MLTX: Highlights from the RBC Healthcare Conference

Research evidence excerpt

MLTX: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Kevin Meli, Ph.D. (Senior Associate)

Nevin Varghese, Ph.D. (Analyst)

May 19, 2026

MoonLake Immunotherapeutics

Highlights from the RBC Healthcare Conference

NASDAQ: MLTX | USD 16.44 | Sector Perform | Speculative Risk | Price Target USD 16.00

Sentiment: Neutral

CEO Jorge Santos da Silva presented; mgmt sounded confident to us on the potential approvability of SLK in HS given consistency

and positive meetings with the derm division at the FDA, and believes there is still room to differentiate in PsA for SLK; we see a

strategy emerging though continue to see a high competitive bar, so we remain Sector Perform, Spec Risk, with a $16 PT.

• Mgmt expressed high confidence on the HS BLA path - the company will have an end of June investor day showing 52 week

HS data, updated adolescent data, and go into label details, which consistent with prior messaging, will include the adolescent

population.

• Tone and tenor from the FDA at the recent pre-BLA meetings was consistent with prior interactions, and there have been no

changes to highlight at the derm division or team level so they do not believe recent FDA changes will impact their ongoing

discussions.

• The MIRA data renalaysis plan with the FDA has been agreed upon - to align with the ph.III VELA studies - given multiple impution

in VELA and NRI imputation in MIRA, could look slightly more efficacious (though recall, had looked positive to begin with so

unlikely to be a needle mover, in our view).

• In addition to HiSCR, other endpts like IHS4 (lesion counts endpoint that includes dTs), HiSQOL (and that competitors may not