Operating losses have widened significantly from $15.0 million in 2023Q4 to $70.0 million in 2026Q1, reflecting a pure investment phase devoid of revenue-driven efficiency.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.34M | 2.62M | 0 | 0 | 0 | 4.97K | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | -2.34M | -2.62M | 0 | 0 | 0 | -4.97K | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | - | - |
| Operating Expenses | 265.04M | 242.22M | 143.09M | 54.12M | 65.06M | 53.57M | 105.75K |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 46.45M | 41.97M | 30.32M | 22.32M | 23.01M | 18.05M | 105.75K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 220.82M | 202.86M | 112.77M | 31.8M | 42.05M | 35.52M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | -2.62M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -267.37M | -244.83M | -143.09M | -54.12M | -65.06M | -53.58M | -105.75K |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -71.1% | -164.38% | 16.81% | -21.44% | -50561.45% | - |
| EBITDA | -264.29M | -242.22M | -141.71M | -53.75M | -64.9M | -53.57M | -90.84K |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | -56.66% | -70.93% | -163.63% | 17.17% | -21.14% | -58875.36% | - |
| D&A (Non-Cash Add-back) | 3.08M | 2.62M | 1.38M | 370.32K | 164.78K | 4.97K | 0 |
| EBIT | -252.1M | -222.46M | -143.09M | -54.12M | -65.06M | -53.64M | -90.84K |
| Net Interest Income | -9.5M | -7.25M | 0 | 0 | 0 | 0 | 14.92K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 14.92K |
| Interest Expense | 9.5M | 7.25M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8.98M | 15.12M | 22.13M | 10.14M | 591.73K | -61.85K | 14.92K |
| Pretax Income | -258.39M | -229.71M | -120.96M | -43.98M | -64.47M | -53.64M | -90.84K |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 1.08M | 611K | 282.2K | 94.39K | 36.37K | 4.75K | 0 |
| Effective Tax Rate % | -0.42% | -0.27% | -0.23% | -0.21% | -0.06% | -0.01% | 0% |
| Net Income | -257.08M | -227.32M | -118.94M | -36.01M | -49.97M | -53.64M | -90.84K |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -77.05% | -91.13% | -230.31% | 27.95% | 6.84% | -58954.16% | - |
| Net Income (Continuing) | -259.47M | -230.32M | -121.24M | -44.08M | -64.51M | -53.64M | -90.84K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 6.57M | 17.82M | 19.87M | 0 | 0 |
| EPS (Diluted) | -3.61 | -3.53 | -1.89 | -0.73 | -2.20 | -1.45 | -0.01 |
| EPS Growth % | -68.7% | -86.77% | -158.9% | 66.82% | -51.72% | - | - |
| EPS (Basic) | - | -3.53 | -1.89 | -0.73 | -2.20 | -1.45 | -0.01 |
| Diluted Shares Outstanding | 71.27M | 64.46M | 62.87M | 49.12M | 29.36M | 36.93M | 14.8M |
| Basic Shares Outstanding | 71.27M | 64.46M | 62.87M | 49.12M | 29.36M | 36.93M | 14.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial execution failure
As detailed in recent financial filings, MoonLake's R&D expenses have surged from $8.1 million in 2023Q4 to $53.7 million by 2026Q1, reflecting the intensive capital requirements necessary to advance its lead candidate, Sonelokimab, through critical late-stage clinical development phases and global trial infrastructure expansion.
The consistent quarter-over-quarter increase in R&D spending suggests a deliberate acceleration of clinical trial enrollment and manufacturing preparation. Investors should monitor whether this expenditure trajectory remains sustainable relative to the company's cash position, as the lack of commercial revenue leaves no buffer for cost overruns.
Based on reported quarterly data, MoonLake's stock-based compensation (SBC) reached $13.4 million in 2026Q1, a significant increase from the $1.6 million recorded in 2023Q4, which warrants investor scrutiny regarding the impact of equity-based incentives on long-term shareholder dilution during this pre-revenue clinical stage.
The sharp rise in SBC appears to be a mechanism for talent retention during a period of intense operational scaling. However, this non-cash expense exacerbates the reported net loss and may indicate a reliance on equity to preserve cash, which could lead to meaningful dilution if the clinical timeline extends.
According to the company's income statement history, operating losses have widened from $15.0 million in 2023Q4 to $70.0 million in 2026Q1, demonstrating that the firm is currently in a phase of pure investment without the benefit of operational scaling or revenue-driven efficiency gains.
The lack of revenue means that every dollar of SG&A and R&D directly impacts the bottom line, preventing any assessment of traditional operating leverage. Future analysis should focus on whether the company can maintain this level of spending without a corresponding increase in the probability of regulatory success.
As reported in financial statements, the company's net loss has expanded significantly over the last ten quarters, raising questions about the long-term viability of its current funding model if clinical milestones are delayed or if competitive pressures from incumbents like UCB intensify unexpectedly.
While the current cash balance provides a runway, the accelerating burn rate suggests that the company is highly sensitive to any clinical setbacks. Investors should consider the risk that the current valuation assumes a flawless execution path, which is rarely the case in complex biologic development.
Quick answers to the most common questions about buying MLTX stock.
For fiscal year 2025, MoonLake Immunotherapeutics (MLTX) reported total revenue of $0.0M.
MoonLake Immunotherapeutics (MLTX) reported a net loss of $227.3M for the fiscal year ending 2025.