MoonLake Immunotherapeutics, a clinical-stage biotechnology company focused on developing Sonelokimab (SLK) for inflammatory diseases, reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company’s total assets decreased to $518.2 million from $526.5 million at the end of 2023, primarily due to a reduction in cash and cash equivalents, which fell to $375.7 million from $451.2 million. However, short-term marketable debt securities increased to $118.3 million, up from $59.8 million.
The company experienced a substantial rise in operating expenses, which totaled $43.1 million for the three months ended September 30, 2024, compared to $13.0 million for the same period in 2023, marking a 232.2% increase. Research and development expenses surged to $35.7 million, up from $7.6 million, driven by costs associated with clinical development trials, supply and logistics services, and personnel-related expenses. General and administrative expenses also rose to $7.4 million from $5.4 million, reflecting increased personnel costs to support organizational growth.
Net loss for the quarter was $36.1 million, compared to $11.6 million in the prior year, representing a 210.8% increase. The net loss attributable to controlling interests shareholders was $35.4 million, up from $9.4 million in 2023. For the nine months ended September 30, 2024, the net loss reached $74.8 million, compared to $36.2 million for the same period in 2023, indicating a 106.8% increase.
The company reported net cash used in operating activities of $68.1 million for the nine months, significantly higher than $30.4 million in the previous year. Net cash provided by financing activities decreased to $51.2 million from $451.3 million, primarily due to reduced share sales under its August 2023 ATM Sales Agreement. The total cash, cash equivalents, and short-term marketable securities available as of September 30, 2024, amounted to $493.9 million, which management believes will fund operations until the end of 2026.
MoonLake continues to focus on advancing its clinical trials for SLK, with plans for Phase 3 trials in multiple indications. The company has not yet generated revenue from product sales and anticipates ongoing significant operating losses as it progresses through its development pipeline.
About MoonLake Immunotherapeutics
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