The company's capital structure has shifted toward debt-based financing, with total debt increasing from $3.7 million in 2024Q1 to $100.8 million in 2026Q1 to support clinical infrastructure.
| Total Current Assets | 396.64M | 421.69M | 474.29M | 514.17M | 76.51M | 9.64M | 1.62M |
| Cash & Short-Term Investments | 357.92M | 393.97M | 448.03M | 511.01M | 72.11M | 8.04M | 1.34M |
| Cash Only | 298.49M | 334.52M | 180.43M | 451.17M | 39.51M | 8.04M | 1.34M |
| Short-Term Investments | 59.43M | 59.45M | 267.6M | 59.84M | 32.61M | 0 | 0 |
| Accounts Receivable | 5.76M | 4.87M | 2.84M | 1.06M | 217.13K | 148.77K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 32.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 3.73M | 2.74M | 3.64M | 12.37M | 331.97K | 45.74K | 115.01M |
| Property, Plant & Equipment | 2.39M | 2.14M | 3.64M | 3.95M | 331.97K | 45.74K | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 115.04M | 115.01M |
| Other Non-Current Assets | 1.34M | 596K | 0 | 8.42M | 0 | -115.04M | 0 |
| Total Assets | 400.37M | 424.43M | 477.93M | 526.54M | 76.84M | 9.68M | 116.63M |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | -68.49% | -11.19% | -9.23% | 585.21% | 693.63% | -91.7% | - |
| Total Current Liabilities | 46.11M | 45.48M | 22.46M | 9.97M | 7.67M | 21.09M | 125.18K |
| Accounts Payable | 0 | 0 | 8.68M | 1.46M | 47.48K | 1.23M | 0 |
| Days Payables Outstanding | 581.14 | - | - | - | - | 90.54K | - |
| Short-Term Debt | 920K | 1.23M | 0 | 0 | 0 | 15M | 58.06K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 45.19M | 40.83M | 4.24M | 2.78M | 109.83K | 1.3M | 67.12K |
| Current Ratio | 8.60x | 9.27x | 21.11x | 51.59x | 9.98x | 0.46x | 12.93x |
| Quick Ratio | 8.60x | 9.27x | 21.11x | 51.59x | 9.98x | 0.46x | 12.93x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 100.24M | 74.47M | 2.08M | 3.08M | 411.16K | 239.86K | 4.03M |
| Long-Term Debt | 99.88M | 74.47M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 1.7M | 374K | 1.46M | 2.5M | 128.95K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 353K | -374K | 620.68K | 583.43K | 282.21K | 239.86K | 4.03M |
| Total Liabilities | 146.35M | 119.95M | 24.54M | 13.05M | 8.08M | 21.33M | 4.15M |
| Total Debt | 100.8M | 75.71M | 2.83M | 3.7M | 282.58K | 15M | 58.06K |
| Net Debt | -197.69M | -258.81M | -177.6M | -447.47M | -39.22M | 6.96M | -1.28M |
| Debt / Equity | 0.40x | 0.25x | 0.01x | 0.01x | 0.00x | - | 0.00x |
| Debt / EBITDA | -0.38x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.75x | - | - | - | - | - | - |
| Interest Coverage | -26.54x | -30.69x | - | - | - | - | - |
| Total Equity | 254.02M | 304.48M | 453.39M | 513.49M | 68.77M | -11.65M | 112.48M |
| Equity Growth % | -144.97% | -32.84% | -11.7% | 646.71% | 690.53% | -110.35% | - |
| Book Value per Share | 3.56 | 4.72 | 7.21 | 10.45 | 2.34 | -0.32 | 7.60 |
| Total Shareholders' Equity | 254.02M | 304.48M | 446.83M | 495.68M | 48.9M | -11.65M | 112.48M |
| Common Stock | 7K | 7K | 6.39K | 6.3K | 5.27K | 38.54K | 115M |
| Retained Earnings | -532.62M | -462.91M | -235.59M | -116.66M | -80.65M | -53.64M | -2.52M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -6.2K | 0 |
| Accumulated OCI | 322K | 604K | 5M | 2.36M | 350.95K | -168.18K | 0 |
| Minority Interest | 0 | 0 | 6.57M | 17.82M | 19.87M | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, MoonLake's total equity has declined from $542.6 million in 2024Q1 to $254.0 million by 2026Q1, reflecting the sustained capital consumption required to fund late-stage clinical development and the associated expansion of the company's operational infrastructure during this pre-revenue phase.
The consistent contraction in equity, coupled with the widening deficit in retained earnings, underscores the firm's reliance on its initial capital base to sustain R&D intensity. Investors should monitor whether this trajectory necessitates future dilutive financing rounds to maintain the current clinical development pace.
Based on recent SEC filings, MoonLake's total debt has increased from $3.7 million in 2024Q1 to $100.8 million in 2026Q1, signaling a shift toward debt-based financing to supplement cash reserves as the company navigates the capital-intensive requirements of its global Phase III clinical trial programs.
While the debt-to-equity ratio remains manageable at 0.40, the rapid escalation in debt levels suggests a departure from the company's previous reliance on equity-only funding. This transition warrants investigation into the cost of capital and the potential impact of interest obligations on future cash runway.
According to quarterly balance sheet data, MoonLake's cash position has decreased from $458.4 million in 2024Q1 to $298.5 million in 2026Q1, indicating that the company is actively deploying its liquid assets to support the ongoing clinical trial infrastructure and operational overhead required for Sonelokimab development.
The current ratio of 8.60 remains robust, suggesting that the firm maintains sufficient short-term liquidity to meet its immediate obligations. However, the downward trend in absolute cash levels highlights the necessity for disciplined capital allocation as the company approaches critical regulatory milestones.
As detailed in recent financial disclosures, the significant rise in stock-based compensation, which reached $13.4 million in 2026Q1, represents a non-cash liability that effectively dilutes existing shareholders and obscures the true economic cost of talent retention during this critical pre-commercialization phase of the business.
While the headline debt figures appear controlled, the persistent use of equity-based incentives creates a secondary layer of dilution that may impact long-term shareholder value. Analysts should evaluate whether this compensation structure aligns with the successful achievement of clinical endpoints or merely reflects standard industry practices.
Quick answers to the most common questions about buying MLTX stock.
As of 2025, MoonLake Immunotherapeutics (MLTX) had total assets of $424.4M including $421.7M in current assets.
MoonLake Immunotherapeutics (MLTX) carries total debt of $75.7M, offset by $394.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MoonLake Immunotherapeutics (MLTX) has total shareholders' equity (book value) of $304.5M ($4.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MoonLake Immunotherapeutics (MLTX) reported a current ratio of 9.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.