MoonLake ImmunotherapeuticsMLTX

MoonLake Immunotherapeutics Segments Disclosure

10-KFiled Feb 25, 20262 min read
Segment Information
The Company operates as a single operating segment, focusing exclusively on the research, development, and eventual commercialization of its product. As the entire Company is centered around these activities, all consolidated parts of the Company are reviewed and analyzed as part of one segment.
As of December 31, 2025, the Company's single operating segment had not generated revenue from any programs or services. The accounting policies of the segment are the same as those described in the Note 2 — Basis of Presentation and Significant Accounting Policies section. The measure of segment assets is reported on the consolidated balance sheets as total assets. The measure of segment profit or loss is reported on the consolidated statement of operations and comprehensive loss as net loss. The CODM uses this as a starting point alongside significant non-cash items and working capital changes to evaluate cash burn and determine financial sustainability, cost management patterns and overall business viability as the clinical trials progress. The CODM also uses this to manage operations and ensure the most efficient use of Company resources against current budgets, alignment with strategic goals and preparation of future forecasts.
Significant Segment Expenses
The measure of significant segment expenses is reported in the accompanying consolidated statements of operations and comprehensive loss as "Research and development" and "General and administrative" for the years ended December 31, 2025, 2024, and 2023, respectively.
Non-cash share-based compensation is reported in Note 14 — Share-Based Compensation for the years ended December 31, 2025, 2024, and 2023. Non-cash depreciation and amortization for the years ended December 31, 2025, 2024, and 2023 was $2.6 million, $1.4 million, and $0.4 million, respectively.
Geographical Data
Long-lived assets, consisting of property and equipment, net, and operating lease right-of-use assets by geographical area as of December 31, 2025 and 2024 are as follows:
(in thousands)
Country
December 31, 2025
December 31, 2024
Switzerland
$
322
$
610
United Kingdom
804 
1,777 
Portugal
1,017 
1,257 
Total
$
2,143 
$
3,644

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 26, 2025
2023Feb 29, 2024

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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