MoonLake Immunotherapeutics has announced its financial results for the first quarter of 2025, as well as a business update. As of March 31, 2025, the company held cash, cash equivalents, and short-term marketable debt securities valued at $480.1 million. Research and development expenses amounted to $36.5 million for the quarter, closely mirroring the previous quarter's expenses of $40.4 million. General and administrative expenses for the same period were $11.0 million, up from $9.2 million in the previous quarter, primarily due to increased personnel-related costs and legal and advisory fees associated with negotiating a non-dilutive debt facility. MoonLake reported significant progress in the development of its Nanobody® sonelokimab across various indications, including Phase 3 studies in hidradenitis suppurativa (HS), psoriatic arthritis (PsA), and adolescent HS, along with Phase 2 studies in palmoplantar pustulosis $(PPP.UK)$ and axial spondyloarthritis (axSpA). The company successfully completed patient enrollment for the Phase 3 VELA program in HS, aligning the baseline characteristics with the Phase 2 MIRA trial, and expects to present primary endpoint data around September 2025. An interim readout of the LEDA study was announced ahead of schedule, underscoring the potential of sonelokimab in the evolving PPP market and further de-risking its development. MoonLake's non-dilutive debt facility with Hercules Capital, which offers up to $500 million in committed capital, extends its projected cash runway into 2028. The company also plans to initiate the Phase 2 P-OLARIS trial of Nanobody® sonelokimab in PsA and axSpA by mid-2025.