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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

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 aforementioned two main active share-based compensation plans and programs:

(in thousands)
Compensation Plan						Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
ESPP						725						717
ESOP						(18)						—
MoonLake Immunotherapeutics 2022 Equity Incentive Plan						1,583						960
Total share-based compensation expense						$	2,290					$	1,677
Of which: included in research and development expense						627						417
Of which: included in general and administrative expense						1,663						1,260

Schedule of nonvested share activity

ESPP			Number of Shares						Weighted-Average Grant Date Fair Value
Awards unvested as of January 1, 2025			319,769						10.00
Awards vested for the three months ended March 31, 2025			(73,467)						10.00
Awards unvested as of March 31, 2025			246,302						10.00

Schedule of option activity for share-based payment arrangement

ESOP			Number of Options						Weighted-Average Exercise Price						Aggregate Intrinsic Value (in thousands)						Weighted-Average Remaining Contractual Term (in years)
Awards outstanding as of January 1, 2025			98,393						1.50						5,180						6.73
Awards exercised for the three months ended March 31, 2025			(93,347)						1.30
Awards forfeited for the three months ended March 31, 2025			(5,046)						5.25
Awards outstanding as of March 31, 2025			—						—						—						—
Awards exercisable as of March 31, 2025			—						—						—						—

Equity Incentive Plan (Options)			Number of Options						Weighted-Average Exercise Price						Aggregate Intrinsic Value (in thousands)						Weighted-Average Remaining Contractual Term (in years)
Awards outstanding as of January 1, 2025			972,476						$	24.94					$	28,588					8.18
Awards granted for the three months ended March 31, 2025			229,228						$	43.11
Awards forfeited for the three months ended March 31, 2025			(12,891)						$	49.01
Awards outstanding as of March 31, 2025			1,188,813						$	28.19					$	17,161					8.28
Awards exercisable as of March 31, 2025			431,267						$	13.97					$	11,398					7.27

Equity Incentive Plan (Restricted Stock Awards)			Number of Shares						Weighted-Average Grant Date Fair Value
Awards unvested as of January 1, 2025			—						$	—
Awards granted for the three months ended March 31, 2025			191,526						41.77
Awards forfeited for the three months ended March 31, 2025			—						—
Awards vested for the three months ended March 31, 2025			—						—
Awards unvested as of March 31, 2025			191,526						$	41.77

Summary of weighted average assumptions for awards issued

Weighted average assumptions for the awards issued during the three months ended March 31, 2025
Estimated fair value of the option on the grant date using Black-Scholes model ($)			29.64
Exercise price ($)			43.11
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)			4.4%
Expected dividend rate			—%
(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 three months ended March 31, 2024
Estimated fair value of the option on the grant date using Black-Scholes model ($)			36.92
Exercise price ($)			53.54
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)			4.6%
Expected dividend rate			—%
(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 three months ended March 31, 2025
Estimated fair value of Common Shares on the grant date (USD)			41.77
Purchase price (CHF)			$—

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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