Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-29

MoonLake Immunotherapeutics (MLTX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,943,209
Jorge Santos da Silva total, FY2025
1st
CEO pay percentile vs peers
20.8:1
CEO-to-median pay ratio
98.57%
Say-on-pay support, latest vote
Companies that benchmark against MLTX
2 companies name MLTX as a compensation peer

Each company listed discloses MLTX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MLTX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jorge Santos da Silva$762,386$0$4,000,021$0$0$155,880$24,922$4,943,209
Chief Executive Officer; Interim Chair of the Board
Kristian Reich762,386004,000,0210033,0864,795,493
Chief Scientific Officer
Matthias Bodenstedt603,55504,000,0210066,02322,9774,692,576
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jorge Santos da Silva$4,943,209$1,406,038$1,198,215+3,537,171
Kristian Reich4,795,4931,302,9391,230,904+3,492,554
Matthias Bodenstedt4,692,5761,032,555891,597+3,660,021

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Matthias BodenstedtChief Financial Officer2026-05-11D13,653$20$273,333Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-06-15D50,00019971,500Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-06-15D50,00019944,500Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-06-15D50,00019935,000Common, open-market saleForm 4 ↗
Matthias BodenstedtChief Financial Officer2026-06-17D15,08220296,814Common, open-market saleForm 4 ↗
BVF PARTNERS L P/ILDirector2026-06-17A22,19500Derivative, Class A CommonForm 4 ↗
Matthias BodenstedtChief Financial Officer2026-06-17D2,7942054,762Common, open-market saleForm 4 ↗
Dr. Andrew PhillipsDirector2026-06-17A22,19500Derivative, Class A CommonForm 4 ↗
Catherine MoukheibirDirector2026-06-17A22,19500Derivative, Class A CommonForm 4 ↗
Dr. Ramnik XavierDirector2026-06-17A22,19500Derivative, Class A CommonForm 4 ↗
Spike LoyDirector2026-06-17A22,19500Derivative, Class A CommonForm 4 ↗
Matthias BodenstedtChief Financial Officer2026-06-22D39,12022862,205Common, open-market saleForm 4 ↗
Santos da Silva JorgeDirector2026-07-01D47,77520956,933Common, open-market saleForm 4 ↗
Santos da Silva JorgeDirector2026-07-09D68,289201,367,146Common, open-market saleForm 4 ↗
Santos da Silva JorgeDirector2026-07-09D33,93620679,059Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-07-15D16,10520322,261Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-07-20D43,70020877,933Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-07-21D50,000201,001,000Common, open-market saleForm 4 ↗
Kristian ReichChief Scientific Officer2026-07-21D2,4482048,960CommonForm 4 ↗
Kristian ReichChief Scientific Officer2026-07-27D1,1002022,000CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Matthias BodenstedtRSU2025-02-2795,763$4,000,021
Dr. Jorge Santos da SilvaRSU2025-02-2795,7634,000,021
Kristian ReichOPTION2025-02-27139,2734,000,021
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Matthias Bodenstedt$4,000,021$0$00.0%
Dr. Jorge Santos da Silva4,000,021000.0%
Kristian Reich004,000,0210.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Kristian ReichOption139,27341.77
Matthias BodenstedtRSU11,101146,311
Kristian ReichRSU7,40197,545
Matthias BodenstedtRSU95,7631,262,156
SilvaRSU95,7631,262,156
SilvaRSU7,40197,545
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive officer compensation program focuses on attracting, retaining and rewarding executive officers in order to promote our long-term success. In setting compensation levels and designing the elements of our program, we seek to establish overall compensation levels that are internally equitable and competitive with the talent market.

CEO STI target (% of salary)55%
CEO LTI target (% of salary)
Independent consultantDeloitte
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0950,365,168731,15815,03898.57%Passed
20252025-06-0553,464,199109,9138,98399.79%Passed
20242024-06-0554,721,1235,2347,98899.99%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0998.57%a
20252025-06-0599.79%b
20242024-06-0599.99%c

a. Approved under the standard stated in the filing — “Broker non-votes, if any, and abstentions will not be counted as votes cast on these matters and will have no effect on the outcome of these matters.”.

b. Approved under the standard stated in the filing — “Broker non-votes, if any, and abstentions will not be counted as votes cast on these matters and will have no effect on the outcome of these matters.”.

c. Approved under the standard stated in the filing — “Broker non-votes, if any, and abstentions will not be counted as votes cast on these matters and will have no effect on the outcome of these matters.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)20.8 : 1
CEO total compensation$4,943,209
Median employee compensation$237,155
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Simon SturgeIndependent · Not standing for re-election · Departed during FY$90,500$0$224,349$0$314,849
Dr. Ramnik XavierIndependent75,0000224,3490299,349
Catherine MoukheibirIndependent · Audit (Chair) · Compensation62,5000224,3490286,849
Dr. Andrew PhillipsIndependent · Audit · Compensation (Chair) · Nominating/Governance (Chair)56,0000224,3490280,349
Spike LoyIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance52,5000224,3490276,849
Dr. Jorge Santos da SilvaEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$224,349
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)5,000 / 4,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$336,500
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$336,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies MoonLake Immunotherapeutics names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including MoonLake Immunotherapeutics.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Summit Therapeutics2025Mahkam Zanganeh$616,500$0$245,021,384$0$246,047,279
2Immunovant2026Eric Venker636,618019,010,639020,158,767
3Protagonist Therapeutics2025Dinesh Patel715,5005,839,2045,618,010686,88012,871,506
4Vera Therapeutics2025Marshall Fordyce660,0002,356,2853,415,725554,4006,986,410
5Bicycle Therapeutics2025Kevin Lee862,3391,724,8002,961,297543,6426,341,473
6MoonLake Immunotherapeutics2025Jorge Santos da Silva762,3864,000,021004,943,209

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
MoonLake Immunotherapeuticsnot disclosednot disclosednot disclosedDeloitte
Bicycle Therapeutics97%not disclosednot disclosednot disclosed
Immunovant110%not disclosedNoCompensia
Protagonist Therapeutics160%Options 50 · RSU 50not disclosedAon Human Capital Solutions
Summit Therapeutics105%Options 100not disclosednot disclosed
Vera Therapeutics140%RSU 50 · Options 50not disclosedAlpine Rewards

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jorge Santos da SilvaDEF 14A2026-04-210001140361-26-015916Section “2025 Summary Compensation Table” · page 30. As printed: 4,943,209. Filing ↗machine: t83 · r2 · c24 · span 431198–431207
2Section 01, Kristian ReichDEF 14A2026-04-210001140361-26-015916Section “2025 Summary Compensation Table” · page 30. As printed: 4,795,493. Filing ↗machine: r8 · c24 · span 457751–457760
3Section 01, Matthias BodenstedtDEF 14A2026-04-210001140361-26-015916Section “2025 Summary Compensation Table” · page 30. As printed: 4,692,576. Filing ↗machine: r5 · c24 · span 444726–444735
4Section 03, Matthias Bodenstedt RSUDEF 14A2026-04-210001140361-26-015916Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t89 · r3 · c15 · span 493436–493445
5Section 03, Dr. Jorge Santos da Silva RSUDEF 14A2026-04-210001140361-26-015916Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS” · grants of plan-based awards table. Filing ↗machine: t83 · r2 · c12 · span 428908–428917
6Section 03, Kristian Reich OPTIONDEF 14A2026-04-210001140361-26-015916Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION COMPENSATION DISCUSSION AND ANALYSIS” · grants of plan-based awards table. Filing ↗machine: t83 · r8 · c15 · span 456011–456020
7Section 07, pay ratioDEF 14A2026-04-210001140361-26-015916Section “CEO Pay Ratio”. As printed: 20.8 : 1. Filing ↗
8Section 08, Simon SturgeDEF 14A2026-04-210001140361-26-015916Section “Director Compensation”. As printed: 314,849. Filing ↗machine: t56 · r2 · c9 · span 288783–288791
9Section 08, Dr. Ramnik XavierDEF 14A2026-04-210001140361-26-015916Section “Director Compensation”. As printed: 299,349. Filing ↗machine: t56 · r6 · c9 · span 296152–296160
10Section 08, Catherine MoukheibirDEF 14A2026-04-210001140361-26-015916Section “Director Compensation”. As printed: 286,849. Filing ↗machine: t56 · r4 · c9 · span 292514–292522
11Section 08, Dr. Andrew PhillipsDEF 14A2026-04-210001140361-26-015916Section “Director Compensation”. As printed: 280,349. Filing ↗machine: t56 · r5 · c9 · span 294247–294255
12Section 08, Spike LoyDEF 14A2026-04-210001140361-26-015916Section “Director Compensation”. As printed: 276,849. Filing ↗machine: t56 · r3 · c9 · span 290515–290523
13Section 08, Dr. Jorge Santos da SilvaDEF 14A2026-04-210001140361-26-015916Section “Director Compensation”. As printed: 0. Filing ↗
14Section 02, Matthias Bodenstedt 2026-05-11Form 42026-05-130001213900-26-055799Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Kristian Reich 2026-06-15Form 42026-06-170001213900-26-069753Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Kristian Reich 2026-06-15Form 42026-06-170001213900-26-069753Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Kristian Reich 2026-06-15Form 42026-06-170001213900-26-069753Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Matthias Bodenstedt 2026-06-17Form 42026-06-180001213900-26-070259Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, BVF PARTNERS L P/IL 2026-06-17Form 42026-06-220000921895-26-001639Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Matthias Bodenstedt 2026-06-17Form 42026-06-180001213900-26-070259Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Dr. Andrew Phillips 2026-06-17Form 42026-06-180001213900-26-070258Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Catherine Moukheibir 2026-06-17Form 42026-06-180001213900-26-070256Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Dr. Ramnik Xavier 2026-06-17Form 42026-06-180001213900-26-070255Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Spike Loy 2026-06-17Form 42026-06-180001213900-26-070257Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Matthias Bodenstedt 2026-06-22Form 42026-06-230001213900-26-071075Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Santos da Silva Jorge 2026-07-01Form 42026-07-020001213900-26-074964Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Santos da Silva Jorge 2026-07-09Form 42026-07-130001213900-26-077564Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Santos da Silva Jorge 2026-07-09Form 42026-07-130001213900-26-077564Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Kristian Reich 2026-07-15Form 42026-07-200001213900-26-079376Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Kristian Reich 2026-07-20Form 42026-07-210001213900-26-080133Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Kristian Reich 2026-07-21Form 42026-07-230001213900-26-080869Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Kristian Reich 2026-07-21Form 42026-07-230001213900-26-080869Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Kristian Reich 2026-07-27Form 42026-07-290001213900-26-082804Insider equity transaction reported since the proxy statement. Filing ↗
34Section 06, 2026 voteForm 8-K2026-06-090001213900-26-066821Item 5.07 · say-on-pay result. As reported: 98.57% (votes for as printed: 50,365,168). Filing ↗
35Section 06, 2025 voteForm 8-K2025-06-060001213900-25-052140Item 5.07 · say-on-pay result. As reported: 99.79% (votes for as printed: 53,464,199). Filing ↗
36Section 06, 2024 voteForm 8-K2024-06-060001213900-24-050194Item 5.07 · say-on-pay result. As reported: 99.99% (votes for as printed: 54,721,123). Filing ↗
37Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
38Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)ComputedcomputedCash 336,500 + equity 0 + all other 0 = 336,500, summed across the director compensation table rows.machine: formula: Σ = 336,500
40Summit Therapeutics, Section 10b CEO totalDEF 14A2026-04-170001599298-26-000029CEO total compensation as printed in Summit Therapeutics's own proxy. As printed: 246,047,279. Filing ↗machine: r6 · c21 · span 385284–385295
41Immunovant, Section 10b CEO totalDEF 14A2026-07-220001764013-26-000092CEO total compensation as printed in Immunovant's own proxy. As printed: 20,158,767. Filing ↗machine: span 465716–465726
42Protagonist Therapeutics, Section 10b CEO totalDEF 14A2026-04-280001104659-26-050429CEO total compensation as printed in Protagonist Therapeutics's own proxy. As printed: 12,871,506. Filing ↗machine: r1 · c47 · span 613195–613205
43Vera Therapeutics, Section 10b CEO totalDEF 14A2026-04-090001140361-26-014002CEO total compensation as printed in Vera Therapeutics's own proxy. As printed: 6,986,410. Filing ↗machine: r2 · c24 · span 581040–581049
44Bicycle Therapeutics, Section 10b CEO totalDEF 14A2026-04-220001104659-26-046806CEO total compensation as printed in Bicycle Therapeutics's own proxy. As printed: 6,341,473. Filing ↗machine: t83 · r5 · c14 · span 491024–491033
45MoonLake Immunotherapeutics (subject), Section 10b CEO totalDEF 14A2026-04-210001140361-26-015916CEO total compensation as printed in MoonLake Immunotherapeutics's own proxy. As printed: 4,943,209. Filing ↗machine: t83 · r2 · c24 · span 431198–431207
46Section 10a, Immunovant reciprocityDEF 14A0001764013-26-000092Immunovant's most recent proxy was read; its disclosed peer group does not include MoonLake Immunotherapeutics. Filing ↗
47Section 10a, Protagonist Therapeutics reciprocityDEF 14A0001104659-26-050429Protagonist Therapeutics's most recent proxy was read; its disclosed peer group does not include MoonLake Immunotherapeutics. Filing ↗
48Section 10a, Vera Therapeutics reciprocityDEF 14A0001140361-26-014002Vera Therapeutics's most recent proxy was read; its disclosed peer group does not include MoonLake Immunotherapeutics. Filing ↗