MoonLake Immunotherapeutics (MLTX) investor relations material

Executive summary

• Sonelokimab (SLK), a tri-specific IL-17A/F inhibiting Nanobody, advanced in inflammatory skin and joint diseases, with positive Phase 3 results in hidradenitis suppurativa (HS) and psoriatic arthritis (PsA), including the IZAR-1 trial meeting all endpoints at Week 16 for 60 mg dose.

• Statistically significant improvements were observed in musculoskeletal, skin, patient-reported, and physical function outcomes, with a safety profile consistent with previous studies and no new safety signals.

• Announced strong week 52 data for SLK in HS, showing higher efficacy than competitor programs and sustained improvements in patient-reported outcomes.

• Sonelokimab is positioned to compete in multiple multi-billion dollar indications, including HS and PsA.

• Positive interim results in adolescent HS and primary endpoint met in PsA Phase 3 trial; further trial readouts expected in late 2026 and early 2027.

Financial highlights

• Net loss of $61.8 million for Q2 2026, up 10.3% year-over-year; net loss of $131.5 million for the first half, up 36.1% year-over-year.

• Operating expenses rose 1.6% to $61.7 million for Q2 and 21.7% to $131.7 million for the first half, driven by increased R&D and G&A costs.

• Cash, cash equivalents, and short-term marketable securities totaled $537.0 million as of June 30, 2026.

• Research and development expenses were $50.2 million for Q2 2026, down from $54.5 million in Q1 2026; general and administrative expenses were $11.4 million for Q2 2026, down from $15.5 million in Q1 2026.

• Net cash used in operating activities was $121.8 million for the first half, up 31.5% year-over-year.

Outlook and guidance

• Sufficient capital to fund operations and capital expenditures to mid-2028 based on current plans.

• Up to $400 million in non-dilutive funds available through a debt facility.

• BLA submission for SLK in HS planned for end of Q3 2026, with potential US commercial launch in H2 2027, pending FDA approval.

• Anticipated milestones include completion of IZAR-2 enrollment in Q3 2026 and full readout of IZAR-1 in H1 2027; P-OLARIS trial results expected end of 2026 or early 2027.

• Expect continued substantial expenses and operating losses as SLK development and commercialization preparations progress.