MoonLake Immunotherapeutics
MLTX Nasdaq Pharmaceutical Preparations Financials FY2021โFY2025
Last close ยท Oct 23, 2026
$11.85
4.0%
Revenue
Total sales reported in the income statement.
โ
vs prior year
Operating margin
Operating income as a share of revenue.
โ
Net income
Profit after all expenses, interest and tax.
โ$227M
Free cash flow
Cash from operations minus capital spending.
โ$196M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ
Market cap
Last close times the latest diluted share count, so it is approximate.
$876M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
On โ$3.85 EPS (TTM)
What MoonLake Immunotherapeutics does
No business description yet.
- Legal name
- MoonLake Immunotherapeutics
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K ยท Feb 25, 2026
- Accession ยท CIK
- 0001821586-26-000002
0001821586
Revenue and margins
MoonLake Immunotherapeutics had โ of revenue in fiscal 2025.
FY21
Revenue โ
FY22
Revenue โ
FY23
Revenue โ
FY24
Revenue โ
FY25
Revenue โ
FY21
Gross โ
Operating โ
Net โ
FCF โ
FY22
Gross โ
Operating โ
Net โ
FCF โ
FY23
Gross โ
Operating โ
Net โ
FCF โ
FY24
Gross โ
Operating โ
Net โ
FCF โ
FY25
Gross โ
Operating โ
Net โ
FCF โ
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income โ$4.5M
FY22
Net income โ$50.0M
FY23
Net income โ$36.0M
FY24
Net income โ$119M
FY25
Net income โ$227M
Q3 '23
Net income โ$9.4M
Q4 '23
Net income โ$7.4M
Q1 '24
Net income โ$13.7M
Q2 '24
Net income โ$24.3M
Q3 '24
Net income โ$35.4M
Q4 '24
Net income โ$45.6M
Q1 '25
Net income โ$39.9M
Q2 '25
Net income โ$55.2M
Q3 '25
Net income โ$69.7M
Q4 '25
Net income โ$62.4M
Q1 '26
Net income โ$69.7M
Q2 '26
Net income โ$61.8M
FY21
Diluted EPS โ$0.31
FY22
Diluted EPS โ$1.70
FY23
Diluted EPS โ$0.73
FY24
Diluted EPS โ$1.89
FY25
Diluted EPS โ$3.53
Q3 '23
Diluted EPS โ$0.18
Q4 '23
Diluted EPS โ$0.09
Q1 '24
Diluted EPS โ$0.22
Q2 '24
Diluted EPS โ$0.39
Q3 '24
Diluted EPS โ$0.56
Q4 '24
Diluted EPS โ$0.72
Q1 '25
Diluted EPS โ$0.63
Q2 '25
Diluted EPS โ$0.87
Q3 '25
Diluted EPS โ$1.10
Q4 '25
Diluted EPS โ$0.93
Q1 '26
Diluted EPS โ$0.98
Q2 '26
Diluted EPS โ$0.84
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital โ
Return on equity โ
Return on assets โ46.9%
FY22
Return on capital โ
Return on equity โ268.3%
Return on assets โ115.5%
FY23
Return on capital โ
Return on equity โ13.2%
Return on assets โ11.9%
FY24
Return on capital โ
Return on equity โ25.2%
Return on assets โ23.7%
FY25
Return on capital โ
Return on equity โ60.5%
Return on assets โ50.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$196M in fiscal 2025, โ of revenue. Cash from operations minus capital spending.
FY21
Free cash flow โ
FY22
Free cash flow โ$55.9M
FY23
Free cash flow โ$43.1M
FY24
Free cash flow โ$117M
FY25
Free cash flow โ$196M
Q3 '23
Free cash flow โ$9.3M
Q4 '23
Free cash flow โ$12.6M
Q1 '24
Free cash flow โ$15.2M
Q2 '24
Free cash flow โ$27.9M
Q3 '24
Free cash flow โ$25.4M
Q4 '24
Free cash flow โ$48.6M
Q1 '25
Free cash flow โ$38.2M
Q2 '25
Free cash flow โ$54.5M
Q3 '25
Free cash flow โ$44.5M
Q4 '25
Free cash flow โ$58.8M
Q1 '26
Free cash flow โ$66.3M
Q2 '26
Free cash flow โ$55.6M
FY21
Cash from operations โ$0.6M
Capital spending โ
FY22
Cash from operations โ$55.9M
Capital spending $0.0M
FY23
Cash from operations โ$42.8M
Capital spending $0.3M
FY24
Cash from operations โ$117M
Capital spending $0.5M
FY25
Cash from operations โ$196M
Capital spending $0.0M
Cash from operations
Capital spending
Q3 '23
Cash from operations โ$9.3M
Capital spending $0.0M
Q4 '23
Cash from operations โ$12.3M
Capital spending $0.3M
Q1 '24
Cash from operations โ$14.9M
Capital spending $0.2M
Q2 '24
Cash from operations โ$27.9M
Capital spending $0.0M
Q3 '24
Cash from operations โ$25.3M
Capital spending $0.1M
Q4 '24
Cash from operations โ$48.5M
Capital spending $0.2M
Q1 '25
Cash from operations โ$38.1M
Capital spending $0.0M
Q2 '25
Cash from operations โ$54.5M
Capital spending $0.0M
Q3 '25
Cash from operations โ$44.5M
Capital spending $0.0M
Q4 '25
Cash from operations โ$58.8M
Capital spending $0.0M
Q1 '26
Cash from operations โ$66.3M
Capital spending $0.0M
Q2 '26
Cash from operations โ$55.6M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
MoonLake Immunotherapeutics returned โ to shareholders in fiscal 2025. The diluted share count rose 2.5%.
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks $0.0M
FY23
Dividends โ
Buybacks $0.0M
FY24
Dividends โ
Buybacks $0.0M
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
Q3 '23
Dividends โ
Buybacks $0.0M
Q4 '23
Dividends โ
Buybacks $0.0M
Q1 '24
Dividends โ
Buybacks $0.0M
Q2 '24
Dividends โ
Buybacks $0.0M
Q3 '24
Dividends โ
Buybacks $0.0M
Q4 '24
Dividends โ
Buybacks $0.0M
Q1 '25
Dividends โ
Buybacks โ
Q2 '25
Dividends โ
Buybacks โ
Q3 '25
Dividends โ
Buybacks โ
Q4 '25
Dividends โ
Buybacks โ
Q1 '26
Dividends โ
Buybacks โ
Q2 '26
Dividends โ
Buybacks โ
Dividends
Buybacks
FY21
Diluted shares 0.36B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably MoonLake Immunotherapeutics can carry it.
FY21
Cash $8.0M
Debt $15.0M
FY22
Cash $72.1M
Debt $0.0M
FY23
Cash $511M
Debt โ
FY24
Cash $448M
Debt $0.0M
FY25
Cash $394M
Debt $74.1M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.0M | $72.1M | $511M | $448M | $394M |
| Debt incl. finance leases | $15.0M | $0.0M | โ | $0.0M | $74.1M |
| Debt / equity | โ | 0.0x | โ | 0.0x | 0.2x |
| Interest coverage | โ | โ | โ | โ | โ33.8x |
| Current ratio | 0.5x | 10.0x | 51.6x | 21.1x | 9.3x |
| Quick ratio | 0.5x | 10.0x | 51.6x | 21.1x | 9.3x |
| Total assets | $9.7M | $76.8M | $527M | $478M | $424M |
| Total liabilities | $21.3M | $8.1M | $13.0M | $24.5M | $120M |
| Shareholders' equity | โ$11.6M | $48.9M | $496M | $447M | $304M |
| Net debt (โ = net cash) | $7.0M | โ$72.1M | โ | โ$448M | โ$320M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ |
| F-score | โ / 3 | 3 / 7 | โ / 6 | โ / 6 | 1 / 7 |
| Accruals ratio | โ40.6% | 13.7% | 2.2% | โ0.5% | โ6.9% |
| Altman Z'' | โ29.56 | 3.12 | 44.75 | 21.70 | 1.05 |
5 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Research and development | โ | $42.0M | $31.8M | $113M | $203M |
| Operating income | โ$4.6M | โ$65.1M | โ$54.1M | โ$143M | โ$245M |
| Interest expense | โ | โ | $0.0M | $0.0M | $7.2M |
| Pretax income | โ | โ$64.5M | โ$44.0M | โ$121M | โ$230M |
| Income tax | โ | $0.0M | $0.1M | $0.3M | $0.6M |
| Net income | โ$4.5M | โ$50.0M | โ$36.0M | โ$119M | โ$227M |
| Diluted EPS | โ$0.31 | โ$1.70 | โ$0.73 | โ$1.89 | โ$3.53 |
| Diluted shares | 0.36B | 0.03B | 0.05B | 0.06B | 0.06B |
| Cash flow | |||||
| Cash from operations | โ$0.6M | โ$55.9M | โ$42.8M | โ$117M | โ$196M |
| Capital expenditure | โ | $0.0M | $0.3M | $0.5M | $0.0M |
| Free cash flow | โ | โ$55.9M | โ$43.1M | โ$117M | โ$196M |
| Depreciation and amortization | โ | $0.2M | $0.4M | $1.4M | $2.6M |
| Stock-based compensation | โ | $9.7M | $7.1M | $7.3M | $12.9M |
| Share buybacks | โ | $0.0M | $0.0M | $0.0M | โ |
| Dividends and buybacks | โ | $0.0M | $0.0M | $0.0M | โ |
| Balance sheet | |||||
| Cash and short-term investments | $8.0M | $72.1M | $511M | $448M | $394M |
| Total debt | $15.0M | $0.0M | โ | $0.0M | $74.1M |
| Current assets | $9.6M | $76.5M | $514M | $474M | $422M |
| Current liabilities | $21.1M | $7.7M | $10.0M | $22.5M | $45.5M |
| Property and equipment, net | $0.0M | $0.0M | $0.3M | $0.7M | $0.6M |
| Total assets | $9.7M | $76.8M | $527M | $478M | $424M |
| Total liabilities | $21.3M | $8.1M | $13.0M | $24.5M | $120M |
| Shareholders' equity | โ$11.6M | $48.9M | $496M | $447M | $304M |
| Returns | |||||
| Return on capital employed | 40.1% | โ94.0% | โ10.5% | โ31.4% | โ64.6% |
| Return on equity | โ | โ268.3% | โ13.2% | โ25.2% | โ60.5% |
| Return on assets | โ46.9% | โ115.5% | โ11.9% | โ23.7% | โ50.4% |
| Return on tangible equity | โ | โ102.2% | โ7.3% | โ26.6% | โ74.7% |
| Growth | |||||
| Share count change | โ | โ91.8% | 67.3% | 28.0% | 2.5% |
| Financial health | |||||
| Debt / equity | โ | 0.0x | โ | 0.0x | 0.2x |
| Interest coverage | โ | โ | โ | โ | โ33.8x |
| Current ratio | 0.5x | 10.0x | 51.6x | 21.1x | 9.3x |
| Quick ratio | 0.5x | 10.0x | 51.6x | 21.1x | 9.3x |
| Quality scores | |||||
| Piotroski F-score | โ | 3.0 | โ | โ | 1.0 |
| Altman Z'' | โ29.6 | 3.1 | 44.8 | 21.7 | 1.0 |
| Accruals ratio | โ40.6% | 13.7% | 2.2% | โ0.5% | โ6.9% |
Source: SEC EDGAR XBRL filings (CIK 0001821586). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.