Matthias Bodenstedt
About Matthias Bodenstedt
MoonLake Immunotherapeutics’ Chief Financial Officer since April 2022, age 37 as of April 22, 2025; previously CFO of MoonLake AG from July 2021 through the April 2022 merger, and a Partner at McKinsey & Company (Germany/Switzerland) from 2011–2021 . Education includes an MBA (Columbia Business School), M.Phil. in Finance (University of Cambridge), and B.Sc. in Industrial Engineering (University of Hannover) . He serves as the principal financial and accounting officer, signing SOX 302 certifications on MLTX’s 10-Q (e.g., Nov 5, 2025) . Company context: pre‑revenue, single‑asset biotech advancing sonelokimab, with BLA targeted for 2026 and first U.S. launch in 2027 ; cumulative TSR since 12/31/2021 translated into a $100 investment value of $106 (2022), $611 (2023), and $548 (2024) per the Pay‑vs‑Performance table .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MoonLake AG | Chief Financial Officer | Jul 2021–Apr 2022 | Led financing, BD/licensing, portfolio strategy and go‑to‑market preparations ahead of public listing . |
| McKinsey & Company (Germany/Switzerland) | Partner | 2011–2021 | Advised pre‑revenue biotech to large pharma on financing, M&A, licensing, portfolio strategy, and commercialization . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MoonLake Immunotherapeutics Ltd. (subsidiary) | Director | Since Sep 2021 | Governance oversight of UK subsidiary operations . |
| MNLK Immunotherapeutics Unipessoal Lda (subsidiary) | Director | Since Nov 2023 | Governance oversight of Portuguese subsidiary operations . |
Fixed Compensation
Multi-year CFO compensation (USD):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | $324,900 | $446,837 | $552,777 |
| Bonus ($) | $243,675 | $424,491 | $413,289 |
| Stock Awards ($) | $5,044,225 | — | — |
| Change in Pension Value ($) | — | — | $44,687 |
| All Other Compensation ($) | $19,670 | $20,269 | $21,802 |
| Total ($) | $5,632,470 | $891,597 | $1,032,555 |
Additional details:
- Base salary set at $551,052 as of Dec 31, 2024 following a 5% increase; prior year $524,811 as of Dec 31, 2023 .
- Perquisites include a housing allowance ($20,610 in 2024) and voluntary sick leave insurance contributions ($1,192) .
Performance Compensation
| Component | Target | Actual Payout | Key Performance Metrics | Notes |
|---|---|---|---|---|
| Annual Bonus (2024) | 50% of base salary | 150% of target | Build company/profile; deliver HS/PSA programs; secure financial stability | 2024 bonus paid $413,289 . |
Equity awards:
- No equity granted in 2024; in Feb 2025, granted restricted stock targeted at $4 million (95,763 shares for Bodenstedt), vesting in equal annual installments over 4 years from grant date, subject to service .
- 2022 ESPP stock awards subject to monthly service vesting over 4 years; remaining unvested portion detailed below .
Equity Ownership & Alignment
| Ownership Detail | Amount/Status |
|---|---|
| Class A shares beneficially owned | 616,666 (1.0% of Class A outstanding) |
| Class C shares beneficially owned | 294,473 (40.4% of Class C; no economic rights; one vote/share) |
| Total voting power | 1.4% |
| Unvested stock awards at 12/31/2024 | 137,044 shares; MV $7,420,933 at $54.15 close |
| Shares acquired on vesting during 2024 | 125,943; value realized $6,101,008 |
| Hedging/Pledging policy | Hedging and pledging of Company stock prohibited |
| Stock ownership guidelines | Not disclosed in proxy . |
| 10b5‑1 trading plan | Adopted June 17, 2025; plan provides for sale of up to 300,000 Class A shares through Mar 31, 2026 |
Insider selling pressure: A 300,000‑share 10b5‑1 plan through Mar 31, 2026 suggests potential supply relative to Bodenstedt’s 616,666 Class A holdings .
Employment Terms
| Term | Detail |
|---|---|
| Employment start dates | CFO of MoonLake AG: Jul 1, 2021; CFO of MLTX: Apr 2022 |
| Contract term | Indefinite; terminable by either party with 6 months’ notice (began Aug 31, 2022 for notice mechanics) |
| Non‑compete | 12 months post‑termination |
| Non‑solicit (employees/customers) | 18 months post‑termination |
| Contractual penalties | CHF 100,000 per breach of restrictive covenants; forfeiture and repayment of restrictive‑period payments for breaches |
| Bonus eligibility upon termination | Not eligible if employment pending termination at time of payment |
| Severance and post‑termination payments | Specific monthly compensation constructs detailed for other NEOs; Bodenstedt’s restrictive covenant durations and penalties apply; no separate severance multiple disclosed . |
| Change‑of‑control equity treatment | All unvested equity awards vest immediately (single‑trigger) |
| Clawback | Incentive Compensation Clawback Policy compliant with Nasdaq Rule 5608/SEC Rule 10D‑1 |
| Benefits | Swiss pension plan participation; 2024 present value $260,581; credited service 3.5 years |
Additional Governance and Benchmarking
- Say‑on‑pay: 99% approval at 2024 AGM; no program changes made based on vote .
- Compensation committee and consultant: Committee chaired by Dr. Andrew Phillips; uses Deloitte AG; peer benchmarking around 25th/50th/75th percentiles .
- 2024 peer group includes Immunovant, Bicycle Therapeutics, Acelyrin, Rapt, Vera, Verona, Pharvaris, Summit, Aclaris, Protagonist, Dice Therapeutics, and others (market cap and headcount criteria applied) .
Performance & Track Record
- CFO certification of internal controls and financial reporting in Q3 2025 10‑Q reflects accountability for disclosure controls and ICFR .
- Capital discipline commentary: following VELA results, CFO stated last reported cash was $425M in prior 10‑Q, emphasized prudent capital allocation and no plan to draw next tranche from Hercules facility .
- Company strategic milestones: advanced sonelokimab into Phase 3 (HS/PSA), initiated further trials, raised $52.5M in 2024, and grew headcount to ~100 .
Investment Implications
- Pay‑for‑performance: 2024 bonuses paid at 150% of target despite absence of traditional financial metrics (pre‑revenue), tying payouts to program execution and financing milestones; expect continued reliance on operational objectives until commercialization .
- Selling overhang: 10b5‑1 plan up to 300k Class A shares through Mar 31, 2026 may create episodic selling pressure; monitor Form 4s for executions and remaining balance under plan .
- Alignment and upside participation: Material unvested equity that fully accelerates on change‑of‑control (single‑trigger) plus Feb 2025 $4M RS grant (four‑year vest) provides retention and exit incentives; however, single‑trigger acceleration can be shareholder‑unfriendly in takeover contexts .
- Governance protections: Robust clawback and hedging/pledging prohibitions reduce misalignment risk; say‑on‑pay support (99%) indicates current shareholder acceptance of compensation design .
- Retention covenants: Extended non‑compete (12 months) and non‑solicit (18 months) with CHF 100k penalties help mitigate departure/transition risks if CFO exits .