Investor Day February 23rd, 2026 MoonLake Immunotherapeutics © 2026 | Proprietary | MoonLake TX Welcome to our Investor Day Date: February 23rd, 2026 Time: 8.00 am EST Agenda | Topic | Sub-topics | Speaker | Timing | | --- | --- | --- | --- | | Introduction | Welcome | Matthias | 10 mins | | | MLTX & SLK summary | | | | | Key points for the session | | | | axSpA update | axSpA market update | Kristian | 20 mins | | | S-OLARIS program overview | | | | | Efficacy & safety overview | | | | HS and FDA | FDA upd ...

Summary of Avalo Therapeutics Conference Call Company Overview - **Company**: Avalo Therapeutics (NasdaqCM:AVTX) - **Event**: 2026 Conference on February 11, 2026 - **Focus**: Discussion on the upcoming phase 2b data from the LOTUS trial for AVTX-009, a monoclonal antibody targeting IL-1 beta Key Points Industry and Product Insights - **Product**: AVTX-009, a high-affinity anti-IL-1 beta monoclonal antibody - **Trial**: LOTUS trial, over 250 patients, placebo-controlled, focusing on moderate to severe hidradenitis suppurativa (HS) [2][36] - **Expected Data Release**: Phase 2b data anticipated in Q2 2026 [2][60] Mechanism of Action - **IL-1 Beta Role**: Principal driver of inflammation in HS, with higher concentrations than other inflammatory markers [6][14] - **Comparison with Other Drugs**: IL-1 beta is considered more effective than IL-1 alpha in treating HS, as evidenced by the failure of anti-IL-1 alpha drugs like bermekimab [13][14] Trial Design and Execution - **Trial Structure**: Three-arm study comparing two dosing regimens of AVTX-009 against placebo [34][35] - **Patient Population**: Over 250 patients enrolled, including a significant number of biologically experienced patients [37][42] - **Placebo Response**: Historical placebo response rates in HS trials range from 13% to 18% [35] Safety and Efficacy Considerations - **Safety Profile**: Expected increase in bacterial infections and potential for neutropenia, but generally manageable [47] - **Efficacy Expectations**: Aiming for a response rate of 20% or higher beyond placebo, with a potential "home run" at 25% [49][50] Future Directions - **Next Steps**: Plans for two pivotal phase III trials following the LOTUS study data [52] - **Potential Indications**: Interest in expanding into dermatology, rheumatology, and gastrointestinal diseases due to the potency of AVTX-009 [53] Financial Position - **Cash Reserves**: $100 million reported at the end of the previous year, with a burn rate of $50 million [68] Additional Considerations - **Quality of Life Metrics**: Focus on pain relief and quality of life improvements as key endpoints in the trial [54][55] - **Data Release Timeline**: Complete data set expected to include a 6-week safety follow-up, with final patient visits concluding in March 2026 [62][64] This summary encapsulates the critical insights from the Avalo Therapeutics conference call, highlighting the company's strategic focus, product development, and market positioning within the biotech industry.

Company Overview - MoonLake Immunotherapeutics (NASDAQ: MLTX) is a clinical-stage biopharmaceutical company focused on developing innovative Nanobody therapies for inflammatory skin and joint diseases. Its main asset, sonelokimab, targets IL-17A and IL-17F to alleviate inflammation in conditions such as hidradenitis suppurativa and psoriatic arthritis [4]. Analyst Ratings - Goldman Sachs downgraded MLTX from Neutral to Sell, raising the price target to $10 from $8. The firm highlighted the advancement of sonelokimab into Phase 3 for palmoplantar pustulosis as a potential opportunity but expressed concerns about significant approvability risks in hidradenitis suppurativa due to the failure of VELA-2 to meet its primary endpoint [2]. - H.C. Wainwright increased the price target for MoonLake Immunotherapeutics to $32 from $26 while maintaining a Buy rating, noting that the outcome of the FDA Type B meeting provides a clear path toward regulatory registration [3]. Investment Considerations - While there is potential for MLTX as an investment, some analysts believe that certain AI stocks present greater upside potential with less downside risk [5].

Core Viewpoint - A lawsuit has been filed against MoonLake Immunotherapeutics and certain senior executives for potential violations of federal securities laws, particularly related to misleading statements about the company's clinical trials and drug efficacy [2][4]. Company Overview - MoonLake Immunotherapeutics is a clinical-stage biotechnology company focused on developing therapies for inflammatory diseases, specifically through its investigational therapeutic sonelokimab (SLK) aimed at treating moderate to severe hidradenitis suppurativa [5]. Clinical Trials and Allegations - The company conducted Phase 3 VELA trials for sonelokimab, claiming strong clinical data and differentiation from competitors [6]. However, allegations suggest that the clinical data did not demonstrate superior benefits, raising doubts about the drug's regulatory approval and commercial viability [7]. Stock Performance - Following the announcement of disappointing results from the VELA Phase 3 trials on September 28, 2025, MoonLake's stock price plummeted nearly 90%, from $61.99 per share to $6.24 per share within a few days [8].

Core Viewpoint - MoonLake Immunotherapeutics has been sued for securities fraud, with allegations that the company misrepresented its clinical data and the efficacy of its investigational drug sonelokimab [1][4][6]. Group 1: Lawsuit Details - A lawsuit has been filed against MoonLake and certain senior executives for potential violations of federal securities laws, specifically under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [1][3]. - Investors have until December 15, 2025, to request to be appointed to lead the case, which is pending in the U.S. District Court for the Southern District of New York [3]. Group 2: Company Background - MoonLake is a clinical-stage biotechnology company focused on developing therapies for inflammatory diseases, particularly through its Phase 3 VELA trials for sonelokimab [4]. - The company claimed that its "strong clinical data" from the Phase 2 MIRA trial indicated superior clinical responses and differentiation from competitors [5]. Group 3: Allegations and Impact - The lawsuit alleges that the clinical data and Nanobody structure of sonelokimab did not provide a superior clinical benefit, raising doubts about the drug's regulatory approval and commercial viability [6]. - Following the announcement of disappointing results from the VELA Phase 3 trials on September 28, 2025, MoonLake's stock price plummeted nearly 90%, from $61.99 to $6.24 per share [7].

Core Viewpoint - A lawsuit has been filed against MoonLake Immunotherapeutics and certain senior executives for potential violations of federal securities laws, with a deadline for investors to act by December 15, 2025 [1][3]. Company Overview - MoonLake Immunotherapeutics is a clinical-stage biotechnology company focused on developing therapies for inflammatory diseases [4]. - The company conducted Phase 3 VELA trials for sonelokimab (SLK), aimed at treating moderate to severe hidradenitis suppurativa [4]. Allegations and Clinical Data - MoonLake claimed that its "strong clinical data" from the Phase 2 MIRA trial indicated superior clinical responses for patients and differentiation from competitors [5]. - Allegations suggest that the clinical data and Nanobody structure did not provide a superior clinical benefit, raising doubts about the drug's regulatory approval and commercial viability [6]. Stock Performance and Impact - Following the announcement of disappointing results from the VELA Phase 3 trials on September 28, 2025, MoonLake's stock price plummeted nearly 90%, from $61.99 to $6.24 per share [7].

Core Insights - The article discusses the potential mispricing of sonelokimab's approval probability and commercial potential in the biotech sector, suggesting that the market has not accurately assessed its value [4]. Group 1: Author's Background - The author has over a decade of experience in financial research, investment advisory, and banking analytics, with a focus on evaluating institutional strengths and weaknesses [2]. - The author's academic background includes a Bachelor's in Business Economics and an MBA, which informs their analytical approach to market valuation [2]. - Since retiring from full-time industry work in 2018, the author has concentrated on independent investment research, particularly in overlooked and under-owned assets [2]. Group 2: Research Focus - The research emphasizes the importance of macroeconomic trends, data science, and qualitative analysis to uncover actionable insights and market inefficiencies [2]. - The author aims to provide value to investors by bridging analytical rigor with strategic foresight, focusing on market psychology and valuation [2]. Group 3: Investment Position - The author holds a beneficial long position in MLTX shares, indicating a personal financial interest in the stock [3].

Core Points - MoonLake Immunotherapeutics has announced an underwritten offering of 7,142,857 Class A ordinary shares at a price of $10.50 per share, aiming to raise approximately $75 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The offering is expected to close on or about November 6, 2025, pending customary closing conditions [1]. - Leerink Partners is acting as the sole bookrunning manager for the offering [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be used alongside existing cash and marketable securities to fund the research and development of sonelokimab and for general corporate purposes [2]. Group 3: Company Overview - MoonLake Immunotherapeutics is a clinical-stage biopharmaceutical company focused on developing sonelokimab, a tri-specific IL-17A and IL-17F inhibiting Nanobody, targeting inflammatory diseases with significant unmet needs [5]. - The company addresses conditions such as hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, and palmoplantar pustulosis, which affect millions globally [5].

Core Viewpoint - A class action lawsuit has been filed against MoonLake Immunotherapeutics for potential securities fraud and unlawful business practices following disappointing trial results [2][4]. Group 1: Lawsuit Details - The class action lawsuit is initiated by Pomerantz LLP, which is known for its expertise in corporate and securities class litigation [5]. - Investors who purchased MoonLake securities during the Class Period have until December 15, 2025, to request appointment as Lead Plaintiff [2]. Group 2: Company Performance - On September 28, 2025, MoonLake reported unsatisfactory results from its Phase 3 VELA trials for sonelokimab, with one trial failing to meet its primary endpoint and the other showing only modest improvements compared to placebo [4]. - Following the announcement of these results, MoonLake's stock price plummeted by $55.75 per share, a decrease of 89.93%, closing at $6.24 per share on September 29, 2025 [4].

Core Viewpoint - MoonLake Immunotherapeutics is under investigation for potential violations of federal securities laws following disappointing results from its Phase 3 VELA trials for sonelokimab, leading to a significant drop in stock price [1][3]. Company Overview - MoonLake Immunotherapeutics is a clinical stage biotechnology company focused on therapies for inflammatory skin and joint diseases [2]. Trial Results - On September 29, 2025, MoonLake reported week 16 results from the VELA Phase 3 trials, which were disappointing and raised concerns about the drug's regulatory approval and commercial viability [3]. - The stock price plummeted by $55.75 per share, nearly 90%, from $61.99 on September 28, 2025, to $6.24 on September 29, 2025, following the announcement of the trial results [3]. Legal Implications - Investors in MoonLake are encouraged to seek additional information regarding potential legal options due to the investigation and the significant stock price decline [1][4]. Law Firm Background - Bleichmar Fonti & Auld LLP is a leading international law firm specializing in securities class actions and shareholder litigation, with a strong track record of recovering substantial amounts for clients [6].