Home / Going-concern warnings / MoonLake Immunotherapeutics
Filed 2026-02-25 路 Form 10-K 路 Accession 0001821586-26-000002 small
Price before filing: $18.2 (2026-02-24 close, split/dividend-adjusted)
Market cap at flag: $1.30B (2026-02-25) 路 Latest: $705.9M (2026-10-16)
| Window | MLTX | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -4.8% | -7.5% | +2.7% | 2026-03-27 |
| 90 days | +0.2% | +9.5% | -9.3% | 2026-05-26 |
| 180 days | -15.5% | +11.7% | -27.2% | 2026-08-24 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $6.0M (4 sales)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-12-08 | Reich Kristian Chief Scientific Officer | Sale | 130,000 | $15.08 | $2.0M | no | Form 4 |
| 2025-12-08 | Santos da Silva Jorge Chief Executive Officer, Director | Sale | 130,000 | $15.08 | $2.0M | no | Form 4 |
| 2025-12-09 | Reich Kristian Chief Scientific Officer | Sale | 72,908 | $14.43 | $1.1M | no | Form 4 |
| 2025-12-09 | Santos da Silva Jorge Chief Executive Officer, Director | Sale | 70,000 | $14.49 | $1.0M | no | Form 4 |
| 2026-02-25: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-11-27 to 2026-03-27. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"In our own required quarterly assessments, we may conclude that there is substantial doubt about our ability to continue as a going concern, and future reports from our independent registered public accounting firm may also contain statements expressing substantial doubt about our ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-K (period 2025-12-31)
Read the original filing on SEC.gov →
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