SoFi stock falls after announcing $1.5B public offering of common stock
ZUG, Switzerland - MoonLake Immunotherapeutics (NASDAQ:MLTX), a clinical-stage biotechnology company focused on inflammatory skin and joint diseases, announced Wednesday the pricing of an underwritten offering of 7,142,857 Class A ordinary shares at $10.50 per share.
The company expects to raise approximately $75 million in gross proceeds before deducting underwriting discounts, commissions, and other offering expenses. The offering is scheduled to close on or about November 6, 2025, subject to customary closing conditions.
MoonLake plans to use the net proceeds to fund research and development of sonelokimab, its novel tri-specific IL-17A and IL-17F inhibiting Nanobody, and for general corporate purposes. The company is developing treatments for conditions including hidradenitis suppurativa, psoriatic arthritis, axial spondyloarthritis, and palmoplantar pustulosis.
Leerink Partners is serving as the sole bookrunning manager for the offering. The shares are being offered under a shelf registration statement that became effective on September 11, 2023.
The announcement comes as MoonLake continues to advance its clinical programs targeting inflammatory diseases with significant unmet medical needs. The company, founded in 2021 and headquartered in Zug, Switzerland, is focused on developing treatments for conditions affecting millions worldwide.
According to the press release statement, a prospectus supplement and accompanying prospectus relating to the offering will be filed with the Securities and Exchange Commission.
In other recent news, Moonlake Immunotherapeutics announced results from its Phase 3 VELA-1 and VELA-2 trials for its sonelokimab treatment, which showed clinically meaningful and statistically significant improvement across all primary and key secondary endpoints. However, individual trial results were mixed, with the VELA-2 trial failing to achieve statistical significance in its primary endpoint, leading to uncertainty about the regulatory path forward. Following these developments, several analyst firms adjusted their ratings and price targets for Moonlake. H.C. Wainwright initially upgraded the stock to Buy with a $30 price target due to positive trial data but later downgraded it to Neutral after disappointing results. Oppenheimer maintained an Outperform rating but significantly lowered its price target from $104 to $25. Needham also reduced its price target from $66 to $20, while maintaining a Buy rating. Guggenheim followed suit, cutting its price target to $20 from $80, citing the trial's failure to meet market expectations. These developments reflect the mixed reception of Moonlake's recent trial results among analysts.
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