MoonLake Immunotherapeutics (MLTX)
UndervaluedFundamental
32
Price
$11.70
Market Cap
$996M
Part 1 · What the company is worth
Overview
MoonLake Immunotherapeutics, a clinical-stage biotechnology company, focuses on developing therapies for inflammatory skin and joint diseases. It develops Sonelokimab, a novel tri-specific IL-17A and IL-17F inhibiting Nanobody for the treatment of inflammatory diseases in dermatology and rheumatology, as well as for hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, palmoplantar pustulosis, and psoriasis. The company was founded in 2021 and is headquartered in Zug, Switzerland.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users
AbbVie's adalimumab (Humira) was the first biologic approved for hidradenitis suppurativa and still defines first-line treatment, while its risankizumab (Skyrizi) competes in psoriatic arthritis — both were used as active reference arms in MoonLake's own trials.
Lilly's ixekizumab (Taltz) is an IL-17A inhibitor prescribed for psoriatic arthritis, axial spondyloarthritis and plaque psoriasis, the rheumatology and dermatology indications sonelokimab is being developed for beyond hidradenitis suppurativa.
Incyte is bringing povorcitinib, an oral JAK1 inhibitor, through late-stage trials in hidradenitis suppurativa, competing for the same patients with a pill rather than an injection.
UCB's bimekizumab (Bimzelx) blocks the same IL-17A and IL-17F cytokines as sonelokimab and is already approved for hidradenitis suppurativa and psoriatic arthritis, the two indications MoonLake is bringing to market.
Novartis sells secukinumab (Cosentyx), the IL-17A inhibitor approved in 2023 for hidradenitis suppurativa and widely used in psoriatic arthritis and axial spondyloarthritis, addressing the same dermatology and rheumatology prescribers MoonLake targets.
Balance Sheet & Liquidity
Revenue
0
Fiscal year ended 12/31/2025
Net Income
$-227M
Fiscal year ended 12/31/2025
Free Cash Flow
$-196M
Total Equity
$304M
Total Liabilities
$120M
Current Ratio
12.56
Interest Coverage
26.58
Debt/EBITDA
-
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
No income data available
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$28.54
Current Price
$11.70
Margin of Safety
+59.0%
Fair Value Range
$27.11 - $29.97
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
-
ROE
-74.7%
P/B Ratio
2.33
P/FCF
-
Gross Margin
-
ROIC
-40.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
-40.1%
WACC
10.3%
ROIC − WACC
-50.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (7)
- P/B Ratio 2.33
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Low reliance on intangibles
- Analyst Consensus 77% Buy
- Share Dilution 2.3%
Failed (9)
- EPS shows upward trend
- Price CAGR 2.13%
- ROIC -40.1%
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -82.7%
- Earnings Surprise avg -2.8%
- Piotroski F-Score 1/9
Unavailable (11)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Debt/EBITDA
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Net Margin Trend (invalid data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
Low quality: investigate accounting
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Dr. Jorge Santos da Silva Ph.D. | Co-Founder, Interim Chair of the Board & CEO | 48 |
| Dr. Kristian Reich M.D., Ph.D. | Co-Founder & Chief Scientific Officer | 59 |
| Mr. Matthias Bodenstedt | Chief Financial Officer | 37 |
| Mr. Oliver Daltrop Ph.D. | Chief Technical Officer | - |
| Ms. Carla Bretes | Director of Investor Relations & External Communications | - |
| Mr. Nicolas Mosimann Ph.D. | General Counsel | - |
| Joana Cortez | Associate Vice-President of Legal & Compliance | - |
| Tino Anthamatten | Vice President of Marketing, Market Access & Pricing | - |
| Luciana Marques | Associate Vice-President of HR, People and Culture | - |
| Ms. Nuala Brennan | Chief Clinical Development Officer | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-25
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-10
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-30
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for MLTX, sourced from Markets Gazette.
- 3/30/2026POSITIVEMoonLake Says Lead Drug Shows Durable Response, Eyes FDA Filing
MoonLake Immunotherapeutics announced promising Phase 3 results for its lead drug in Hidradenitis Suppurativa (HS), showing a 62% HiSCR75 response rate at Week 40. This durable response rate suggests strong efficacy. Crucially, the company received feedback from the FDA that supports a potential path to filing without requiring additional trials. This significantly de-risks the development timeline and accelerates the path to market. Investors are likely to view this news favorably, anticipating a potential new treatment option and a strong commercial opportunity.
via Markets Gazette