MoonLake Immunotherapeutics (MLTX): debt financing — MoonLake reports positive Phase 2 axSpA data: 81% ASAS40 at Week 12; amends Hercules loan for up to $400M

MoonLake Immunotherapeutics

Phase 2 S-OLARIS trial: 81% of SLK-treated patients achieved ASAS40 response at Week 12 (n=26, mNRI).
Over 80% achieved clinically important improvement per ASDAS-CRP; PET/MRI showed reduced inflammation and osteoblast activity.
Cash, equivalents and short-term marketable debt securities: $394M as of Dec 31, 2025; runway into H2 2027.
Amended Hercules Capital debt facility; drew $25M; up to $400M in future non-dilutive funding available.
Director Simon Sturge to resign effective Feb 28, 2026; Dr. Jorge Santos da Silva appointed Interim Chair.

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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 $25.0 million with Hercules Capital, Inc., as administrative agent and collateral agent.

Instrument: term loan
Principal: $25.0 million
Counterparty: Hercules Capital, Inc., as administrative agent and collateral agent
Event: incurrence

Exact text from the filing

As described below, after giving effect to a $25.0 million draw on the Amendment Closing Date, the remaining tranches under the Amended Loan and Security Agreement provide for an aggregate principal amount of up to $400.0 million of potential future funding.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MoonLake Immunotherapeutics amended First Amendment to Loan and Security Agreement (Amended Loan and Security Agreement) with Hercules Capital, Inc. valued at Up to $400.0 million of potential future funding; aggregate principal amount of $500.0 million acros (effective 2026-02-20).

Action: amendment
Agreement: credit facility
Counterparty: Hercules Capital, Inc.
Value: Up to $400.0 million of potential future funding; aggregate principal amount of $500.0 million acros
Effective: 2026-02-20

Exact text from the filing

On February 20, 2026 (the "Amendment Closing Date"), MoonLake Immunotherapeutics (the "Company"), as a guarantor, entered into a first amendment to loan and security agreement (the loan and security agreement, as so amended, the "Amended Loan and Security Agreement") with its subsidiary, MoonLake Immunotherapeutics AG, as borrower, the other guarantors party thereto, the lenders party thereto (the "Lenders"), and Hercules Capital, Inc., as the administrative agent and collateral agent (the "Agent") for itself and the Lenders, pursuant to which the parties agreed to amend the loan and security agreement dated March 31, 2025 to, among other things, modify the available tranches, milestone dates and financial covenants.

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Source: SEC EDGAR

accession 0001213900-26-018967

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