CEO of Bio Company Prepares for New Rare Skin Disease Drug, Sells Some Shares

MoonLake Immunotherapeutics (NASDAQ: MLTX) CEO Jorge Santos da Silva sold portions of his Class A common stock under Rule 144 on April 10 and 13, raising approximately $2.7 million (about KRW 4 billion) and reducing his direct holdings to roughly 2.92 million shares. On April 1, the company held its final pre-BLA meeting with the U.S. FDA, agreeing on plans to submit a Biologics License Application for sonelokimab—its candidate for hidradenitis suppurativa—by the end of September 2026, as well as on a labeling strategy and the inclusion of adolescent data.

In the first quarter, MoonLake reported a net loss of $69.7 million (about KRW 100 billion), held cash and short-term investments totalling $357.9 million (about KRW 500 billion), and maintained borrowing capacity of up to $400 million (about KRW 560 billion) under a facility with Hercules Capital.

On May 10, the company reaffirmed in a press release that, if it meets its planned BLA submission timeline, it expects a U.S. launch of sonelokimab in the second half of 2027. It also outlined key clinical milestones for its hidradenitis suppurativa and psoriatic arthritis programs in 2026.

Previously, mixed Phase 3 results for hidradenitis suppurativa announced in September 2025 had caused the stock to drop more than 80%. In January 2026, however, the FDA provided guidance allowing a regulatory review based on combined data from the Phase 3 VELA-1 and Phase 2b MIRA trials without requiring an additional Phase 3 study, thereby clarifying the approval path.

MoonLake Immunotherapeutics is a Nasdaq-listed, clinical-stage biotech company developing sonelokimab on its tri-specific anti–IL-17A/F nanobody platform to treat inflammatory skin and musculoskeletal diseases, including hidradenitis suppurativa and psoriatic arthritis. CEO Santos da Silva, who has led sonelokimab’s development since the company’s founding, has disclosed that MoonLake’s cash runway extends through the end of 2027.