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MOONLAKE IMMUNOTHERAPEUTICS AG (NASDAQ: MLTX) is a clinical-stage biopharmaceutical company based in Zug, Switzerland, developing Nanobody®-based therapies for inflammatory skin and joint diseases. Founded in 2021, the company’s lead asset, sonelokimab, targets interleukin-17A and interleukin-17F (IL-17A/F) and is currently in late-phase clinical trials.
Corporate Structure
As of September 2025, MoonLake employs between 11 and 50 people. The company is organized as a Swiss Aktiengesellschaft (AG). Its executive leadership includes Founder & CEO Jorge Santos da Silva and CFO Matthias Bodenstedt. MoonLake holds global development and commercialization rights to sonelokimab, licensed from Merck KGaA in 2021; the molecule was originally discovered by Ablynx (now part of Sanofi).
Immunotherapy by Alex Robertson
Recent Developments and News
In August 2025, the Financial Times reported that Merck & Co. submitted a nonbinding offer valuing MoonLake at more than $3 billion. The offer was rejected, but discussions may resume. Following this news, MLTX shares rose approximately 18 percent in premarket trading to $48.50 before U.S. trading was halted; at that time, the company’s market capitalization was approximately $2.6 billion.
MoonLake plans to report primary endpoint data from its Phase 3 hidradenitis suppurativa (HS) trials of sonelokimab in September 2025. Additional Phase 3 studies are underway in psoriatic arthritis, with pivotal trials in psoriasis, palmoplantar pustulosis, and axial spondyloarthritis expected to read out in the coming quarters.
At the European Academy of Dermatology and Venereology (EADV) Congress held in Paris from September 17 to September 20, 2025, MoonLake presented two oral sessions and six posters at Booth D22. Earlier in July, the company served as a silver sponsor of the GRAPPA 2025 Annual Meeting in Bogotá (July 10–12) and participated in the Leerink Partners Therapeutics Forum in Boston on July 9.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Share price (2025-09-29) | $7.0210 |
| Change (1-day) | –88.67 percent |
| Volume (1-day) | 19,056,896 |
| Exchange | NASDAQ (MLTX) |
The one-day decline on September 29 followed news flow disruptions and lock-up expirations. Trading volume increased to nearly 19 million shares. MoonLake's strategic value has been highlighted by Merck & Co.’s interest, driven by the anticipated loss of exclusivity for Keytruda in 2028 and the potential need for new immunology assets.
Merck CEO Robert Davis discussed at a May 2025 Bernstein event a business-development focus on transactions in the range of $1 billion to $15 billion, with willingness to consider larger deals. Sonelokimab, if approved, could diversify Merck’s portfolio into dermatology and rheumatology, complementing its existing oncology franchise.
Market Position and Industry Context
MoonLake operates in the IL-17 inhibitor segment, which includes established therapies such as secukinumab and ixekizumab. The company’s Nanobody® platform may offer advantages in stability and tissue penetration. The Phase 3 HS readout in September 2025 could position sonelokimab as a potential new option in a market estimated at over $2 billion annually. Оngoing trials in psoriatic arthritis and psoriasis target adjacent markets projected to grow through 2030, alongside competing assets from major pharmaceutical and biotech firms.
TL;DR
- Merck & Co. submitted a nonbinding offer exceeding $3 billion for MoonLake in August 2025; discussions may continue.
- MoonLake expects to report primary endpoint data for Phase 3 sonelokimab trials in hidradenitis suppurativa in September 2025.
- MLTX shares on September 29, 2025, were $7.0210, reflecting an 88.67 percent decline on a trading volume of 19 million shares.
- Upcoming catalysts include Phase 3 readouts in psoriatic arthritis, with additional pivotal trials anticipated through early 2026.
