MoonLake Immunotherapeutics-A美股招股说明书(2025-11-05版)

MOONLAKE IMMUNOTHERAPEUTICS We are offering 7,142,857 Class A Ordinary Shares, par value $0.0001 per share, pursuant to this prospectus supplement and theaccompanying prospectus. The offering price for each Class A Ordinary Share is $10.50. Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol “MLTX.” On November 4, 2025, the lastreported sale price of our Class A Ordinary Shares as reported on the Nasdaq Capital Market was $10.13 per share. Investing in our securities involves a high degree of risk. You should review carefully the risks and uncertainties describedunder the heading “Risk Factors” on page S-3of this prospectus supplement, and under similar headings in the documentsthat are incorporated by reference into this prospectus supplement and the accompanying prospectus. Per shareTotalOffering price$10.500$74,999,999Underwriting discounts and commissions(1)$0.315$2,250,000Proceeds to MoonLake Immunotherapeutics, before expenses$10.185$72,749,999 (1)See the section of this prospectus supplement entitled “Underwriting” for a description of the compensation payable to theunderwriter. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of thesesecurities or determined if this prospectus supplement and the accompanying prospectus are truthful or complete. Anyrepresentation to the contrary is a criminal offense. The underwriter expects to deliver the Class A Ordinary Shares being offered hereby to purchasers on or about November 6, 2025. Sole Bookrunning Manager Leerink Partners The date of this prospectus supplement is November 5, 2025 TABLE OF CONTENTS Prospectus Supplement ABOUT THIS PROSPECTUS SUPPLEMENTS-iPROSPECTUS SUPPLEMENT SUMMARYS-1THE OFFERINGS-2RISK FACTORSS-3SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTSS-6USE OF PROCEEDSS-8DILUTIONS-9U.S. FEDERAL INCOME TAX CONSIDERATIONSS-10UNDERWRITINGS-15LEGAL MATTERSS-21EXPERTSS-21WHERE YOU CAN FIND MORE INFORMATIONS-22INCORPORATION OF CERTAIN INFORMATION BY REFERENCES-23 Prospectus ABOUT THIS PROSPECTUSiiCAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTSiiiTHE COMPANY1RISK FACTORS2USE OF PROCEEDS3SECURITIES WE MAY OFFER4DESCRIPTION OF SHARES5DESCRIPTION OF DEBT SECURITIES11DESCRIPTION OF WARRANTS22DESCRIPTION OF UNITS23PLAN OF DISTRIBUTION26LEGAL MATTERS28EXPERTS28WHERE YOU CAN FIND MORE INFORMATION29INCORPORATION OF CERTAIN INFORMATION BY REFERENCE30 We are responsible for the information contained and incorporated by reference in this prospectus supplement, the accompanyingprospectus and in any free writing prospectus that we have authorized for use in connection with this offering. We and the underwriterhave not authorized anyone to give you any other information, and we and the underwriter take no responsibility for any otherinformation that others may give you. We and the underwriter are not making offers to sell the securities in any jurisdiction in whichan offer or solicitation is not authorized or permitted or in which the person making such offer or solicitation is not qualified to do soor to anyone to whom it is unlawful to make an offer or solicitation. The information contained and incorporated by reference in thisprospectus supplement, the accompanying prospectus and any free writing prospectus that we and the underwriter have authorized foruse in connection with this offering speaks only as of the date of this document, unless the information specifically indicates thatanother date applies. Neither the delivery of this prospectus supplement, the accompanying prospectus or any free writing prospectusthat we and the underwriter have authorized for use in connection with this offering, nor any sale of securities made under thesedocuments, will, under any circumstances, create any implication that there has been no change in our affairs since the date of thisprospectus supplement, the accompanying prospectus or any free writing prospectus that we have authorized for use in connectionwith this offering, nor that the information contained or incorporated by reference is correct as of any time subsequent to the date ofsuch information. You should assume that the information contained and incorporated by reference in this prospectus supplement, theaccompanying prospectus and in any free writing prospectus that we and the underwriter have authorized for use in connection withthis offering is accurate only as of the date of the documents containing the information, unless the information specifically indicatesthat another date applies. Our business, financial condition, results of operations and prospects may have changed since those dates. ABOUT THIS PROSPECTUS SUPPLEMENT This prospectus supplement and the accompanying prospectus relate to an offering of our securities and form part of a registrationstatement on Form S-3 that we filed with the U.S. Securities and Exchange Commission (the “SEC”) using a “shelf” registrationprocess. B