Start here if you're new
what it is
MoonLake is a biotech testing one drug, sonelokimab, against inflammatory diseases.
how it gets paid
Last year Moonlake Immuno made n/a in revenue. Sonelokimab in hidradenitis suppurativa was the main engine at $0M, or 25% of sales.
what just happened
FY2024 EPS was -$1.89, and every quarter in the year was a loss.
At a glance
B+ balance sheet — decent shape, but not bulletproof
-$1.89 fy2024 eps est
0.9 beta
~$1B market cap
small cap
xvary composite: 37/100 — weak
What they do
MoonLake is a biotech testing one drug, sonelokimab, against inflammatory diseases.
You are buying one molecule, sonelokimab, not a sprawling catalog. It blocks 3 IL-17 dimers, so the same drug can chase hidradenitis suppurativa, psoriatic arthritis, and axial spondyloarthritis. Leaving is painful because there is no second business to hide behind.
How they make money
n/a
annual revenue
Sonelokimab in hidradenitis suppurativa
$0M
Sonelokimab in psoriatic arthritis
$0M
Sonelokimab in axial spondyloarthritis
$0M
Sonelokimab in psoriasis
$0M
The products that matter
lead clinical asset
Sonelokimab
$0 revenue today
it carries most of the valuation because there is no approved product yet. if the data work, the story changes fast. if they do not, there is not much else on this page to catch the fall.
the main bet
funding the trials
Cash position
B+ balance sheet
for a pre-revenue biotech, cash is what buys time. that is why the balance sheet matters more here than any sales line.
time
what is still missing
Diversification
one lead asset
the market keeps applying a single-asset discount because the disclosed numbers still revolve around sonelokimab. until that changes, this is concentration wearing biotech language.
thin bench
Key numbers
-$1.89
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $74M (6% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MLTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
FY2024 EPS was -$1.89, and every quarter in the year was a loss.
Quarterly EPS moved from -$0.22 to -$0.72 across 2024. There is still no revenue in the data provided.
$0M
revenue
$1.89
eps
n/a
n/a
full-year EPS
FY2024 EPS of -$1.89 is the cleanest proof that MoonLake is still funding trials, not sales.
source: quarterly history provided, 2024
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is sonelokimab failure or delay, because this page still shows $0 revenue and one lead asset doing most of the work.
med
clinical failure for sonelokimab
this is the main risk because the business still has $0 product revenue and one lead asset. if the core dataset disappoints, the market is left valuing cash, not a launch story.
impact: the company would still have $0 revenue to absorb the hit, which is why single-asset biotech sell-offs get violent.
med
continued burn pushes MLTX back to the market for cash
a -$227M annual loss is manageable only while the balance sheet stays ahead of the calendar. if timelines slip, dilution becomes a financing tool, not a hypothetical.
impact: another year that looks like -$227M with no product revenue would tighten the runway and pressure existing holders.
med
even success would still leave concentration risk
one approved asset is still one asset. the stock would move from science risk to launch and execution risk, not from risk to safety.
impact: the upside can get capped if the company stays dependent on one commercial story.
the risk stack is concentrated: one lead asset, $0 revenue, and a loss base that already reached $227M.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
the next company update
use the next update to see whether management is still talking in milestones. for MLTX, dates matter because time is a financing variable.
risk
sonelokimab concentration
the stock does not need ten things to go wrong. it needs one lead asset to disappoint. that is the main thing to watch before you watch the chart.
metric
revenue staying at $0
until product revenue appears, every quarter is still about burn, runway, and clinical progress. that is the setup.
trend
price stability at 5 / 100
this score tells you the stock already trades like a binary asset. if you own it, expect sharp moves around data and financing headlines.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak: nobody has a clean consensus.
risk profile
volatile
small-cap healthcare rarely moves in straight lines. expect larger swings than a steady compounder.
chart momentum
stock-specific
this name trades more on catalysts and trial headlines than on smooth trend lines.
earnings predictability
40 / 100
earnings move around because the company still has no product revenue and the cost base shifts with development work.
source: institutional data
Institutional activity
institutional ownership data for MLTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive