Global Healthcare Biopharma catalysts to watch in 3Q25 With macroeconomic volatility and healthcare policy uncertainty persisting likely into the back half of the year, we continue to advocate for and highlight idiosyncratic catalysts with attractive risk/reward setups to drive alpha generation. Herein, we highlight and preview key catalysts in 3Q25 across the GS biotechnology coverage universe from pivotal studies: BMY's Cobenfy ADEPT-2 in Alzheimer's disease psychosis; LLY's orforglipron ATTAIN-1 in obesi ...

Key Takeaways MLTX surged 18% on a report that Merck submitted a non-binding buyout offer earlier this year. The rumored deal would value MoonLake at over $3 billion, though the initial offer was reportedly rejected. Merck's interest may reflect a strategy to diversify beyond Keytruda by adding novel drug candidatesShares of small-biotech MoonLake Immunotherapeutics (MLTX) rose 18% yesterday following a report issued by the Financial Times (FT), which stated that pharma giant Merck (MRK) is interested in ...

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《金融时报》在美东时间周一报道称，制药巨头默沙东(MRK.US)今年早些时候曾向生物科技公司 MoonLake Immunotherapeutics(MLTX.US)提出收购要约。消息发布后，MoonLake股价在美股盘后交易 中大幅飙升，一度暴涨超30%，截至发稿，该股上涨约20%。 报道称，默沙东提出了一份金额超30亿美元的非约束性报价，但初步报价遭到拒绝。三位知情人士透 露，两家公司之间的谈判仍有可能重启。 值得注意的是，默沙东多年来依赖畅销药Keytruda(可瑞达)驱动增长，但其专利将于2028年开始到期。 此外，该公司在中国市场的Gardasil(佳达修)疫苗收入近期持续下滑。 今年4月，默沙东称拟斥资10亿美元在美国建厂，以确保Keytruda供应免受关税冲击。随着针对行业的 关税迫在眉睫，默沙东成为最新一家增加美国国内投资的制药公司。该工厂将生产一种新型的、用户友 好的该公司重磅癌症治疗药物Keytruda的配方;该工厂还将成为该公司在美国的第一个Keytruda内部生产 基地，确保美国患者获得国内生产的药物。 截至发稿，默沙东美股盘后微跌0.07%。 《金融时报》分析称，默沙东在MoonLa ...

Core Insights - MoonLake Immunotherapeutics reported its financial results for Q1 2025, highlighting progress in its clinical programs and financial stability [2][5][3] Financial Performance - As of March 31, 2025, the company held cash, cash equivalents, and short-term marketable debt securities totaling $480.1 million [5] - Research and development expenses for Q1 2025 were $36.5 million, a slight decrease from $40.4 million in the previous quarter [5] - General and administrative expenses increased to $11.0 million from $9.2 million in the previous quarter, primarily due to personnel-related costs and legal fees [5] - The net loss for Q1 2025 was $40.6 million, compared to a net loss of $14.0 million in Q1 2024 [42] Clinical Development Progress - The company has made significant advancements in its Phase 3 VELA program for hidradenitis suppurativa (HS), with enrollment completed and baseline characteristics mirroring the Phase 2 MIRA trial [7][3] - An interim readout from the Phase 2 LEDA study in palmoplantar pustulosis (PPP) was presented, indicating potential for sonelokimab in a market with no approved therapeutics [7][3] - Three new trials were initiated in early 2025, including the VELA-TEEN trial for adolescent HS and two Phase 2 trials for PPP and axial spondyloarthritis (axSpA) [8][7] Financing and Cash Runway - The company secured a non-dilutive financing agreement with Hercules Capital for up to $500 million, enhancing its financial position and extending its cash runway into 2028 [3][8] - As of the end of Q1 2025, the company’s total assets were $511.3 million, with total liabilities of $98.7 million [39][40] Market Opportunity - The market for hidradenitis suppurativa is projected to reach $15 billion by 2035, indicating a significant unmet need and opportunity for innovative therapies [26] - The company focuses on inflammatory diseases with high unmet needs, including HS and psoriatic arthritis (PsA), which affect millions globally [11][28]

MoonLake Immunotherapeutics Capital Markets Update New York April 29th 2025 © 2025 | Proprietary | MoonLake TX W: moonlaketx.com | E: info@moonlaketx.com Welcome to our Capital Markets Update Date: April 29th, 2025 Time: 8.30 am EST Location: New York | Topic | Sub-topics | | Speaker | Timing | | --- | --- | --- | --- | --- | | Introduction | - | Welcome | Jorge | 10 mins | | | - | MLTX & SLK summary | | | | | - | Key points for the session | | | | HS: Clinical & | - | VELA recruitment & baseline | Kristian ...

MoonLake Immunotherapeutics (MLTX) 2025 Capital Markets Day April 29, 2025 02:15 PM ET Speaker0 Good morning. Good afternoon. Welcome to the capital markets update of Moon Lake Immunotherapeutics. My name is Matthias Bodenstadt. I'm the chief financial officer of the company. With me here today are CEO and co founder, Georges Santos Dasilva and our CSO and co founder, Professor Christian Reich. It's a pleasure to have you here today for the capital markets update. We have a very exciting agenda. We will pro ...

MoonLake Immunotherapeutics to host a Capital Markets Day on Tuesday, April 29 Zug, Switzerland, April 25, 2025 – MoonLake Immunotherapeutics (Nasdaq: MLTX), a clinical-stage biotechnology company focused on creating next-level therapies for inflammatory diseases, will host a virtual Capital Markets Day for investors and analysts on Tuesday, April 29, 2025. The event will highlight recent financial and clinical milestones and provide future strategic updates. The webcast, streamed live from New York, will s ...