52-Week HS Efficacy Remains Strong; Stock Highly Undervalued Even Under Conservative Commercial Assumptions

Research evidence excerpt

52-Week HS Efficacy Remains Strong; Stock Highly Undervalued Even Under Conservative Commercial Assumptions

Biotechnology

MoonLake Immunotherapeutics (MLTX)

EQUITY RESEARCH Quick Take

June 22, 2026

52-Week HS Efficacy Remains Strong; Stock Highly Price: $19.21

Undervalued Even Under Conservative Commercial Rating: Overweight

Assumptions Key Statistics:

Symbol NASDAQ: MLTX Takeaways

52-Week Range 5.95 - 62.75

Market Cap 1,414.2 MLTX released full 52-week data for sonelokimab (SLK) from the Ph3 HS

ADV (3 mo) 987,958 VELA-1 and VELA-2 trials.

Shares Out (M) 73.6

Long-term efficacy continues to look very good for SLK and is tracking

Research Analysts: similar to slightly better than Bimzelx/Bime (UCB) over 52-weeks. SLK is

Prakhar Agrawal clearly superior to Cosentyx.

212-610-3614

Prakhar.Agrawal@cantor.com 52-week data are based on an as observed stat method (consistent with

other pivotal trials in HS and all other derm indications). One-Year Price History

70 60 Even using our own very stringent stat method assuming all drop-offs

50 40 as non-responders, our conclusion on efficacy is same. See our analysis

30 20 below.

06/25 09/25 12/25 03/26 06/26 Safety for SLK also looks clean over 52-weeks. We will see if SLK avoids

MLTX Created by BlueMatrix some of the Bimzelx warnings and precautions such as suicidal ideation,

liver warnings or FDA treats this as class safety issue.

Cleaner label for SLK could be a differentiator commercially as safety/

ease of prescribing matters a lot for dermatologists, may be even more

important than few % differences on HiSCR.

MLTX continues to be very inexpensive for a late stage I&I company and

we estimate the stock is pricing in <$700M in peak sales for SLK at this

valuation. We think SLK could do ~$1B peak sales just in the HS indication