Net Loss per Share

3 Months Ended

Mar. 31, 2025

The following table sets forth the net loss per share calculations for the three months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
(in thousands, except share and per share data)	2025		2024
Numerator
Net loss attributable to controlling interests shareholders	$	(39,944)	$	(13,673)

Denominator
Total weighted average number of outstanding shares	63,233,788		62,637,212

Net loss per share – basic and diluted	$	(0.63)	$	(0.22)

There were 1,380,339 and 853,875 common stock equivalents outstanding in the form of stock options under the Equity Incentive Plan (as defined below) as of March 31, 2025 and 2024, respectively, that have been excluded from the calculation of net loss per share – diluted as their effect would be anti-dilutive.

Class C Ordinary Shares have been excluded from the weighted average number of outstanding shares used to calculate the net loss per share – basic and diluted as they do not carry economic rights.

If the ML Parties elected to convert all of their MoonLake AG Common Shares and associated Class C Ordinary Shares into Class A Ordinary Shares as of January 1, 2024, the weighted average number of shares outstanding would have been 63,951,890 for the three months ended March 31, 2025, resulting in a net loss per share of $0.63. Upon conversion, all 729,320 Class C Ordinary Shares would be forfeited and there would no longer be any non-controlling interests.