MoonLake reports Q1 2025 cash of $480.1M, secures up to $500M debt facility; Phase 3 HS enrollment complete

MoonLake Immunotherapeutics

2025-Q1 EPS reported -$0.63

Cash, cash equivalents and short-term marketable debt securities of $480.1M as of March 31, 2025.
Up to $500M non-dilutive debt facility with Hercules Capital; $75M drawn at close, extends cash runway into 2028.
Phase 3 VELA program in hidradenitis suppurativa fully enrolled; top-line results expected around September 2025.
R&D expenses $36.5M (similar to prior quarter); G&A expenses $11.0M (up from $9.2M).
Interim readout of Phase 2 LEDA trial in palmoplantar pustulosis presented; primary endpoint readout expected 2H 2025.

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