Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
MoonLake Immunotherapeutics (MLTX)
A forensic read on MoonLake Immunotherapeutics built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
2
Forensic signals
-85.6%
ROE
$1.5B
Market cap
MoonLake Immunotherapeutics earns a C (Mixed — selective) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-435%Return on invested capital. Return on invested capital is -435% and slipping from -173% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+39.9%/yrShare-count dilution. Diluted share count changed +120% over the last 3 years to FY2025 (+39.9%/yr). A reversal: the count shrank earlier (net -20.5%/yr since FY2021) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~39.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~120%.
Key fundamentals
Debt / Equity0.24x
Free Cash Flow$-196.0M
Return on Equity-74.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MoonLake Immunotherapeutics:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MLTX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown
🔒Peer comparison + filing-change monitoring & alerts
No credit card · informational only, not investment advice · see the track record
← Browse all forensic stock analyses
Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.