MoonLake Immunotherapeutics Class A Ordinary Shares (MLTX)

FairStock Score: 26/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett/Graham investor, I begin with earnings power, and MoonLake has none. It is a clinical-stage company developing Sonelokimab for inflammatory skin and joint diseases. Filed figures show no revenue in fiscal 2023, fiscal 2024, or fiscal 2025, and net losses widened from $36.0 million in fiscal 2023 to $118.9 million in fiscal 2024 to $227.3 million in fiscal 2025. In fiscal Q2 2026, the quarter ended 2026-06-30, it lost $61.8 million, or $0.84 per diluted share. Trailing free cash flow is negative $225.2 million, a negative 25.4% FCF yield on its $886 million market cap. That is a lot of cash going out the door for a company with no product revenue. The balance sheet shows debt/equity of 0.24, and FairStock's Altman Z-Score of 3.29 does not scream distress, but the Piotroski F-Score is 2/9 and ROE and ROCE are deeply negative at -67.47% and -32.44%. FairStock's score is 26/100. There is no Lynch category because it has lost money in each of the last four years. The negative P/E of -2.71 merely confirms there are no earnings to value. The scientific asset may have optionality across several inflammatory conditions, but I cannot identify a durable moat without approved products, pricing power, or revenue. At $10.41 on 2026-10-13, P/B is 2.03, but book value is not earning power. Valuation rests on clinical hope, not demonstrated cash flows. Graham would call this speculation, not investment, until the income statement shows a path to profit.

In plain English: MoonLake Immunotherapeutics is a clinical-stage biotech company trying to develop a treatment called Sonelokimab for inflammatory skin and joint diseases. It has no product revenue yet and keeps losing money, so the business looks weak today. At $10.41 on 2026-10-13, the price is hard to judge as cheap or expensive because there are no profits; it trades at about two times its accounting book value while burning cash.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer