MoonLake Immunotherapeutics priced an underwritten offering of 7,142,857 Class A ordinary shares at $10.50 each, generating gross proceeds of approximately $75 million. The transaction is expected to close on or about November 6, 2025, subject to customary closing conditions.
The company will deploy the net proceeds, together with its existing cash, cash equivalents and marketable securities, to accelerate research and development of sonelokimab and to support general corporate purposes. The capital injection, combined with a March 2025 non‑dilutive term loan facility that provided up to $500 million, is intended to extend MoonLake’s financial runway through the second half of 2028 and to sustain momentum in its Phase 3 clinical programs for hidradenitis suppurativa and psoriatic arthritis.
The financing comes amid mixed results from the Phase 3 VELA trials for sonelokimab. While VELA‑1 met its primary endpoint, VELA‑2 narrowly missed its composite primary endpoint due to a higher‑than‑expected placebo response. The outcome has tempered investor enthusiasm, but the equity offering provides the necessary liquidity to continue advancing sonelokimab in other indications, including adolescent hidradenitis suppurativa, palmoplantar pustulosis and axial spondyloarthritis.
By bolstering its balance sheet, MoonLake positions itself for future regulatory submissions and potential commercialization of sonelokimab. The additional capital also supports ongoing investments in pipeline development and maintains the company’s ability to navigate the uncertainties inherent in late‑stage clinical trials.
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