---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-028366"
form_type: "8-K"
ticker: "MLTX"
cik: "0001821586"
company_name: "MoonLake Immunotherapeutics"
filed_at: "2025-04-03T23:59:59+00:00"
generated_at: "2026-05-23T22:45:20.694870+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# MoonLake secures up to $500M non-dilutive loan from Hercules Capital; $75M drawn at close

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-25-028366
- form_type: 8-K
- ticker: MLTX
- cik: 0001821586
- company_name: MoonLake Immunotherapeutics
- filed_at: 2025-04-03T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1821586/000121390025028366/0001213900-25-028366-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1821586/000121390025028366/ea0236970-8k_moonlake.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-028366
- JSON: https://secwatch.observer/filing/0001213900-25-028366.json
- Plain text: https://secwatch.observer/filing/0001213900-25-028366.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.