1.Sales and profit
See section β- MoonLake Immunotherapeutics lost $227M in fiscal 2025.
MoonLake Immunotherapeutics
MLTX Nasdaq Pharmaceutical Preparations Financials FY2021βFY2025
Last close Β· Oct 23, 2026
$11.85
4.0%KIRAβs summary AI analyst
Hi! I read MoonLake Immunotherapeuticsβs latest annual report (fiscal 2025). Here is what stands out:
1 strength 3 to watch
2.Cash and shareholders
See section β- Free cash flow was β$196M in fiscal 2025, β of revenue.
- In the last 12 months, insiders sold $83.0M of shares on the open market and bought none.
3.Financial health
See section β- MoonLake Immunotherapeutics has $320M more cash than debt.
- MoonLake Immunotherapeutics passes 1 of 7 financial health tests (Piotroski F-score).
MoonLake Immunotherapeutics in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$227M
No. It lost money last year.
Weak
How healthy are the accounts?
1 / 7
Weak. It passes 1 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
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.
β
On β$3.85 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· MoonLake Immunotherapeutics lost $227M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY21
Net income β$4.5M
FY22
Net income β$50.0M
FY23
Net income β$36.0M
FY24
Net income β$119M
FY25
Net income β$227M
Net income
Q3 '23
Net income β$9.4M
Q4 '23
Net income β$7.4M
Q1 '24
Net income β$13.7M
Q2 '24
Net income β$24.3M
Q3 '24
Net income β$35.4M
Q4 '24
Net income β$45.6M
Q1 '25
Net income β$39.9M
Q2 '25
Net income β$55.2M
Q3 '25
Net income β$69.7M
Q4 '25
Net income β$62.4M
Q1 '26
Net income β$69.7M
Q2 '26
Net income β$61.8M
Diluted EPS
FY21
Diluted EPS β$0.31
FY22
Diluted EPS β$1.70
FY23
Diluted EPS β$0.73
FY24
Diluted EPS β$1.89
FY25
Diluted EPS β$3.53
Diluted EPS
Q3 '23
Diluted EPS β$0.18
Q4 '23
Diluted EPS β$0.09
Q1 '24
Diluted EPS β$0.22
Q2 '24
Diluted EPS β$0.39
Q3 '24
Diluted EPS β$0.56
Q4 '24
Diluted EPS β$0.72
Q1 '25
Diluted EPS β$0.63
Q2 '25
Diluted EPS β$0.87
Q3 '25
Diluted EPS β$1.10
Q4 '25
Diluted EPS β$0.93
Q1 '26
Diluted EPS β$0.98
Q2 '26
Diluted EPS β$0.84
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$196M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY21
Free cash flow β
FY22
Free cash flow β$55.9M
FY23
Free cash flow β$43.1M
FY24
Free cash flow β$117M
FY25
Free cash flow β$196M
Free cash flow
Q3 '23
Free cash flow β$9.3M
Q4 '23
Free cash flow β$12.6M
Q1 '24
Free cash flow β$15.2M
Q2 '24
Free cash flow β$27.9M
Q3 '24
Free cash flow β$25.4M
Q4 '24
Free cash flow β$48.6M
Q1 '25
Free cash flow β$38.2M
Q2 '25
Free cash flow β$54.5M
Q3 '25
Free cash flow β$44.5M
Q4 '25
Free cash flow β$58.8M
Q1 '26
Free cash flow β$66.3M
Q2 '26
Free cash flow β$55.6M
Cash from operations vs capital spending
FY21
Cash from operations β$0.6M
Capital spending β
FY22
Cash from operations β$55.9M
Capital spending $0.0M
FY23
Cash from operations β$42.8M
Capital spending $0.3M
FY24
Cash from operations β$117M
Capital spending $0.5M
FY25
Cash from operations β$196M
Capital spending $0.0M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$9.3M
Capital spending $0.0M
Q4 '23
Cash from operations β$12.3M
Capital spending $0.3M
Q1 '24
Cash from operations β$14.9M
Capital spending $0.2M
Q2 '24
Cash from operations β$27.9M
Capital spending $0.0M
Q3 '24
Cash from operations β$25.3M
Capital spending $0.1M
Q4 '24
Cash from operations β$48.5M
Capital spending $0.2M
Q1 '25
Cash from operations β$38.1M
Capital spending $0.0M
Q2 '25
Cash from operations β$54.5M
Capital spending $0.0M
Q3 '25
Cash from operations β$44.5M
Capital spending $0.0M
Q4 '25
Cash from operations β$58.8M
Capital spending $0.0M
Q1 '26
Cash from operations β$66.3M
Capital spending $0.0M
Q2 '26
Cash from operations β$55.6M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY21
Dividends β
Buybacks β
FY22
Dividends β
Buybacks $0.0M
FY23
Dividends β
Buybacks $0.0M
FY24
Dividends β
Buybacks $0.0M
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends β
Buybacks $0.0M
Q4 '23
Dividends β
Buybacks $0.0M
Q1 '24
Dividends β
Buybacks $0.0M
Q2 '24
Dividends β
Buybacks $0.0M
Q3 '24
Dividends β
Buybacks $0.0M
Q4 '24
Dividends β
Buybacks $0.0M
Q1 '25
Dividends β
Buybacks β
Q2 '25
Dividends β
Buybacks β
Q3 '25
Dividends β
Buybacks β
Q4 '25
Dividends β
Buybacks β
Q1 '26
Dividends β
Buybacks β
Q2 '26
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
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
Insider trades
KIRA Β· In the last 12 months, insiders sold $83.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$83.0M
4 insiders
Of sales under plans
14%
$11.3M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 27, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 1,100 | $20.00 | $0.0M | Form 4 |
| Jul 22, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 2,448 | $20.00 | $0.0M | Form 4 |
| Jul 21, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 50,000 | $20.02 | $1.0M | Form 4 |
| Jul 20, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 43,700 | $20.09 | $0.9M | Form 4 |
| Jul 15, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 16,105 | $20.01 | $0.3M | Form 4 |
| Jul 10, 2026 | da Silva Jorge SantosChief Executive Officer, Director | Sold plan | 68,289 | $20.02 | $1.4M | Form 4 |
| Jul 9, 2026 | da Silva Jorge SantosChief Executive Officer, Director | Sold plan | 33,936 | $20.01 | $0.7M | Form 4 |
| Jul 1, 2026 | da Silva Jorge SantosChief Executive Officer, Director | Sold plan | 47,775 | $20.03 | $1.0M | Form 4 |
| Jun 22, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 39,120 | $22.04 | $0.9M | Form 4 |
| Jun 18, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 2,794 | $19.60 | $0.1M | Form 4 |
| Jun 17, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 50,000 | $19.43 | $1.0M | Form 4 |
| Jun 17, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 15,082 | $19.68 | $0.3M | Form 4 |
| Jun 16, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 50,000 | $18.70 | $0.9M | Form 4 |
| Jun 15, 2026 | Kristian ReichChief Scientific Officer | Sold plan | 50,000 | $18.89 | $0.9M | Form 4 |
| May 11, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 13,653 | $20.02 | $0.3M | Form 4 |
| Apr 14, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 2,426 | $19.56 | $0.0M | Form 4 |
| Apr 13, 2026 | da Silva Jorge SantosChief Executive Officer, Director | Sold | 51,873 | $18.23 | $0.9M | Form 4 |
| Apr 10, 2026 | da Silva Jorge SantosChief Executive Officer, Director | Sold | 98,127 | $18.41 | $1.8M | Form 4 |
| Apr 10, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 1,925 | $19.51 | $0.0M | Form 4 |
| Apr 9, 2026 | Matthias BodenstedtChief Financial Officer | Sold plan | 85,870 | $18.94 | $1.6M | Form 4 |
| Mar 31, 2026 | Mark N LampertDirector, 10% owner | Sold | 3,750,000 | $16.79 | $63.0M | Form 4 |
| Dec 9, 2025 | Kristian ReichChief Scientific Officer | Sold | 72,908 | $14.43 | $1.1M | Form 4 |
| Dec 9, 2025 | da Silva Jorge SantosChief Executive Officer, Director | Sold | 70,000 | $14.49 | $1.0M | Form 4 |
| Dec 8, 2025 | Kristian ReichChief Scientific Officer | Sold | 130,000 | $15.08 | $2.0M | Form 4 |
| Dec 8, 2025 | da Silva Jorge SantosChief Executive Officer, Director | Sold | 130,000 | $15.08 | $2.0M | Form 4 |
| Oct 8, 2025 | Matthias BodenstedtChief Financial Officer | Bought | 10,870 | $9.09 | $0.1M | Form 4 |
| Sep 30, 2025 | Cormorant Global Healthcare Master Fund, LPFormer 10% Owner | Sold | 5,827 | $6.96 | $0.0M | Form 4 |
| Sep 29, 2025 | Cormorant Global Healthcare Master Fund, LPFormer 10% Owner | Sold | 6,494,151 | $7.21 | $46.8M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· MoonLake Immunotherapeutics has $320M more cash than debt.
Cash, debt and the ratios that show how comfortably MoonLake Immunotherapeutics can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY21
Cash $8.0M
Debt $15.0M
FY22
Cash $72.1M
Debt $0.0M
FY23
Cash $511M
Debt β
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 | β | $0.0M | $74.1M |
| Debt / equity | β | 0.0x | β | 0.0x | 0.2x |
| Interest coverage | β | β | β | β | β33.8x |
| 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 | β$11.6M | $48.9M | $496M | $447M | $304M |
| Net debt (β = net cash) | $7.0M | β$72.1M | β | β$448M | β$320M |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY21
Return on capital β
Return on equity β
Return on assets β46.9%
FY22
Return on capital β
Return on equity β268.3%
Return on assets β115.5%
FY23
Return on capital β
Return on equity β13.2%
Return on assets β11.9%
FY24
Return on capital β
Return on equity β25.2%
Return on assets β23.7%
FY25
Return on capital β
Return on equity β60.5%
Return on assets β50.4%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· MoonLake Immunotherapeutics passes 1 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | 3 / 7 | β / 6 | β / 6 | 1 / 7 |
| Accruals ratio | β40.6% | 13.7% | 2.2% | β0.5% | β6.9% |
| Altman Z'' | β29.56 | 3.12 | 44.75 | 21.70 | 1.05 |
All figures
Every number, year by year.
5 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Research and development | β | $42.0M | $31.8M | $113M | $203M |
| Operating income | β$4.6M | β$65.1M | β$54.1M | β$143M | β$245M |
| Interest expense | β | β | $0.0M | $0.0M | $7.2M |
| Pretax income | β | β$64.5M | β$44.0M | β$121M | β$230M |
| Income tax | β | $0.0M | $0.1M | $0.3M | $0.6M |
| Net income | β$4.5M | β$50.0M | β$36.0M | β$119M | β$227M |
| Diluted EPS | β$0.31 | β$1.70 | β$0.73 | β$1.89 | β$3.53 |
| Diluted shares | 0.36B | 0.03B | 0.05B | 0.06B | 0.06B |
| Cash flow | |||||
| Cash from operations | β$0.6M | β$55.9M | β$42.8M | β$117M | β$196M |
| Capital expenditure | β | $0.0M | $0.3M | $0.5M | $0.0M |
| Free cash flow | β | β$55.9M | β$43.1M | β$117M | β$196M |
| Depreciation and amortization | β | $0.2M | $0.4M | $1.4M | $2.6M |
| Stock-based compensation | β | $9.7M | $7.1M | $7.3M | $12.9M |
| Share buybacks | β | $0.0M | $0.0M | $0.0M | β |
| Dividends and buybacks | β | $0.0M | $0.0M | $0.0M | β |
| Balance sheet | |||||
| Cash and short-term investments | $8.0M | $72.1M | $511M | $448M | $394M |
| Total debt | $15.0M | $0.0M | β | $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 | β$11.6M | $48.9M | $496M | $447M | $304M |
| Returns | |||||
| Return on capital employed | 40.1% | β94.0% | β10.5% | β31.4% | β64.6% |
| Return on equity | β | β268.3% | β13.2% | β25.2% | β60.5% |
| Return on assets | β46.9% | β115.5% | β11.9% | β23.7% | β50.4% |
| Return on tangible equity | β | β102.2% | β7.3% | β26.6% | β74.7% |
| Growth | |||||
| Share count change | β | β91.8% | 67.3% | 28.0% | 2.5% |
| Financial health | |||||
| Debt / equity | β | 0.0x | β | 0.0x | 0.2x |
| Interest coverage | β | β | β | β | β33.8x |
| 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 | β | 3.0 | β | β | 1.0 |
| Altman Z'' | β29.6 | 3.1 | 44.8 | 21.7 | 1.0 |
| Accruals ratio | β40.6% | 13.7% | 2.2% | β0.5% | β6.9% |
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 β not investment advice. Check the original filings before relying on any figure.