MLTX

The past six months have seen several significant events impacting MoonLake Immunotherapeutics' stock price. In September 2025, the stock experienced a dramatic 90% collapse following the announcement of results from its Phase 3 VELA program. A comeback narrative emerged as additional clinical data became available and management clarified the regulatory pathway. In February 2026, MoonLake announced positive topline results from its Phase 2 clinical trial of sonelokimab in axial spondyloarthritis and reported its 2025 financial results. Earlier in February 2026, MoonLake announced that the FDA granted Fast Track designation for sonelokimab in palmoplantar pustulosis (PPP). In January 2026, the company provided an update on positive feedback from the U.S. FDA regarding the clinical evidence strategy for sonelokimab in HS, confirming that a Biologic License Application (BLA) could be established without additional clinical trials using existing data. Insider selling has also been noted, and a major institutional holder, BVF, trimmed its stake. As of May 6, 2026, the share price was $17.70, representing a decline of 52.93% over the past year.