MoonLake Q2 cash $425M; Phase 3 HS readout expected Sept 2025

MoonLake Immunotherapeutics

2025-Q2 EPS reported -$1.50

R&D expenses Q2 $49.8M (up from $36.5M Q1) on trial ramp-up and BLA preparation.
Cash & equivalents $425.1M; up to $500M non-dilutive debt facility from Hercules Capital.
Phase 3 VELA (HS) top-line readout on track for ~September 2025; BLA submission planned mid-2026.
Phase 2 LEDA (PPP) interim readout reported; primary readout expected Q4 2025.
Cash runway extended into 2028 to support sonelokimab launch in 2027.

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