What MoonLake Immunotherapeutics does

MoonLake Immunotherapeutics AG is a clinical-stage biopharmaceutical company founded in 2021 and domiciled in Zug, Switzerland, listed on Nasdaq under ticker MLTX via De-SPAC in April 2022. The company is developing sonelokimab (SLK), a novel ~40 kDa trivalent humanized Nanobody — built from three covalently linked VHH domains — that simultaneously inhibits IL-17A/A, IL-17A/F, and IL-17F/F dimers while an albumin-binding domain enriches the molecule at sites of inflammatory edema. This mechanism, combined with the small size of the Nanobody format versus ~150 kDa traditional antibodies, is positioned to deliver deeper tissue penetration in difficult-to-reach inflamed sites. The technology platform and sonelokimab itself were in-licensed from Merck KGaA (global rights, $25M upfront plus 9.9% equity, low-teens royalties), with the underlying Nanobody IP held by Ablynx (Sanofi).

The company targets inflammatory diseases driven by IL-17 dysregulation across dermatology and rheumatology, with an active pipeline including Phase 3 VELA-1 and VELA-2 (hidradenitis suppurativa, 838 patients across 8+ countries), Phase 3 VELA-TEEN (adolescent HS), Phase 3 IZAR-1 and IZAR-2 (psoriatic arthritis), Phase 2 S-OLARIS (axial spondyloarthritis, 81% ASAS40 at Week 12), Phase 2 P-OLARIS, and Phase 2 LEDA (palmoplantar pustulosis, FDA Fast Track granted). Leadership includes former McKinsey Senior Partner Jorge Santos da Silva as CEO and Kristian Reich as Founder/CSO. The company is pre-revenue with operating losses of approximately -$267M TTM and a cash position of $357.9M-$394M as of late 2025/early 2026, supported by over $905M in cumulative funding. A BLA for sonelokimab in HS is planned for September 2026 following a positive FDA pre-BLA meeting in May 2026, with US commercial launch targeted for H2 2027 via field sales, specialty pharmacy distribution, and patient hub services supported by a Vetter Pharma manufacturing partnership.

Name

MoonLake Immunotherapeutics

Legal name

MoonLake Immunotherapeutics AG

Website

https://moonlaketx.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company developing sonelokimab, a trivalent Nanobody that inhibits IL-17A and IL-17F, for inflammatory skin and joint diseases including hidradenitis suppurativa, psoriatic arthritis, and axial spondyloarthritis, with first commercial launch targeted for H2 2027.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals for inflammatory diseases

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Therapeutic Peptides & Protein/Peptide Biologics (HLAAAAAH)

akta.pro secondary industries

Immunology & Inflammation Pharmaceuticals (HLAIAAAD), Rare Immunology, Autoimmune & Autoinflammatory Therapies (HLAIAIAE)

Keywords

• Nanobody therapeutics
• Inflammatory disease treatments
• IL-17 inhibitors
• Clinical-stage biopharmaceuticals
• Dermatology and rheumatology drugs

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Pharmaceutical Product Revenue: Pre-revenue clinical-stage company. Expects first commercial launch in the United States in the second half of 2027 if sonelokimab is approved for hidradenitis suppurativa. Revenue will come from product sales of sonelokimab targeting inflammatory diseases.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company developing sonelokimab (SLK), a novel ~40 kDa trivalent Nanobody that simultaneously inhibits IL-17A and IL-17F cytokines and binds human albumin to concentrate at inflamed tissues. The product candidate is being advanced through Phase 3 trials for hidradenitis suppurativa (VELA program) and psoriatic arthritis (IZAR program), with Phase 2 programs in palmoplantar pustulosis (LEDA, FDA Fast Track) and axial spondyloarthritis (S-OLARIS).

Product overview

MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company developing a pipeline of next-level Nanobody® treatments for inflammatory diseases. The company's core product is sonelokimab (SLK), a novel ~40 kDa humanized Nanobody® targeting IL-17A and IL-17F cytokines. The therapeutic portfolio spans dermatology indications (hidradenitis suppurativa, psoriasis, palmoplantar pustulosis) and rheumatology indications (psoriatic arthritis, axial spondyloarthritis). The clinical pipeline includes multiple Phase 3 programs (VELA for HS, IZAR for PsA), Phase 2 trials (S-OLARIS for axSpA, LEDA for PPP), and Phase 3 ready development for psoriasis. The Nanobody® platform technology enables enhanced tissue penetration and targeted inhibition of inflammatory pathways compared to traditional antibodies.

Differentiator

Problem solved

Functional benefit

Brands

• SPARK Programme: Dynamic paid traineeship programme designed to give candidates hands-on experience in the biotech industry over 3 to 12 months, with opportunities in HR, Tech Ops, Medical Affairs, Clinical Operations, and other areas across Zug, Cambridge, and Porto offices.

Products and services

• Sonelokimab (SLK / M1095 / ALX-0761) Novel ~40 kDa humanized trivalent Nanobody therapeutic candidate that selectively binds IL-17A and IL-17F (inhibiting IL-17A/A, IL-17A/F and IL-17F/F dimers) and human serum albumin, intended for the treatment of inflammatory diseases including hidradenitis suppurativa, psoriatic arthritis, palmoplantar pustulosis, axial spondyloarthritis and psoriasis. Being developed for adult and adolescent patients with moderate-to-severe inflammatory conditions.

Quantifiable outcome

• 67.2% HiSCR75 response rate at Week 52 in HS Phase 3 VELA trials
• +6 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Vetter Pharma International GmbHcoreStrategic or Co-development Partner · 21 June 2026Manufacturing partnership with Vetter Pharma International GmbH to support commercialization of sonelokimab. Vetter will provide fill-finish and manufacturing capabilities for the drug product.
• Merck KGaAcoreOEM/ Whitelabel/ Licensing Partner · 1 May 2021License agreement announced in May 2021 for global rights to sonelokimab (M1095/ALX-0761). Terms included USD 25m upfront payment plus 9.9% ownership stake to Merck KGaA, with royalties in the low teens.
• Ablynx (Sanofi company)coreTechnology or IntegrationNanobody technology IP licensed from Ablynx. The terms Nanobody and Nanobodies are trademarks of Ablynx, a Sanofi company. MoonLake's sonelokimab is based on this technology platform.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• UCB: UCB's Bimzelx (bimekizumab) is the only other approved IL-17A/F dual inhibitor and is approved for HS in major markets, making it the most direct head-to-head competitor to sonelokimab in inflammatory skin and joint diseases.

Broad incumbents

• Novartis: Novartis markets Cosentyx (secukinumab), the leading IL-17A inhibitor across psoriasis, PsA, axSpA, and HS — the established incumbent that sonelokimab must displace in these inflammatory indications.
• Eli Lilly: Eli Lilly's Taltz (ixekizumab) is a leading IL-17A antibody approved for plaque psoriasis, PsA, axSpA, and HS — a broad incumbent competing in the same IL-17 dermatology/rheumatology indications as MoonLake.
• Sanofi: Sanofi's Dupixent (dupilumab) is the dominant biologic for HS and atopic dermatitis via IL-4/13 inhibition. As the parent of Ablynx (Nanobody licensor) and operator of an HS franchise, Sanofi is both a strategic counterparty and competitor to MoonLake.
• AbbVie: AbbVie's Skyrizi (risankizumab, IL-23) and Rinvoq (upadacitinib, JAK) are major competitors across psoriasis, PsA, and HS, and set the formulary and pricing benchmarks MoonLake will face at launch.
• Johnson & Johnson: J&J's Tremfya (guselkumab, IL-23) competes in moderate-to-severe HS, psoriasis, and PsA, and represents one of the established biologic alternatives physicians may choose over sonelokimab.
• Bristol-Myers Squibb: BMS's Sotyktu (deucravacitinib, TYK2 inhibitor) is an oral competitor in psoriasis and PsA and represents an alternative mechanism that dermatologists/rheumatologists may prefer over injectable IL-17 biologics.

Emerging players

• Arcutis Biotherapeutics: Arcutis is a US dermatology-focused commercial-stage biotech with topical and systemic treatments for psoriasis and atopic dermatitis; it competes for the same dermatology prescribing audience and payer access that sonelokimab targets.
• AnaptysBio: AnaptysBio develops cytokine-targeted antibodies (including IL-17 and IL-23 programs) and is a smaller, emerging immunology biotech whose pipeline overlaps with MoonLake's IL-17A/F and broader inflammatory disease strategy.

Regional players

• Almirall: Almirall is a European dermatology specialty pharma with a portfolio in psoriasis, atopic dermatitis, and HS — a regional incumbent operating in MoonLake's EMEA home market with overlapping therapeutic areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/moonlake-immunotherapeutics-ag
• Xx.com/Moonlaketx

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MoonLake Immunotherapeutics