MoonLake 免疫疗法公司-A股招股说明书(2026年6月24日版)

MOONLAKE IMMUNOTHERAPEUTICS We are offering 9,000,000 Class A Ordinary Shares, par value $0.0001 per share, and, in lieu of Class A Ordinary Shares to certaininvestors that so choose, pre-funded warrants to purchase up to 1,000,000 Class A Ordinary Shares, pursuant to this prospectussupplement and the accompanying prospectus. The purchase price of each pre-funded warrant will equal the price per share at whichour Class A Ordinary Shares are being sold to the public in this offering, minus $0.0001, the exercise price of each pre-funded warrant. There is no established public trading market for the pre-funded warrants, and we do not expect a market to develop. We do not intendto apply for listing of the pre-funded warrants on the Nasdaq Capital Market or any securities exchange or nationally recognized Our Class A Ordinary Shares are listed on the Nasdaq Capital Market under the symbol “MLTX.” On June 23, 2026, the last reportedsale price of our Class A Ordinary Shares as reported on the Nasdaq Capital Market was $21.22 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-4 of this prospectus supplement, and under similar headings in the documentsthat are incorporated by reference into this prospectus supplement and the accompanying prospectus. We have granted the underwriters an option to purchase up to 1,500,000 additional Class A Ordinary Shares, at the public offeringprice, less the underwriting discount, for 30 days after the date of this prospectus supplement. 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. Delivery of the Class A Ordinary Shares and pre-funded warrants being offered hereby is expected to be made on or about June 25,2026. TABLE OF CONTENTS 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 underwritershave not authorized anyone to give you any other information, and we and the underwriters take no responsibility for any otherinformation that others may give you. We and the underwriters are not making offers to sell the securities in any jurisdiction in which an 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 underwriters 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 prospectus that we and the underwriters 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 and the underwriters have authorized foruse in connection with this offering, nor that the information contained or incorporated by reference is correct as of any time 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. Before buying any of the securities that we are offering, we urge you to carefully read this prospectus supplement and theaccompanying prospectus, together with the information incorporated by reference as described under the headings “Where You CanFind More Information” and “Incorporation of Certain Information by Reference” in this prospectus supplement. These documents This prospectus supplement describes the terms of this offering of our securities and also adds to and updates informationcontained in the documents incorporated by reference into this prospectus. Generally, when we refer to this prospectus, we arereferring to both this prospectus supplement and the accompanying prospectus. To the extent the information contained in thisprospectus supplement differs from or conflicts with the information contained in the accompanying prospectus or any documentincorporated by reference, the information in this