MoonLake Immunotherapeutics(MLTX) - 2021 Q1 - Quarterly Report

Financial Performance - The company had a net loss of $76,291 for the three months ended March 31, 2021, consisting of formation and operating costs of $94,106 offset by interest earned on marketable securities of $17,815[91]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial Business Combination[89]. Initial Public Offering - The company completed its Initial Public Offering on October 22, 2020, raising gross proceeds of $115,000,000 from the sale of 11,500,000 Public Shares at $10.00 per share[93]. - Following the Initial Public Offering, a total of $115,000,000 was placed in the Trust Account, with an additional $1,646,100 in cash held outside the Trust Account for working capital[94]. - The company incurred $6,750,447 in transaction costs related to the Initial Public Offering, including $2,300,000 in underwriting fees[94]. Financial Position - As of March 31, 2021, the company held $115,032,732 in cash and marketable securities in the Trust Account, intended for completing a Business Combination[96]. - The company has no long-term debt or capital lease obligations, only a monthly fee of $10,000 to the Sponsor for services provided[101]. - The company has no off-balance sheet financing arrangements as of March 31, 2021[100]. Future Expectations - The company expects to incur increased expenses due to being a public company, including legal and financial reporting costs[90]. - The company may need additional financing to complete its Business Combination or to redeem a significant number of public shares[99].