Biotech Fund Reveals $15 Million MoonLake Exit After Stock’s 90% Crash

Company Overview - MoonLake Immunotherapeutics is a Switzerland-based clinical-stage biotechnology company focused on developing Sonelokimab, a Nanobody therapy targeting inflammatory diseases such as hidradenitis suppurativa, psoriatic arthritis, and axial spondyloarthritis [6] - The company operates a clinical-stage biopharmaceutical model, investing in research and development to advance its pipeline through clinical trials, with future revenue potential dependent on successful product commercialization and regulatory approval [6] - As of the latest market close, MoonLake's shares were priced at $13.80, with a market capitalization of $977.7 million and a net income of ($210.5 million) [5] Recent Developments - MPM BioImpact fully sold its stake in MoonLake Immunotherapeutics during the third quarter, disposing of 313,571 shares and reducing its exposure by approximately $14.8 million [2][3] - The divestiture eliminated a position that previously accounted for 2.6% of MPM's assets under management [3][10] - MoonLake's stock experienced significant volatility, collapsing nearly 90% in a single day in late September due to mixed Phase 3 results for sonelokimab, which also triggered a class-action lawsuit [9] Financial Position - Following the sale, MoonLake reported having $380.5 million in cash, projecting a runway into the second half of 2027 [11] - The company highlighted new Phase 2 data and a scheduled meeting with the FDA on December 15 to assess the adequacy of its evidence package for sonelokimab [11]