MoonLake reports positive Phase 2 axSpA data: 81% ASAS40 at Week 12; amends Hercules loan for up to $400M

This 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.

Comparable filing

In connection with the Private Placement, the Company entered into Registration Rights Agreements with the Investors, dated as of June 1, 2026 (the “PIPE Registration Rights Agreement”), pursuant to which the Company has agreed to (i) prepare and file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the Common Stock sold in the Private Placement within 45 days of the closing of the Private Placement, (ii) use commercially reasonable efforts to have such registration statement declared effective within the time period set forth in the PIPE Registration Rights Agreement, and to keep such registration statement effective until the date that all registrable securities covered by such registration statement (a) have been sold, thereunder or pursuant to Rule 144, or (b) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for 1 the Company to be in compliance with the current public i

This 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.

Comparable filing

Agent and Collateral Agent, the “Agent”) and Citizens Bank, N.A., Goldman Sachs Bank USA and RBC Capital Markets, each as Joint Lead Arranger, providing the Company with up to $400 million in borrowing capacity (the loans thereunder, the “Revolving Loans”), including a $65.0 million sublimit for the issuance of letters of credit and a $15.0 million sublimit for

This 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.

Comparable filing

On May 27, 2026, the Company drew down the full $600 million available under the Term Loan Facility.

This 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.

Comparable filing

On June 1, 2026, USA Rare Earth, Inc. (the “Company”) entered into a Lease Agreement (the “Lease”) with TC Liberty Development, LLC, a Delaware limited liability company (“Landlord”), for the lease of a to-be-constructed specialty rare earth magnet manufacturing facility located on Bear Den Road in Blacksburg, Cherokee County, South Carolina (the “Premises”).

This 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.

Comparable filing

On May 28, 2026, Karman Holdings Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with the persons named in Schedule II thereto (the “Selling Stockholders”) and Citigroup Global Markets Inc. and Evercore Group L.L.C., as the underwriters (the “Underwriters”), pursuant to which the Selling Stockholders agreed to sell 14,000,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”) at a public offering price of $61.00 per share (the “Offering Price”), less underwriting discounts and commissions (the “Offering”).

This 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.

Comparable filing

A Share Rights Agreement, dated May 26, 2026, by and between the Company and Odyssey Transfer and Trust Company, as rights agent

This 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.

Comparable filing

consummated the exchange of certain outstanding secured convertible promissory notes held by Streeterville (as described below, collectively, the “Prior Notes”) for a new Pre-Paid Purchase issued by the Company in the original principal amount of $3,471,923.00

This 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.

Comparable filing

Private Units Subscription Agreement, dated May 6, 2026, by and between the Company and the Sponsor, a copy of which is attached as Exhibit 10.4 and incorporated herein by reference