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Published November 19, 2025
MoonLake promised a next generation breakthrough. Smaller nanobody. Better tissue reach. Higher responses. Easy monthly shots. It sounded unstoppable.
Then the story shifted. On March 10, 2024, executives told investors their nanobody could do what old antibodies could not. On November 7, 2024, they said those molecular perks meant higher patient responses. On March 8, 2025, they called nanobodies a leap forward.
On April 29, they touted excellent penetration. On July 8, analysts echoed that it was not just a copy. But on September 28, 2025, Phase three results landed. One trial hit. One missed. And the efficacy looked weak next to the approved rival.The fallout was brutal. By September 29, the stock collapsed about 90%, falling about $56 to around $6. Confidence was gone. Now, more investors are joining the lawsuit.