MoonLake Immunotherapeutics has reported its financial results for the second quarter of 2025, concluding on June 30. The company held $425.1 million in cash, cash equivalents, and short-term marketable debt securities at the end of the quarter. Research and development expenses increased to $49.8 million from $36.5 million in the previous quarter, driven by rising costs associated with contract research organizations, contract manufacturing organizations, consulting, and personnel. General and administrative expenses were reported at $10.9 million, nearly unchanged from the previous quarter's $11.0 million. A significant business update includes the company's progress in its clinical programs. The Phase 3 VELA trial for hidradenitis suppurativa (HS) is on track, with an expected primary endpoint readout around September 2025 and a planned Biologic License Application submission in the United States by mid-2026. Additionally, MoonLake is advancing other clinical trials of sonelokimab across multiple indications, including palmoplantar pustulosis $(PPP.UK)$, axial spondyloarthritis (axSpA), psoriatic arthritis (PsA), and adolescent HS. MoonLake also announced a non-dilutive financing agreement with Hercules Capital, securing up to $500 million, which extends the company's expected cash runway to 2028. This agreement will fund the next steps of the company's growth, including the anticipated launch of sonelokimab in 2027 and further clinical trials.