2030
Event: incurrence

Exact text from the filing

The Loan and Security Agreement provides for a non-dilutive term loan facility of up to an aggregate principal amount of $500.0 million, of which $300.0 million is fully committed subject to achievement of milestones (the “Credit Facility”), consisting of (a) a first tranche consisting of term loans in an aggregate principal amount of $75.0 million which was fully funded on the Closing Date

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Source: SEC EDGAR

accession 0001213900-25-028366

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