MoonLake Immunotherapeutics, a Swiss biotech, was buried Monday under an avalanche of its own data spin.

It’s been awhile since I encountered a management team that speaks so arrogantly about the supposed supremacy of its own drug, but then fails to back up the talk with real data. MoonLake claimed its experimental antibody called sonelokimab delivered “landmark” results in a mid-stage study of psoriatic arthritis.

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Landmark? That’s a strange way of describing the results of a clinical trial that showed sonelokimab topping a placebo — an easy hurdle — but failing to separate from an active treatment comparator, the generic drug adalimumab (known better as Humira).

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