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MoonLake Immunotherapeutics (MLTX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MoonLake Immunotherapeutics
NasdaqCM•Healthcare•Biotechnology
$14.94-0.07(<0.01%)Pre-market
Market Cap
$915.81M
P/B
2.1x

MoonLake Immunotherapeutics, a clinical-stage biotechnology company, focuses on developing therapies for inflammatory skin and joint diseases. It develops Sonelokimab, a novel tri-specific IL-17A and IL-17F inhibiting Nanobody for the treatment of inflammatory diseases in dermatology and rheumatology, as well as for hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, palmoplantar pustulosis, and psoriasis. The company was founded in 2021 and is headquartered in Zug, Switzerland.

D

How this company scores

WeakMetricSide Score: 36/100

Grade capped at D — Interest coverage below 1× (-25.5x) — earnings cannot cover interest. Strongest: Balance Sheet & Red Flags (13/25); weakest: Cash & Earnings Quality (6/25).

Profitability11/25
Growth6/25
Balance Sheet & Red Flags13/25
Cash & Earnings Quality6/25
Strengths
Long cash runwayLow leverageNet cash positionImproving margins
Grade capped at D
  • Interest coverage below 1× (-25.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/B · 2.1x5y range 1.4x – 20.3x
P/B 2.1x · below its 17-quarter median

Currently below its 17-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume
Market Cap $915.81M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$0
Q. Revenue
$0
TTM EBITDA
$-263.61M
7Q
TTM Op. Income
$-268.33M
7Q
Q. Op. Income
$-61.66M
2%
TTM Net Income
$-263.67M
7Q
Q. Net Income
$-61.80M
12%
EPS
$-0.84
3%
Shares Out.
$73.92M
7Q
$0 in TTM revenue was flat at zero YoY, reaching $0 last quarter. TTM EBITDA of $-263.61M and TTM operating income of $-268.33M show growth is flowing through to the bottom line. However, net income is negative at $263.67M — growth is not yet reaching the bottom line.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
N/A
Op. Margin
-6166000000.0%
2%
Net Margin
-6180500000.0%
12%
Op. margin of -6166000000.0% is down 96200000.0% YoY — costs are rising relative to revenue. Net margin at -6180500000.0% Over the past year, operating margin is down 2% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
N/A
P/B Ratio
2.1x
75%
P/S of 0.0x and P/B of 2.1x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$573.95M
25%
Cash
$477.90M
56%
Long-Term Debt
$99.51M
5Q
Book Value
$428.19M
21%
D/E Ratio
0.2
12%
Debt/EBITDA
N/A
With $573.95M in assets and $99.51M in long-term debt, D/E is 0.2and book value is $428.19M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 12% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-55.56M
2%
TTM Free Cash Flow
$-225.18M
7Q
FCF Margin
N/A
FCF / Net Income
0.9
10%
TTM FCF of $-225.18M on $-55.56M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.

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Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 17.5% — significant dilution, likely from stock compensation or capital raises.