v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flow from operating activities    
Net loss $ (211,057) $ (167,303)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,646 1,865
Share-based compensation expense 18,750 9,308
Net periodic pension benefit (gain) loss for the qualified pension plan 16 (27)
Other non-cash items 1,183 (928)
Changes in operating assets and liabilities:    
Other current assets (4,079) (1,178)
Operating lease right-of-use assets (22) 0
Prepaid expenses (3,076) (3,296)
Other non-current assets (1,639) (587)
Trade and other payables (15,703) 16,290
Operating lease liabilities (1,196) (845)
Accrued expenses and other current liabilities 28,930 9,488
Net cash flow used in operating activities (185,247) (137,213)
Cash flow from investing activities    
Purchase of short-term marketable debt securities (206,103) (206,207)
Proceeds from maturities of short-term marketable debt securities 147,759 439,145
Purchase of property and equipment 0 (35)
Net cash flow (used in) provided by investing activities (58,344) 232,903
Cash flow from financing activities    
Proceeds from long-term debt, net of issuance costs 24,467 73,022
Issuance of Class A Ordinary Shares and Pre-Funded Warrants under the 2026 Offering, net of transaction costs 189,759 0
Stamp duty on capital injection from MoonLake to MoonLake AG 1,500 0
Net cash flow provided by financing activities 292,238 73,602
Effect of movements in exchange rates on cash held (478) 1,018
Net change in cash, cash equivalents, and restricted cash 48,169 170,310
Cash, cash equivalents, and restricted cash, beginning of period 334,517 180,426
Cash, cash equivalents, and restricted cash, end of period 382,686 350,736
Supplementary disclosure of cash flow information:    
Cash paid for interest 6,115 2,871
Non-cash operating lease right-of-use assets obtained in exchange for lease obligations 1,194 0
Over-Allotment Option    
Cash flow from financing activities    
Proceeds from Issuance of Common Stock 28,472 0
Sales Agreements    
Cash flow from financing activities    
Proceeds from Issuance of Common Stock 50,319 0
Equity Incentive Plan    
Cash flow from financing activities    
Proceeds from options exercised 721 480
Employee Stock Option Plan (ESOP)    
Cash flow from financing activities    
Proceeds from options exercised $ 0 $ 100