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Mineralys Therapeutics, Inc.
(NASDAQ:MLYS) 

MLYS stock logo

Mineralys Therapeutics, Inc., a clinical-stage biopharmaceutical company that develops therapies for the treatment of hypertension and associated cardiovascular diseases. It clinical-stage product candidate is lorundrostat, a proprietary, orally administered, highly selective aldosterone synthase in...

Founded: 2019
IPO Price: $16 (Feb 10, 2023)
CEO: Jon Congleton  
Sector: Healthcare
Industry: Biotechnology
Healthcare
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• Market Cap:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 
                 
      operating expenses:
    		             
      research and development
    		24,402,000 31,450,000 38,278,000 37,879,000 44,569,000 53,985,000 39,273,000 30,754,000 23,685,000 22,499,000 11,884,000 12,293,000  
      general and administrative
    		13,878,000 9,681,000 8,468,000 6,568,000 7,198,000 6,121,000 5,895,000 4,608,000 4,026,000 3,774,000 3,851,000 2,645,000  
      total operating expenses
    		38,280,000 41,131,000 46,746,000 44,447,000 51,767,000 60,106,000 45,168,000 35,362,000 27,711,000 26,273,000 15,735,000 14,938,000  
      income from operations
    		-38,280,000 -41,131,000 -46,746,000 -44,447,000 -51,767,000 -60,106,000 -45,168,000 -35,362,000 -27,711,000 -26,273,000 -15,735,000 -14,938,000  
      yoy
    		-26.05% -31.57% 3.49% 25.69% 86.81% 128.77% 187.05% 136.73%      
      qoq
    		-6.93% -12.01% 5.17% -14.14% -13.87% 33.07% 27.73% 27.61% 5.47% 66.97% 5.34%   
      interest income
    		6,045,000 4,195,000 3,474,000 2,239,000 2,809,000 3,774,000 4,152,000 3,853,000 3,321,000 3,513,000 3,593,000 2,329,000  
      other income
    		-250 4,000 -2,000 -3,000 12,000 -10,000 2,000 1,000 1,000  1,000 1,000  
      total other income
    		6,046,000 4,199,000 3,472,000 2,236,000 2,821,000 3,764,000 4,154,000 3,854,000 3,322,000 3,513,000 3,594,000 2,330,000  
      net income
    		-32,234,000 -36,932,000 -43,274,000 -42,211,000 -48,946,000 -56,342,000 -41,014,000 -31,508,000 -24,389,000 -22,760,000 -12,141,000 -12,608,000  
      yoy
    		-34.14% -34.45% 5.51% 33.97% 100.69% 147.55% 237.81% 149.90%      
      qoq
    		-12.72% -14.66% 2.52% -13.76% -13.13% 37.37% 30.17% 29.19% 7.16% 87.46% -3.70%   
      net income per share
    		-0.35 -0.52 -0.66 -0.79 -0.98 -1.13 -0.83 -0.7 -0.63 -0.57 -0.31 -0.51  
      weighted-average shares used for eps calculation
    		67,656,355 70,594,504 65,451,297 53,163,551 48,539,795 49,815,186 49,356,287 44,900,755 36,188,254 39,930,748 39,754,981 24,764,469  
                 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 
                   
        assets
      		             
        current assets:
      		             
        cash and cash equivalents
      		172,921,000 217,597,000 101,788,000 165,007,000 114,091,000 97,274,000 67,856,000 90,418,000 49,304,000 86,300,000 101,140,000 138,246,000 87,701,000 
        investments
      		483,714,000 376,031,000 223,128,000 178,019,000 84,096,000 166,329,000 243,259,000 248,147,000 187,263,000 167,461,000 159,957,000 132,393,000  
        prepaid and other current assets
      		4,751,000 6,168,000 10,353,000 11,480,000 7,164,000 4,129,000 6,886,000 8,254,000 12,536,000 11,614,000 8,391,000 4,635,000 2,701,000 
        total current assets
      		661,386,000 599,796,000 335,269,000 354,506,000 205,351,000 267,732,000 318,001,000 346,819,000 249,103,000 265,375,000 269,488,000 275,274,000 112,811,000 
        property and equipment
      		38,000 7,000 22,000 38,000 53,000 69,000 42,000 51,000      
        other assets
      		382,000 144,000 433,000 397,000 499,000 452,000 449,000 379,000 51,000 51,000 51,000 39,000 1,631,000 
        total assets
      		661,806,000 599,947,000 335,724,000 354,941,000 205,903,000 268,253,000 318,492,000 347,249,000 251,636,000 277,555,000 291,217,000 306,435,000 114,442,000 
        liabilities and stockholders’ equity
      		             
        current liabilities:
      		             
        accounts payable
      		2,017,000 1,121,000 3,164,000 373,000 479,000 3,106,000 1,707,000 4,261,000 601,000 5,573,000 2,196,000 2,387,000 1,907,000 
        accrued liabilities
      		13,096,000 22,399,000 19,009,000 13,013,000 14,167,000 28,215,000 26,690,000 14,943,000 9,881,000 7,970,000 4,011,000 8,173,000 6,160,000 
        total current liabilities
      		15,113,000 23,520,000 22,173,000 13,386,000 14,646,000 31,321,000 28,397,000 19,204,000 10,482,000 13,543,000 6,207,000 10,560,000 8,067,000 
        commitments and contingencies
      		             
        stockholders’ equity:
      		             
        common stock, 0.0001 par value...
      		8,000 8,000 6,000 6,000 5,000 5,000 5,000 5,000 4,000 4,000 4,000 4,000 1,000 
        additional paid-in capital
      		1,103,854,000 1,001,354,000 701,548,000 686,278,000 493,770,000 490,499,000 487,320,000 484,256,000 365,858,000 364,327,000 362,565,000 361,289,000 540,000 
        accumulated deficit
      		-457,169,000 -424,935,000 -388,003,000 -344,729,000 -302,518,000 -253,572,000 -197,230,000 -156,216,000 -124,708,000 -100,319,000 -77,559,000 -65,418,000 -52,810,000 
        total stockholders’ equity
      		646,693,000 576,427,000 313,551,000 341,555,000 191,257,000 236,932,000 290,095,000 328,045,000 241,154,000 264,012,000 285,010,000 295,875,000  
        total liabilities and stockholders’ equity
      		661,806,000 599,947,000 335,724,000 354,941,000 205,903,000 268,253,000 318,492,000 347,249,000      
        investments, noncurrent
      		        2,482,000 12,129,000 21,678,000 31,122,000  
        liabilities, convertible preferred stock, and stockholders’ equity
      		             
        series a convertible preferred stock, 0.0001 par value...
      		            40,987,000 
        series b convertible preferred stock, 0.0001 par value...
      		            117,657,000 
        stockholders’ equity
      		             
        total liabilities, convertible preferred stock, and stockholders’ equity
      		        251,636,000 277,555,000 291,217,000 306,435,000  
        marketable securities
      		            22,409,000 
        liabilities, convertible preferred stock, and stockholders’ deficit
      		             
        stockholders’ deficit:
      		             
        total stockholders’ deficit
      		            -52,269,000 
        total liabilities, convertible preferred stock, and stockholders’ deficit
      		            114,442,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 
                   
          cash flows from operating activities:
        		           
          net income
        		-36,932,000 -43,274,000 -42,211,000 -48,946,000 -56,342,000 -41,014,000 -31,508,000 -24,389,000 -22,760,000 -12,141,000 -12,608,000 
          adjustments to reconcile net income to net cash from operating activities:
        		           
          accretion of discount on held-to-maturity securities
        		-2,396,000 -2,229,000 -1,046,000 -1,337,000 -2,712,000 -2,847,000 -2,509,000 -2,066,000 -1,962,000 -1,982,000 -855,000 
          stock-based compensation
        		5,841,000 4,553,000 3,645,000 3,134,000 3,139,000 2,872,000 2,191,000 1,457,000 1,578,000 1,276,000 749,000 
          depreciation and amortization
        		15,000 16,000 15,000 15,000 11,000 9,000 8,000     
          changes in operating assets and liabilities:
        		           
          accrued interest receivable
        		10,000 -47,000 52,000 98,000 23,000 184,000 119,000 300,000 -219,000 -166,000 -270,000 
          prepaid, other current assets, and other assets
        		3,560,000 1,738,000 -4,396,000         
          accounts payable and accrued liabilities
        		1,030,000 9,074,000 -1,546,000 -16,674,000 2,964,000 9,472,000 8,401,000 -3,061,000 7,336,000 -3,772,000 1,912,000 
          net cash from operating activities
        		-28,872,000 -30,169,000 -45,487,000 -66,843,000 -50,186,000 -30,146,000 -19,139,000 -28,981,000 -19,031,000 -20,386,000 -12,775,000 
          capital expenditures
        		0 0  0 -37,000 0 -59,000 0 0 0 0 
          free cash flows
        		-28,872,000 -30,169,000  -66,843,000 -50,223,000 -30,146,000 -19,198,000 -28,981,000 -19,031,000 -20,386,000 -12,775,000 
          cash flows from investing activities:
        		           
          purchases of marketable securities
        		-300,507,000 -117,881,000 -127,876,000         
          maturities of marketable securities
        		150,000,000 75,000,000 35,000,000         
          purchases of property and equipment
        		   0 -37,000 0 -59,000     
          net cash from investing activities
        		-150,507,000 -42,881,000 -92,876,000 83,570,000 79,605,000 7,736,000 -55,952,000 -8,089,000 4,007,000 -16,139,000 -140,251,000 
          cash flows from financing activities:
        		           
          proceeds from issuance of common stock in september 2025 public offering, net of offering costs
        		           
          proceeds from issuance of common stock in march 2025 public offering, net of offering costs
        		           
          proceeds from issuance of common stock pursuant to atm agreement, net of issuance costs
        		18,393,000           
          proceeds from stock option exercises
        		6,624,000 1,079,000 123,000 54,000 40,000 54,000 149,000 10,000    
          proceeds from issuance of common stock for cash under employee stock purchase plan
        		0           
          payment of shelf offering costs
        		-29,000 -47,000 -10,000         
          proceeds from issuance of common stock and pre-funded warrants in a private placement offering, net of offering costs
        		           
          net cash from financing activities
        		295,188,000 9,831,000 189,279,000 90,000 -1,000 -152,000 116,205,000 74,000 184,000 -581,000 203,571,000 
          net increase in cash and cash equivalents
        		115,809,000 -63,219,000 50,916,000 16,817,000 29,418,000 -22,562,000 41,114,000 -36,996,000 -14,840,000   
          cash and cash equivalents - beginning
        		0 0 114,091,000 0        
          cash and cash equivalents - ending
        		115,809,000 -63,219,000 165,007,000 16,817,000 29,418,000 -22,562,000 90,418,000 -36,996,000 -14,840,000   
          supplement disclosure of non-cash financing activities:
        		           
          offering costs included in accounts payable and accrued liabilities
        		304,000     -279,000 321,000     
          proceeds from issuance of common stock in public offering, net of offering costs
        		 -286,000 189,166,000         
          funds receivable from the sale of common stock pursuant to atm agreement, net of issuance costs
        		           
          public offering and shelf offering costs included in accounts payable and accrued liabilities
        		  289,000         
          prepaid and other current assets
        		   -3,133,000 2,731,000 1,178,000 4,159,000 -1,222,000 -3,004,000 -3,601,000 -1,703,000 
          purchase of marketable securities
        		   -63,930,000 -58,858,000 -127,264,000 -123,393,000 -73,089,000 -55,993,000 -56,139,000 -162,751,000 
          maturity of marketable securities
        		   147,500,000 138,500,000 135,000,000 67,500,000 65,000,000 60,000,000 40,000,000 22,500,000 
          proceeds from issuance of common stock and pre-funded warrants in a private placement offering, net of paid offering costs
        		   0 0 -60,000 116,119,000     
          proceeds from the issuance of common stock for cash under employee stock purchase plan
        		   83,000 0       
          offering costs paid
        		   -47,000 -41,000 -284,000 -63,000     
          proceeds from issuance of common stock in initial public offering, net of offering costs
        		           
          conversion of convertible preferred stock to common stock upon closing of initial public offering
        		       0 0 0 159,180,000 
          cash, cash equivalents, and restricted cash - beginning
        		     0 49,304,000 0 0 0 87,701,000 
          issuance of common stock in initial public offering, net of offering costs
        		       0 0 -581,000 203,571,000 
          proceeds from the issuance of series a convertible preferred stock, net of offering costs
        		           
          proceeds from the issuance of series b convertible preferred stock, net of offering costs
        		           
          deferred offering costs included in accounts payable and accrued liabilities
        		          581,000 
          net increase in cash, cash equivalents, and restricted cash
        		          50,545,000 
          cash, cash equivalents, and restricted cash - ending
        		          138,246,000 
          change in fair value of convertible notes
        		           
          non-cash interest expense
        		           
          deferred offering costs
        		           
          conversion of convertible notes and accrued interest to series a convertible preferred stock