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.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.