MoonLake Immunotherapeutics suffered a significant market value loss after its sole pipeline drug failed to meet primary endpoints in pivotal Phase 3 trials targeting hidradenitis suppurativa, an inflammatory skin disorder. Analysts described late-stage results as “disappointing” and cited a high placebo response rate contributing to the outcomes. MoonLake’s shares dropped sharply, losing over 80% of market value amid investor uncertainty about the drug’s prospects.