VELA 52-Week Data Show Continued Improvement To Provide Strong Evidence

Research evidence excerpt

VELA 52-Week Data Show Continued Improvement To Provide Strong Evidence

Quick Note

June 22, 2026 MoonLake Immunotherapeutics

Rating: (MLTX)OUTPERFORM

Price: VELA 52-Week Data Show Continued Improvement To

$19.21 Provide Strong Evidence

12-Month Price Target:

$34.00

The 52-week data from the Ph3 VELA-1&2 studies of sonelokimab (SLK) in

hidradenitis suppurativa (HS) that MLTX announced this morning demonstrated

Analysts continued improvement across virtually all efficacy measures after positive 40-

Yun Zhong, Ph.D. week data were presented at AAD meeting in March (note). We believe that(917) 608-0166

yun.zhong@wedbush.com the new data provide strong evidence to support SLK's efficacy that is at least

comparable and potentially better than what bimekizumab (bime) from UCB

(UCBJY, Not Covered) demonstrated after 48 weeks of treatment in the two

Ph3 studies (Fig. 1). BLA submission remains on track at the end of 3Q26, and

importantly, management confirmed an alignment with the FDA to use VELA-1 and

the previous Ph2 MIRA study to support SLK's efficacy on the label, with VELA-2

data potentially providing additional support through description. Despite the

initial unexpected high placebo effect in VELA-2, SLK has demonstrated consistent

efficacy allowing patients to gain continued improvement in treatment benefit.

With recent positive data from Ph2 POC studies in additional indications, such as

palmoplantar pustulosis (PPP) (note) and axial spondyloarthritis (axSpA) (note), we

see mounting evidence to support a significant commercial opportunity for SLK.

Longer Term Treatment with SLK Provides Larger Clinical Benefit. Recall the

placebo-switch over patients in VELA-2 gained a rapid improvement in HiSCR75 to

a similar level vs.