Moonlake’s “pipeline-in-a-drug” is already in Phase 3 trials in two indications, one with an addressable market of US$2 bn+ and the other of US$10 bn+. Patient populations across these two indications are in the millions. The drug is also in Phase 2 trials in three other indications. More broadly, Moonlake’s drug is aimed at a US$40bn+ market.
In large, placebo-controlled Phase 2b studies, results were superior to any currently approved treatments.
Moonlake has ~US500m in cash and securities.
The company currently has a market cap of ~US$2.6bn but has regularly traded with a market cap of US$3bn+, with a peak of ~US$4bn, since 2023.
Moonlake’s drug was licensed from the potential acquirer, Merck, in 2021. Merck took a 9.9% stake in Moonlight at the time.
NEU Price at posting:
$13.68 Sentiment: Hold Disclosure: Held
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