0001821586-23-000022 | 10-Q | XBRL Viewer | Moonlake Immunotherapeutics

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of accrued expenses and other current liabilities


	September 30, 2023		December 31, 2022
Tax liabilities	$	2,713,797	$	109,826
Research and development services and license fees	1,774,601		5,803,432
Bonuses and related employees compensation expenses	1,580,493		1,109,734


Consultant and other fees	678,060		233,853


Total	$	6,746,951	$	7,256,845

Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

The fair value and amortized cost of investments in short-term marketable debt securities by major security type as of September 30, 2023 are as follows:

Amortized cost

Gross unrealized gains

Gross unrealized losses

Fair value


Eurocommercial Papers	$	235,063,323	$	2,753,841	$	—	$	237,817,164
Certificates of Deposit	59,050,440		683,450		—		59,733,890
Total	$	294,113,763	$	3,437,291	$	—	$	297,551,054
of which classified within cash and cash equivalents	118,381,053		1,357,102		—		119,738,155
of which classified within short-term marketable debt securities	175,732,710		2,080,189		—		177,812,899

The following table presents the changes in fair values of the Company’s short-term marketable debt securities, classified as Level 2 financial assets, and recognized in accumulated other comprehensive income:


Beginning balance, January 1, 2023	$	390,753
Other comprehensive income before reclassifications	4,652,408
Amounts reclassified from accumulated other comprehensive income	(1,605,870)
Net current-period other comprehensive income (loss)	3,046,538
Ending balance, September 30, 2023	$	3,437,291

As of September 30, 2023, the Company’s marketable debt securities maturities are all due within one year.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39630
Entity Registrant Name	MOONLAKE IMMUNOTHERAPEUTICS
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1711963
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	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001821586
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		59,940,529
Common Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,505,476

Leases (Details)	1 Months Ended	3 Months Ended
Leases (Details)	Aug. 31, 2021 ft²	Sep. 30, 2023 USD ($)
Leases [Abstract]
Square foot of leased space (in square feet) \| ft²	2,300
Lessor, operating lease, term of contract	3 years
Lessee, operating lease, discount rate		0.80%
Operating lease, expense \| $		$ 117,832

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Tax liabilities	$ 2,713,797	$ 109,826
Research and development services and license fees	1,774,601	5,803,432
Bonuses and related employees compensation expenses	1,580,493	1,109,734
Consultant and other fees	678,060	233,853
Total	$ 6,746,951	$ 7,256,845

Trade and Other Payables

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Trade and Other Payables


	September 30, 2023		December 31, 2022
Research and development services and license fees	$	2,090,284	$	31,687
Supply and manufacturing fees payable	824,070		65,979
Other consulting and advisory services	245,723		51,658
Legal and intellectual property (“IP”) advisory fees payable	45,292		40,532


Other payables	199,359		65,116
Total	$	3,404,728	$	254,972

Accrued Expenses and Other Current Liabilities


	September 30, 2023		December 31, 2022
Tax liabilities	$	2,713,797	$	109,826
Research and development services and license fees	1,774,601		5,803,432
Bonuses and related employees compensation expenses	1,580,493		1,109,734


Consultant and other fees	678,060		233,853


Total	$	6,746,951	$	7,256,845

Employee Benefit Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

The Company operates a defined benefit pension plan in Switzerland (the "Plan”) and a defined contribution pension plan in the United Kingdom, in accordance with local regulations and practices. As of September 30, 2023 the Plan covers the Company’s employees in Switzerland with benefits in the event of death, disability, retirement, or termination of employment. As of September 30, 2023, there was no headcount attributable to MNLK PT and therefore no associated employee benefit plan cost.

Components of Net Periodic Benefit Cost under the Plan


	Three months ended September 30, 2023		Three months ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Service cost	$	31,175	$	112,222	$	91,596	$	338,173
Interest cost	7,784		1,258		22,872		3,791
Expected return on plan assets	(9,280)		(3,862)		(27,265)		(11,637)

Amortization of unrecognized loss	—		451		—		1,361

Total Net Periodic Benefit Cost	$	29,679	$	110,069	$	87,203	$	331,688

The components of net periodic benefit cost other than the service cost component are included in general and administrative expense in the Company's unaudited condensed consolidated statements of operations.

Employer Contributions under the Plan

For the nine months ended September 30, 2023, $138,349 (CHF 124,932) of contributions were made to the Plan. The Company presently anticipates contributing an additional estimated amount of $46,116 (CHF 41,644) to fund the Plan in 2023 for a total of $184,465 (CHF 166,576).

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents information about the Company's short-term marketable debt securities measured at fair value on a recurring basis and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement:


	September 30, 2023				December 31, 2022
	Level 2		Total			Level 2		Total
Eurocommercial Papers	$	237,817,164	$	237,817,164		$	42,552,608	$	42,552,608
Certificates of Deposit	59,733,890		59,733,890			9,937,899		9,937,899
Total	$	297,551,054	$	297,551,054		$	52,490,507	$	52,490,507

Cash, accounts payable and accrued liabilities approximate their fair values as of September 30, 2023 and December 31, 2022, due to their short-term nature. Pension plan assets fair value is determined based on Level 2 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include those of the Company and its subsidiaries, MoonLake Immunotherapeutics AG, a Swiss stock corporation (Aktiengesellschaft) registered with the commercial register of the Canton of Zug, Switzerland under the number CHE-433.093.536 (“MoonLake AG”), MoonLake Immunotherapeutics Ltd., a private limited company incorporated in the United Kingdom, and MNLK Immunotherapeutics, Unipessoal Lda ("MNLK PT"), a private limited company incorporated in Portugal, 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 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 material adjustments necessary for a fair presentation 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 nine months ended September 30, 2023 and 2022 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 nine months ended September 30, 2023 and 2022 have been prepared on the same basis as and should be read in conjunction with MoonLake’s audited financial statements and notes thereto for the year ended December 31, 2022 included in the Annual Report. All amounts are presented in U.S. Dollar (“$”), unless otherwise indicated. The term “Swiss franc” and “CHF” refer to the legal currency of Switzerland, "GBP" refers to the legal currency of the United Kingdom, 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; •determining assumptions used in determining the fair value of share-based compensation; •estimating the recoverability of the deferred tax asset; and •estimating the amount of accruals in connection with the completion of clinical trial milestones. 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 September 30, 2023, the Company considers $119.7 million of short-term marketable debt securities in the form of eurocommercial papers and certificates of deposit to be cash equivalents. As of December 31, 2022, the Company considers $19.9 million of short-term marketable debt securities in the form of eurocommercial papers and certificates of deposit to be cash equivalents.
Marketable securities and short-term investments	The Company invests in short-term marketable securities in the form of debt securities. At the time of purchase, the Company will assess whether such debt security should be classified as held-to-maturity or available-for-sale debt securities. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity debt securities are carried at amortized cost, adjusted for accretion of discounts or amortization of premiums to maturity computed under the effective interest method. Such accretion or amortization is included in “Interest and dividend income”. Marketable debt securities not classified as held-to-maturity are classified as available-for-sale and reported at fair value. Net unrealized gains and losses on available-for-sale debt securities are excluded from the determination of earnings and are instead recognized in the “Accumulated other comprehensive income (loss)” component of shareholders’ equity (deficit) until realized. Realized gains and losses on available-for-sale debt securities are computed based upon the historical cost of these securities, using the specific identification method. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and the cost of securities sold is determined using the specific-identification method. Marketable debt securities are classified as either “Cash and cash equivalents” or “Short‑term marketable debt securities” according to their original maturity at the time of acquisition. Unrealized gains and losses pertaining to cash equivalent securities are added back into the statement of cash flows as those are excluded from the determination of earnings but impact the cash and cash equivalents position.
Concentration of Credit Risk	Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in large financial institutions which, at times, may exceed the CHF 100,000 deposit protection limit in Switzerland, the $250,000 Federal Deposit Insurance Corporation deposit insurance coverage limit in the United States, the GBP 85,000 Financial Services Compensation Scheme deposit protection limit in the United Kingdom, or the €100,000 Fundo de Garantia de Depósitos deposit protection limit in Portugal. 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. Additionally, the Company ensures further protection against credit risk by diversifying its cash holdings across a variety of credit institutions, thereby minimizing the potential impact of any adverse events on a single institution. Further, the Company's investment strategy for cash (in excess of current business requirements) is set to invest in short-term marketable debt securities. Management actively monitors credit risk in the investment portfolio. Credit risk exposures are controlled in accordance with policies approved by the board of directors to identify, measure, monitor and control credit risks.
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.
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 September 30, 2023, property and equipment, net relates to information technology 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 it is probable that a liability has been incurred. 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 cancellable, 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 and Stock-Based Compensation	Goods or services received in a share-based payment transaction are measured using a fair value-based measure. Stock-Based Compensation The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to eligible employees, members of the board of directors and independent contractors that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s common stock on the date of the grant. For all stock options granted, the Company calculated the expected term as the period that share-based awards are expected to be outstanding. The estimate of expected volatility is based on comparative companies’ volatility within the Company's industry. The risk-free rate is based on the yield available on United States Treasury zero-coupon issues corresponding to the expected term of the award. The fair value of the common stock granted under the ESPP (as defined below) has historically been estimated by management with reference to the market-based transaction with the other Series A Preferred Shares Investors, as there was no public market for the common stock. Share-based payment arrangements are accounted for under the fair value method. Total compensation is measured at grant date, based on the fair value of the award at that date, and recorded in earnings over the period the employees are required to render service. The Company recognizes compensation cost only for those awards expected to meet the service conditions on a straight-line basis over the requisite service period of the award.
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 in "other income, net".
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 all or a portion of the Company's deferred tax assets 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. On April 29, 2021, MoonLake AG entered into an in-licensing agreement (the “In-License Agreement”) with Merck Healthcare KGaA, Darmstadt, Germany (“MHKDG”) to acquire the Sonelokimab program (the “SLK Program”) 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 in the period in which it is probable that a liability has been incurred (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 Benefits	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 September 30, 2023 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, 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).
Leases	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. 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. The Company determines if an arrangement is or contains a lease at contract inception. For these arrangements, it is evaluated if the arrangement involves an identified asset that is physically distinct or whether the Company has the right to substantially all of the capacity of an identified asset that is not physically distinct. In arrangements that involve an identified asset, there is also judgment in evaluating if the Company has the right to direct the use of that asset. MoonLake does not have any finance leases. As of September 30, 2023, the Company had one operating lease related to the office space located in Dorfstrasse 29, 6300, Zug, Switzerland. The operating lease is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. Right-of-Use (“RoU”) assets and lease liabilities are measured at the lease commencement date based on the present value of the remaining lease payments over the lease term, determined using the discount rate for the lease at the commencement date. Because the rate implicit in the leases is not readily determinable, the Company uses the incremental borrowing rate as the discount rate, which approximates the interest rate at which the Company could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Leases with an initial term of 12 months or less that do not have the option to purchase the underlying asset are not recorded on the balance sheet, with lease expense for these leases recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property.
Recently Issued Accounting Pronouncements not yet Adopted	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. 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. Based on the aggregate market value of the Company's Class A Ordinary Shares held by non-affiliates as of June 30, 2023, the Company will become a “large accelerated filer” and no longer qualify as an emerging growth company or smaller reporting company as of December 31, 2023. The Company will be required, pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, to include in its Annual Report on Form 10-K for the year ending December 31, 2023 an attestation report as to the effectiveness of the Company's internal control over financial reporting that is issued by its independent registered public accounting firm. In addition, beginning with the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2024, it will no longer be permitted to take advantage of the reduced reporting requirements applicable to smaller reporting companies. Recently issued accounting pronouncements not yet adopted, that the Company plans to adopt, are not expected to have a material impact on the Company’s consolidated financial position, operating results, cash flows, or disclosures.

Share-based Compensation - Summary of Equity Incentive Plan Awarded and Granted (Details) - MoonLake Immunotherapeutics 2022 Equity Incentive Plan - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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)	$ 19.92	$ 8.25
Exercise price (in dollars per share)	$ 29.18	$ 12.25
Expected term of the award	6 years	6 years
Expected volatility of the share price	75.00%	75.00%
Risk-free interest rate	4.00%	3.00%
Expected dividend rate	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Awards issued, beginning balance (in shares)	180,000	0
Additional awards granted (in shares)	56,485	180,000
Awards issued, ending balance (in shares)	236,485	180,000
Of which exercisable (in shares)	60,000	0

Prepaid Expenses (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurances	$ 1,557,819	$ 1,416,597
Non-clinical research and clinical development services	1,394,882	2,443,863
Other prepayments	357,580	319,008
Total	$ 3,310,281	$ 4,179,468

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

Total

Common Class A

Common Class C

Previously Reported

Total Shareholders' Equity (Deficit)

Previously Reported

Preferred Stock

Previously Reported

Preferred Stock

Revision of Prior Period, Adjustment

^[1]

Common Stock

Common Class A

Common Stock

Common Class C

Common Stock

Previously Reported

Common Stock

Revision of Prior Period, Adjustment

^[1]

Treasury Stock

Previously Reported

Treasury Stock

Revision of Prior Period, Adjustment

^[1]

Additional Paid-In Capital

Previously Reported

Accumulated Deficit

Previously Reported

Accumulated Other Comprehensive Income (Loss)

Previously Reported

Noncontrolling Interests

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

$ (53,643,615)

$ (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)

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

Net loss

(15,880,142)

Other comprehensive income (loss)

266,269

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

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

$ (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)

(11,645,007)

$ (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]

Net loss

(48,038,121)

Other comprehensive income (loss)

534,456

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

36,925,639

15,775,472

Equity, end balance at Sep. 30, 2022

82,568,156

55,288,174

123,825,896

(68,788,276)

245,283

$ 27,279,982

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

$ (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

2,484,223

1,701,614

782,609

Net loss

(17,416,329)

(12,120,719)

(5,295,610)

Other comprehensive income (loss)

101,597

68,035

33,562

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

8,346,506

$ (23,939)

$ (12,730)

$ 797

(14,551,870)

22,966,652

(32,404)

(8,346,506)

Conversion and transfer of shares between classes (in shares)

(22,880,908)

(12,161,331)

18,501,284

15,775,472

765,483

Conversion of MoonLake Class C Ordinary Shares into Class A Ordinary Shares

1,578

$ (48,527)

$ (25,807)

$ 1,850

$ 1,578

$ 1,614

70,870

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

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

36,925,639

15,775,472

Equity, end balance at Jun. 30, 2022

94,558,052

63,514,728

122,053,558

(58,677,824)

133,723

31,043,324

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

Common stock

$ 3,693

$ 1,578

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

2,585,160

1,772,338

812,822

Net loss

(14,741,648)

(10,110,452)

(4,631,196)

Other comprehensive income (loss)

166,592

111,560

55,032

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

36,925,639

15,775,472

Equity, end balance at Sep. 30, 2022

82,568,156

55,288,174

123,825,896

(68,788,276)

245,283

27,279,982

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

Common stock

$ 3,693

$ 1,578

Common stock

$ 3,898

$ 1,373

$ 3,898

$ 1,373

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

38,977,600

13,723,511

38,977,600

13,723,511

Equity, beginning balance at Dec. 31, 2022

68,766,698

48,898,296

129,192,291

(80,650,212)

350,946

19,868,402

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

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

2,577,187

1,875,992

701,195

Refund of stamp duty fees

4,923

3,517

1,406

Net loss

(12,218,987)

(9,004,856)

(3,214,131)

Other comprehensive income (loss)

(17,672)

(12,625)

(5,047)

Conversion and transfer of shares between classes (in shares)

176,603

(176,603)

Conversion of MoonLake Class C Ordinary Shares into Class A Ordinary Shares

238,836

$ 18

$ (18)

237,049

1,787

(238,836)

Common stock, ending balance (in shares) at Mar. 31, 2023

39,154,203

13,546,908

Equity, end balance at Mar. 31, 2023

59,112,149

41,999,160

131,308,849

(89,655,068)

340,108

17,112,989

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

38,977,600

13,723,511

38,977,600

13,723,511

Equity, beginning balance at Dec. 31, 2022

68,766,698

48,898,296

129,192,291

(80,650,212)

350,946

19,868,402

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

Net loss

(36,191,727)

Other comprehensive income (loss)

3,027,215

Common stock, ending balance (in shares) at Sep. 30, 2023

53,561,488

8,884,517

53,561,488

8,884,517

Equity, end balance at Sep. 30, 2023

489,642,186

424,933,000

531,271,953

(109,220,396)

2,875,198

64,709,186

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

Common stock

$ 3,916

$ 1,355

Common stock, beginning balance (in shares) at Mar. 31, 2023

39,154,203

13,546,908

Equity, beginning balance at Mar. 31, 2023

59,112,149

41,999,160

131,308,849

(89,655,068)

340,108

17,112,989

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

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

$ 1,497,661

1,247,416

250,245

Issuance of Class A Ordinary Shares (in shares)

9,744,894

Issuance of Class A Ordinary Shares, net of transaction costs (Note 11)

$ 451,285,093

451,285,093

$ 974

451,284,119

Net loss

(12,353,387)

(10,139,279)

(2,214,108)

Other comprehensive income (loss)

(431,561)

(348,906)

(82,655)

Conversion and transfer of shares between classes (in shares)

4,587,713

(4,587,713)

Conversion of MoonLake Class C Ordinary Shares into Class A Ordinary Shares

5,753,517

$ 459

$ (459)

5,709,595

43,922

(5,753,517)

Common stock, ending balance (in shares) at Jun. 30, 2023

53,486,810

8,959,195

Equity, end balance at Jun. 30, 2023

499,109,955

489,797,001

589,549,979

(99,794,347)

35,124

9,312,954

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

Common stock

$ 5,349

$ 896

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

1,425,651

1,238,144

187,507

Net loss

(11,619,353)

(9,426,049)

(2,193,304)

Other comprehensive income (loss)

3,476,448

2,835,790

640,658

Conversion and transfer of shares between classes (in shares)

74,678

(74,678)

Conversion of MoonLake Class C Ordinary Shares into Class A Ordinary Shares

548,740

$ 7

$ (7)

545,591

3,149

(548,740)

Capital injection from MoonLake to MoonLake AG (Note 11)

(2,750,515)

(60,060,626)

(60,061,761)

1,135

57,310,111

Common stock, ending balance (in shares) at Sep. 30, 2023

53,561,488

8,884,517

53,561,488

8,884,517

Equity, end balance at Sep. 30, 2023

$ 489,642,186

$ 424,933,000

$ 531,271,953

$ (109,220,396)

$ 2,875,198

$ 64,709,186

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

Common stock

$ 5,356

$ 889

$ 5,356

$ 889

[1]

As defined in Note 2 — Business Combination Agreement with Helix and Recapitalization included in MoonLake’s audited financial statements and notes thereto for the year ended December 31, 2022 included in MoonLake’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 20, 2023

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net loss attributable to controlling interests shareholders	$	(9,426,049)	$	(10,110,452)	$	(28,570,184)	$	(32,865,429)

Denominator
Total weighted average number of outstanding shares	53,517,655		36,925,639		45,485,650		25,830,560

Net loss per share – basic and diluted	$	(0.18)	$	(0.27)	$	(0.63)	$	(1.27)

Trade and Other Payables (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Research and development services and license fees	$ 2,090,284	$ 31,687
Supply and manufacturing fees payable	824,070	65,979
Other consulting and advisory services	245,723	51,658
Legal and intellectual property (“IP”) advisory fees payable	45,292	40,532
Other payables	199,359	65,116
Total	$ 3,404,728	$ 254,972

Net Loss per Share - Calculation of Net Loss per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net loss attributable to controlling interests shareholders	$ (9,426,049)	$ (10,110,452)	$ (28,570,184)	$ (32,865,429)
Denominator
Total weighted average number of outstanding shares, basic (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Total weighted average number of outstanding shares, diluted (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Net loss per share - basic (in USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Net loss per share - diluted (in USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)

- Definition

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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+ Details

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 Immunotherapeutics AG, a Swiss stock corporation (Aktiengesellschaft) registered with the commercial register of the Canton of Zug, Switzerland under the number CHE-433.093.536 (“MoonLake AG”), MoonLake Immunotherapeutics Ltd., a private limited company incorporated in the United Kingdom, and MNLK Immunotherapeutics, Unipessoal Lda ("MNLK PT"), a private limited company incorporated in Portugal, 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 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 material adjustments necessary for a fair presentation 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 nine months ended September 30, 2023 and 2022 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 nine months ended September 30, 2023 and 2022 have been prepared on the same basis as and should be read in conjunction with MoonLake’s audited financial statements and notes thereto for the year ended December 31, 2022 included in the Annual Report. All amounts are presented in U.S. Dollar (“$”), unless otherwise indicated. The term “Swiss franc” and “CHF” refer to the legal currency of Switzerland, "GBP" refers to the legal currency of the United Kingdom, 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; •determining assumptions used in determining the fair value of share-based compensation; •estimating the recoverability of the deferred tax asset; and •estimating the amount of accruals in connection with the completion of clinical trial milestones. 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 September 30, 2023, the Company considers $119.7 million of short-term marketable debt securities in the form of eurocommercial papers and certificates of deposit to be cash equivalents. As of December 31, 2022, the Company considers $19.9 million of short-term marketable debt securities in the form of eurocommercial papers and certificates of deposit to be cash equivalents. Marketable securities and short-term investments The Company invests in short-term marketable securities in the form of debt securities. At the time of purchase, the Company will assess whether such debt security should be classified as held-to-maturity or available-for-sale debt securities. Debt securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity debt securities are carried at amortized cost, adjusted for accretion of discounts or amortization of premiums to maturity computed under the effective interest method. Such accretion or amortization is included in “Interest and dividend income”. Marketable debt securities not classified as held-to-maturity are classified as available-for-sale and reported at fair value. Net unrealized gains and losses on available-for-sale debt securities are excluded from the determination of earnings and are instead recognized in the “Accumulated other comprehensive income (loss)” component of shareholders’ equity (deficit) until realized. Realized gains and losses on available-for-sale debt securities are computed based upon the historical cost of these securities, using the specific identification method. A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and the cost of securities sold is determined using the specific-identification method. Marketable debt securities are classified as either “Cash and cash equivalents” or “Short‑term marketable debt securities” according to their original maturity at the time of acquisition. Unrealized gains and losses pertaining to cash equivalent securities are added back into the statement of cash flows as those are excluded from the determination of earnings but impact the cash and cash equivalents position. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in large financial institutions which, at times, may exceed the CHF 100,000 deposit protection limit in Switzerland, the $250,000 Federal Deposit Insurance Corporation deposit insurance coverage limit in the United States, the GBP 85,000 Financial Services Compensation Scheme deposit protection limit in the United Kingdom, or the €100,000 Fundo de Garantia de Depósitos deposit protection limit in Portugal. 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. Additionally, the Company ensures further protection against credit risk by diversifying its cash holdings across a variety of credit institutions, thereby minimizing the potential impact of any adverse events on a single institution. Further, the Company's investment strategy for cash (in excess of current business requirements) is set to invest in short-term marketable debt securities. Management actively monitors credit risk in the investment portfolio. Credit risk exposures are controlled in accordance with policies approved by the board of directors to identify, measure, monitor and control credit risks. 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. 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 September 30, 2023, property and equipment, net relates to information technology 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 it is probable that a liability has been incurred. 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 cancellable, 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. Stock-Based Compensation The Company recognizes compensation expense based on estimated fair values for all stock-based payment awards made to eligible employees, members of the board of directors and independent contractors that are expected to vest. The valuation of stock option awards is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the Company to make assumptions and judgements about the inputs used in the calculations, such as the fair value of the common stock, expected term, expected volatility of the Company’s common stock, risk-free interest rate and expected dividend yield. The valuation of restricted stock awards is measured by the fair value of the Company’s common stock on the date of the grant. For all stock options granted, the Company calculated the expected term as the period that share-based awards are expected to be outstanding. The estimate of expected volatility is based on comparative companies’ volatility within the Company's industry. The risk-free rate is based on the yield available on United States Treasury zero-coupon issues corresponding to the expected term of the award. The fair value of the common stock granted under the ESPP (as defined below) has historically been estimated by management with reference to the market-based transaction with the other Series A Preferred Shares Investors, as there was no public market for the common stock. Share-based payment arrangements are accounted for under the fair value method. Total compensation is measured at grant date, based on the fair value of the award at that date, and recorded in earnings over the period the employees are required to render service. The Company recognizes compensation cost only for those awards expected to meet the service conditions on a straight-line basis over the requisite service period of the award. 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 in "other income, net". The Company recognized foreign currency transaction loss of $557,144 and $276,491 for the three and nine months ended September 30, 2023 (“the period ended September 30, 2023”), respectively. For the three and nine months ended September 30, 2022, the Company recognized a foreign currency transaction gain of $4,361 and $344,914, 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 all or a portion of the Company's deferred tax assets 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. On April 29, 2021, MoonLake AG entered into an in-licensing agreement (the “In-License Agreement”) with Merck Healthcare KGaA, Darmstadt, Germany (“MHKDG”) to acquire the Sonelokimab program (the “SLK Program”) 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 in the period in which it is probable that a liability has been incurred (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 Benefits 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 September 30, 2023 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, 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). Leases 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. 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. The Company determines if an arrangement is or contains a lease at contract inception. For these arrangements, it is evaluated if the arrangement involves an identified asset that is physically distinct or whether the Company has the right to substantially all of the capacity of an identified asset that is not physically distinct. In arrangements that involve an identified asset, there is also judgment in evaluating if the Company has the right to direct the use of that asset. MoonLake does not have any finance leases. As of September 30, 2023, the Company had one operating lease related to the office space located in Dorfstrasse 29, 6300, Zug, Switzerland. The operating lease is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. Right-of-Use (“RoU”) assets and lease liabilities are measured at the lease commencement date based on the present value of the remaining lease payments over the lease term, determined using the discount rate for the lease at the commencement date. Because the rate implicit in the leases is not readily determinable, the Company uses the incremental borrowing rate as the discount rate, which approximates the interest rate at which the Company could borrow on a collateralized basis with similar terms and payments and in similar economic environments. Leases with an initial term of 12 months or less that do not have the option to purchase the underlying asset are not recorded on the balance sheet, with lease expense for these leases recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. 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. 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. Based on the aggregate market value of the Company's Class A Ordinary Shares held by non-affiliates as of June 30, 2023, the Company will become a “large accelerated filer” and no longer qualify as an emerging growth company or smaller reporting company as of December 31, 2023. The Company will be required, pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, to include in its Annual Report on Form 10-K for the year ending December 31, 2023 an attestation report as to the effectiveness of the Company's internal control over financial reporting that is issued by its independent registered public accounting firm. In addition, beginning with the Company's Quarterly Report on Form 10-Q for the quarter ending March 31, 2024, it will no longer be permitted to take advantage of the reduced reporting requirements applicable to smaller reporting companies. Recently issued accounting pronouncements not yet adopted, that the Company plans to adopt, are not expected to have a material impact on the Company’s consolidated financial position, operating results, cash flows, or disclosures.

Share-based Compensation - Summary of ESOP Awarded and Granted (Details) - Legal and intellectual property (“IP”) advisory fees payable - Employee Stock Option Plan (ESOP) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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)	$ 25.53	$ 4.21
Exercise price (in dollars per share)	$ 37.11	$ 3.64
Expected term of the award	6 years	6 years
Expected volatility of the share price	75.00%	75.00%
Risk-free interest rate	4.00%	3.00%
Expected dividend rate	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Awards issued, beginning balance (in shares)	466,770	224,033
Additional awards granted (in shares)	133,444	242,737
Awards issued, ending balance (in shares)	600,214	466,770
Of which exercisable (in shares)	186,593	23,311

Net Loss per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Loss per Share

As a result of the Business Combination, the Company has retroactively restated the weighted average number of outstanding shares prior to April 5, 2022 to give effect to the Exchange Ratio.

The following table sets forth the loss per share calculations for the three and nine months ended September 30, 2023 compared to the three and nine months ended September 30, 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator
Net loss attributable to controlling interests shareholders	$	(9,426,049)	$	(10,110,452)	$	(28,570,184)	$	(32,865,429)

Denominator
Total weighted average number of outstanding shares	53,517,655		36,925,639		45,485,650		25,830,560

Net loss per share – basic and diluted	$	(0.18)	$	(0.27)	$	(0.63)	$	(1.27)

The weighted average number of shares used to calculate the net loss per share – basic for the three and nine months ended September 30, 2023 excludes 8,884,517 Class C Ordinary Shares as they do not carry economic rights.

In the event that ML Parties (other than Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., and Biotechnology Value Trading Fund OS, L.P.) elected to convert their 264,116 MoonLake AG Common Shares into 8,884,517 Class A Ordinary Shares, the weighted average number of shares outstanding would have been 62,446,005 and 56,056,457 for the three and nine months ended September 30, 2023, resulting in a net loss per share of $(0.19) and $(0.65), respectively. Upon conversion, 8,884,517 Class C Ordinary Shares would be forfeited and there would no longer be any noncontrolling interests.

Upon conversion, the Company's number of Class A Ordinary Shares outstanding would be 62,446,005 as of November 14, 2023, the date the unaudited condensed consolidated financial statements were issued.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses
Research and development	$ (7,585,136)	$ (9,024,437)	$ (23,704,087)	$ (30,679,842)
General and administrative	(5,391,607)	(5,746,064)	(15,390,117)	(17,685,152)
Total operating expenses	(12,976,743)	(14,770,501)	(39,094,204)	(48,364,994)
Operating loss	(12,976,743)	(14,770,501)	(39,094,204)	(48,364,994)
Other income, net	1,386,313	37,593	2,952,557	352,227
Loss before income tax	(11,590,430)	(14,732,908)	(36,141,647)	(48,012,767)
Income tax expense	(28,923)	(8,740)	(50,080)	(25,354)
Net loss	(11,619,353)	(14,741,648)	(36,191,727)	(48,038,121)
Of which: net loss attributable to controlling interests shareholders	(9,426,049)	(10,110,452)	(28,570,184)	(32,865,429)
Of which: net loss attributable to noncontrolling interests shareholders	(2,193,304)	(4,631,196)	(7,621,543)	(15,172,692)
Net unrealized gain (loss) on marketable securities and short term investments	3,437,291	77,006	3,046,538	77,006
Foreign currency translation	0	0	0	567
Actuarial gain (loss) on employee benefit plans	39,157	89,586	(19,323)	456,883
Other comprehensive income (loss)	3,476,448	166,592	3,027,215	534,456
Comprehensive loss	(8,142,905)	(14,575,056)	(33,164,512)	(47,503,665)
Comprehensive loss attributable to controlling interests shareholders	(6,590,259)	(9,998,892)	(26,095,926)	(32,507,526)
Comprehensive loss attributable to noncontrolling interests	$ (1,552,646)	$ (4,576,164)	$ (7,068,586)	$ (14,996,139)
Weighted-average number of shares, basic (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Weighted-average number of shares, diluted (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Basic net loss per share attributable to controlling interest shareholders (USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Diluted net loss per share attributable to controlling interest shareholders (USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Common Class A
Operating expenses
Weighted-average number of shares, basic (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Weighted-average number of shares, diluted (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Basic net loss per share attributable to controlling interest shareholders (USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Diluted net loss per share attributable to controlling interest shareholders (USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)

Risks and Liquidity (Details) - USD ($)	3 Months Ended						9 Months Ended
Risks and Liquidity (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Risks and Uncertainties [Abstract]
Net loss	$ (11,619,353)	$ (12,353,387)	$ (12,218,987)	$ (14,741,648)	$ (17,416,329)	$ (15,880,142)	$ (36,191,727)	$ (48,038,121)
Excess of current assets less current liabilities	489,700,000						489,700,000
Unrestricted cash	$ 318,200,000						$ 318,200,000

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

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

+ References

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+ Details

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Trade and Other Payables


	September 30, 2023		December 31, 2022
Research and development services and license fees	$	2,090,284	$	31,687
Supply and manufacturing fees payable	824,070		65,979
Other consulting and advisory services	245,723		51,658
Legal and intellectual property (“IP”) advisory fees payable	45,292		40,532


Other payables	199,359		65,116
Total	$	3,404,728	$	254,972

Accrued Expenses and Other Current Liabilities


	September 30, 2023		December 31, 2022
Tax liabilities	$	2,713,797	$	109,826
Research and development services and license fees	1,774,601		5,803,432
Bonuses and related employees compensation expenses	1,580,493		1,109,734


Consultant and other fees	678,060		233,853


Total	$	6,746,951	$	7,256,845

Shareholders’ Equity (Deficit)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Shareholders’ Equity (Deficit)


	Class A Ordinary Shares(1)		Class C Ordinary Shares(1)		Total Number of Ordinary Shares
		Authorized	Issued	Authorized	Issued	Authorized	Issued and Outstanding








Balance - January 1, 2023		500,000,000	38,977,600	100,000,000	13,723,511	600,000,000	52,701,111
Conversion of Class C Ordinary Shares into Class A Ordinary Shares		—	176,603	—	(176,603)	—	—
Balance - March 31, 2023		500,000,000	39,154,203	100,000,000	13,546,908	600,000,000	52,701,111
Conversion of Class C Ordinary Shares into Class A Ordinary Shares		—	4,587,713	—	(4,587,713)	—	—
Issuance of Class A Ordinary Shares		—	9,744,894	—	—	—	9,744,894


Balance - June 30, 2023		500,000,000	53,486,810	100,000,000	8,959,195	600,000,000	62,446,005
Conversion of Class C Ordinary Shares into Class A Ordinary Shares		—	74,678	—	(74,678)	—	—
Balance - September 30, 2023		500,000,000	53,561,488	100,000,000	8,884,517	600,000,000	62,446,005

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

As of September 30, 2023, the Company had the following classes of shares:

Class A Ordinary Shares

On April 6, 2022, the Company's Class A Ordinary Shares began trading on The Nasdaq Capital Market ("Nasdaq") under the symbol “MLTX”. As of September 30, 2023, there were 53,561,488 Class A Ordinary Shares issued and 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 per share.

Class C Ordinary Shares

As of September 30, 2023, there were 8,884,517 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 of the Business Combination (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 (as defined in Note 2 — Business Combination Agreement with Helix and Recapitalization included in MoonLake’s audited financial statements and notes thereto for the year ended December 31, 2022 included in the Annual Report), (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 (as defined in Note 3 — Basis of Presentation included in MoonLake’s audited financial statements and notes thereto for the year ended December 31, 2022 included in the Annual Report). On August 23, 2023, pursuant to the A&R Shareholders’ Agreement, certain ML Parties submitted exchange notices to the Company, pursuant to which such ML Parties effected, in the aggregate, the conversion of 2,220 MoonLake AG Common Shares and 74,678 Class C Ordinary Shares into 74,678 Class A Ordinary Shares using the Exchange Ratio. The foregoing description of the A&R Shareholders’ Agreement is not complete and is qualified in its entirety by reference to, and should be read in connection with, the full text of the A&R Shareholders’ Agreement filed as an exhibit on the Company's Current Report on Form 8-K filed with the SEC on April 11, 2022.

Equity Offerings

At-the-Market Offering

On May 11, 2023, the Company entered into a Sales Agreement (the “May 2023 Sales Agreement”) with Leerink Partners LLC (formerly known as SVB Securities LLC) (“Leerink Partners”), through which the Company could issue and sell up to $200,000,000 of its Class A Ordinary Shares (the “May 2023 ATM Shares”), through Leerink Partners as its sales agent. The May 2023 ATM Shares to be sold under the May 2023 Sales Agreement, if any, would be issued and sold pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-271546), which was declared effective by the SEC on May 9, 2023, and a prospectus supplement thereto filed with the SEC on May 11, 2023.

On June 27, 2023, the Company reduced the maximum aggregate offering amount of its Class A Ordinary Shares that could be issued and sold under the May 2023 Sales Agreement to $0 and no longer intends to sell Class A Ordinary Shares under the May 2023 Sales Agreement unless the Company files a further prospectus supplement indicating an amount of shares proposed to be sold.

On August 31, 2023, the Company entered into a Sales Agreement with Leerink Partners (the “August 2023 Sales Agreement”), through which the Company could issue and sell up to $350,000,000 of its Class A Ordinary Shares (the “August 2023 ATM Shares”), through Leerink Partners as its sales agent. The August 2023 ATM Shares to be sold under the August 2023 Sales Agreement, if any, would be issued and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-274286), which was declared effective by the SEC on September 11, 2023, and a prospectus supplement thereto filed with the SEC on August 31, 2023. For the three months ended September 30, 2023, no Class A Ordinary Shares were sold under the August 2023 Sales Agreement.

Public Offering of Class A Ordinary Shares

On June 27, 2023, the Company entered into an underwriting agreement with SVB Securities LLC and Guggenheim Securities LLC as the representatives of the underwriters named therein, to issue and sell 8,000,000 Class A Ordinary Shares at a public offering price of $50.00 per share (the “Offering”). In addition, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,200,000 Class A Ordinary Shares at the public offering price less the underwriting discounts and commissions (the “Option”), and such Option was exercised in full by the underwriters.

The Offering closed on June 30, 2023, and net proceeds from the Offering, including proceeds from the exercise in full by the underwriters of the Option, were $436.7 million, after deducting the underwriting discounts and commissions and the offering expenses in the amount of $23.3 million.

Following the completion of the Offering, the Company opted to direct a substantial portion of the net proceeds to MoonLake AG. This was executed as a two-step process: (1) the Company acquired the remaining 22,756 shares of MoonLake AG common stock held in treasury through a share purchase and assignment agreement formally executed on July 09, 2023 ($38.9 million) and (2) the Company contributed additional funds to MoonLake AG’s capital reserves through a cash contribution agreement formally executed on July 10, 2023 ($275 million).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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-Section S99
-Paragraph 1
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+ Details

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Components of net periodic benefit cost under the plan


	Three months ended September 30, 2023		Three months ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
Service cost	$	31,175	$	112,222	$	91,596	$	338,173
Interest cost	7,784		1,258		22,872		3,791
Expected return on plan assets	(9,280)		(3,862)		(27,265)		(11,637)

Amortization of unrecognized loss	—		451		—		1,361

Total Net Periodic Benefit Cost	$	29,679	$	110,069	$	87,203	$	331,688

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of fair value changes of marketable securities


Beginning balance, January 1, 2023	$	390,753
Other comprehensive income before reclassifications	4,652,408
Amounts reclassified from accumulated other comprehensive income	(1,605,870)
Net current-period other comprehensive income (loss)	3,046,538
Ending balance, September 30, 2023	$	3,437,291

Schedule of investments in short-term marketable debt securities

The fair value and amortized cost of investments in short-term marketable debt securities by major security type as of September 30, 2023 are as follows:

Amortized cost

Gross unrealized gains

Gross unrealized losses

Fair value


Eurocommercial Papers	$	235,063,323	$	2,753,841	$	—	$	237,817,164
Certificates of Deposit	59,050,440		683,450		—		59,733,890
Total	$	294,113,763	$	3,437,291	$	—	$	297,551,054
of which classified within cash and cash equivalents	118,381,053		1,357,102		—		119,738,155
of which classified within short-term marketable debt securities	175,732,710		2,080,189		—		177,812,899

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 9
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Share-based Compensation - Summary of Restricted Stock Awarded and Granted (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Enterprise value		$ 360,000,000
Fully diluted shares (in 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
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Awards unvested, beginning balance (in shares)	1,110,078	4,440,309
Awards vested (in shares)	(1,110,078)	(2,497,673)
Awards unvested, ending balance (in shares)	0	1,942,634

Leases - Future Lease Payments (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining 3 months)	$ 39,277
2024	130,924
Total lease payments	170,201
Less imputed interest	(779)
Total lease liability	169,422
Less current portion of operating lease liability	(156,338)	$ (153,629)
Long-term portion of operating lease liabilities	$ 13,084	$ 128,951

Investments - Schedule of Fair Value and Amortized Cost of Investments in Short-Term Marketable Debt (Details)	Sep. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	$ 294,113,763
Gross unrealized gains	3,437,291
Gross unrealized losses	0
Fair value	297,551,054
Cash and Cash Equivalents
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	118,381,053
Gross unrealized gains	1,357,102
Gross unrealized losses	0
Fair value	119,738,155
Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	175,732,710
Gross unrealized gains	2,080,189
Gross unrealized losses	0
Fair value	177,812,899
Eurocommercial Papers
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	235,063,323
Gross unrealized gains	2,753,841
Gross unrealized losses	0
Fair value	237,817,164
Certificates of Deposit
Debt Securities, Available-for-Sale [Line Items]
Amortized cost	59,050,440
Gross unrealized gains	683,450
Gross unrealized losses	0
Fair value	$ 59,733,890

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Share-based Compensation - Share-based Compensation Expense By Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 1,425,651	$ 2,585,160	$ 5,500,499	$ 7,058,255
Research and Development Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	262,717	161,987	1,150,815	380,917
General and Administrative Expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1,162,934	2,423,173	4,349,684	6,677,338
MoonLake Immunotherapeutics 2022 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	408,171	124,621	721,155	239,760
MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	0	1,210,191	1,574,299	3,618,226
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	762,309	1,080,441	2,590,576	2,829,635
ESOP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 255,171	$ 169,907	$ 614,469	$ 370,634

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Prepaid Expenses (Tables)

9 Months Ended

Sep. 30, 2023

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

Schedule of prepaid expenses


	September 30, 2023		December 31, 2022
Insurances	$	1,557,819	$	1,416,597
Non-clinical research and clinical development services	1,394,882		2,443,863
Other prepayments	357,580		319,008

Total	$	3,310,281	$	4,179,468

Net Loss per Share - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
Net Loss per Share - Narrative (Details) - $ / shares	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Nov. 14, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares, basic (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Weighted-average number of shares, diluted (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Net loss per share - basic (in USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Net loss per share - diluted (in USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares outstanding (in shares)										12,161,331	12,161,331
ML parties other than BVF shareholders
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
MoonLake AG common shares (in shares)	264,116		264,116
Pro forma
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average number of shares, basic (in shares)	62,446,005		56,056,457
Weighted-average number of shares, diluted (in shares)	62,446,005		56,056,457
Net loss per share - basic (in USD per share)	$ (0.19)		$ (0.65)
Net loss per share - diluted (in USD per share)	$ (0.19)		$ (0.65)
Common Class C
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares, shares issued (in shares)	8,884,517		8,884,517					13,723,511
Number of shares outstanding (in shares)	8,884,517		8,884,517					13,723,511
Common Class C \| Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares, shares issued (in shares)	8,884,517		8,884,517			8,959,195	13,546,908	13,723,511
Number of shares outstanding (in shares)	8,884,517	15,775,472	8,884,517	15,775,472		8,959,195	13,546,908	13,723,511	15,775,472
Common Class C \| Pro forma \| ML parties other than BVF shareholders
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock forfeited (in shares)	8,884,517		8,884,517
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares, shares issued (in shares)	53,561,488		53,561,488					38,977,600
Number of shares outstanding (in shares)	53,561,488		53,561,488					38,977,600
Weighted-average number of shares, basic (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Weighted-average number of shares, diluted (in shares)	53,517,655	36,925,639	45,485,650	25,830,560
Net loss per share - basic (in USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Net loss per share - diluted (in USD per share)	$ (0.18)	$ (0.27)	$ (0.63)	$ (1.27)
Common Class A \| Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares, shares issued (in shares)	53,561,488		53,561,488			53,486,810	39,154,203	38,977,600
Number of shares outstanding (in shares)	53,561,488	36,925,639	53,561,488	36,925,639		53,486,810	39,154,203	38,977,600	36,925,639
Common Class A \| Pro forma \| Subsequent Event
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares outstanding (in shares)					62,446,005
Common Class A \| Pro forma \| ML parties other than BVF shareholders
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock converted (in shares)			8,884,517

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Future Lease Payments

The future minimum annual lease payments under these operating leases as of September 30, 2023 are as follows:


Three months ended September 30, 2023	Amount
2023 (remaining 3 months)	$	39,277
2024	130,924




Total lease payments	170,201
Less imputed interest	(779)
Total lease liability	169,422
Less current portion of operating lease liability	(156,338)
Long-term portion operating lease liability	$	13,084

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation expense driven by share-based compensation plans and programs

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


Compensation Plan	Three months ended September 30, 2023		Three months ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
MoonLake AG Restricted Founder Shares	$	—	$	1,210,191	$	1,574,299	$	3,618,226
ESPP	762,309		1,080,441		2,590,576		2,829,635


ESOP	255,171		169,907		614,469		370,634


MoonLake Immunotherapeutics 2022 Equity Incentive Plan	408,171		124,621		721,155		239,760
Total share-based compensation expense	$	1,425,651	$	2,585,160	$	5,500,499	$	7,058,255
Of which: included in research and development expense	262,717		161,987		1,150,815		380,917
Of which: included in general and administrative expense	1,162,934		2,423,173		4,349,684		6,677,338

Schedule of assumptions used in the valuation of restricted founder shares awarded

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 MoonLake AG's audited consolidated financial statements for the year ended December 31, 2021, as filed by Helix Acquisition Corp. together with its revised definitive proxy soliciting materials with the SEC on March 4, 2022.
(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).

Summary of nonvested restricted stock shares activity


Grants awarded
Program			Restricted Founder Shares
Awards unvested as of January 1, 2022			4,440,309
Awards vested for the nine months ended September 30, 2022			(2,497,673)
Awards unvested as of September 30, 2022			1,942,634

Awards unvested as of January 1, 2023			1,110,078
Awards vested for the nine months ended September 30, 2023			(1,110,078)
Awards unvested as of September 30, 2023			—

Schedule of valuation assumptions of the grants awarded under the ESPP


ESPP 2021
Assumptions for the awards issued during the nine months ended September 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).

Schedule of nonvested share activity


Grants awarded
Program			ESPP



Awards issued as of January 1, 2022			1,060,561
Additional awards granted for the nine months ended September 30, 2022			1,177,354
Awards issued as of September 30, 2022			2,237,915
Of which vested as of September 30, 2022			265,241

Awards issued as of January 1. 2023			2,237,915
Additional awards granted for the nine months ended September 30, 2023			—
Awards issued as of September 30, 2023			2,237,915
Of which vested as of September 30, 2023			1,525,582

Summary of weighted average assumptions for awards issued


ESOP 2021
Weighted average assumptions for the awards issued during the nine months ended September 30, 2022
Grant dates			05/01/2022, 06/22/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($)			4.21
Exercise price (USD)			3.64
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			3%
Expected dividend rate			0%
(1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) 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.


Weighted average assumptions for the awards issued during the nine months ended September 30, 2023
Grant dates			01/01/2023, 04/24/2023, 07/03/2023, 07/17/2023, 08/01/2023, 08/07/2023, 08/21/2023, 08/29/2023, 09/01/2023, 09/11/2023
Estimated fair value of the option on the grant date using Black-Scholes model ($)			25.53
Exercise price (USD)			37.11
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			4%
Expected dividend rate			0%
(1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) 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.


Weighted average assumptions for the awards issued during the nine months ended September 30, 2022
Grant dates			04/06/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($)			8.25
Exercise price (CHF)			12.25
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			3%
Expected dividend rate			-
(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.


Weighted average assumptions for the awards issued during the nine months ended September 30, 2023
Grant dates			06/08/23
Estimated fair value of the option on the grant date using Black-Scholes model ($)			19.92
Exercise price (CHF)			29.18
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			4%
Expected dividend rate			0
(1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) 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.

Schedule of option activity for share-based payment arrangement


Grants awarded
Program			ESOP
Awards issued as of January 1, 2022			224,033
Additional awards granted for the nine months ended September 30, 2022			242,737
Awards issued as of September 30, 2022			466,770
Of which exercisable as of September 30, 2022			23,311

Awards issued as of January 1, 2023			466,770
Additional awards granted for the nine months ended September 30, 2023			133,444
Awards issued as of September 30, 2023			600,214
Of which exercisable as of September 30, 2023			186,593


Grants awarded
Program	MoonLake Immunotherapeutics 2022 Equity Incentive Plan
Awards issued as of January 1, 2022		—
Awards granted for the nine months ended September 30, 2022		180,000
Awards issued as of September 30, 2022		180,000
Awards exercisable as of September 30, 2022		—



Awards issued as of January 1, 2023		180,000



Awards granted for the nine months ended September 30, 2023		56,485
Awards issued as of September 30, 2023		236,485
Awards exercisable as of September 30, 2023		60,000

Trade and Other Payables (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Trade and other payables, current


	September 30, 2023		December 31, 2022
Research and development services and license fees	$	2,090,284	$	31,687
Supply and manufacturing fees payable	824,070		65,979
Other consulting and advisory services	245,723		51,658
Legal and intellectual property (“IP”) advisory fees payable	45,292		40,532


Other payables	199,359		65,116
Total	$	3,404,728	$	254,972

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Partial share conversion Pursuant to the A&R Shareholders' Agreement, certain ML Parties which include executive officers and directors of the Company submitted exchange notices to the Company, pursuant to which such ML Parties effected in aggregate a conversion on October 1, 2023, of 189,136 MoonLake AG Common Shares and 6,362,289 Class C Ordinary Shares into 6,362,289 Class A Ordinary Shares, and a conversion on October 27, 2023, of 498 MoonLake AG Common Shares and 16,752 Class C Ordinary Shares into 16,752 Class A Ordinary Shares using the Exchange Ratio. Please refer to Note 11 — Shareholders’ Equity (Deficit) — Class C Ordinary Shares for more information regarding the conversion mechanics. Leases On October 9, 2023 and October 13, 2023, the Company entered into two new lease agreements for corporate office space in Cambridge, UK and Porto, Portugal, respectively. Both lease agreements have a 3-year term, commencing in October 2023, with monthly lease payments of GBP70,500 and €7,220, respectively.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of debt securities by level within the fair value hierarchy


	September 30, 2023				December 31, 2022
	Level 2		Total			Level 2		Total
Eurocommercial Papers	$	237,817,164	$	237,817,164		$	42,552,608	$	42,552,608
Certificates of Deposit	59,733,890		59,733,890			9,937,899		9,937,899
Total	$	297,551,054	$	297,551,054		$	52,490,507	$	52,490,507

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities
Net loss	$ (36,191,727)	$ (48,038,121)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9,869	9,069
Share-based payment	5,500,499	7,058,255
Net periodic pension benefit (gain) cost for the qualified pension plan	(50,740)	227,691
Other non-cash items	(21,468)	(5,504)
Changes in operating assets and liabilities:
Other receivables	(503,626)	(451,762)
Prepaid expenses	869,187	(3,030,098)
Trade and other payables	3,149,756	(513,037)
Accrued expenses and other current liabilities, excl. stamp tax	(3,195,591)	445,589
Net cash flow used in operating activities	(30,433,841)	(44,297,918)
Cash flow from investing activities
Purchase of short-term marketable debt securities	(175,732,711)	(42,226,022)
Proceeds from maturities of short-term marketable debt securities	33,681,688	0
Purchase of property and equipment	0	(16,008)
Net cash flow used in investing activities	(142,051,023)	(42,242,030)
Cash flow from financing activities
Issuance of Class A Ordinary Shares, net of transaction costs (Note 11)	451,285,093	0
Proceeds from Business Combination	0	134,646,009
Contribution for Par Value of Class V Shares	0	42,935
Repayment of loan liability	0	(15,000,000)
Net cash flow provided by financing activities	451,285,093	119,688,944
Effect of movements in exchange rates on cash held	(140,047)	16,826
Net change in cash and cash equivalents	278,660,182	33,165,822
Cash and cash equivalents, beginning of period	39,505,627	8,038,845
Cash and cash equivalents, end of period	$ 318,165,809	$ 41,204,667

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Apr. 28, 2021
Common Class A
Common shares, par value (USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized (in shares)	500,000,000	500,000,000
Common shares, shares issued (in shares)	53,561,488	38,977,600
Common shares, shares outstanding (in shares)	53,561,488	38,977,600
Common Class C
Common shares, par value (USD per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized (in shares)	100,000,000	100,000,000
Common shares, shares issued (in shares)	8,884,517	13,723,511
Common shares, shares outstanding (in shares)	8,884,517	13,723,511

Share-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

As at September 30, 2023 the Company had the following share-based compensation arrangements:

a.Restricted Founder Shares – created in April 2021 by MoonLake AG (no longer active and fully vested as of April 2023);

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 ESPP and ESOP) prior to the Business Combination by the Exchange Ratio. The reference to “Common Shares” refers to shares in MoonLake AG.

MoonLake AG's compensation plans are settled with Common Shares, and with a number of Class C Ordinary Shares determined by multiplying the number of Common Shares by the Exchange Ratio. The owners of Common Shares have the right to exchange their Common Shares for a number of Class A Ordinary Shares derived using the Exchange Ratio. In the event MoonLake AG shareholders elect to exchange their Common Shares, such MoonLake AG shareholder forfeits a number of Class C Ordinary Shares equal to the number of Class A Ordinary Shares issued (refer to Note 11 — Shareholders’ Equity (Deficit) - Class C Ordinary Shares).

For the three and nine months ended September 30, 2023, 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 $1.4 million and $5.5 million, respectively. The share-based compensation expense was driven by the following share-based compensation plans and programs:


Compensation Plan	Three months ended September 30, 2023		Three months ended September 30, 2022		Nine Months Ended September 30, 2023		Nine Months Ended September 30, 2022
MoonLake AG Restricted Founder Shares	$	—	$	1,210,191	$	1,574,299	$	3,618,226
ESPP	762,309		1,080,441		2,590,576		2,829,635


ESOP	255,171		169,907		614,469		370,634


MoonLake Immunotherapeutics 2022 Equity Incentive Plan	408,171		124,621		721,155		239,760
Total share-based compensation expense	$	1,425,651	$	2,585,160	$	5,500,499	$	7,058,255
Of which: included in research and development expense	262,717		161,987		1,150,815		380,917
Of which: included in general and administrative expense	1,162,934		2,423,173		4,349,684		6,677,338

As of September 30, 2023, 11,079 Common Shares (the equivalent of 372,683 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”). The Restricted Founder Shares vested 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 was 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, would have had an option to purchase all or a pro rata portion of the shares of the leaver that were unvested on the day the termination became 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 MoonLake AG's audited consolidated financial statements for the year ended December 31, 2021, as filed by Helix Acquisition Corp. together with its revised definitive proxy soliciting materials with the SEC on March 4, 2022.
(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 unvested as of January 1, 2022			4,440,309
Awards vested for the nine months ended September 30, 2022			(2,497,673)
Awards unvested as of September 30, 2022			1,942,634

Awards unvested as of January 1, 2023			1,110,078
Awards vested for the nine months ended September 30, 2023			(1,110,078)
Awards unvested as of September 30, 2023			—

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 all the outstanding awards (whether currently outstanding or granted in the future) will be deemed fully vested.


ESPP 2021
Assumptions for the awards issued during the nine months ended September 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 issued as of January 1, 2022			1,060,561
Additional awards granted for the nine months ended September 30, 2022			1,177,354
Awards issued as of September 30, 2022			2,237,915
Of which vested as of September 30, 2022			265,241

Awards issued as of January 1. 2023			2,237,915
Additional awards granted for the nine months ended September 30, 2023			—
Awards issued as of September 30, 2023			2,237,915
Of which vested as of September 30, 2023			1,525,582

As of September 30, 2023, MoonLake AG had $6.9 million of total unrecognized compensation expense related to the ESPP that will be recognized over the weighted average period of 2.30 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 all the outstanding awards (whether currently outstanding or granted in the future) will be deemed fully vested.


ESOP 2021
Weighted average assumptions for the awards issued during the nine months ended September 30, 2022
Grant dates			05/01/2022, 06/22/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($)			4.21
Exercise price (USD)			3.64
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			3%
Expected dividend rate			0%
(1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) 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.


Weighted average assumptions for the awards issued during the nine months ended September 30, 2023
Grant dates			01/01/2023, 04/24/2023, 07/03/2023, 07/17/2023, 08/01/2023, 08/07/2023, 08/21/2023, 08/29/2023, 09/01/2023, 09/11/2023
Estimated fair value of the option on the grant date using Black-Scholes model ($)			25.53
Exercise price (USD)			37.11
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			4%
Expected dividend rate			0%
(1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) 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 issued as of January 1, 2022			224,033
Additional awards granted for the nine months ended September 30, 2022			242,737
Awards issued as of September 30, 2022			466,770
Of which exercisable as of September 30, 2022			23,311

Awards issued as of January 1, 2023			466,770
Additional awards granted for the nine months ended September 30, 2023			133,444
Awards issued as of September 30, 2023			600,214
Of which exercisable as of September 30, 2023			186,593

As of September 30, 2023, MoonLake AG had $4.6 million of total unrecognized compensation expense related to the ESOP that will be recognized over the weighted average period of 2.94 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.


Weighted average assumptions for the awards issued during the nine months ended September 30, 2022
Grant dates			04/06/2022
Estimated fair value of the option on the grant date using Black-Scholes model ($)			8.25
Exercise price (CHF)			12.25
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			3%
Expected dividend rate			-
(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.


Weighted average assumptions for the awards issued during the nine months ended September 30, 2023
Grant dates			06/08/23
Estimated fair value of the option on the grant date using Black-Scholes model ($)			19.92
Exercise price (CHF)			29.18
Expected term of the award on the grant date (years) (1)			6
Expected volatility of the share price (2)			75%
Risk-free interest rate (3)			4%
Expected dividend rate			0
(1) The expected term represents the period that share-based awards are expected to be outstanding. (2) The expected volatility was derived from the historical stock volatilities of comparable peer public companies within the Company’s industry. (3) 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	MoonLake Immunotherapeutics 2022 Equity Incentive Plan
Awards issued as of January 1, 2022		—
Awards granted for the nine months ended September 30, 2022		180,000
Awards issued as of September 30, 2022		180,000
Awards exercisable as of September 30, 2022		—



Awards issued as of January 1, 2023		180,000



Awards granted for the nine months ended September 30, 2023		56,485
Awards issued as of September 30, 2023		236,485
Awards exercisable as of September 30, 2023		60,000

As of September 30, 2023, the Company had $1.5 million of total unrecognized compensation expense related to the Equity Incentive Plan that will be recognized over the weighted average period of 1.32 years.

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

In August 2021, the Company entered into an open-ended office lease agreement to lease approximately 2,300 square feet of space on the last two floors of the building located at Dorfstrasse 29, 6300 Zug, Switzerland (the “Office Lease") which was effective November 1, 2021. The Company estimated the effective duration of the Office Lease at inception and determined a period of 3 years, with expected expiration in November 2024.

Payments under the Office Lease are fixed. The annual discount rate applied is 0.8%.

The future minimum annual lease payments under these operating leases as of September 30, 2023 are as follows:


Three months ended September 30, 2023	Amount
2023 (remaining 3 months)	$	39,277
2024	130,924




Total lease payments	170,201
Less imputed interest	(779)
Total lease liability	169,422
Less current portion of operating lease liability	(156,338)
Long-term portion operating lease liability	$	13,084

The Company recorded lease expense related to its operating lease right of use asset of $117,832 for the period ended September 30, 2023.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 318,165,809	$ 39,505,627
Short-term marketable debt securities	177,812,899	32,609,108
Other receivables	720,755	217,129
Prepaid expenses	3,310,281	4,179,468
Total current assets	500,009,744	76,511,332
Non-current assets
Operating lease right-of-use assets	169,422	282,580
Property and equipment, net	39,520	49,389
Total non-current assets	208,942	331,969
Total assets	500,218,686	76,843,301
Current liabilities
Trade and other payables	3,404,728	254,972
Short-term portion of operating lease liabilities	156,338	153,629
Accrued expenses and other current liabilities	6,746,951	7,256,845
Total current liabilities	10,308,017	7,665,446
Non-current liabilities
Long-term portion of operating lease liabilities	13,084	128,951
Pension liability	255,399	282,206
Total non-current liabilities	268,483	411,157
Total liabilities	10,576,500	8,076,603
Commitments and contingencies (Note 15)
Equity (deficit)
Additional paid-in capital	531,271,953	129,192,291
Accumulated deficit	(109,220,396)	(80,650,212)
Accumulated other comprehensive income	2,875,198	350,946
Total shareholders’ equity	424,933,000	48,898,296
Noncontrolling interests	64,709,186	19,868,402
Total equity	489,642,186	68,766,698
Total liabilities and equity	500,218,686	76,843,301
Common Class A
Equity (deficit)
Common stock	5,356	3,898
Common Class C
Equity (deficit)
Common stock	$ 889	$ 1,373

Share-based Compensation - Narrative (Details)			3 Months Ended		9 Months Ended
Share-based Compensation - Narrative (Details)	Apr. 05, 2022	Apr. 28, 2021 $ / shares shares	Sep. 30, 2023 USD ($) co-founder $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) co-founder $ / shares shares	Sep. 30, 2022 USD ($) shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 $ / shares shares	Jun. 30, 2022 shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	Apr. 28, 2021 SFr / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $			$ 1,425,651	$ 2,585,160	$ 5,500,499	$ 7,058,255
Number of co-founders \| co-founder			3		3
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares issuable (in shares)			11,079		11,079
Common shares, shares outstanding (in shares)											12,161,331	12,161,331
MoonLake Immunotherapeutics 2022 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $			$ 408,171	124,621	$ 721,155	239,760
Weighted average period of recognition					1 year 3 months 25 days
Expiration period	10 years
Unrecognized compensation expense \| $			1,500,000		$ 1,500,000
Employee Stock Option Plan (ESOP)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, options \| $			4,600,000		4,600,000
MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $			0	1,210,191	1,574,299	3,618,226
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $			762,309	1,080,441	2,590,576	2,829,635
Unrecognized share-based compensation expense, non-option awards \| $			6,900,000		$ 6,900,000
Weighted average period of recognition					2 years 3 months 18 days
ESPP \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage					25.00%
ESPP \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage					25.00%
ESPP \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage					25.00%
ESPP \| Share-Based Payment Arrangement, Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage					25.00%
ESPP \| Employee Stock Option Plan (ESOP)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average period of recognition					2 years 11 months 8 days
Legal and intellectual property (“IP”) advisory fees payable
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense \| $			$ 255,171	$ 169,907	$ 614,469	$ 370,634
Legal and intellectual property (“IP”) advisory fees payable \| 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%
Legal and intellectual property (“IP”) advisory fees payable \| 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%
Legal and intellectual property (“IP”) advisory fees payable \| 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%
Legal and intellectual property (“IP”) advisory fees payable \| 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%
Common Class C
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares, shares outstanding (in shares)			8,884,517		8,884,517				13,723,511
Common shares, par value (USD per share) \| $ / shares			$ 0.0001		$ 0.0001				$ 0.0001
Common Class C \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares issuable (in shares)			372,683		372,683
Common shares, shares outstanding (in shares)			8,884,517	15,775,472	8,884,517	15,775,472	8,959,195	13,546,908	13,723,511	15,775,472
Common shares, par value (USD per share) \| $ / shares			$ 0.0001		$ 0.0001
Common Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares, shares outstanding (in shares)			53,561,488		53,561,488				38,977,600
Common shares, par value (USD per share) \| $ / shares		$ 0.0001	$ 0.0001		$ 0.0001				$ 0.0001
Common Class A \| Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares, shares outstanding (in shares)			53,561,488	36,925,639	53,561,488	36,925,639	53,486,810	39,154,203	38,977,600	36,925,639
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%											90.00%
Common shares, shares outstanding (in shares)		110,000											110,000
MoonLake AG \| MoonLake AG Restricted Founder Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares, shares outstanding (in shares)		99,000											99,000
Vesting percentage		4.166%
Vesting period		2 years
Nominal value (CHF per share) \| SFr / shares													SFr 0.10
MoonLake AG \| Common Class C
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common shares, shares outstanding (in shares)		3,700,257											3,700,257
MoonLake AG \| Common Class C \| 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											3,330,231

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	0.20%	0.10%	0.10%	0.10%

Shareholders’ Equity (Deficit) - Schedule of Stock Authorized and Issued (Details) - $ / shares				3 Months Ended
	Oct. 27, 2023	Oct. 01, 2023	Aug. 23, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022	Apr. 28, 2021
Common Shares
Issuance of Class A Ordinary Shares (in shares)					9,744,894
Total Number of Ordinary Shares
Authorized, beginning balance (in shares)		600,000,000		600,000,000	600,000,000	600,000,000
Shares issued, beginning balance (in shares)		62,446,005		62,446,005	52,701,111	52,701,111
Authorized, ending balance (in shares)				600,000,000	600,000,000	600,000,000
Shares issued, ending balance (in shares)				62,446,005	62,446,005	52,701,111
Common Class A
Common Shares
Authorized, beginning balance (in shares)		500,000,000				500,000,000
Issued, beginning balance (in shares)		53,561,488				38,977,600
Authorized, ending balance (in shares)				500,000,000
Issued, ending balance (in shares)				53,561,488
Total Number of Ordinary Shares
Common stock, par value (CHF/USD per share)				$ 0.0001				$ 0.0001	$ 0.0001
Common Class C
Common Shares
Authorized, beginning balance (in shares)		100,000,000				100,000,000
Issued, beginning balance (in shares)		8,884,517				13,723,511
Authorized, ending balance (in shares)				100,000,000
Issued, ending balance (in shares)				8,884,517
Total Number of Ordinary Shares
Common stock, par value (CHF/USD per share)				$ 0.0001				$ 0.0001
Common Stock
Common Shares
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)			2,220				(12,161,331)
Common Stock \| Common Class A
Common Shares
Authorized, beginning balance (in shares)		500,000,000		500,000,000	500,000,000	500,000,000
Issued, beginning balance (in shares)		53,561,488		53,486,810	39,154,203	38,977,600
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)			74,678	74,678	4,587,713	176,603	18,501,284
Issuance of Class A Ordinary Shares (in shares)					9,744,894
Authorized, ending balance (in shares)				500,000,000	500,000,000	500,000,000
Issued, ending balance (in shares)				53,561,488	53,486,810	39,154,203
Total Number of Ordinary Shares
Common stock, par value (CHF/USD per share)				$ 0.0001
Common Stock \| Common Class A \| Subsequent Event
Common Shares
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)	16,752	6,362,289
Common Stock \| Common Class A \| Conversion Of Class C into Class A
Common Shares
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)				74,678	4,587,713	176,603
Common Stock \| Common Class C
Common Shares
Authorized, beginning balance (in shares)		100,000,000		100,000,000	100,000,000	100,000,000
Issued, beginning balance (in shares)		8,884,517		8,959,195	13,546,908	13,723,511
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)			74,678	(74,678)	(4,587,713)	(176,603)	15,775,472
Authorized, ending balance (in shares)				100,000,000	100,000,000	100,000,000
Issued, ending balance (in shares)				8,884,517	8,959,195	13,546,908
Total Number of Ordinary Shares
Common stock, par value (CHF/USD per share)				$ 0.0001
Common Stock \| Common Class C \| Subsequent Event
Common Shares
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)	16,752	(6,362,289)
Common Stock \| Common Class C \| Conversion Of Class C into Class A
Common Shares
Conversion of Class C Ordinary Shares into Class A Ordinary Shares (in shares)				(74,678)	(4,587,713)	(176,603)

Prepaid Expenses

9 Months Ended

Sep. 30, 2023

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

Prepaid Expenses


	September 30, 2023		December 31, 2022
Insurances	$	1,557,819	$	1,416,597
Non-clinical research and clinical development services	1,394,882		2,443,863
Other prepayments	357,580		319,008

Total	$	3,310,281	$	4,179,468

Prepaid expenses as of September 30, 2023 primarily relate to services expected to be received within the next 12 months.

Risks and Liquidity	9 Months Ended
Risks and Liquidity	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Risks and Liquidity	Risks and Liquidity Going Concern, Liquidity and Capital Resources The Company incurred a loss of $36.2 million for the nine months ended September 30, 2023. As of September 30, 2023, the Company’s current assets exceeded its current liabilities by $489.7 million. As of September 30, 2023, the Company had $318.2 million of cash and cash equivalents. Based on the Company's current operating plan, management believes that the Company has sufficient capital to fund its operations and capital expenditures until 2026.

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitment and Contingencies	Commitments and Contingencies Commitments The Company has entered into agreements as of September 30, 2023 primarily in regard to clinical and non-clinical research program expenses for SLK. As of September 30, 2023, the total committed amount under these agreements not yet recognized amounted to $30.6 million. The Company's In-License Agreement with MHKDG includes contractual milestone payments related to the achievement of pre-specified research, development, regulatory and commercialization events and indemnification provisions, which are common in such agreements. Pursuant to the agreements, the Company is obligated to make research and development and regulatory milestone payments upon the occurrence of certain events. Subject to the terms of the license, additional milestone payments of up to €299.6 million ($317.2 million using a September 30, 2023 exchange rate) are potentially payable upon satisfying specific milestones related to regulatory filing acceptance, first commercial sales, and aggregate annual net sales. The milestone payments are payable in cash. Milestone payments due prior to obtaining regulatory approval will be recorded as research and development expense upon determination that a milestone payment is probable to occur. Milestone payments due after obtaining regulatory approval will be capitalized when and if incurred. The Company will use commercially reasonable efforts to cause the milestones to occur. However, if the Company reasonably determines that a technical failure or commercial failure has occurred with respect to all or a part of the SLK Program, the Company, at its sole discretion, can terminate all or part of the SLK Program. In addition, on May 12, 2023, MoonLake AG entered into an agreement with Research Cooperation Technologies, Inc. (“RCT”) and MHKDG, effective as of June 1, 2023, pursuant to which the Company was granted a royalty-bearing, nonexclusive, sublicensable right and license under RCT’s patents and know-how related to a manufacturing process using an underlying yeast strain, Pichia pastoris, to develop, manufacture, use, sell, offer for sale, and import and otherwise commercialize SLK on a world-wide basis, subject to certain restrictions. This agreement replaces the Company’s sublicense for similar rights under the In-License Agreement. In the aggregate, the Company is required to pay royalties within the range of low to mid-teen percent of net sales under the aforementioned agreements with MHKDG and RCT. Royalties will be recognized in the consolidated statement of operations when net sales are recognized.

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 31,175	$ 112,222	$ 91,596	$ 338,173
Interest cost	7,784	1,258	22,872	3,791
Expected return on plan assets	(9,280)	(3,862)	(27,265)	(11,637)
Amortization of unrecognized loss	0	451	0	1,361
Total Net Periodic Benefit Cost	$ 29,679	$ 110,069	$ 87,203	$ 331,688

Shareholders’ Equity (Deficit) - Narrative (Details)					3 Months Ended
Shareholders’ Equity (Deficit) - Narrative (Details)	Aug. 23, 2023 shares	Jul. 10, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 27, 2023 USD ($) $ / shares shares	Sep. 30, 2023 vote $ / shares shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Jun. 30, 2022 shares	Aug. 31, 2023 USD ($)	May 11, 2023 USD ($)	Dec. 31, 2022 $ / shares shares	Sep. 30, 2022 shares	Mar. 31, 2022 shares	Dec. 31, 2021 shares	Apr. 28, 2021 $ / shares shares
May 2023 Sales Agreement \| ATM Shares
Class of Stock [Line Items]
Sale of stock, authorized amount (in shares) \| $										$ 200,000,000
Sale of stock, remaining authorized repurchase amount \| $				$ 0
August 2023 Sales Agreement \| ATM Shares
Class of Stock [Line Items]
Sale of stock, authorized amount (in shares) \| $									$ 350,000,000
MoonLake AG
Class of Stock [Line Items]
Common shares, shares outstanding (in shares)															110,000
MoonLake AG \| MoonLake Immunotherapeutics
Class of Stock [Line Items]
Net proceeds from the business combination \| $		$ 38,900,000
Proceeds from contributions from parent \| $		$ 275,000,000
Underwriting Agreement
Class of Stock [Line Items]
Sale of stock (in shares)				8,000,000
Issuance price per share (USD per share) \| $ / shares				$ 50.00
Payments of stock issuance costs \| $			$ 23,300,000
Net proceeds from the business combination \| $			$ 436,700,000
Underwriting Agreement \| MoonLake AG \| MoonLake Immunotherapeutics
Class of Stock [Line Items]
Sale of stock (in shares)		22,756
Over-Allotment Option
Class of Stock [Line Items]
Sale of stock (in shares)				1,200,000
Sale of stock, option to purchase, term				30 days
Common Stock
Class of Stock [Line Items]
Common shares, shares outstanding (in shares)													12,161,331	12,161,331
Conversion and transfer of shares between classes (in shares)	2,220							(12,161,331)
Common Class A
Class of Stock [Line Items]
Common shares, shares issued (in shares)					53,561,488						38,977,600
Common shares, shares outstanding (in shares)					53,561,488						38,977,600
Common shares, shares authorized (in shares)					500,000,000						500,000,000
Common shares, par value (USD per share) \| $ / shares					$ 0.0001						$ 0.0001				$ 0.0001
Common Class A \| Common Stock
Class of Stock [Line Items]
Common shares, shares issued (in shares)			53,486,810		53,561,488	53,486,810	39,154,203				38,977,600
Common shares, shares outstanding (in shares)			53,486,810		53,561,488	53,486,810	39,154,203	36,925,639			38,977,600	36,925,639
Common shares, shares authorized (in shares)			500,000,000		500,000,000	500,000,000	500,000,000				500,000,000
Common shares, par value (USD per share) \| $ / shares					$ 0.0001
Common shares, votes per share \| vote					1
Conversion and transfer of shares between classes (in shares)	74,678				74,678	4,587,713	176,603	18,501,284
Common Class C
Class of Stock [Line Items]
Common shares, shares issued (in shares)					8,884,517						13,723,511
Common shares, shares outstanding (in shares)					8,884,517						13,723,511
Common shares, shares authorized (in shares)					100,000,000						100,000,000
Common shares, par value (USD per share) \| $ / shares					$ 0.0001						$ 0.0001
Common Class C \| MoonLake AG
Class of Stock [Line Items]
Common shares, shares outstanding (in shares)															3,700,257
Common Class C \| Common Stock
Class of Stock [Line Items]
Common shares, shares issued (in shares)			8,959,195		8,884,517	8,959,195	13,546,908				13,723,511
Common shares, shares outstanding (in shares)			8,959,195		8,884,517	8,959,195	13,546,908	15,775,472			13,723,511	15,775,472
Common shares, shares authorized (in shares)			100,000,000		100,000,000	100,000,000	100,000,000				100,000,000
Common shares, par value (USD per share) \| $ / shares					$ 0.0001
Common shares, votes per share \| vote					1
Conversion and transfer of shares between classes (in shares)	74,678				(74,678)	(4,587,713)	(176,603)	15,775,472

Overview of the Company	9 Months Ended
Overview of the Company	Sep. 30, 2023
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 included in MoonLake’s audited financial statements and notes thereto for the year ended December 31, 2022 included in MoonLake’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission (“SEC”) on March 20, 2023 (the “Annual Report”)) consummated on April 5, 2022 (the “Closing Date”), together with its subsidiaries.

Shareholders’ Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of stock authorized and issued


	Class A Ordinary Shares(1)		Class C Ordinary Shares(1)		Total Number of Ordinary Shares
		Authorized	Issued	Authorized	Issued	Authorized	Issued and Outstanding








Balance - January 1, 2023		500,000,000	38,977,600	100,000,000	13,723,511	600,000,000	52,701,111
Conversion of Class C Ordinary Shares into Class A Ordinary Shares		—	176,603	—	(176,603)	—	—
Balance - March 31, 2023		500,000,000	39,154,203	100,000,000	13,546,908	600,000,000	52,701,111
Conversion of Class C Ordinary Shares into Class A Ordinary Shares		—	4,587,713	—	(4,587,713)	—	—
Issuance of Class A Ordinary Shares		—	9,744,894	—	—	—	9,744,894


Balance - June 30, 2023		500,000,000	53,486,810	100,000,000	8,959,195	600,000,000	62,446,005
Conversion of Class C Ordinary Shares into Class A Ordinary Shares		—	74,678	—	(74,678)	—	—
Balance - September 30, 2023		500,000,000	53,561,488	100,000,000	8,884,517	600,000,000	62,446,005

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

Subsequent Events (Details)						3 Months Ended
Subsequent Events (Details)	Oct. 27, 2023 shares	Oct. 13, 2023 EUR (€) lease	Oct. 09, 2023 GBP (£)	Oct. 01, 2023 shares	Aug. 23, 2023 shares	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Jun. 30, 2022 shares
Subsequent Event
Subsequent Event [Line Items]
Number Of New Lease Agreements \| lease		2
Subsequent Event \| Building \| Cambridge Office
Subsequent Event [Line Items]
Lessee, operating lease, term of contract			3 years
Operating lease, payments \| £			£ 70,500
Subsequent Event \| Building \| Porto Office
Subsequent Event [Line Items]
Lessee, operating lease, term of contract		3 years
Operating lease, payments \| €		€ 7,220
Common Stock
Subsequent Event [Line Items]
Conversion and transfer of shares between classes (in shares)					(2,220)				12,161,331
Common Stock \| Common Class C
Subsequent Event [Line Items]
Conversion and transfer of shares between classes (in shares)					(74,678)	74,678	4,587,713	176,603	(15,775,472)
Common Stock \| Common Class C \| Subsequent Event
Subsequent Event [Line Items]
Conversion and transfer of shares between classes (in shares)	(16,752)			6,362,289
Common Stock \| Common Class A
Subsequent Event [Line Items]
Conversion and transfer of shares between classes (in shares)					(74,678)	(74,678)	(4,587,713)	(176,603)	(18,501,284)
Common Stock \| Common Class A \| Subsequent Event
Subsequent Event [Line Items]
Conversion and transfer of shares between classes (in shares)	(16,752)			(6,362,289)
Common Stock \| MoonLake AG Common Shares \| Subsequent Event
Subsequent Event [Line Items]
Conversion and transfer of shares between classes (in shares)	(498)			189,136

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rate (“ETR”) was 0.2% and 0.1% for the three and nine months ended September 30, 2023, respectively, and 0.1% and 0.1% for the three and nine months ended September 30, 2022, respectively. The Company is not aware of any items that would cause the quarterly 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 for the entities domiciled in the Cayman Island and Switzerland, and its ability to utilize the deferred tax asset related to the tax losses is not considered more likely than not.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitment and Contingencies (Details) - Sep. 30, 2023 € in Millions, $ in Millions	USD ($)	EUR (€)
Other Commitments [Line Items]
Total commitments not yet recognized	$ 30.6
License \| SLK Program
Other Commitments [Line Items]
Variable consideration amount	$ 317.2	€ 299.6

Investments - Schedule of Changes in Fair Value of Short-Term Marketable Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain (Loss) [Roll Forward]
Other comprehensive income before reclassifications	$ (3,437,291)	$ (77,006)	$ (3,046,538)	$ (77,006)
Level 2
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Gain (Loss) [Roll Forward]
Gross unrealized gain (loss), beginning balance			390,753
Other comprehensive income before reclassifications			4,652,408
Amounts reclassified from accumulated other comprehensive income			(1,605,870)
Net current-period other comprehensive income (loss)			3,046,538
Gross unrealized gain (loss), ending balance	$ 3,437,291		$ 3,437,291

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Short-term marketable debt securities	$ 177,812,899	$ 32,609,108
Total	297,551,054	52,490,507
Eurocommercial Papers
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Short-term marketable debt securities	237,817,164	42,552,608
Certificates of Deposit
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Short-term marketable debt securities	59,733,890	9,937,899
Level 2
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Total	297,551,054	52,490,507
Level 2 \| Eurocommercial Papers
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Short-term marketable debt securities	237,817,164	42,552,608
Level 2 \| Certificates of Deposit
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Short-term marketable debt securities	$ 59,733,890	$ 9,937,899

Share-based Compensation - Summary of ESPP Awarded and Granted (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Enterprise value		$ 360,000,000
Fully diluted shares (in shares)		1,070,196
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
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Awards unvested, beginning balance (in shares)	2,237,915	1,060,561
Awards granted (in shares)	0	1,177,354
Awards unvested, ending balance (in shares)	2,237,915	2,237,915
Awards vested (in shares)	1,525,582	265,241

Basis of Presentation and Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) lease	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
Cash and cash equivalents	$ 318,165,809		$ 318,165,809		$ 39,505,627
Foreign currency transaction gain (loss), realized	(557,144)	$ 4,361	$ (276,491)	$ 344,914
Number of operating leases \| lease			1
Commercial Paper and Certificates of Deposit
Class of Stock [Line Items]
Cash and cash equivalents	$ 119,700,000		$ 119,700,000		$ 19,900,000
Minimum
Class of Stock [Line Items]
Property and equipment, useful life	3 years		3 years
Maximum
Class of Stock [Line Items]
Property and equipment, useful life	5 years		5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Employee Benefit Plans - Narrative (Details)	3 Months Ended		9 Months Ended
Employee Benefit Plans - Narrative (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CHF (SFr)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CHF (SFr)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions made to plan			$ 138,349	SFr 124,932
Forecast
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions made to plan	$ 184,465	SFr 166,576
Defined contribution plan, increase (decrease), cost	$ 46,116	SFr 41,644