0001821586-22-000006 | 10-Q | XBRL Viewer | Moonlake Immunotherapeutics

Trade and other payables, current


	June 30, 2022		December 31, 2021
Supply and manufacturing fees payable	$	401,991	$	183,298
Legal and intellectual property (“IP”) advisory fees payable	246,750		1,233,070
Other consulting and advisory services	78,514		71,938
Research and development services	13,130		50,088


Other payables	50,676		30,896
Total	$	791,061	$	1,569,290

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The share-based compensation expense was driven by the following share-based compensation plans and programs:


Compensation Plan	Three months ended June 30, 2022		Three months ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
MoonLake AG Restricted Founder Shares	$	1,197,953	$	1,250,365	$	2,408,035	$	1,250,365
MoonLake AG ESPP	1,056,516		—		1,749,194		—


MoonLake AG ESOP	114,615		—		200,726		—


MoonLake Immunotherapeutics 2022 Equity Incentive Plan	115,139		—		115,139		—
Total share-based compensation expense4	$	2,484,223	$	1,250,365	$	4,473,094	$	1,250,365
Of which: included in R&D expense	138,037		—		218,930		—
Of which: included in G&A expense	2,346,186		1,250,365		4,254,164		1,250,365

Schedule of Share-Based Payment Award, Non-Option Equity Instruments, Valuation Assumptions

The assumptions used in the valuation of the Restricted Founder Shares awarded are summarized below:


Grant date			4/28/2021
Estimated fair value per share of Restricted Founder Shares on the grant date ($) (1)			49
Estimated fair value of Restricted Founder Shares on the resignation date of one of the co-founders of MoonLake AG ($) (2)			336.39
Purchase price (CHF)			0.10
(1) MoonLake AG estimated the fair value of the Restricted Founder Shares with reference to the market-based transaction with the other Series A Preferred Shares Investors (refer to Note 9 of the audited consolidated financial statements for the year ended December 31, 2021).
(2) MoonLake AG estimated the fair value of the Restricted Founder Shares at co-founder’s resignation date by dividing the Company Enterprise Value ($360,000,000) as defined by the Business Combination Agreement by the Company’s fully diluted shares (1,070,196).

Nonvested Restricted Stock Shares Activity








Grants awarded
Program			Restricted Founder Shares
Awards outstanding at January 1, 2022			4,440,308



Awards vested for the six months ended June 30, 2022			(1,665,116)
Awards outstanding at June 30, 2022			2,775,192

Schedule of Nonvested Share Activity

The assumptions used in the valuation of the grants awarded under the ESPP for the six months ended June 30, 2022 are summarized below:


ESPP 2021
Assumptions for the awards issued during the six months ended June 30, 2022
Grant dates			01/18/2022
Estimated fair value per share of Common Shares on the grant date ($) (1)			336.39
Purchase price (CHF)			0.10
(1) MoonLake AG estimated the fair value of the Common Shares by dividing the Company Enterprise Value ($360,000,000) as defined by the Business Combination Agreement by the Company’s fully diluted shares (1,070,196).

Grants awarded
Program			ESPP
Awards outstanding at January 1, 2022			1,060,561



Awards granted for the six months ended June 30, 2022			1,177,354
Awards outstanding at June 30, 2022			2,237,915

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The assumptions used in the valuation of the grants awarded under the ESPP for the six months ended June 30, 2022 are summarized below:


ESPP 2021
Assumptions for the awards issued during the six months ended June 30, 2022
Grant dates			01/18/2022
Estimated fair value per share of Common Shares on the grant date ($) (1)			336.39
Purchase price (CHF)			0.10
(1) MoonLake AG estimated the fair value of the Common Shares by dividing the Company Enterprise Value ($360,000,000) as defined by the Business Combination Agreement by the Company’s fully diluted shares (1,070,196).

Grants awarded
Program			ESPP
Awards outstanding at January 1, 2022			1,060,561



Awards granted for the six months ended June 30, 2022			1,177,354
Awards outstanding at June 30, 2022			2,237,915

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions


Weighted average assumptions for the awards issued during the six months ended June 30, 2022
Grant dates			5/1/2022, 6/22/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($) (1)			172.57
Exercise price (CHF)			27.25
Expected term of the award on the grant date (years) (2)			6
Expected volatility of the share price (3)			0.75
Risk-free interest rate (4)			3%
Expected dividend rate			0
(1) MoonLake AG estimated the fair value of the Common Shares multiplying the MoonLake Immunotherapeutics closing date trading share price on the grant date by the Exchange Ratio. (2) The expected term represents the period that share-based awards are expected to be outstanding. (3) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (4) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected term.


Grant date			4/6/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($)			8.25
Exercise price ($)			12.25
Expected term of the award on the grant date (years)			6
Expected volatility of the share price			75%
Risk-free interest rate			3%
Expected dividend rate			-

Share-Based Payment Arrangement, Option, Activity


Grants awarded
Program			ESOP
Awards outstanding at January 1, 2022			224,033



Awards granted for the six months ended June 30, 2022			242,737
Awards outstanding at June 30, 2022			466,770
Awards exercisable at June 30, 2022			—


Grants awarded
Program	MoonLake Immunotherapeutics 2022 Equity Incentive Plan
Awards outstanding at January 1, 2022		—



Awards granted for the six months ended June 30, 2022		180,000
Awards outstanding at June 30, 2022		180,000
Awards exercisable at June 30, 2022		—

Net loss per share - Calculation of Net Loss per Share (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Numerator

Net loss attributable to controlling interests shareholders

$ (12,120,719)

$ (32,685,779)

^[1]

$ (22,754,974)

$ (33,037,452)

^[1]

Denominator

Total weighted average number of outstanding shares, basic (in shares)

35,201,713

11,278,991

20,191,072

15,632,208

Total weighted average number of outstanding shares, diluted (in shares)

35,201,713

11,278,991

20,191,072

15,632,208

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

[1]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Overview of the Company	6 Months Ended
Overview of the Company	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview of the Company	Overview of the Company Corporate Information MoonLake Immunotherapeutics is a clinical-stage biotechnology company engaged in leveraging Nanobody® technology to develop next-level medicines for immunologic diseases, including inflammatory skin and joint diseases. MoonLake Immunotherapeutics focuses on developing its novel tri-specific Nanobody® Sonelokimab (“SLK”), an IL-17A and IL-17F inhibitor, in multiple inflammatory diseases in dermatology and rheumatology where the pathophysiology is known to be driven by IL-17A and IL-17F. Unless the context otherwise requires, “MoonLake,” and the “Company” refer to the combined company following the Business Combination (as defined in Note 2 - Business Combination Agreement with Helix and Recapitalization), together with its subsidiaries.

Accrued expenses and other current liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of accrued expenses and other current liabilities


	June 30, 2022		December 31, 2021
Tax liabilities	$	1,559,202	$	63,922
License fees	636,217		2,055,687
Bonuses and related employees compensation expenses	530,714		1,419,137
Consultant and other fees	277,540		49,211
Legal fees	62,278		930,354
Total	$	3,065,951	$	4,518,311

Business Combination Agreement with Helix and Recapitalization - Narrative (Details)

3 Months Ended

6 Months Ended

Apr. 05, 2022

USD ($)

$ / shares

Oct. 04, 2021

USD ($)

$ / shares

Jun. 30, 2022

$ / shares

Jun. 30, 2022

USD ($)

$ / shares

Jun. 30, 2021

USD ($)

^[1]

Apr. 01, 2022

SFr / shares

Dec. 31, 2021

SFr / shares

Schedule Of Reverse Recapitalization [Line Items]

Reverse recapitalization, net | $

$ 134,689,000

Repayments of loan liability | $

$ 15,000,000.0

$ 15,000,000

$ 0

Issuance of Class A ordinary shares upon business combination (in shares)

18,424,355

PIPE Investors

Schedule Of Reverse Recapitalization [Line Items]

Sale of stock (in shares)

11,600,000

Issuance price per share (USD per share) | $ / shares

$ 10.00

Net proceeds from the business combination | $

$ 116,000,000.0

IPO Private Placement Shares

Schedule Of Reverse Recapitalization [Line Items]

Sale of stock (in shares)

100,000

Aggregate fees | $

$ 1,000,000.0

Series A Preferred Shares

Schedule Of Reverse Recapitalization [Line Items]

Preferred stock, par value (CHF per share) | SFr / shares

SFr 0.10

Class V Voting Stock

Schedule Of Reverse Recapitalization [Line Items]

Common Shares, shares authorized (in shares)

4,006,736

Common Shares, par value (USD per share) | SFr / shares

SFr 0.01

Common stock, votes per share multiplier

Class B Ordinary Shares

Schedule Of Reverse Recapitalization [Line Items]

Common Shares, par value (USD per share) | $ / shares

$ 0.0001

Conversion of Stock, Shares Converted

2,875,000

Common stock, conversion ratio (in shares)

Schedule Of Reverse Recapitalization [Line Items]

Common Shares, shares authorized (in shares)

500,000,000

Common Shares, par value (USD per share) | $ / shares

$ 0.0001

Issuance of Class A ordinary shares upon business combination (in shares)

18,501,284

Sale of stock (in shares)

11,700,000

11,700,000

Class C Ordinary Shares

Schedule Of Reverse Recapitalization [Line Items]

Common Shares, shares authorized (in shares)

100,000,000

Common Shares, par value (USD per share) | $ / shares

$ 0.0001

Issuance of Helix Class C ordinary shares to ML parties (other than the BVF shareholders) (in shares)

15,775,472

15,775,472

[1]	3 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

Risks and Liquidity (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Apr. 05, 2022

Mar. 31, 2021

Jun. 30, 2022

Mar. 31, 2022

Jun. 30, 2021

^[1]

Jun. 30, 2022

Jun. 30, 2021

^[1],[2]

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Excess of current assets less current liabilities

$ (351,673)

$ (17,416,329)

$ (15,880,142)

$ (32,685,779)

$ (33,296,471)

$ (33,037,452)

94,500,000

Unrestricted cash

$ 92,707,931

$ 8,038,845

Reverse recapitalization, net

$ 134,689,000

[1]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.
[2]	3 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Components of Net Periodic Benefit Cost under the Plan

Accrued expenses and other current liabilities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Tax liabilities	$ 1,559,202	$ 63,922
License fees	636,217	2,055,687
Bonuses and related employees compensation expenses	530,714	1,419,137
Consultant and other fees	277,540	49,211
Legal fees	62,278	930,354
Total	$ 3,065,951	$ 4,518,311

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]


	Three months ended June 30, 2022		Three months ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
Service cost	$	109,607	$	11,423	$	225,965	$	11,423
Interest cost	1,229		—		2,533		—
Expected return on plan assets	(3,771)		—		(7,775)		—

Amortization of Unrecognized Loss	442		—		910		—

Total Net Periodic Benefit Cost	$	107,507	$	11,423	$	221,633	$	11,423

Prepaid expenses (Tables)

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid expenses


	June 30, 2022		December 31, 2021
Advances on insurances	$	2,714,439	$	23,141
Advances on non-clinical research and clinical development services	2,236,442		547,586
Advances on supply and manufacturing services	83,559		750,622
Other prepayments	78,262		127,747




Total	$	5,112,702	$	1,449,096

Shareholders’ Equity (Deficit) - Schedule of Stock Authorized and Issued (Details)		3 Months Ended
	Apr. 05, 2022 shares	Jun. 30, 2022 SFr / shares shares	Mar. 31, 2022 shares	Jun. 30, 2021 shares	Jun. 30, 2022 $ / shares	Apr. 01, 2022 SFr / shares	Dec. 31, 2021 SFr / shares
Series A Preferred Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(36,000,000)
Common Shares
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		600,000,000
Issuance of Class A ordinary shares upon business combination (in shares)		18,424,355
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(36,000,000)
Common Shares Held In Treasury
Share-based payment under the equity incentive plan ESPP (in shares)			1,177,354
Total Number of Shares
Authorized, beginning balance (in shares)		36,000,000	36,000,000
Shares issued, beginning balance (in shares)		34,276,756	33,099,402
Share-based payment under the equity incentive plan ESPP (in shares)			1,177,354
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		600,000,000
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		18,424,355
Authorized, ending balance (in shares)		600,000,000	36,000,000
Shares issued, ending balance (in shares)		52,701,111	34,276,756
Series A Preferred Shares
Series A Preferred Shares
Authorized, beginning balance (in shares)			22,880,908
Issued, beginning balance (in shares)			22,880,908
Total Number of Shares
Series A Preferred Shares, par value (CHF per share) \| SFr / shares						SFr 0.10	SFr 0.10
Class A Ordinary Shares
Common Shares
Issuance of Class A ordinary shares upon business combination (in shares)	18,501,284
Authorized, ending balance (in shares)		500,000,000
Issued, ending balance (in shares)		36,925,639
Total Number of Shares
Issuance of Class A Ordinary Shares upon Business Combination (in shares)	18,501,284
Common stock, par value (CHF/USD per share) \| $ / shares					$ 0.0001
Class C Ordinary Shares
Common Shares
Authorized, ending balance (in shares)		100,000,000
Issued, ending balance (in shares)		15,775,472
Total Number of Shares
Common stock, par value (CHF/USD per share) \| $ / shares					0.0001
Series A Preferred Shares
Series A Preferred Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)		19,207,697
Common Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)		19,207,697
Common Shares Held In Treasury
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)		19,207,697
Total Number of Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)		19,207,697
Series A Preferred Shares \| Series A Preferred Shares
Series A Preferred Shares
Authorized, beginning balance (in shares)		22,880,908	22,880,908
Issued, beginning balance (in shares)		22,880,908	22,880,908
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)
Authorized, ending balance (in shares)		0	22,880,908
Issued, ending balance (in shares)		0	22,880,908
Common Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)
Common Shares Held In Treasury
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)
Total Number of Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(22,880,908)
Series A Preferred Shares, par value (CHF per share) \| SFr / shares		SFr 0.10
Common Shares
Series A Preferred Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(13,119,092)
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(12,161,331)		(19,207,697)
Common Shares
Authorized, beginning balance (in shares)		13,119,092	13,119,092
Issued, beginning balance (in shares)		12,161,331	12,161,331
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(13,119,092)
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(12,161,331)		(19,207,697)
Authorized, ending balance (in shares)		0	13,119,092
Issued, ending balance (in shares)		0	12,161,331
Common Shares Held In Treasury
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(12,161,331)		(19,207,697)
Total Number of Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(12,161,331)		(19,207,697)
Series A Preferred Shares, par value (CHF per share) \| SFr / shares		SFr 0.10
Common Shares \| Class A Ordinary Shares
Series A Preferred Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		18,501,284
Common Shares
Authorized, beginning balance (in shares)		0
Issued, beginning balance (in shares)		0
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		500,000,000
Issuance of Class A ordinary shares upon business combination (in shares)		18,424,355
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		18,501,284
Authorized, ending balance (in shares)		500,000,000	0
Issued, ending balance (in shares)		36,925,639	0
Common Shares Held In Treasury
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		18,501,284
Total Number of Shares
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		500,000,000
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		18,424,355
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		18,501,284
Common stock, par value (CHF/USD per share) \| $ / shares					0.0001
Common Shares \| Class C Ordinary Shares
Series A Preferred Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)	15,775,472	15,775,472
Common Shares
Authorized, beginning balance (in shares)		0
Issued, beginning balance (in shares)		0
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		100,000,000
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)	15,775,472	15,775,472
Authorized, ending balance (in shares)		100,000,000	0
Issued, ending balance (in shares)		15,775,472	0
Common Shares Held In Treasury
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)	15,775,472	15,775,472
Total Number of Shares
Issuance of Class A Ordinary Shares upon Business Combination (in shares)		100,000,000
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)	15,775,472	15,775,472
Common stock, par value (CHF/USD per share) \| $ / shares					$ 0.0001
Common Shares Held In Treasury
Series A Preferred Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		765,483
Common Shares
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		765,483
Common Shares Held In Treasury
Held in Treasury, beginning balance (in shares)		(765,483)	(1,942,837)
Share-based payment under the equity incentive plan ESPP (in shares)			1,177,354
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		765,483
Held in Treasury, ending balance (in shares)		0	(765,483)
Total Number of Shares
Share-based payment under the equity incentive plan ESPP (in shares)			1,177,354
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		765,483
Common stock, par value (CHF/USD per share) \| SFr / shares		SFr 0.10

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Service cost	$ 109,607	$ 11,423	$ 225,965	$ 11,423
Interest cost	1,229	0	2,533	0
Expected return on plan assets	(3,771)	0	(7,775)	0
Amortization of Unrecognized Loss	442	0	910	0
Total Net Periodic Benefit Cost	$ 107,507	$ 11,423	$ 221,633	$ 11,423

Share-based Compensation - Awarded and Granted (Details) - shares		6 Months Ended
	Apr. 06, 2022	Jun. 30, 2022
Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Awards outstanding, beginning balance (in shares)		0
Awards granted (in shares)	180,000	180,000
Awards outstanding, ending balance (in shares)		180,000
Awards exercisable (in shares)		0
MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards outstanding, beginning balance (in shares)		4,440,308
Awards vested (in shares)		(1,665,116)
Awards outstanding, ending balance (in shares)		2,775,192
MoonLake AG ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards outstanding, beginning balance (in shares)		1,060,561
Awards granted (in shares)		1,177,354
Awards outstanding, ending balance (in shares)		2,237,915
Employee Stock Option \| Employee Stock Option Plan (ESOP)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Awards outstanding, beginning balance (in shares)		224,033
Awards granted (in shares)		242,737
Awards outstanding, ending balance (in shares)		466,770
Awards exercisable (in shares)		0

Basis of Presentation and Significant Accounting Policies (Details)

3 Months Ended

4 Months Ended

6 Months Ended

Apr. 05, 2022

Dec. 13, 2021

Apr. 28, 2021

co-founder

SFr / shares

Jun. 30, 2022

USD ($)

$ / shares

Jun. 30, 2021

USD ($)

$ / shares

Jun. 30, 2021

USD ($)

$ / shares

Jun. 30, 2022

USD ($)

$ / shares

Jun. 30, 2021

USD ($)

$ / shares

Exchange ratio

33.638698

Share-based compensation expense | $

52,701,111

$ 2,484,223

$ 1,250,365

$ 4,473,094

$ 1,250,365

Net loss per share - basic (in USD per share) | $ / shares

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

Cash, FDIC Insured Amount | $

$ 100,000

Foreign currency transaction gain (loss) | $

$ 268,292

$ (3,493)

$ 340,553

$ (4,690)

Issuance of Class A ordinary shares upon business combination (in shares)

18,424,355

Minimum

Property and equipment, useful life

3 years

Maximum

Property and equipment, useful life

5 years

MoonLake AG Restricted Founder Shares

Share-based compensation expense | $

$ 1,197,953

$ 1,250,365

$ 2,408,035

$ 1,250,365

MoonLake AG

Reverse vesting percentage

90.00%

Number of co-founders | co-founder

110,000

Net loss per share - basic (in USD per share) | $ / shares

$ (2.90)

$ (2.11)

Basic EPS before recapitalization exchange ratio adjustment (in USD per share) | $ / shares

(97.48)

(71.09)

MoonLake AG | Previously Reported

Basic EPS before recapitalization exchange ratio adjustment (in USD per share) | $ / shares

(53.49)

(47.80)

Net loss per share, including retroactive adjustments, basic (in USD per share) | $ / shares

$ (1.59)

$ (1.42)

MoonLake AG | MoonLake AG Restricted Founder Shares

Share-based compensation expense | $

99,000

Vesting percentage

4.166%

Vesting period

2 years

$ 1,300,000

Nominal value (CHF per share) | SFr / shares

SFr 0.10

Shares repurchased as a result of terminated contractual relationship with co-founder (in shares)

57,756

11,700,000

Net loss per share - basic (in USD per share) | $ / shares

36,925,639

$ (0.34)

$ 0

^[1]

$ (1.13)

$ 0

^[1]

Issuance of Class A ordinary shares upon business combination (in shares)

18,501,284

Class C Ordinary Shares

15,775,472

Class C Ordinary Shares | MoonLake AG

15,775,472

Class C Ordinary Shares | MoonLake AG | MoonLake AG Restricted Founder Shares

3,700,257

Shares repurchased as a result of terminated contractual relationship with co-founder (in shares)

3,330,231

1,942,837

[1]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

Share-based Compensation - Narrative (Details)				3 Months Ended		4 Months Ended	6 Months Ended
Share-based Compensation - Narrative (Details)	Apr. 06, 2022 shares	Apr. 05, 2022 shares	Apr. 28, 2021 SFr / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	Mar. 31, 2021 shares	Mar. 10, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $				$ 2,484,223	$ 1,250,365		$ 4,473,094	$ 1,250,365
Common Shares, shares outstanding (in shares)		52,701,111
MoonLake AG Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares issuable (in shares)				14,596			14,596
Common Shares, shares outstanding (in shares)				0	11,100,770	11,100,770	0	11,100,770	12,161,331	12,161,331	33,638,698	33,638,698
Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $				$ 115,139	$ 0		$ 115,139	$ 0
Weighted average period of recognition							2 years 9 months 7 days
Expiration period		10 years
Awards granted (in shares)	180,000						180,000
Unrecognized compensation expense \| $				1,400,000			$ 1,400,000
Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.33%
Employee Stock Option Plan (ESOP)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, options \| $				2,200,000			2,200,000
MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $				1,197,953	1,250,365		2,408,035	1,250,365
Unrecognized share-based compensation expense, non-option awards \| $				4,000,000.0			4,000,000.0
Monthly SBP expense \| $				403,386			403,386
MoonLake AG ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $				1,056,516	0		1,749,194	0
Unrecognized share-based compensation expense, non-option awards \| $				11,700,000			$ 11,700,000
Vesting period after occurrence of change of control							12 months
Weighted average period of recognition							2 years 3 months 7 days
MoonLake AG ESPP \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
MoonLake AG ESPP \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
MoonLake AG ESPP \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
MoonLake AG ESPP \| Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
MoonLake AG ESPP \| Employee Stock Option Plan (ESOP)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average period of recognition							3 years 1 month 20 days
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $				$ 114,615	0		$ 200,726	$ 0
Employee Stock Option \| Employee Stock Option Plan (ESOP)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period after occurrence of change of control							12 months
Awards granted (in shares)							242,737
Employee Stock Option \| Employee Stock Option Plan (ESOP) \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
Employee Stock Option \| Employee Stock Option Plan (ESOP) \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
Employee Stock Option \| Employee Stock Option Plan (ESOP) \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
Employee Stock Option \| Employee Stock Option Plan (ESOP) \| Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
Share-Based Payment Arrangement, Option And Employee Stock \| Treasury Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares issuable (in shares)				22,756			22,756
Class C Ordinary Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Shares, shares outstanding (in shares)				15,775,472			15,775,472
Common Shares, par value (USD per share) \| $ / shares				$ 0.0001			$ 0.0001
Class C Ordinary Shares \| MoonLake AG Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares issuable (in shares)				490,990			490,990
Common Shares, shares outstanding (in shares)				15,775,472			15,775,472		0
Common Shares, par value (USD per share) \| $ / shares				$ 0.0001			$ 0.0001
Class C Ordinary Shares \| Share-Based Payment Arrangement, Option And Employee Stock \| Treasury Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares issuable (in shares)				765,482			765,482
Class A Ordinary Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Shares, shares outstanding (in shares)				36,925,639			36,925,639
Common Shares, par value (USD per share) \| $ / shares				$ 0.0001			$ 0.0001
Class A Ordinary Shares \| MoonLake AG Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Shares, shares outstanding (in shares)				36,925,639			36,925,639		0
Common Shares, par value (USD per share) \| $ / shares				$ 0.0001			$ 0.0001
MoonLake AG
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Reverse vesting percentage			90.00%
Common Shares, shares outstanding (in shares)			110,000
MoonLake AG \| MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $					$ 1,300,000	$ 1,300,000
Common Shares, shares outstanding (in shares)			99,000
Vesting percentage			4.166%
Vesting period			2 years
Nominal value (CHF per share) \| SFr / shares			SFr 0.10
MoonLake AG \| Class C Ordinary Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Shares, shares outstanding (in shares)			3,700,257
MoonLake AG \| Class C Ordinary Shares \| MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common Shares, shares outstanding (in shares)			3,330,231

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - MoonLake AG Series A Preferred Shares	3 Months Ended
	Jun. 30, 2021 USD ($) shares
Share-based compensation expense through transfer of existing Common shares (3,330,231) to Merck KGaA, Darmstadt, Germany, and conversion of transferred shares into Series A Preferred shares (in shares)	3,330,231
Conversion and transfer of shares between classes (in shares)	19,207,697
Issuance costs \| $	$ 279,364

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, MoonLake AG and MoonLake Immunotherapeutics Ltd., after elimination of all intercompany accounts and transactions. The accompanying unaudited condensed consolidated financial statements and notes hereto have been prepared in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the FASB. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results for the entire fiscal year or any other period. The unaudited condensed consolidated financial information for the three and six months ended June 30, 2022 and 2021 have been prepared on the same basis as and should be read in conjunction with MoonLake AG’s audited financial statements and notes thereto for the year ended December 31, 2021 included in the final prospectus filed with the SEC pursuant to Rule 424(b)(3) on August 2, 2022. Pursuant to ASC 805, for financial accounting and reporting purposes, MoonLake AG was deemed the accounting acquirer and Helix was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Accordingly, the Business Combination was treated as the equivalent of MoonLake AG issuing shares for the net assets of Helix, accompanied by a recapitalization. The net assets of Helix were stated at historical costs, with no goodwill or other intangible assets recorded, and are consolidated with MoonLake AG’s financial statements on the Closing Date. In accordance with the Business Combination Agreement, the ML Parties received 33.638698 Ordinary Shares in the Company for every MoonLake AG Common Share or Series A Preferred Share (the “Exchange Ratio”). The BVF Shareholders received 18,501,284 Class A Ordinary Shares whereas the rest of the ML Parties (excluding the BVF Shareholders) received 15,775,472 Class C Ordinary Shares which can be converted into Class A Ordinary Shares at the discretion of the shareholder (refer to Note 9 — Shareholders’ equity (deficit) for further details on the classes of ordinary shares). The number of shares, and the number of shares within the net income (loss) per share held by the ML Parties in MoonLake AG prior to the Business Combination have been adjusted by the Exchange Ratio to reflect the equivalent number of ordinary shares in the Company (identified as “the equivalent of” throughout these condensed consolidated financial statements). Certain MoonLake AG shareholders (ML Parties other than the BVF Shareholders), did not exchange their shares in MoonLake AG for Class A Ordinary Shares in the Company and therefore continue to hold an economic interest in MoonLake AG and Class C Ordinary Shares in the Company. The Company recognized a noncontrolling interest equal to the ML Parties’ (other than the BVF Shareholders) proportionate interest in the net assets of MoonLake AG. All amounts are presented in U.S. Dollar (“$”), unless otherwise indicated. The term “Swiss franc” and “CHF” refer to the legal currency of Switzerland, and “€” refers to euros.
Use of estimates	The preparation of financial statements in conformity with U.S. GAAP requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses. The significant judgments, estimates and assumptions relevant to the Company relate to: •determining whether the in-process research and development expenditure (“IPR&D”) has an alternative future use; •estimating the fair value of the portion of the aggregate purchase price relating to its own shares in connection with the acquisition of the in-license agreement; •determining assumptions used in determining the fair value of share-based compensation; and •estimating the recoverability of the deferred tax asset. The Company bases its judgments and estimates on various factors and information, which may include, but are not limited to, the Company’s forecasts and future plans, current economic conditions and observable market-based transactions of its own shares, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future results of operation may be affected.
Cash and cash equivalents	The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value.
Concentration of credit risk	Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a large financial institution which, at times, may exceed the CHF 100,000 deposit protection limit. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held.
Fair value measurements	The Company follows the guidance included in ASC 820, Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurements: •Level 1, meaning the use of quoted prices for identical instruments in active markets; •Level 2, meaning the use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; and •Level 3, meaning the use of unobservable inputs. Observable market data is used when available. Transfers between Levels 1, 2 or 3 within the fair value hierarchy are recognized at the end of the reporting period when the respective transaction occurred. Cash, accounts payable and accrued liabilities approximate their fair values as of June 30, 2022 and December 31, 2021, due to their short-term nature. Pension plan assets fair value is determined based on Level 2 inputs.
Segment information	The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a stand-alone basis for the purposes of allocating resources, and assessing financial performance.
Property and equipment	Property and equipment, net is stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of three to five years. As of June 30, 2022, property and equipment, net relates to IT and office equipment.
Research and development contract costs and accruals	Research and development expenses include employee payroll, consulting, contract research and contract manufacturing costs attributable to research and development activities and are expensed as incurred. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development expenses in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.
Share-based transaction	Goods or services received in a share-based payment transaction are measured using a fair value-based measure. The Company measures and recognizes compensation expense for all share-based awards made to employees and directors based on estimated fair values. The fair value of employee share options is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense is adjusted for forfeitures as they occur.
Foreign currency	The functional currency of the Company and its subsidiaries is the U.S. dollar. Balances and transactions denominated in foreign currencies are converted as follows: monetary assets and liabilities are translated using exchange rates in effect at the balance sheet dates and non-monetary assets and liabilities are translated at historical exchange rates. Revenue and expenses are translated at the daily exchange rate on the respective accounting date.Gains or losses from foreign currency translation are included in the consolidated statement of operations.
Income taxes	The Company accounts for income taxes by using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to the extent it is more likely than not that a deferred tax asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date.
Net loss per Class A Ordinary Shares	Basic net loss per Class A Ordinary Share is calculated using the two-class method under which earnings are allocated to both Class A Ordinary Shares and participating securities. Basic net loss per share is calculated by dividing the net loss attributable to Class A Ordinary Shares by the weighted-average number of Class A Ordinary Shares outstanding for the period. The diluted net loss per Class A Ordinary Share is computed by dividing the net loss using the weighted-average number of Class A Ordinary Shares and, if dilutive, potential Class A Ordinary Shares outstanding during the period.In periods in which the Company reports a net loss attributable to shareholders of Class A Ordinary Shares, diluted net loss per share attributable to shareholders of Class A Ordinary Shares is the same as basic net loss per share attributable to shareholders of Class A Ordinary Shares, since dilutive Class A Ordinary Shares are not assumed to be outstanding if their effect is anti-dilutive.
Acquisitions	The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first assessing whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The Company acquired the Sonelokimab program (the "SLK Program") during the period ended December 31, 2021 and determined that substantially all of the fair value of the gross assets acquired related to IPR&D of SLK. Therefore, this transaction was accounted for as an asset acquisition. IPR&D represents incomplete technologies that the Company acquires, which at the time of acquisition, are still under development and have no alternative future use. The fair value of such technologies is expensed upon acquisition. A technology is considered to have an alternative future use if it is probable that the Company will use the asset in its current, incomplete state as it existed at the acquisition date, in another research and development project that has not yet commenced, and economic benefit is anticipated from that use. If a technology is determined to have an alternative future use, then the fair value of the program would be recorded as an asset on the balance sheet rather than expensed. Contingent consideration payments (for example milestone payments due upon the occurrence of a specific event) in asset acquisitions are recognized when the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the cost in the asset acquired). Upon recognition of the contingent consideration payment, the amount is expensed if it relates to IPR&D or capitalized if it relates to a developed product which is generally considered to be when clinical trials have been completed and regulatory approval obtained. Future royalty payments due on net sales will be recognized in cost of goods sold when net sales are recognized.
Pension accounting	The Company accounts for pension assets and liabilities in accordance with ASC 715, Compensation – Retirement Benefits, which requires the recognition of the funded status of pension plans in the Company’s consolidated balance sheet. The liability in respect to defined benefit pension plans is the projected benefit obligation calculated annually by independent actuaries using the projected unit credit method. The projected benefit obligation as of June 30, 2022 represents the actuarial present value of the estimated future payments required to settle the obligation that is attributable to employee services rendered before that date. Service costs for such pension plans, represented in the net periodic benefit cost, are included in the personnel expenses of the various functions where the employees are engaged. The other components of net benefit cost are included in the consolidated statement of operations separately from the service cost component, in “other income (expenses), net.” Plan assets are recorded at their fair value. Gains or losses arising from plan curtailments or settlements are accounted for at the time they occur. Any net pension asset is limited to the present value of the future economic benefits available to the Company in the form of refunds from the plan or expected reductions in future contributions to the plan. Actuarial gains and losses arising from differences between the actual and the expected return on plan assets are recognized in accumulated other comprehensive income (loss).
Recently issued accounting pronouncements not yet adopted	The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). As such the Company is eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including reduced reporting and extended transition periods to comply with new or revised accounting standards for public business entities. The Company has elected to avail itself of this exemption and, therefore, will not be subject to the timeline for adopting new or revised accounting standards for public business entities that are not emerging growth companies, and will follow the transition guidance applicable to private companies. In February 2016, the FASB issued ASU No. 2016-02, Leases Topic 842 (“ASU 2016-02”). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC 840, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and for interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company has continued to account for the open-ended office lease agreement as an operating lease under the guidance prior to ASU 2016-02 through the consolidated statement of operations for the period ended December 31, 2021. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which allows entities to elect a modified retrospective transition method where entities may continue to apply the existing lease guidance during the comparative periods and apply the new lease requirements through a cumulative effect adjustment in the period of adoptions rather than in the earliest period presented.

Income taxes	6 Months Ended
Income taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income taxes	Income TaxesThe Company's effective tax rate (“ETR”) was 0.1% and 0.0% for each of the three and six months ended June 30, 2022, respectively, and 0.0% for each of the three and six months ended June 30, 2021. The Company is not aware of any items that would cause the quarterly or period-to-date ETR to be significantly different from the Company's annual ETR. The difference between the income tax provision that would be derived by applying the statutory rate to the Company's loss before income taxes and the income tax provision recorded was primarily attributable to the change in the valuation allowance. The Company continues to incur losses and its ability to utilize the deferred tax asset related to the tax losses is not considered more likely than not.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitment and Contingencies (Details) - 6 months ended Jun. 30, 2022 € in Millions, $ in Millions	USD ($)	EUR (€)
Other Commitments [Line Items]
Total commitments not yet recognized	$ 44.8
Percentage due upon initiation of next clinical trial (less than)	1.00%
License \| SLK Program
Other Commitments [Line Items]
Variable consideration amount	$ 315.3	€ 302.1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Cash flow from operating activities

Adjustments to reconcile net loss to net cash used in operating activities:

$ (33,296,471)

$ (33,037,452)

^[1],[2]

Depreciation

5,776

213

^[2]

Share-based payment

4,473,094

1,250,365

^[2]

Share-based compensation for the in-licensing agreement

4,851,000

^[2]

Net periodic pension benefit cost for the qualified pension plan

151,380

4,645

^[2]

Other non-cash items

20,913

^[2]

Changes in operating assets and liabilities:

Other receivables

(408,274)

(10,778)

^[2]

Prepaid expenses

(3,663,606)

(45,318)

^[2]

Trade and other payables

(778,229)

549,268

^[2]

Accrued expenses and other current liabilities

(1,450,930)

733,484

^[2]

Net cash flow used in operating activities

(34,946,347)

(25,704,573)

^[2]

Cash flow from investing activities

Purchase of property and equipment

(16,008)

(20,683)

^[2]

Net cash flow used in investing activities

(16,008)

(20,683)

^[2]

Cash flow from financing activities

Issuance of shares at incorporation

106,508

^[2]

Issuance of Series A Preferred Shares, net

27,659,237

^[2]

Proceeds from Business Combination

134,646,009

^[2]

Contribution for Par Value of Class V Shares

42,935

^[2]

Repayment of Loan Liability

(15,000,000)

^[2]

Net cash flow provided by financing activities

119,688,944

27,765,745

^[2]

Effect of movements in exchange rates on cash held

(57,502)

^[2]

Net change in cash

84,669,087

2,040,489

^[2]

Cash, beginning of period

8,038,845

^[2]

Cash, end of period

92,707,932

2,040,489

^[2]

Supplemental disclosure of non-cash investing information:

Property and equipment purchased but not paid

$ 0

$ 2,580

[1]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.
[2]	3 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

Prepaid expenses

6 Months Ended

Jun. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid expenses

Prepaid Expenses


	June 30, 2022		December 31, 2021
Advances on insurances	$	2,714,439	$	23,141
Advances on non-clinical research and clinical development services	2,236,442		547,586
Advances on supply and manufacturing services	83,559		750,622
Other prepayments	78,262		127,747




Total	$	5,112,702	$	1,449,096

Prepaid expenses as of June 30, 2022 primarily relate to services expected to be received by the end of the year.

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, MoonLake AG and MoonLake Immunotherapeutics Ltd., after elimination of all intercompany accounts and transactions. The accompanying unaudited condensed consolidated financial statements and notes hereto have been prepared in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as set forth by the Financial Accounting Standards Board (“FASB”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the FASB. In the opinion of management, all adjustments necessary for a fair statement of the financial information, which are of a normal and recurring nature, have been made for the interim periods reported. Results of operations for the three and six months ended June 30, 2022 and 2021 are not necessarily indicative of the results for the entire fiscal year or any other period. The unaudited condensed consolidated financial information for the three and six months ended June 30, 2022 and 2021 have been prepared on the same basis as and should be read in conjunction with MoonLake AG’s audited financial statements and notes thereto for the year ended December 31, 2021 included in the final prospectus filed with the SEC pursuant to Rule 424(b)(3) on August 2, 2022. Pursuant to ASC 805, for financial accounting and reporting purposes, MoonLake AG was deemed the accounting acquirer and Helix was treated as the accounting acquiree, and the Business Combination was accounted for as a reverse recapitalization. Accordingly, the Business Combination was treated as the equivalent of MoonLake AG issuing shares for the net assets of Helix, accompanied by a recapitalization. The net assets of Helix were stated at historical costs, with no goodwill or other intangible assets recorded, and are consolidated with MoonLake AG’s financial statements on the Closing Date. In accordance with the Business Combination Agreement, the ML Parties received 33.638698 Ordinary Shares in the Company for every MoonLake AG Common Share or Series A Preferred Share (the “Exchange Ratio”). The BVF Shareholders received 18,501,284 Class A Ordinary Shares whereas the rest of the ML Parties (excluding the BVF Shareholders) received 15,775,472 Class C Ordinary Shares which can be converted into Class A Ordinary Shares at the discretion of the shareholder (refer to Note 9 — Shareholders’ equity (deficit) for further details on the classes of ordinary shares). The number of shares, and the number of shares within the net income (loss) per share held by the ML Parties in MoonLake AG prior to the Business Combination have been adjusted by the Exchange Ratio to reflect the equivalent number of ordinary shares in the Company (identified as “the equivalent of” throughout these condensed consolidated financial statements). Certain MoonLake AG shareholders (ML Parties other than the BVF Shareholders), did not exchange their shares in MoonLake AG for Class A Ordinary Shares in the Company and therefore continue to hold an economic interest in MoonLake AG and Class C Ordinary Shares in the Company. The Company recognized a noncontrolling interest equal to the ML Parties’ (other than the BVF Shareholders) proportionate interest in the net assets of MoonLake AG. All amounts are presented in U.S. Dollar (“$”), unless otherwise indicated. The term “Swiss franc” and “CHF” refer to the legal currency of Switzerland, and “€” refers to euros. Restatement of Consolidated Financial Statements as of and for the Three and Six-months Ended June 30, 2021 On April 28, 2021, a shareholders' agreement between MoonLake AG, its Series A investors, and its co-founders imposed a reverse vesting condition on 90% of the total 110,000 Common Shares (the equivalent of 3,700,257 Class C Ordinary Shares) held by each of the three co-founders. Therefore, 99,000 Common Shares (the equivalent of 3,330,231 Class C Ordinary Shares) held by each of the co-founders were subject to these restrictions and considered unvested (the “Restricted Founder Shares”). The Restricted Founder Shares vest on the 28th of each month at a rate of 4.166% over a period of two years until April 28, 2023. If, before the end of the vesting period, the contractual relationship of the relevant co-founders is terminated, MoonLake AG in first priority, or any third party designated by it, and the other shareholders in second priority pro rata to their shareholdings, shall have an option to purchase all or a pro rata portion of the leaver shares that are unvested on the day the termination becomes effective at nominal value of CHF 0.10 per share. The Restricted Founder Shares are legally outstanding and continue to have voting and dividend rights. Management had initially determined that the reverse vesting condition was necessary to induce the sale of the Series A Preferred Shares and did not contain a compensatory element. However, on December 13, 2021 a termination agreement was reached between one of the co-founders and MoonLake AG to terminate the co-founder's contractual relationship and, as a result, 57,756 Common Shares (the equivalent of 1,942,837 Class C Ordinary Shares) were purchased by MoonLake AG. Management concluded that this termination agreement was reflective of the intention of the parties and therefore the substance of the previous agreement. As a result, management concluded that its accounting for the Restricted Founder Shares should have instead reflected a service condition and should be accounted for as a share-based compensation arrangement. Accounting for the Restricted Founder Shares as share-based compensation increased general and administrative expenses to reflect the recognition of the non-cash expense of the fair value of the Restricted Founder Shares at the grant date of April 28, 2021 over the two-year vesting period, and led to a corresponding increase in additional paid in capital. The previously unrecognized share-based compensation expense amounts to $1.3 million for three months ended June 30, 2021, and for the period from inception to June 30, 2021, causing an increase in net loss, general and administrative expenses and additional paid-in capital of the same amount in the respective periods. Net loss per share was previously $(53.49) ((1.59), assuming the retroactive adjustment of the EPS denominator by multiplying MoonLake AG Common Shares by the Exchange Ratio) for the three months ended June 30, 2021, and $(47.80) ((1.42), assuming the retroactive adjustment of the EPS denominator by multiplying MoonLake AG Common Shares by the Exchange Ratio) for the period from inception to June 30, 2021. The increase in net loss, and exclusion of unvested Restricted Founder Shares in the denominator leads to corrected values of $(97.48) ((2.90), assuming the equivalent number of shares by applying the Exchange Ratio) for the three months ended June 30, 2021, and $(71.09) ((2.11), assuming the retroactive adjustment of the EPS denominator by multiplying MoonLake AG Common Shares by the Exchange Ratio) for the period from inception to June 30, 2021. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses. The significant judgments, estimates and assumptions relevant to the Company relate to: •determining whether the in-process research and development expenditure (“IPR&D”) has an alternative future use; •estimating the fair value of the portion of the aggregate purchase price relating to its own shares in connection with the acquisition of the in-license agreement; •determining assumptions used in determining the fair value of share-based compensation; and •estimating the recoverability of the deferred tax asset. The Company bases its judgments and estimates on various factors and information, which may include, but are not limited to, the Company’s forecasts and future plans, current economic conditions and observable market-based transactions of its own shares, the results of which form the basis for making judgments about the carrying value of assets and liabilities and recorded amounts of expenses that are not readily apparent from other sources. To the extent there are material differences between the Company’s estimates and the actual results, the Company’s future results of operation may be affected. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. As of June 30, 2022 and December 31, 2021, the Company did not have any cash equivalents. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a large financial institution which, at times, may exceed the CHF 100,000 deposit protection limit. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held. Fair Value Measurements The Company follows the guidance included in ASC 820, Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to fair value measurements: •Level 1, meaning the use of quoted prices for identical instruments in active markets; •Level 2, meaning the use of quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; and •Level 3, meaning the use of unobservable inputs. Observable market data is used when available. Transfers between Levels 1, 2 or 3 within the fair value hierarchy are recognized at the end of the reporting period when the respective transaction occurred. Cash, accounts payable and accrued liabilities approximate their fair values as of June 30, 2022 and December 31, 2021, due to their short-term nature. Pension plan assets fair value is determined based on Level 2 inputs. Segment Information The Company operates as a single operating segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a stand-alone basis for the purposes of allocating resources, and assessing financial performance. Property and Equipment Property and equipment, net is stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of three to five years. As of June 30, 2022, property and equipment, net relates to IT and office equipment. Research and Development Contract Costs and Accruals Research and development expenses include employee payroll, consulting, contract research and contract manufacturing costs attributable to research and development activities and are expensed as incurred. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development expenses in the period in which they are incurred. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. The Company has entered into various research and development contracts with companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Share-based Transaction Goods or services received in a share-based payment transaction are measured using a fair value-based measure. The Company measures and recognizes compensation expense for all share-based awards made to employees and directors based on estimated fair values. The fair value of employee share options is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense is adjusted for forfeitures as they occur. Foreign Currency The functional currency of the Company and its subsidiaries is the U.S. dollar. Balances and transactions denominated in foreign currencies are converted as follows: monetary assets and liabilities are translated using exchange rates in effect at the balance sheet dates and non-monetary assets and liabilities are translated at historical exchange rates. Revenue and expenses are translated at the daily exchange rate on the respective accounting date. Gains or losses from foreign currency translation are included in the consolidated statement of operations. The Company recognized foreign currency transaction gain of $340,553 for the six months ended June 30, 2022 (“the period ended June 30, 2022”), and a gain of $268,292 for the three months ended June 30, 2022. For the three and six months ended June 30, 2021, MoonLake AG recognized a foreign currency transaction loss of $3,493 and $4,690 respectively. Income Taxes The Company accounts for income taxes by using the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded to the extent it is more likely than not that a deferred tax asset will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Net Loss per Class A Ordinary Shares Basic net loss per Class A Ordinary Share is calculated using the two-class method under which earnings are allocated to both Class A Ordinary Shares and participating securities. Basic net loss per share is calculated by dividing the net loss attributable to Class A Ordinary Shares by the weighted-average number of Class A Ordinary Shares outstanding for the period. The diluted net loss per Class A Ordinary Share is computed by dividing the net loss using the weighted-average number of Class A Ordinary Shares and, if dilutive, potential Class A Ordinary Shares outstanding during the period. In periods in which the Company reports a net loss attributable to shareholders of Class A Ordinary Shares, diluted net loss per share attributable to shareholders of Class A Ordinary Shares is the same as basic net loss per share attributable to shareholders of Class A Ordinary Shares, since dilutive Class A Ordinary Shares are not assumed to be outstanding if their effect is anti-dilutive. Acquisitions The Company evaluates acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first assessing whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The Company acquired the Sonelokimab program (the "SLK Program") during the period ended December 31, 2021 and determined that substantially all of the fair value of the gross assets acquired related to IPR&D of SLK. Therefore, this transaction was accounted for as an asset acquisition. IPR&D represents incomplete technologies that the Company acquires, which at the time of acquisition, are still under development and have no alternative future use. The fair value of such technologies is expensed upon acquisition. A technology is considered to have an alternative future use if it is probable that the Company will use the asset in its current, incomplete state as it existed at the acquisition date, in another research and development project that has not yet commenced, and economic benefit is anticipated from that use. If a technology is determined to have an alternative future use, then the fair value of the program would be recorded as an asset on the balance sheet rather than expensed. Contingent consideration payments (for example milestone payments due upon the occurrence of a specific event) in asset acquisitions are recognized when the consideration is paid or becomes payable (unless the contingent consideration meets the definition of a derivative, in which case the amount becomes part of the cost in the asset acquired). Upon recognition of the contingent consideration payment, the amount is expensed if it relates to IPR&D or capitalized if it relates to a developed product which is generally considered to be when clinical trials have been completed and regulatory approval obtained. Future royalty payments due on net sales will be recognized in cost of goods sold when net sales are recognized. Pension Accounting The Company accounts for pension assets and liabilities in accordance with ASC 715, Compensation – Retirement Benefits, which requires the recognition of the funded status of pension plans in the Company’s consolidated balance sheet. The liability in respect to defined benefit pension plans is the projected benefit obligation calculated annually by independent actuaries using the projected unit credit method. The projected benefit obligation as of June 30, 2022 represents the actuarial present value of the estimated future payments required to settle the obligation that is attributable to employee services rendered before that date. Service costs for such pension plans, represented in the net periodic benefit cost, are included in the personnel expenses of the various functions where the employees are engaged. The other components of net benefit cost are included in the consolidated statement of operations separately from the service cost component, in “other income (expenses), net.” Plan assets are recorded at their fair value. Gains or losses arising from plan curtailments or settlements are accounted for at the time they occur. Any net pension asset is limited to the present value of the future economic benefits available to the Company in the form of refunds from the plan or expected reductions in future contributions to the plan. Actuarial gains and losses arising from differences between the actual and the expected return on plan assets are recognized in accumulated other comprehensive income (loss). Recently Issued Accounting Pronouncements not yet Adopted The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). As such the Company is eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including reduced reporting and extended transition periods to comply with new or revised accounting standards for public business entities. The Company has elected to avail itself of this exemption and, therefore, will not be subject to the timeline for adopting new or revised accounting standards for public business entities that are not emerging growth companies, and will follow the transition guidance applicable to private companies. In February 2016, the FASB issued ASU No. 2016-02, Leases Topic 842 (“ASU 2016-02”). The guidance in ASU 2016-02 supersedes the lease recognition requirements in ASC 840, Leases. ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and for interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company has continued to account for the open-ended office lease agreement as an operating lease under the guidance prior to ASU 2016-02 through the consolidated statement of operations for the period ended December 31, 2021. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements, which allows entities to elect a modified retrospective transition method where entities may continue to apply the existing lease guidance during the comparative periods and apply the new lease requirements through a cumulative effect adjustment in the period of adoptions rather than in the earliest period presented.

Share-based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

As at June 30, 2022 the Company had the following share-based compensation arrangements:

a.Restricted Founder Shares – created in April 2021 by MoonLake AG;

b.The Employee Share Participation Plan (“ESPP”) – created in July 2021 by MoonLake AG;

c.The Employee Stock Option Plan (“ESOP”) – created in July 2021 by MoonLake AG;

d.MoonLake Immunotherapeutics 2022 Equity Incentive Plan – created in April 2022 by MoonLake Immunotherapeutics.

The purpose of the arrangements is to attract and retain the best available personnel and to provide participants with additional incentive to increase their efforts on behalf and in the best interest of the Company and its subsidiaries.

As a result of the Business Combination, the Company has adjusted the share numbers related to the Restricted Founder Shares and Common Shares (under the MoonLake AG ESPP and MoonLake AG ESOP plans) prior to the Business Combination by the Exchange Ratio. The assumptions used in the valuation of the awards granted prior to Closing of the Business Combination have not been adjusted. The reference to “Common Shares” below refers to shares in MoonLake AG.

MoonLake AG's compensation plans are settled with MoonLake AG's Common Shares, and with a number of Class C Ordinary Shares determined multiplying the MoonLake AG's Common Shares by the Exchange Ratio. The owners of MoonLake AG's Common Shares have the right to exchange their Common Shares for a number of the Company’s Class A Ordinary Shares derived using the Exchange Ratio. In the event MoonLake AG shareholders elect to exchange their Common Shares, a number of Class C shares equivalent to the number of Class A shares issued is forfeited (refer Note 9 — Shareholders’ equity (deficit) - Class C Ordinary Shares).

For the three and six months ended June 30, 2022, the Company has recognized an increase in equity in the condensed consolidated balance sheet, and share-based compensation expense in the condensed consolidated statement of operations of $2.5 and $4.5 million respectively. The share-based compensation expense was driven by the following share-based compensation plans and programs:


Compensation Plan	Three months ended June 30, 2022		Three months ended June 30, 2021		Six Months Ended June 30, 2022		Six Months Ended June 30, 2021
MoonLake AG Restricted Founder Shares	$	1,197,953	$	1,250,365	$	2,408,035	$	1,250,365
MoonLake AG ESPP	1,056,516		—		1,749,194		—


MoonLake AG ESOP	114,615		—		200,726		—


MoonLake Immunotherapeutics 2022 Equity Incentive Plan	115,139		—		115,139		—
Total share-based compensation expense4	$	2,484,223	$	1,250,365	$	4,473,094	$	1,250,365
Of which: included in R&D expense	138,037		—		218,930		—
Of which: included in G&A expense	2,346,186		1,250,365		4,254,164		1,250,365

As of June 30, 2022, 22,756 treasury shares (the equivalent of 765,482 Class C Ordinary Shares) and 14,596 Common Shares (the equivalent of 490,990 Class C Ordinary Shares) issuable from the authorized conditional capital shares remain available for future grants under the ESPP and the ESOP by MoonLake AG.

MoonLake AG - Restricted Founder Shares

On April 28, 2021, the shareholders’ agreement between the co-founders, the Series A investors and MoonLake AG imposed a reverse vesting condition on 90% of the total 110,000 Common Shares (the equivalent of 3,700,257 Class C Ordinary Shares) held by each of the three co-founders. Therefore, 99,000 Common Shares (the equivalent of 3,330,231 Class C Ordinary Shares) held by each of the co-founders were subject to these restrictions and considered unvested. The Restricted Founder Shares vest on the 28th of each month at a rate of 4.166% over a period of two years until April 28, 2023. If, before the end of the vesting period, the contractual relationship of the relevant co-founders is terminated, MoonLake AG in first priority, or any third party designated by it, and the other shareholders in second priority pro rata to their shareholdings, shall have an option to purchase all or a pro rata portion of the leaver shares that are unvested on the day the termination becomes effective at nominal value of CHF 0.10 (equivalent of $0.0001) per share.

The assumptions used in the valuation of the Restricted Founder Shares awarded are summarized below:


Grant date			4/28/2021
Estimated fair value per share of Restricted Founder Shares on the grant date ($) (1)			49
Estimated fair value of Restricted Founder Shares on the resignation date of one of the co-founders of MoonLake AG ($) (2)			336.39
Purchase price (CHF)			0.10
(1) MoonLake AG estimated the fair value of the Restricted Founder Shares with reference to the market-based transaction with the other Series A Preferred Shares Investors (refer to Note 9 of the audited consolidated financial statements for the year ended December 31, 2021).
(2) MoonLake AG estimated the fair value of the Restricted Founder Shares at co-founder’s resignation date by dividing the Company Enterprise Value ($360,000,000) as defined by the Business Combination Agreement by the Company’s fully diluted shares (1,070,196).








Grants awarded
Program			Restricted Founder Shares
Awards outstanding at January 1, 2022			4,440,308



Awards vested for the six months ended June 30, 2022			(1,665,116)
Awards outstanding at June 30, 2022			2,775,192

As of June 30, 2022, MoonLake AG had $4.0 million of total unrecognized compensation expense related to the Restricted Founder Shares that will be recognized by April 28, 2023 with a monthly compensation expense of $403,386.

Employee Share Participation Plan (ESPP) 2021-2025 - MoonLake AG

The ESPP grants will vest 25% on each anniversary of the grant date. In the event of a termination of contractual relationship between the Company and the entitled employee, the awards can be deemed forfeited by MoonLake AG if certain conditions are met. Awards feature an accelerated vesting condition linked to a “Change of Control”, defined as any transfer of shares that results in the proposed acquirer holding more than 50% of the then issued share capital of MoonLake AG or the Company, as the case may be, where the grants will be deemed fully vested on the earlier of (i) 12 months (or such shorter period determined by the Board of Directors) after the occurrence of a “change of control” or (ii) the date after the occurrence of the change of control on which a termination notice is served to the participant by MoonLake AG (other than a bad leaver termination, described below) or by the participant for good cause (as defined under Swiss law or any other applicable foreign law). For awards made after September 30, 2021, the Closing of the Business Combination between MoonLake AG and Helix does not qualify as a Change of Control.

The assumptions used in the valuation of the grants awarded under the ESPP for the six months ended June 30, 2022 are summarized below:


ESPP 2021
Assumptions for the awards issued during the six months ended June 30, 2022
Grant dates			01/18/2022
Estimated fair value per share of Common Shares on the grant date ($) (1)			336.39
Purchase price (CHF)			0.10
(1) MoonLake AG estimated the fair value of the Common Shares by dividing the Company Enterprise Value ($360,000,000) as defined by the Business Combination Agreement by the Company’s fully diluted shares (1,070,196).

Grants awarded
Program			ESPP
Awards outstanding at January 1, 2022			1,060,561



Awards granted for the six months ended June 30, 2022			1,177,354
Awards outstanding at June 30, 2022			2,237,915

As of June 30, 2022, MoonLake AG had $11.7 million of total unrecognized compensation expense related to the ESPP that will be recognized over the weighted average period of 2.27 years.

Employee Stock Option Plan (ESOP) 2021-2025 - MoonLake AG

The ESOP grants will vest 25% on each anniversary of the grant date. In the event of a termination of contractual relationship between the Company and the entitled employee, options can be deemed forfeited by MoonLake AG if certain conditions are met. Awards feature an accelerated vesting condition linked to a “Change of Control”, defined as any transfer of shares that results in the proposed acquirer holding more than 50% of the then issued share capital of MoonLake AG or the Company, as the case may be, where the grants will be deemed fully vested on the earlier of (i) 12 months (or such shorter period determined by the Board of Directors) after the occurrence of a “change of control” or (ii) the date after the occurrence of the change of control on which a termination notice is served to the participant by MoonLake AG (other than a bad leaver termination, described below) or by the participant for good cause (as defined under Swiss law or any other applicable foreign law). For awards made after September 30, 2021, the Closing of the Business Combination between MoonLake AG and Helix does not qualify as a Change of Control.


Weighted average assumptions for the awards issued during the six months ended June 30, 2022
Grant dates			5/1/2022, 6/22/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($) (1)			172.57
Exercise price (CHF)			27.25
Expected term of the award on the grant date (years) (2)			6
Expected volatility of the share price (3)			0.75
Risk-free interest rate (4)			3%
Expected dividend rate			0
(1) MoonLake AG estimated the fair value of the Common Shares multiplying the MoonLake Immunotherapeutics closing date trading share price on the grant date by the Exchange Ratio. (2) The expected term represents the period that share-based awards are expected to be outstanding. (3) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (4) The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the measurement date with maturities approximately equal to the expected term.


Grants awarded
Program			ESOP
Awards outstanding at January 1, 2022			224,033



Awards granted for the six months ended June 30, 2022			242,737
Awards outstanding at June 30, 2022			466,770
Awards exercisable at June 30, 2022			—

As of June 30, 2022, MoonLake AG had $2.2 million of total unrecognized compensation expense related to the ESOP that will be recognized over the weighted average period of 3.14 years.

MoonLake Immunotherapeutics 2022 Equity Incentive Plan

On April 5, 2022 (the “Effective Date”) the Company created the “MoonLake Immunotherapeutics 2022 Equity Incentive Plan” (the “Equity Incentive Plan”) to promote and closely align the interests of employees, officers, non-employee directors and other service providers of MoonLake Immunotherapeutics and its shareholders by providing share-based compensation and other performance-based compensation.

The Equity Incentive Plan provides for the grant of options, stock appreciation rights, restricted stock units, restricted stock and other share-based awards and for incentive bonuses, which may be paid in cash, Common Shares or a combination thereof, as determined by the compensation committee of the board of directors or such other committee as designated by the board of directors to administer the Equity Incentive Plan. The Equity Incentive Plan shall remain available for the grant of awards until the 10th anniversary of the Effective Date.

On April 6, 2022, the Company granted 180,000 options under the Equity Incentive Plan, each option representing the right to acquire one Class A Ordinary Share, par value $0.0001 per share, of MoonLake. The options will vest one-third on each April 6, 2023, April 6, 2024 and April 6, 2025.


Grant date			4/6/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($)			8.25
Exercise price ($)			12.25
Expected term of the award on the grant date (years)			6
Expected volatility of the share price			75%
Risk-free interest rate			3%
Expected dividend rate			-


Grants awarded
Program	MoonLake Immunotherapeutics 2022 Equity Incentive Plan
Awards outstanding at January 1, 2022		—



Awards granted for the six months ended June 30, 2022		180,000
Awards outstanding at June 30, 2022		180,000
Awards exercisable at June 30, 2022		—

As of June 30, 2022, the Company had $1.4 million of total unrecognized compensation expense related to the Equity Incentive Plan that will be recognized over the weighted average period of 2.77 years.

Business Combination Agreement with Helix and Recapitalization - Ordinary Shares Issued (Details) - shares			3 Months Ended
	Apr. 05, 2022	Apr. 04, 2022	Jun. 30, 2022
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)	52,701,111
Plus issuance of Helix Class A Ordinary Shares to BVF shareholders (in shares)			18,424,355
Class A Ordinary Shares
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)			36,925,639
Plus issuance of Helix Class A Ordinary Shares to PIPE Investors (in shares)	11,700,000
Plus issuance of Helix Class A Ordinary Shares to BVF shareholders (in shares)	18,501,284
Total MoonLake class A ordinary Shares outstanding at closing (in shares)	36,925,639
Class C Ordinary Shares
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)			15,775,472
Plus issuance of Helix Class A Ordinary Shares to PIPE Investors (in shares)	15,775,472
Issuance of Helix Class C ordinary shares to ML parties (other than the BVF shareholders) (in shares)	15,775,472
Helix Acquisition Corp.
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)		14,805,000
Helix Acquisition Corp. \| Class A Ordinary Shares
Schedule Of Reverse Recapitalization [Line Items]
Less redemptions of class A ordinary shares of the class A ordinary shares issued by Helix prior to the closing date (in shares)		(8,080,645)
Helix Acquisition Corp. \| Common class A, private placement
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)		430,000
Helix Acquisition Corp. \| Common class A, redeemable
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)		11,500,000
Helix Acquisition Corp. \| Class B Ordinary Shares
Schedule Of Reverse Recapitalization [Line Items]
Shares outstanding (in shares)		2,875,000

Share-based Compensation - Assumptions (Details)		6 Months Ended
Share-based Compensation - Assumptions (Details)	Apr. 06, 2022 $ / shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2022 SFr / shares shares	Jun. 30, 2022 $ / shares shares	Dec. 31, 2021 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Enterprise value \| $		$ 360,000,000
Fully diluted shares (in shares) \| shares		1,070,196
MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated fair value per share of Restricted Founder Shares on the grant date (in dollars per share)		$ 49
Estimated fair value of Restricted Founder Shares on the resignation date of one of the co-founders of MoonLake AG (in dollars per share)		336.39
Purchase price (in CHF per share)				$ 0.1
Awards outstanding (in shares) \| shares			2,775,192	2,775,192	4,440,308
MoonLake AG ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated fair value per share of Restricted Founder Shares on the grant date (in dollars per share)		336.39
Purchase price (in CHF per share)				$ 0.1
Awards outstanding (in shares) \| shares			2,237,915	2,237,915	1,060,561
Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated fair value of the option on the grant date using Black-Scholes model (in dollars per share)	$ 8.25
Exercise price (in dollars per share)	$ 12.25
Expected term of the award	6 years
Expected volatility of the share price	75.00%
Risk-free interest rate	3.00%
Expected dividend rate	0.00%
Employee Stock Option Plan (ESOP) \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated fair value of the option on the grant date using Black-Scholes model (in dollars per share)		$ 172.57
Exercise price (in dollars per share) \| SFr / shares			SFr 27.25
Expected term of the award		6 years
Expected volatility of the share price		75.00%
Risk-free interest rate		3.00%
Expected dividend rate		0.00%

Business Combination Agreement with Helix and Recapitalization - Summary of Net Proceeds (Details) $ in Thousands	Apr. 05, 2022 USD ($)
Reverse Recapitalization [Abstract]
Investments held in Trust Account	$ 115,051
Less cash to cover redemptions of the Class A Ordinary Shares issued by Helix prior to the Closing Date	(80,842)
Plus PIPE investment	116,000
Less Helix transaction expense	(15,520)
of which accrued expenses	(5,798)
of which deferred IPO underwriting fee	(4,025)
of which other transaction expenses	(5,697)
Available Closing Date Cash	$ 134,689

Net loss per share - Narrative (Details) - $ / shares

3 Months Ended

6 Months Ended

Apr. 05, 2022

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Apr. 04, 2022

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Weighted-average number of Shares, basic (in shares)

35,201,713

11,278,991

20,191,072

15,632,208

Weighted-average number of Shares, diluted (in shares)

35,201,713

11,278,991

20,191,072

15,632,208

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

ML parties other than BVF shareholders

52,701,111

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

MoonLake AG common shares (in shares)

468,968

Pro forma

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Weighted-average number of Shares, basic (in shares)

50,110,401

27,686,600

Weighted-average number of Shares, diluted (in shares)

50,110,401

27,686,600

$ (0.35)

$ (1.20)

$ (0.35)

$ (1.20)

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

52,701,111

Class C Ordinary Shares

Shares excluded from weighted average number of shares (in shares)

15,775,472

Stock converted (in shares)

15,775,472

Class C Ordinary Shares | Pro forma | ML parties other than BVF shareholders

15,775,472

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Stock forfeited (in shares)

15,775,472

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Weighted-average number of Shares, basic (in shares)

^[1]

35,201,713

^[2]

20,191,072

^[2]

Weighted-average number of Shares, diluted (in shares)

^[1]

35,201,713

^[2]

20,191,072

^[2]

$ (0.34)

$ 0

^[2]

$ (1.13)

$ 0

^[2]

$ (0.34)

$ 0

^[2]

$ (1.13)

$ 0

^[2]

Class A Ordinary Shares | Pro forma | ML parties other than BVF shareholders

36,925,639

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Stock converted (in shares)

15,775,472

[1]	2 As a result of the Business Combination, the Company has retroactively restated the weighted average number of shares outstanding prior to April 5, 2022 to give effect to the Exchange Ratio.
[2]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Operating expenses

Research and development

$ (11,400,541)

$ (29,867,218)

^[1]

$ (21,655,404)

$ (29,867,218)

^[1]

General and administrative

(6,251,636)

(2,814,781)

^[1]

(11,939,088)

(3,165,236)

^[1]

Total operating expenses

(17,652,177)

(32,681,999)

^[1]

(33,594,492)

(33,032,454)

^[1]

Operating loss

(17,652,177)

(32,681,999)

^[1]

(33,594,492)

(33,032,454)

^[1]

Other income (expense), net

245,130

(3,780)

^[1]

314,635

(4,998)

^[1]

Loss before income tax

(17,407,047)

(32,685,779)

^[1]

(33,279,857)

(33,037,452)

^[1]

Income tax expense

(9,282)

^[1]

(16,614)

^[1]

Of which: net loss attributable to controlling interests shareholders

(17,416,329)

(32,685,779)

^[1]

(33,296,471)

(33,037,452)

^[1],[2]

(12,120,719)

(32,685,779)

^[1]

(22,754,974)

(33,037,452)

^[1]

Of which: net loss attributable to noncontrolling interests shareholders

(5,295,610)

^[1]

(10,541,497)

^[1]

Actuarial income (loss) on employee benefit plans

101,597

(1,000)

^[1]

367,866

(1,000)

^[1]

Comprehensive loss attributable to controlling interests shareholders

101,597

(1,000)

^[1]

367,866

(1,000)

^[1]

Comprehensive loss

(17,314,732)

(32,686,779)

^[1]

(32,928,605)

(33,038,452)

^[1]

(12,052,683)

(32,686,779)

^[1]

(22,508,629)

(33,038,452)

^[1]

Comprehensive loss attributable to noncontrolling interests

$ (5,262,049)

$ 0

^[1]

$ (10,419,976)

$ 0

^[1]

Weighted-average number of Shares, basic (in shares)

35,201,713

11,278,991

20,191,072

15,632,208

Weighted-average number of Shares, diluted (in shares)

35,201,713

11,278,991

20,191,072

15,632,208

Basic net loss per share attributable to controlling interest shareholders (USD per share)

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

Diluted net loss per share attributable to controlling interest shareholders (USD per share)

$ (0.34)

$ (2.90)

$ (1.13)

$ (2.11)

Weighted-average number of Shares, basic (in shares)

Operating expenses

^[3]

35,201,713

^[1]

20,191,072

^[1]

Weighted-average number of Shares, diluted (in shares)

^[3]

35,201,713

^[1]

20,191,072

^[1]

Basic net loss per share attributable to controlling interest shareholders (USD per share)

$ (0.34)

$ 0

^[1]

$ (1.13)

$ 0

^[1]

Diluted net loss per share attributable to controlling interest shareholders (USD per share)

$ (0.34)

$ 0

^[1]

$ (1.13)

$ 0

^[1]

MoonLake AG Common Shares

Operating expenses

Weighted-average number of Shares, basic (in shares)

^[3]

11,278,991

^[1]

15,632,208

^[1]

Weighted-average number of Shares, diluted (in shares)

^[3]

11,278,991

^[1]

15,632,208

^[1]

Basic net loss per share attributable to controlling interest shareholders (USD per share)

$ 0

$ (2.90)

^[1]

$ 0

$ (2.11)

^[1]

Diluted net loss per share attributable to controlling interest shareholders (USD per share)

$ 0

$ (2.90)

^[1]

$ 0

$ (2.11)

^[1]

[1]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.
[2]	3 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.
[3]	2 As a result of the Business Combination, the Company has retroactively restated the weighted average number of shares outstanding prior to April 5, 2022 to give effect to the Exchange Ratio.

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the loss per share calculations for the three and six months ended June 30, 2022 compared to the three and six months ended June 30, 2021:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator
Net loss attributable to controlling interests shareholders	$	(12,120,719)	$	(32,685,779)	$	(22,754,974)	$	(33,037,452)

Denominator
Total weighted average number of outstanding shares	35,201,713		11,278,991		20,191,072		15,632,208

Net loss per share – basic and diluted	$	(0.34)	$	(2.90)	$	(1.13)	$	(2.11)

Shareholders’ Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Stock Authorized and Issued

As a result of the Business Combination, the Company has retroactively restated the share numbers prior to April 5, 2022 to give effect to the Exchange Ratio.


	Series A Preferred Shares(1)		Common Shares(1)		Common Shares Held In Treasury(2)	Class A Ordinary Shares(3)		Class C Ordinary Shares(3)		Total Number of Shares
	Authorized	Issued	Authorized	Issued	Issued	Authorized	Issued	Authorized	Issued	Authorized	Issued and Outstanding
Balance - December 31, 2021	22,880,908	22,880,908	13,119,092	12,161,331	(1,942,837)	—	—	—	—	36,000,000	33,099,402
Share-based payment under the equity incentive plan ESPP	—	—	—	—	1,177,354	—	—	—	—	—	1,177,354
Balance - March 31, 2022	22,880,908	22,880,908	13,119,092	12,161,331	(765,483)	—	—	—	—	36,000,000	34,276,756
Issuance of Class A Ordinary Shares upon Business Combination	—	—	—	—	—	500,000,000	18,424,355	100,000,000	—	600,000,000	18,424,355
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination	(22,880,908)	(22,880,908)	(13,119,092)	(12,161,331)	765,483	—	18,501,284	—	15,775,472	(36,000,000)	—
Balance - June 30, 2022	—	—	—	—	—	500,000,000	36,925,639	100,000,000	15,775,472	600,000,000	52,701,111

(1) Fully paid-in registered shares with a par value of CHF 0.10

(2) Registered shares with a par value of CHF 0.10 held in treasury

(3) Fully paid-in registered shares with a par value of $0.0001

Business Combination Agreement with Helix and Recapitalization (Tables)

6 Months Ended

Jun. 30, 2022

Reverse Recapitalization [Abstract]

Summary of Net Proceeds and Ordinary Shares Issued

The following table summarizes the elements of the net proceeds from the Business Combination:


	in thousands
Investments held in Trust Account	$	115,051
Less cash to cover redemptions of the Class A Ordinary Shares issued by Helix prior to the Closing Date	(80,842)
Plus PIPE investment	116,000
Less Helix transaction expense	(15,520)
of which accrued expenses	(5,798)
of which deferred IPO underwriting fee	(4,025)
of which other transaction expenses	(5,697)
Available Closing Date Cash	$	134,689

The following table summarizes the number of Ordinary Shares outstanding immediately following the consummation of the Business Combination:


Helix Acquisition Corp. Ordinary Shares prior to the Business Combination			14,805,000
Of which Class A Ordinary Shares (Helix management - IPO private placement shares)			430,000
Of which Class A Ordinary Shares redeemable			11,500,000
Of which Class B Ordinary Shares (Helix management - sponsor promote)			2,875,000
Less redemptions of the Class A Ordinary Shares issued by Helix prior to the Closing Date			(8,080,645)
Plus issuance of Helix Class A Ordinary Shares to PIPE Investors			11,700,000
Plus issuance of Helix Class A Ordinary Shares to BVF Shareholders			18,501,284
Total MoonLake Class A Ordinary Shares Outstanding at Closing			36,925,639
Plus issuance of Helix Class C Ordinary Shares to ML Parties (other than the BVF Shareholders)			15,775,472
Total MoonLake Class A and Class C Ordinary Shares Outstanding at Closing			52,701,111

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Dec. 31, 2021 USD ($) shares
Treasury Shares (in shares)	1,942,837
Series A Preferred Shares
Series A Preferred Shares, shares authorized (in shares)	22,880,908
Series A Preferred Shares, shares issued (in shares)	22,880,908
Series A Preferred Shares, shares outstanding (in shares)	22,880,908
Series A Preferred Shares, liquidation preference \| $	$ 33.4
MoonLake AG Common Shares
Common Shares, shares authorized (in shares)	13,119,092
Common Shares, shares issued (in shares)	12,161,331
Common Shares, shares outstanding (in shares)	10,218,495

Employee Benefit Plans - Narrative (Details)	6 Months Ended				12 Months Ended
Employee Benefit Plans - Narrative (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CHF (SFr)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 CHF (SFr)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CHF (SFr)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions made to plan			$ 70,137	SFr 66,197
Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions made to plan	$ 66,426	SFr 64,046			$ 136,563	SFr 130,243

Shareholders’ Equity (Deficit)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Shareholders’ Equity (Deficit)

As a result of the Business Combination, the Company has retroactively restated the share numbers prior to April 5, 2022 to give effect to the Exchange Ratio.


	Series A Preferred Shares(1)		Common Shares(1)		Common Shares Held In Treasury(2)	Class A Ordinary Shares(3)		Class C Ordinary Shares(3)		Total Number of Shares
	Authorized	Issued	Authorized	Issued	Issued	Authorized	Issued	Authorized	Issued	Authorized	Issued and Outstanding
Balance - December 31, 2021	22,880,908	22,880,908	13,119,092	12,161,331	(1,942,837)	—	—	—	—	36,000,000	33,099,402
Share-based payment under the equity incentive plan ESPP	—	—	—	—	1,177,354	—	—	—	—	—	1,177,354
Balance - March 31, 2022	22,880,908	22,880,908	13,119,092	12,161,331	(765,483)	—	—	—	—	36,000,000	34,276,756
Issuance of Class A Ordinary Shares upon Business Combination	—	—	—	—	—	500,000,000	18,424,355	100,000,000	—	600,000,000	18,424,355
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination	(22,880,908)	(22,880,908)	(13,119,092)	(12,161,331)	765,483	—	18,501,284	—	15,775,472	(36,000,000)	—
Balance - June 30, 2022	—	—	—	—	—	500,000,000	36,925,639	100,000,000	15,775,472	600,000,000	52,701,111

(1) Fully paid-in registered shares with a par value of CHF 0.10

(2) Registered shares with a par value of CHF 0.10 held in treasury

(3) Fully paid-in registered shares with a par value of $0.0001

As of June 30, 2022, the Company had the following classes of shares:

Class A Ordinary Shares

On April 6, 2021, the Company's Class A Ordinary Shares began trading on the Nasdaq Stock Market under the symbol “MLTX”. As of June 30, 2022, there were 36,925,639 Class A Ordinary Shares issued or outstanding. The Company is authorized to issue up to 500,000,000 Class A Ordinary Shares, par value $0.0001 per share. Holders of Class A Ordinary Shares are entitled to one vote for each share.

Class C Ordinary Shares

On the Closing Date, the Company issued 15,775,472 Class C Ordinary Shares to the ML Parties (other than the BVF Shareholders) in an amount equivalent to the ML Parties (other than the BVF Shareholders) 468,968 MoonLake AG Common Shares multiplied by the Exchange Ratio. As of June 30, 2022, there were 15,775,472 Class C Ordinary Shares issued and outstanding. The Company is authorized to issue up to 100,000,000 Class C Ordinary Shares, with a par value $0.0001 per share. Each Class C Ordinary Share entitles the holders thereof to one vote per share, but carries no economic rights.

At the Closing, MoonLake, MoonLake AG and each ML Party entered into a Restated and Amended Shareholders' Agreement (the “A&R Shareholders' Agreement”). With the intent to approximate the rights, obligations and restrictions that an ML Party would enjoy if it were a holder of Class A Ordinary Shares, the A&R Shareholders’ Agreement (i) imposes certain transfer and other restrictions on the ML Parties, (ii) provides for the waiver of certain statutory rights and (iii) establishes certain mechanics whereby MoonLake and each of the ML Parties are able to effect the conversion of MoonLake AG Common Shares and Class C Ordinary Shares into a number of Class A Ordinary Shares equal to the Exchange Ratio. The foregoing description of the A&R Shareholders’ Agreement is not complete and is qualified in its entirety by reference to the full text of the A&R Shareholders’ Agreement.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Trade and other payables

6 Months Ended

Jun. 30, 2022

Common stock, beginning balance (in shares) at Mar. 10, 2021

Trade and other payables

Trade and Other Payables


	June 30, 2022		December 31, 2021
Supply and manufacturing fees payable	$	401,991	$	183,298
Legal and intellectual property (“IP”) advisory fees payable	246,750		1,233,070
Other consulting and advisory services	78,514		71,938
Research and development services	13,130		50,088


Other payables	50,676		30,896
Total	$	791,061	$	1,569,290

Accrued Expenses and Other Current Liabilities


	June 30, 2022		December 31, 2021
Tax liabilities	$	1,559,202	$	63,922
License fees	636,217		2,055,687
Bonuses and related employees compensation expenses	530,714		1,419,137
Consultant and other fees	277,540		49,211
Legal fees	62,278		930,354
Total	$	3,065,951	$	4,518,311

Tax liabilities increased to $1.6 million primarily due to $1.3 million of stamp duty fees payable to the Swiss Authorities in connection with the capital increase following the Business Combination.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2022	Aug. 12, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39630
Entity Registrant Name	MOONLAKE IMMUNOTHERAPEUTICS
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Dorfstrasse 29
Entity Address, Postal Zip Code	6300
Entity Address, City or Town	Zug
Entity Address, Country	CH
City Area Code	41
Local Phone Number	415108022
Title of 12(b) Security	Class A ordinary share, par value $0.0001 per share
Trading Symbol	MLTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001821586
Class A Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,925,639
Class C Ordinary Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	15,775,472

Income taxes (Details)	3 Months Ended		6 Months Ended
Income taxes (Details)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	0.10%	0.00%	0.00%

Shareholders’ Equity (Deficit) - Narrative (Details)		3 Months Ended
Shareholders’ Equity (Deficit) - Narrative (Details)	Apr. 05, 2022 shares	Jun. 30, 2022 vote $ / shares shares	Jun. 30, 2021 shares	Apr. 04, 2022 shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	Mar. 31, 2021 shares	Mar. 10, 2021 shares
Class of Stock [Line Items]
Common Shares, shares outstanding (in shares)	52,701,111
ML parties other than BVF shareholders
Class of Stock [Line Items]
MoonLake AG common shares (in shares)				468,968
Common Shares
Class of Stock [Line Items]
Common Shares, shares issued (in shares)		0			12,161,331	12,161,331
Common Shares, shares outstanding (in shares)		0	11,100,770		12,161,331	12,161,331	33,638,698	33,638,698
Common Shares, shares authorized (in shares)		0			13,119,092	13,119,092
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		(12,161,331)	(19,207,697)
Class A Ordinary Shares
Class of Stock [Line Items]
Common Shares, shares issued (in shares)		36,925,639
Common Shares, shares outstanding (in shares)		36,925,639
Common Shares, shares authorized (in shares)		500,000,000
Common Shares, par value (USD per share) \| $ / shares		$ 0.0001
Class A Ordinary Shares \| Common Shares
Class of Stock [Line Items]
Common Shares, shares issued (in shares)		36,925,639			0
Common Shares, shares outstanding (in shares)		36,925,639			0
Common Shares, shares authorized (in shares)		500,000,000			0
Common Shares, par value (USD per share) \| $ / shares		$ 0.0001
Common Shares, votes per share \| vote		1
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)		18,501,284
Class C Ordinary Shares
Class of Stock [Line Items]
Common Shares, shares issued (in shares)		15,775,472
Common Shares, shares outstanding (in shares)		15,775,472
Common Shares, shares authorized (in shares)		100,000,000
Common Shares, par value (USD per share) \| $ / shares		$ 0.0001
Class C Ordinary Shares \| Common Shares
Class of Stock [Line Items]
Common Shares, shares issued (in shares)		15,775,472			0
Common Shares, shares outstanding (in shares)		15,775,472			0
Common Shares, shares authorized (in shares)		100,000,000			0
Common Shares, par value (USD per share) \| $ / shares		$ 0.0001
Common Shares, votes per share \| vote		1
Conversion of MoonLake AG shares into Class A Ordinary Shares and Class C Ordinary shares following the Business Combination (in shares)	15,775,472	15,775,472

Prepaid expenses (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Advances on insurances	$ 2,714,439	$ 23,141
Advances on non-clinical research and clinical development services	2,236,442	547,586
Advances on supply and manufacturing services	83,559	750,622
Other prepayments	78,262	127,747
Total	$ 5,112,702	$ 1,449,096

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)

Total

Class A Ordinary Shares

Class C Ordinary Shares

Previously Reported

Revision of Prior Period, Adjustment

Total Shareholders' Equity (Deficit)

Previously Reported

Total Shareholders' Equity (Deficit)

Revision of Prior Period, Adjustment

MoonLake AG Series A Preferred Shares

Previously Reported

MoonLake AG Series A Preferred Shares

Revision of Prior Period, Adjustment

MoonLake AG Common Shares

Class A Ordinary Shares

MoonLake AG Common Shares

Class C Ordinary Shares

MoonLake AG Common Shares

Previously Reported

MoonLake AG Common Shares

Revision of Prior Period, Adjustment

MoonLake AG Common Shares Held In Treasury

Previously Reported

MoonLake AG Common Shares Held In Treasury

Revision of Prior Period, Adjustment

Additional Paid-In Capital

Previously Reported

Accumulated Deficit

Previously Reported

Accumulated Other Comprehensive Income (Loss)

Previously Reported

Noncontrolling Interests

33,638,698

1,000,000

32,638,698

Equity, beginning balance at Mar. 10, 2021

$ 106,508

$ 0

$ 106,508

$ 0

$ 106,508

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Preferred stock, ending balance (in shares) at Mar. 31, 2021

(351,673)

Common stock, ending balance (in shares) at Mar. 31, 2021

33,638,698

Equity, end balance at Mar. 31, 2021

(245,165)

$ 0

$ 106,508

$ 0

(351,673)

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation expense through transfer of existing Common shares (3,330,231) to Merck KGaA, Darmstadt, Germany, and conversion of transferred shares into Series A Preferred shares (in shares)

(32,685,779)

^[1]

(32,685,779)

3,330,231

(3,330,231)

Share-based compensation expense through transfer of existing Common shares (3,330,231) to Merck KGaA, Darmstadt, Germany, and conversion of transferred shares into Series A Preferred shares

4,851,000

$ 10,544

$ (10,544)

4,851,000

Share-based compensation granted under the equity incentive plan ESPP, and reverse vesting of Restricted Founder Shares

1,250,365

Conversion and transfer of shares between classes (in shares)

19,207,697

(19,207,697)

Conversion and transfer of shares between classes

27,659,237

$ 60,816

$ (60,816)

27,659,237

$ 27,659,237

Preferred stock, ending balance (in shares) at Jun. 30, 2021

(1,000)

^[1]

(1,000)

22,537,928

Common stock, ending balance (in shares) at Jun. 30, 2021

11,100,770

Equity, end balance at Jun. 30, 2021

828,658

$ 71,360

$ 35,148

33,760,602

(33,037,452)

(1,000)

Preferred stock, beginning balance (in shares) at Dec. 31, 2021

22,880,908

680,196

22,200,712

Common stock, beginning balance (in shares) at Dec. 31, 2021

12,161,331

361,528

11,799,803

Held in Treasury, beginning balance (in shares) at Dec. 31, 2021

(1,942,837)

(57,756)

(1,885,081)

Equity, beginning balance at Dec. 31, 2021

(11,645,007)

$ 72,466

$ 38,537

$ (6,202)

42,061,984

$ 42,061,984

(53,643,615)

$ (53,643,615)

(168,177)

$ (168,177)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation granted under the equity incentive plan ESPP, and reverse vesting of Restricted Founder Shares (in shares)

(15,880,142)

1,177,354

Share-based compensation granted under the equity incentive plan ESPP, and reverse vesting of Restricted Founder Shares

1,992,662

$ 3,791

1,988,871

Preferred stock, ending balance (in shares) at Mar. 31, 2022

266,269

22,880,908

Common stock, ending balance (in shares) at Mar. 31, 2022

12,161,331

Held in Treasury, ending balance (in shares) at Mar. 31, 2022

(765,483)

Equity, end balance at Mar. 31, 2022

(25,266,218)

$ 72,466

$ 38,537

$ 0

$ (2,411)

44,050,855

(69,523,757)

98,092

Preferred stock, beginning balance (in shares) at Dec. 31, 2021

22,880,908

680,196

22,200,712

Common stock, beginning balance (in shares) at Dec. 31, 2021

12,161,331

361,528

11,799,803

Held in Treasury, beginning balance (in shares) at Dec. 31, 2021

(1,942,837)

(57,756)

(1,885,081)

Equity, beginning balance at Dec. 31, 2021

(11,645,007)

$ (11,645,007)

$ 0

(11,645,007)

$ (11,645,007)

$ 0

$ 72,466

$ 38,537

$ (6,202)

42,061,984

$ 42,061,984

(53,643,615)

$ (53,643,615)

(168,177)

$ (168,177)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(33,296,471)

Preferred stock, ending balance (in shares) at Jun. 30, 2022

367,866

Common stock, ending balance (in shares) at Jun. 30, 2022

36,925,639

15,775,472

36,925,639

15,775,472

Held in Treasury, ending balance (in shares) at Jun. 30, 2022

Equity, end balance at Jun. 30, 2022

94,558,052

63,514,728

$ 0

$ 3,693

$ 1,578

$ 0

122,053,558

(58,677,824)

133,723

31,043,324

Preferred stock, beginning balance (in shares) at Mar. 31, 2022

22,880,908

Common stock, beginning balance (in shares) at Mar. 31, 2022

12,161,331

Held in Treasury, beginning balance (in shares) at Mar. 31, 2022

(765,483)

Equity, beginning balance at Mar. 31, 2022

(25,266,218)

$ 72,466

$ 38,537

$ 0

$ (2,411)

44,050,855

(69,523,757)

98,092

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Share-based compensation granted under the equity incentive plan ESPP, and reverse vesting of Restricted Founder Shares

(17,416,329)

(12,120,719)

(5,295,610)

2,484,223

1,701,614

782,609

Conversion and transfer of shares between classes (in shares)

(22,880,908)

(12,161,331)

18,501,284

15,775,472

765,483

Conversion and transfer of shares between classes

1,578

$ (48,527)

$ (25,807)

$ 1,850

$ 1,578

$ 1,614

70,870

Noncontrolling interests recognized on historical net assets of MoonLake AG in connection with the Business Combination

101,597

68,035

33,562

$ 0

8,346,506

$ (23,939)

$ (12,730)

$ 797

(14,551,870)

22,966,652

(32,404)

(8,346,506)

Issuance of Class A ordinary shares upon business combination (in shares)

18,424,355

Issuance of Class A Ordinary Shares upon Business Combination

$ 134,653,201

90,783,932

$ 1,843

90,782,089

43,869,269

Preferred stock, ending balance (in shares) at Jun. 30, 2022

Common stock, ending balance (in shares) at Jun. 30, 2022

36,925,639

15,775,472

36,925,639

15,775,472

Held in Treasury, ending balance (in shares) at Jun. 30, 2022

Equity, end balance at Jun. 30, 2022

$ 94,558,052

$ 63,514,728

$ 0

$ 3,693

$ 1,578

$ 0

$ 122,053,558

$ (58,677,824)

$ 133,723

$ 31,043,324

Increase (Decrease) in Stockholders' Equity [Roll Forward]

36,925,639

Conversion and transfer of shares between classes (in shares)

15,775,472

Issuance of Class A ordinary shares upon business combination (in shares)

18,501,284

Common stock, ending balance (in shares) at Apr. 05, 2022

52,701,111

[1]	1 For additional details, refer to Note 3 - Basis of Presentation and Significant Accounting Policies - Restatement of Consolidated Financial Statements as of and for the three and six months ended June 30, 2021.

Risks and Liquidity	6 Months Ended
Risks and Liquidity	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Risks and Liquidity	Risks and Liquidity Going Concern, Liquidity and Capital Resources The Company incurred a loss of $33.3 million for the six months ended June 30, 2022. As of June 30, 2022, the Company’s current assets exceeded its current liabilities by $94.5 million and had $92.7 million of unrestricted cash. On April 5, 2022 the Company announced the closing of the Business Combination and the total funding raised amounted to $134.7 million (net of transaction related expenses). Management believes that the Company has sufficient capital to fund its operations and capital expenditures into the second half of 2024. Coronavirus Pandemic In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic which continues to evolve. To date, the impact of COVID-19 on the Company’s business, operations and development timelines has been limited. However, the future impact of COVID-19 on the Company's business is uncertain. MoonLake will continue to actively monitor the evolving situation related to COVID-19 and may take further actions that alter its operations, including those that may be required by Switzerland state or local authorities, or that the Company determines are in the best interests of its employees and other third parties with whom MoonLake does business. At this point, the extent to which COVID-19 may affect the Company's future business, operations and development timelines and plans, including the resulting impact on our expenditures and capital needs, remains uncertain and MoonLake may experience disruptions.

Accrued expenses and other current liabilities

6 Months Ended

Jun. 30, 2022