MoonLake Immunotherapeutics (MLTX) Balance Sheet
MLTX balance sheet, 2025
December 31, 2025 · U.S. dollars$424.4M assets = $120.0M liabilities + $304.5M equity
Both columns are drawn to the same scale: what MLTX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MLTX financial health
Descriptive bands, not a rating. Fiscal 2025.
MLTX balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $116.6M2020 | $424.4M2025 | +29.5%/yr | |
| Total liabilities | $4.2M2020 | $120.0M2025 | +96.0%/yr | |
| Shareholders’ equity | $112.5M2020 | $304.5M2025 | +22.0%/yr | |
| Cash & short-term investments | $1.3M2020 | $394.0M2025 | +211.8%/yr | |
| Total debt | $58,0632020 | $75.7M2025 | +319.8%/yr | |
| Net cash (debt) | $1.3M2020 | $318.3M2025 | +$317.0M | |
| Working capital | $1.5M2020 | $376.2M2025 | +$374.7M | |
| Book value per share | −$0.322021 | $4.722025 | — | |
| Current ratio | 12.932020 | 9.272025 | −3.66 | |
| Debt / equity | 0.002020 | 0.252025 | +0.25 | |
| Shares outstanding | 36.9M2021 | 64.5M2025 | +14.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLTX assets
MLTX liabilities and equity
MLTX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MLTX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $394.0M | $448.0M | $511.0M | $72.1M | $8.0M | $1.3M |
| Cash & equivalents | $334.5M | $180.4M | $451.2M | $39.5M | $8.0M | $1.3M |
| Short-term investments | $59.5M | $267.6M | $59.8M | $32.6M | $0 | — |
| Receivables | $4.9M | $2.8M | $1.1M | $217,129 | $148,774 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $1.3M | $0 |
| Other current assets | $22.9M | $23.4M | $2.1M | $4.2M | $126,916 | $283,057 |
| Total current assets | $421.7M | $474.3M | $514.2M | $76.5M | $9.6M | $1.6M |
| Property, plant & equipment (net) | $2.1M | $3.6M | $3.9M | $331,969 | $45,739 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $596,000 | $0 | $8.4M | $0 | $0 | $115.0M |
| Total assets | $424.4M | $477.9M | $526.5M | $76.8M | $9.7M | $116.6M |
| Liabilities | ||||||
| Accounts payable | $28.4M | $8.7M | $1.5M | $47,480 | $1.2M | — |
| Short-term debt | $1.2M | $1.4M | $1.2M | $153,629 | $15.0M | $58,063 |
| Deferred revenue | — | — | −$185,483 | — | — | — |
| Total current liabilities | $45.5M | $22.5M | $10.0M | $7.7M | $21.1M | $125,182 |
| Long-term debt | $74.1M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.6M | $2.8M | $3.8M | $282,580 | $0 | — |
| Other long-term liabilities | $373,999 | $2.1M | $3.1M | $411,157 | $239,860 | $4.0M |
| Total liabilities | $120.0M | $24.5M | $13.0M | $8.1M | $21.3M | $4.2M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $7,000 | $6,392 | $6,298 | $5,271 | $38,537 | $115.0M |
| Retained earnings (deficit) | −$462.9M | −$235.6M | −$116.7M | −$80.7M | −$53.6M | −$2.5M |
| Accumulated other comprehensive income | $604,000 | $5.0M | $2.4M | $350,946 | −$168,177 | — |
| Minority interest | $0 | $6.6M | $17.8M | $19.9M | — | — |
| Total shareholders' equity | $304.5M | $446.8M | $495.7M | $48.9M | −$11.6M | $112.5M |
| Key figures | ||||||
| Total debt | $75.7M | $2.8M | $3.7M | $282,580 | $15.0M | $58,063 |
| Net cash (debt) | $318.3M | $445.2M | $507.3M | $71.8M | −$7.0M | $1.3M |
| Working capital | $376.2M | $451.8M | $504.2M | $68.8M | −$11.5M | $1.5M |
| Tangible book value | $304.5M | $446.8M | $495.7M | $48.9M | −$11.6M | $112.5M |
| Book value per share | $4.72 | $7.11 | $10.09 | $1.67 | −$0.32 | — |
| Shares outstanding | 64.5M | 62.9M | 49.1M | 29.4M | 36.9M | — |
| Current ratio | 9.27 | 21.11 | 51.59 | 9.98 | 0.46 | 12.93 |
| Quick ratio | 8.77 | 20.07 | 51.38 | 9.44 | 0.39 | 10.67 |
| Debt / equity | 0.25 | 0.01 | 0.01 | 0.01 | — | 0.00 |
| Equity / assets | 71.7% | 93.5% | 94.1% | 63.6% | −120.3% | 96.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $537.0M | $357.9M | $394.0M | $380.5M | $425.1M | $480.1M | $448.0M | $493.9M | $519.8M | $547.1M | $511.0M | $496.0M |
| Cash & equivalents | $477.9M | $298.5M | $334.5M | $350.7M | $306.7M | $271.6M | $180.4M | $375.7M | $342.8M | $458.4M | $451.2M | $318.2M |
| Short-term investments | $59.1M | $59.4M | $59.5M | $29.7M | $118.4M | $208.6M | $267.6M | $118.3M | $177.0M | $88.6M | $59.8M | $177.8M |
| Receivables | $6.6M | $5.8M | $4.9M | $4.0M | $3.4M | $3.0M | $2.8M | $2.4M | $1.7M | $1.5M | $1.1M | $720,755 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $26.4M | $33.0M | $22.9M | $26.7M | $27.0M | $23.1M | $23.4M | $16.0M | $15.4M | $5.0M | $2.1M | $3.3M |
| Total current assets | $570.0M | $396.6M | $421.7M | $411.2M | $455.5M | $506.3M | $474.3M | $512.3M | $536.9M | $553.6M | $514.2M | $500.0M |
| Property, plant & equipment (net) | $2.6M | $2.4M | $2.1M | $2.5M | $2.9M | $3.3M | $3.6M | $3.8M | $3.9M | $4.2M | $3.9M | $208,942 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.3M | $1.3M | $596,000 | $587,000 | $1.7M | $1.7M | $0 | $2.1M | $4.1M | $6.3M | $8.4M | $0 |
| Total assets | $573.9M | $400.4M | $424.4M | $414.3M | $460.1M | $511.3M | $477.9M | $518.2M | $544.9M | $564.1M | $526.5M | $500.2M |
| Liabilities | ||||||||||||
| Accounts payable | $17.0M | $23.4M | $28.4M | $23.8M | $14.9M | $10.1M | $8.7M | $10.3M | $4.8M | $3.1M | $1.5M | $824,070 |
| Short-term debt | $1.2M | $920,000 | $1.2M | $1.5M | $1.6M | $1.4M | $1.4M | $1.8M | $1.3M | $1.3M | $1.2M | $156,338 |
| Deferred revenue | — | — | — | — | — | — | — | — | $562,998 | −$185,483 | −$185,483 | — |
| Total current liabilities | $45.4M | $46.1M | $45.5M | $48.4M | $27.4M | $24.0M | $22.5M | $20.1M | $12.3M | $8.9M | $10.0M | $10.3M |
| Long-term debt | $99.5M | $99.0M | $74.1M | $73.7M | $73.4M | $73.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.0M | $1.8M | $1.6M | $2.0M | $2.4M | $2.6M | $2.8M | $3.7M | $3.3M | $3.7M | $3.8M | $169,422 |
| Other long-term liabilities | $846,000 | $1.2M | $373,999 | $1.0M | $1.4M | $1.7M | $2.1M | $2.6M | $2.6M | $2.8M | $3.1M | $268,483 |
| Total liabilities | $145.8M | $146.3M | $120.0M | $123.1M | $102.2M | $98.7M | $24.5M | $22.7M | $14.8M | $11.7M | $13.0M | $10.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8,000 | $7,000 | $7,000 | $6,000 | $6,000 | $6,000 | $6,392 | $6,389 | $6,387 | $6,387 | $6,298 | $6,245 |
| Retained earnings (deficit) | −$594.4M | −$532.6M | −$462.9M | −$400.5M | −$330.8M | −$275.5M | −$235.6M | −$190.0M | −$154.6M | −$130.3M | −$116.7M | −$109.2M |
| Accumulated other comprehensive income | $630,000 | $322,000 | $604,000 | $278,000 | $520,000 | $2.4M | $5.0M | $2.8M | $3.3M | $2.7M | $2.4M | $2.9M |
| Minority interest | — | — | $0 | $2.3M | $4.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $428.2M | $254.0M | $304.5M | $288.9M | $353.7M | $407.5M | $446.8M | $488.2M | $520.7M | $542.6M | $495.7M | $424.9M |
| Key figures | ||||||||||||
| Total debt | $101.5M | $100.8M | $75.7M | $75.7M | $75.8M | $75.6M | $2.8M | $3.7M | $3.3M | $3.7M | $3.7M | $169,422 |
| Net cash (debt) | $435.5M | $257.1M | $318.3M | $304.8M | $349.3M | $404.5M | $445.2M | $490.2M | $516.5M | $543.4M | $507.3M | $495.8M |
| Working capital | $524.6M | $350.5M | $376.2M | $362.8M | $428.1M | $482.3M | $451.8M | $492.2M | $524.6M | $544.7M | $504.2M | $489.7M |
| Tangible book value | $428.2M | $254.0M | $304.5M | $288.9M | $353.7M | $407.5M | $446.8M | $488.2M | $520.7M | $542.6M | $495.7M | $424.9M |
| Book value per share | $5.79 | $3.56 | $4.72 | $4.56 | $5.59 | $6.44 | $7.08 | $7.76 | $8.28 | $8.66 | $8.27 | $7.94 |
| Shares outstanding | 73.9M | 71.3M | 64.5M | 63.4M | 63.3M | 63.2M | 63.1M | 62.9M | 62.9M | 62.6M | 59.9M | 53.5M |
| Current ratio | 12.56 | 8.60 | 9.27 | 8.50 | 16.65 | 21.11 | 21.11 | 25.51 | 43.71 | 62.13 | 51.59 | 48.51 |
| Quick ratio | 11.98 | 7.89 | 8.77 | 7.95 | 15.66 | 20.15 | 20.07 | 24.72 | 42.46 | 61.56 | 51.38 | 48.19 |
| Debt / equity | 0.24 | 0.40 | 0.25 | 0.26 | 0.21 | 0.19 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 |
| Equity / assets | 74.6% | 63.4% | 71.7% | 69.7% | 76.9% | 79.7% | 93.5% | 94.2% | 95.6% | 96.2% | 94.1% | 84.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
MLTX financial position
At the end of fiscal 2025 (December 31, 2025), MoonLake Immunotherapeutics had total assets of $424.4 million (down 11.2% from a year earlier), total liabilities of $120.0 million and shareholders' equity of $304.5 million. It held $394.0 million in cash and short-term investments against $75.7 million of debt, a net cash position of $318.3 million. Its current ratio was 9.27. In the latest quarter (ended June 30, 2026) total assets were $573.9 million and equity $428.2 million.
Related: MLTX income statement, MLTX cash flow statement, MLTX key metrics. See the MLTX stock overview for the latest quote and news.
MLTX balance sheet FAQ
What are MoonLake Immunotherapeutics's total assets?
MoonLake Immunotherapeutics reported total assets of $424.4 million at the end of fiscal 2025 (December 31, 2025), compared with $477.9 million a year earlier.
How much debt does MoonLake Immunotherapeutics have?
MoonLake Immunotherapeutics had $75.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.25.
How much cash does MoonLake Immunotherapeutics have?
MoonLake Immunotherapeutics held $394.0 million in cash and short-term investments at the end of fiscal 2025; with $75.7 million of debt that is net cash of $318.3 million.
What is MoonLake Immunotherapeutics's book value?
MoonLake Immunotherapeutics's shareholders' equity (book value) was $304.5 million at the end of fiscal 2025, or $4.72 per share.
What is MoonLake Immunotherapeutics's current ratio?
MoonLake Immunotherapeutics had current assets of $421.7 million and current liabilities of $45.5 million, a current ratio of 9.27 (it can cover its short-term obligations).