Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data MoonLake Immunotherapeutics files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
42
31.8
113
203
General and administrative
4.57
23
22.3
30.3
42
Operating expenses
65.1
54.1
143
245
Operating income
-4.57
-65.1
-54.1
-143
-245
Interest expense
0
0
7.25
Interest income
0.03
Other non-operating income
0.03
0.59
Pre-tax income
-64.5
-44
-121
-230
Income tax
0.04
0.09
0.28
0.61
Net income to minority interests
-4.54
-14.5
-8.07
-2.31
-3
Net income
-4.54
-50
-36
-119
-227
EBITDA
-64.9
-53.8
-142
-242
EPS, basic
-0.31
-1.70
-0.73
-1.89
-3.53
EPS, diluted
-0.31
-1.70
-0.73
-1.89
-3.53
Shares, basic (weighted)
11.9
29.4
49.1
62.9
64.5
Shares, diluted (weighted)
360
29.4
49.1
62.9
64.5
Balance sheet
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
8.04
39.5
451
180
335
Short-term investments
0
32.6
59.8
268
59.5
Other current assets
1.45
4.18
2.1
23.4
22.9
Total current assets
9.64
76.5
514
474
422
Property, plant and equipment
0.05
0.05
0.32
0.72
0.58
Lease right-of-use assets
0
0.28
3.63
2.92
1.57
Other non-current assets
0
0.6
Total assets
9.68
76.8
527
478
424
Accrued liabilities
3.87
1.11
2.78
4.24
2.32
Short-term debt
15
0
Total current liabilities
21.1
7.67
9.97
22.5
45.5
Lease liabilities
0
0.13
2.5
1.46
0.37
Total liabilities
21.3
8.08
13
24.5
120
Total debt
0
74.1
Paid-in capital
42.1
129
610
677
767
Retained earnings
-53.6
-80.7
-117
-236
-463
Treasury stock
-0.01
0
Other comprehensive income
-0.17
0.35
2.36
5
0.6
Shareholders' equity
-11.6
48.9
496
447
304
Minority interests
0
19.9
17.8
6.57
0
Total equity
-11.6
68.8
513
453
304
Total liabilities and equity
9.68
76.8
527
478
424
Cash flow statement
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-4.54
-64.5
-44.1
-121
-230
Depreciation and amortization
0.16
0.37
1.39
2.62
Stock-based compensation
9.65
7.11
7.28
12.9
Change in payables
3.8
-1.31
1.58
7.16
20.6
Cash from operations
-0.61
-55.9
-42.8
-117
-196
Capital expenditures
-0.02
-0.28
-0.52
-0.04
Purchases of investments
-42.2
-176
-350
-265
Sales and maturities of investments
9.9
151
145
468
Cash from investing
-32.3
-25.2
-206
203
Debt issued
0
0
73
Stock issued
0
0
0.24
Share buybacks
0
0
-0
Cash from financing
-0.06
120
480
51.3
146
Net change in cash
-0.67
31.5
412
-271
154
Free cash flow
-55.9
-43.1
-117
-196
Interest paid
0
0
5.06
Income taxes paid
0
0.04
0.15
0.8
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.04 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-61.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-45.9%
Net income / average total assets.
Return on invested capital (ROIC)
-425.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-31.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
84.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-11.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
76.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
2.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
30.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.6x
Current assets / current liabilities.
Quick ratio
11.8x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
11.8x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.23x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
17.3%
Total debt / total assets.
Liabilities / assets
25.4%
Total liabilities / total assets.
Net debt
-$437.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$3.05
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.05
Cash from operations / diluted weighted shares.
Book value per share
$5.79
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
2.39x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.39x
Market cap / tangible book value, when positive.
FCF yield
-22.0%
Free cash flow / market cap.
Earnings yield
-25.7%
Net income / market cap (the inverse of P/E).
Was MoonLake Immunotherapeutics profitable in fiscal 2025?
No. It reported a net loss of $227.3M.
How much free cash flow did MoonLake Immunotherapeutics generate in fiscal 2025?
Cash from operations of $196.0M minus capital expenditures of $35.0K left free cash flow of -$196.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.