Free cash flow deficits have accelerated to $66.3 million in 2026Q1, with stock-based compensation of $13.4 million masking the true economic cost of talent retention.
| Cash from Operations | -224.15M | -196.01M | -116.59M | -42.78M | -55.89M | -35.18M | -316.69K |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | -266.83% | -68.12% | -172.54% | 23.47% | -58.9% | -11007.07% | - |
| Net Income | -257.08M | -229.1M | -121.24M | -44.08M | -49.97M | -53.64M | -90.84K |
| Depreciation & Amortization | 3.08M | 2.62M | 1.38M | 13.16K | 12.36K | 4.97K | 0 |
| Stock-Based Compensation | 23.96M | 12.9M | 7.28M | 7.11M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -390K | -2.3M | -225.71K | 399.51K | -4.51M | 13.98M | -9.92K |
| Working Capital Changes | 8.66M | 19.88M | -3.78M | -6.22M | -1.43M | 4.48M | -215.94K |
| Change in Receivables | -2.07M | -2.02M | -1.79M | 0 | -68.36K | -148.77K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | -1.31M | 1.57M | 0 |
| Cash from Investing | 146.84M | 202.99M | -205.6M | -25.18M | -32.34M | -50.71K | -115M |
| Capital Expenditures | 0 | -35K | -519.52K | -284.63K | -16.01K | -50.71K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 103.52M | 146M | 51.31M | 479.7M | 119.69M | 43.26M | 116.65M |
| Debt Issued (Net) | 24.47M | 73.02M | 0 | 0 | -15M | 15M | 0 |
| Equity Issued (Net) | 78.57M | 72.97M | 52.54M | 482.45M | 3.79K | 28.26M | 117M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -50 | 0 | 0 | -6.2K | 0 |
| Other Financing | 480K | 0 | -1.23M | -2.75M | 134.69M | 0 | -347.38K |
| Net Change in Cash | 26.92M | 154.09M | -270.74M | 411.66M | 31.47M | 6.7M | 1.34M |
| Free Cash Flow | -224.15M | -196.04M | -117.11M | -43.06M | -55.91M | -35.23M | -316.69K |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | -59.97% | -67.4% | -171.94% | 22.98% | -58.72% | -11023.08% | - |
| FCF per Share | -3.14 | -3.04 | -1.86 | -0.88 | -1.90 | -0.95 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.86x | 0.98x | 1.19x | 1.12x | 0.66x | 3.49x |
| Interest Paid | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 147.29K | 41.71K | 0 | 0 | 0 |
Clinical trial execution failure
According to quarterly financial data, MoonLake's operating cash flow consistently tracks net losses with an OCF/NI ratio frequently near 0.95, suggesting that the company's reported losses are primarily driven by actual cash expenditures rather than significant non-cash accounting adjustments or complex accrual-based distortions.
The high correlation between net income and operating cash flow indicates a transparent burn profile typical of a clinical-stage biotech. Investors should note that the absence of significant divergence suggests that the company is not currently masking operational cash requirements through aggressive accounting practices.
As reported in recent financial statements, the company's free cash flow deficit has widened from $12.6 million in 2023Q4 to $66.3 million in 2026Q1, reflecting the intensifying capital requirements as the firm progresses through late-stage clinical trials for its lead immunology candidate, Sonelokimab.
This trend highlights the escalating cost of global trial infrastructure and the lack of revenue-generating activities to offset R&D spending. The trajectory suggests that the cash burn will likely remain elevated until the company reaches a potential commercialization inflection point.
Based on reported figures, working capital changes have fluctuated significantly, including a notable $21.4 million inflow in 2025Q3 followed by an $11.2 million outflow in 2026Q1, which warrants further investigation into the timing of vendor payments and clinical trial milestone-related accruals.
These swings suggest that the company's cash position is sensitive to the timing of large-scale payments to contract research organizations. Analysts should monitor these fluctuations as they may temporarily obscure the underlying structural burn rate of the business.
As detailed in recent SEC filings, stock-based compensation has risen to $13.4 million in 2026Q1, effectively acting as a non-cash expense that reconciles the gap between net loss and operating cash flow, thereby masking the true economic cost of talent retention during this critical development phase.
While SBC is a non-cash item, it represents a real economic cost to shareholders through dilution. Investors should interpret the cash flow statement with the understanding that the company's reliance on equity-based incentives is increasing alongside its clinical development intensity.
Quick answers to the most common questions about buying MLTX stock.
MoonLake Immunotherapeutics (MLTX) generated $-196.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MoonLake Immunotherapeutics (MLTX) reported negative free cash flow of $196.0M in 2025, indicating capital requirements exceeded cash from operations.
MoonLake Immunotherapeutics (MLTX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.