MoonLake Immunotherapeutics Faces Class Action After Tumultuous Trial Results
MoonLake Immunotherapeutics Under Fire in Class Action After Phase 3 Trial Failure
In a significant turn of events, MoonLake Immunotherapeutics (NASDAQ: MLTX) announced disappointing Phase 3 trial results for its only drug candidate, sonelokimab, designed to treat hidradenitis suppurativa (HS). Following this announcement, a securities class action was filed against the company, known as Bridgewood v. MoonLake Immunotherapeutics, et al., in the Southern District of New York.
The trial results, revealed on September 28, 2025, showed that only one of the two Phase 3 trials achieved statistical significance. Even then, the efficacy of sonelokimab fell short when compared to BIMZELX, a rival FDA-approved treatment targeting similar cytokines (IL-17A and IL-17F). Investors reacted swiftly to this news, causing the stock price to plummet by $55.75, representing a staggering 90% decline.
The Allegations and Investigation
In light of these events, Hagens Berman, a national shareholder rights law firm, is investigating whether MoonLake had misled its investors concerning the efficacy and trial design of sonelokimab. Investors are encouraged to come forward if they have experienced substantial losses or possess information relevant to the investigation.
Key allegations against MoonLake suggest that the company promoted its drug's supposed advantages and failed to disclose critical information. Throughout the class period, which extends from March 10, 2024, to September 29, 2025, the company consistently highlighted the advantages of its Nanobody structure, claiming that it could offer superior clinical outcomes compared to traditional monoclonal antibodies, such as BIMZELX.
Statements made by MoonLake included assurances that sonelokimab could become the gold standard in HS treatment due to its unique molecular benefits. However, the complaint argues these assertions were misleading and that the company's communications obscured crucial facts regarding the drug's comparative efficacy and trial outcomes.
The Fallout from Trial Results
The fallout from the failed trials has been severe. Analysts termed the trial results as
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