MoonLake Immunotherapeutics Reports Positive Phase‑2 Data for Sonelokimab and Updates on 2025 Financial Results

MoonLake Immunotherapeutics (NASDAQ: MLTX) announced that its investigational IL‑17 nanobody, Sonelokimab (SLK), achieved clinically meaningful benefit in a Phase‑2 study of axial spondyloarthritis (axSpA). In the S‑OLARIS trial, more than 80 % of patients achieved ASAS40 by week 12, a result that was described as “clinically meaningful” by the company. The study included both radiographic and non‑radiographic axSpA patients, and the data were presented at an investor day held on 22 February 2026.

1. Clinical Development Milestone

  • Topline results: The Phase‑2 data were released on 22 February 2026 and led to an immediate upward movement in the company’s shares, with the stock trading above $20 in overnight sessions.
  • Efficacy: The high ASAS40 response rate supports continued development of Sonelokimab as a potential treatment for axSpA.
  • Future plans: The company indicated that the next clinical milestones will be addressed in a pivotal Phase‑3 trial, which is expected to begin in 2027.

2. Investor Day Highlights

  • Event date: 23 February 2026.
  • Key messages: The investor day emphasized the commercial potential of Sonelokimab, outlined the company’s strategic roadmap, and discussed the financial outlook for the coming years.
  • Financial overview: MoonLake presented its 2025 financial results, which include revenue and expense details, and reiterated its guidance for 2026.

3. Financial Position

  • 2025 results: The company reported its fourth‑quarter and annual financial statements for 2025 during the investor day.
  • Cash position: The updated funding picture extends the company’s operating runway through 2027, ensuring sufficient liquidity to support the planned Phase‑3 program.
  • Market capitalization: As of 19 February 2026, the market cap was approximately $1.34 billion.

4. Analyst Commentary

  • Price target revision: Royal Bank of Canada lifted its target price for MLTX from $10.00 to $12.00, maintaining a “perform” rating.
  • Market reaction: Following the Phase‑2 announcement, the stock experienced a surge of more than 10 %, reflecting investor confidence in the data and the company’s financing strategy.

5. Company Profile

MoonLake Immunotherapeutics is a clinical‑stage biopharmaceutical firm headquartered in Zug, Switzerland. The company focuses on developing Sonelokimab, a novel nanobody aimed at treating inflammatory diseases. Its primary market is global, and it is listed on the Nasdaq exchange under the ticker MLTX.

The company’s website, www.moonlaketx.com , provides additional information about its pipeline, clinical programs, and corporate governance.

All figures and statements are taken from publicly released company communications and third‑party financial analyses dated 22–23 February 2026.