MoonLake Immunotherapeutics reported cash, cash equivalents, and short-term marketable debt securities of $380.5 million as of September 30, 2025. The company projects that existing funds, combined with a previously announced debt facility, will be sufficient to finance operating expenses and capital expenditures into the second half of 2027. Research and development expenses for the third quarter were $60.6 million, up from $49.8 million in the previous quarter, primarily due to increased spending on contract research, manufacturing organizations, consulting, and personnel costs related to clinical trials and preparation for a planned BLA submission for sonelokimab in the third quarter of 2026. General and administrative expenses were $10.8 million, similar to the $10.9 million reported in the prior quarter. Key business developments included reporting positive results from the Phase 2 LEDA trial of sonelokimab in palmoplantar pustulosis and interim data from VELA-1, VELA-2, and VELA-TEEN trials in hidradenitis suppurativa, along with scheduling a Type B FDA meeting for December 2025 to discuss the clinical evidence for a potential BLA submission.