MoonLake Phase 3 IZAR-1 meets all endpoints; Q2 cash $537M, runway to mid-2028

MoonLake Immunotherapeutics

IZAR-1 Week 16: ACR50 42.1%, ACR20 66.5%, MDA 41.2%, PASI90 61% for sonelokimab 60mg.
Q2 2026 cash $537.0M; expects runway to mid-2028; up to $400M non-dilutive from Hercules.
Q2 R&D expenses $50.2M vs $54.5M in Q1; G&A $11.4M vs $15.5M in Q1.
IZAR-1 continues to Week 52; full readout H1 2027; IZAR-2 enrollment completion expected Q3 2026.
HS BLA submission expected end Sep 2026; PDUFA date allocation and Priority Review decision end Nov 2026.

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