Mineralys Therapeutics (MLYS)
Market Price (6/24/2026): $25.6 | Market Cap: $2.1 BilSector: Health Care | Industry: Biotechnology
Mineralys Therapeutics (MLYS)
Market Price (6/24/2026): $25.6Market Cap: $2.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, and Cardiorenal Therapeutics. | Weak multi-year price returns3Y Excs Rtn is -2.0% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -171 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% High stock price volatilityVol 12M is 106% Key risksMLYS key risks include [1] its complete dependence on the clinical and regulatory success of its sole drug candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, and Cardiorenal Therapeutics. |
| Weak multi-year price returns3Y Excs Rtn is -2.0% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -171 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11% |
| High stock price volatilityVol 12M is 106% |
| Key risksMLYS key risks include [1] its complete dependence on the clinical and regulatory success of its sole drug candidate, Show more. |
Qualitative Assessment
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Updated on 6/9/2026
Mineralys Therapeutics (MLYS) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Dilutive Equity Offering to Fund Royalty Repurchase.
Mineralys Therapeutics announced the pricing of an underwritten public offering on June 3, 2026, for 5,660,378 shares of its common stock at a price of $26.50 per share, generating approximately $150 million in gross proceeds. This offering was intended to fund a portion of the $200 million upfront payment for the repurchase of a royalty obligation under a license agreement with Tanabe Pharma Corporation. The significant increase in outstanding shares through this offering likely led to dilution and downward pressure on the stock price.
2. Increased Operating Expenses Ahead of Commercialization.
In fiscal Q1 2026 (ended March 31, 2026), Mineralys Therapeutics reported a substantial increase in general and administrative (G&A) expenses, which rose to $21.0 million compared to $6.6 million in fiscal Q1 2025. This increase was primarily driven by $7.9 million in higher professional fees and $6.1 million in increased personnel-related expenses as the company scaled up its pre-commercial activities for lorundrostat. This considerable rise in G&A expenses may have raised investor concerns about the company's near-term profitability and cash burn rate as it approaches potential commercialization.
Show more
Mineralys Therapeutics (MLYS) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Dilutive Equity Offering to Fund Royalty Repurchase.
Mineralys Therapeutics announced the pricing of an underwritten public offering on June 3, 2026, for 5,660,378 shares of its common stock at a price of $26.50 per share, generating approximately $150 million in gross proceeds. This offering was intended to fund a portion of the $200 million upfront payment for the repurchase of a royalty obligation under a license agreement with Tanabe Pharma Corporation. The significant increase in outstanding shares through this offering likely led to dilution and downward pressure on the stock price.
2. Increased Operating Expenses Ahead of Commercialization.
In fiscal Q1 2026 (ended March 31, 2026), Mineralys Therapeutics reported a substantial increase in general and administrative (G&A) expenses, which rose to $21.0 million compared to $6.6 million in fiscal Q1 2025. This increase was primarily driven by $7.9 million in higher professional fees and $6.1 million in increased personnel-related expenses as the company scaled up its pre-commercial activities for lorundrostat. This considerable rise in G&A expenses may have raised investor concerns about the company's near-term profitability and cash burn rate as it approaches potential commercialization.
Show more
Updated on 6/9/2026
Mineralys Therapeutics (MLYS) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Dilutive Equity Offering to Fund Royalty Repurchase.
Mineralys Therapeutics announced the pricing of an underwritten public offering on June 3, 2026, for 5,660,378 shares of its common stock at a price of $26.50 per share, generating approximately $150 million in gross proceeds. This offering was intended to fund a portion of the $200 million upfront payment for the repurchase of a royalty obligation under a license agreement with Tanabe Pharma Corporation. The significant increase in outstanding shares through this offering likely led to dilution and downward pressure on the stock price.
2. Increased Operating Expenses Ahead of Commercialization.
In fiscal Q1 2026 (ended March 31, 2026), Mineralys Therapeutics reported a substantial increase in general and administrative (G&A) expenses, which rose to $21.0 million compared to $6.6 million in fiscal Q1 2025. This increase was primarily driven by $7.9 million in higher professional fees and $6.1 million in increased personnel-related expenses as the company scaled up its pre-commercial activities for lorundrostat. This considerable rise in G&A expenses may have raised investor concerns about the company's near-term profitability and cash burn rate as it approaches potential commercialization.
3. Market's Nuanced Reaction to Regulatory Milestones.
Despite the positive news on May 6, 2026, that the U.S. Food and Drug Administration (FDA) accepted the New Drug Application (NDA) for lorundrostat and assigned a Prescription Drug User Fee Act (PDUFA) target date of December 22, 2026, the stock did not experience a sustained positive boost and continued its overall downward trend. This indicates that while the regulatory progress is favorable, the market might have already priced in the NDA acceptance or focused more on the remaining period of commercialization preparation, associated costs, and market entry risks.
4. Revised Analyst Outlooks and Valuation Concerns.
While several analysts maintain a "Moderate Buy" consensus rating with high price targets (e.g., an average of $49.33, indicating over 100% upside from June 9, 2026, prices), some forecasts for 2026 suggest a significantly lower average predicted value of $6.7348, with a potential trough of $1.1011, representing a substantial decline from the then-current price of $29.85. Such divergent and some considerably lower analyst price targets and future outlooks likely contributed to investor uncertainty and downward pressure on the stock during the period.
Show less
Mineralys Therapeutics (MLYS) stock has lost about 10% since 2/28/2026 because of the following key factors:
1. Dilutive Equity Offering to Fund Royalty Repurchase.
Mineralys Therapeutics announced the pricing of an underwritten public offering on June 3, 2026, for 5,660,378 shares of its common stock at a price of $26.50 per share, generating approximately $150 million in gross proceeds. This offering was intended to fund a portion of the $200 million upfront payment for the repurchase of a royalty obligation under a license agreement with Tanabe Pharma Corporation. The significant increase in outstanding shares through this offering likely led to dilution and downward pressure on the stock price.
2. Increased Operating Expenses Ahead of Commercialization.
In fiscal Q1 2026 (ended March 31, 2026), Mineralys Therapeutics reported a substantial increase in general and administrative (G&A) expenses, which rose to $21.0 million compared to $6.6 million in fiscal Q1 2025. This increase was primarily driven by $7.9 million in higher professional fees and $6.1 million in increased personnel-related expenses as the company scaled up its pre-commercial activities for lorundrostat. This considerable rise in G&A expenses may have raised investor concerns about the company's near-term profitability and cash burn rate as it approaches potential commercialization.
3. Market's Nuanced Reaction to Regulatory Milestones.
Despite the positive news on May 6, 2026, that the U.S. Food and Drug Administration (FDA) accepted the New Drug Application (NDA) for lorundrostat and assigned a Prescription Drug User Fee Act (PDUFA) target date of December 22, 2026, the stock did not experience a sustained positive boost and continued its overall downward trend. This indicates that while the regulatory progress is favorable, the market might have already priced in the NDA acceptance or focused more on the remaining period of commercialization preparation, associated costs, and market entry risks.
4. Revised Analyst Outlooks and Valuation Concerns.
While several analysts maintain a "Moderate Buy" consensus rating with high price targets (e.g., an average of $49.33, indicating over 100% upside from June 9, 2026, prices), some forecasts for 2026 suggest a significantly lower average predicted value of $6.7348, with a potential trough of $1.1011, representing a substantial decline from the then-current price of $29.85. Such divergent and some considerably lower analyst price targets and future outlooks likely contributed to investor uncertainty and downward pressure on the stock during the period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -12.5% change in MLYS stock from 2/28/2026 to 6/23/2026 was primarily driven by a -14.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.26 | 25.61 | -12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 71 | 83 | -14.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 6/23/2026| Return | Correlation | |
|---|---|---|
| MLYS | -12.5% | |
| Market (SPY) | 7.2% | 35.7% |
| Sector (XLV) | -4.6% | 21.2% |
Fundamental Drivers
The -40.6% change in MLYS stock from 11/30/2025 to 6/23/2026 was primarily driven by a -14.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.12 | 25.61 | -40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 71 | 83 | -14.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
11/30/2025 to 6/23/2026| Return | Correlation | |
|---|---|---|
| MLYS | -40.6% | |
| Market (SPY) | 8.0% | 33.0% |
| Sector (XLV) | -2.7% | 17.6% |
Fundamental Drivers
The 64.4% change in MLYS stock from 5/31/2025 to 6/23/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.58 | 25.61 | 64.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 53 | 83 | -35.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2025 to 6/23/2026| Return | Correlation | |
|---|---|---|
| MLYS | 64.4% | |
| Market (SPY) | 25.9% | 9.8% |
| Sector (XLV) | 16.8% | 9.6% |
Fundamental Drivers
The 76.1% change in MLYS stock from 5/31/2023 to 6/23/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6232026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.54 | 25.61 | 76.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 5 | 83 | -93.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2023 to 6/23/2026| Return | Correlation | |
|---|---|---|
| MLYS | 76.1% | |
| Market (SPY) | 82.4% | 16.8% |
| Sector (XLV) | 25.1% | 15.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLYS Return | - | - | -53% | 43% | 195% | -30% | 38% |
| Peers Return | 7% | 22% | 12% | 110% | 47% | -0% | 350% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| MLYS Win Rate | - | - | 27% | 50% | 58% | 17% | |
| Peers Win Rate | 42% | 50% | 53% | 37% | 55% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MLYS Max Drawdown | - | - | - | -43% | -33% | -38% | |
| Peers Max Drawdown | -46% | -43% | -40% | -40% | -38% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ALNY, IONS, CYTK, VTRS, SMMT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/23/2026 (YTD)
How Low Can It Go
| Event | MLYS | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -30.3% | -7.8% |
| % Gain to Breakeven | 43.5% | 8.5% |
| Time to Breakeven | 51 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -59.6% | -9.5% |
| % Gain to Breakeven | 147.8% | 10.5% |
| Time to Breakeven | 85 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.6% | -6.7% |
| % Gain to Breakeven | 44.2% | 7.1% |
| Time to Breakeven | 860 days | 31 days |
In The Past
Mineralys Therapeutics's stock fell -6.0% during the 2025 US Tariff Shock. Such a loss loss requires a 6.4% gain to breakeven.
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Asset Allocation
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| Event | MLYS | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -30.3% | -7.8% |
| % Gain to Breakeven | 43.5% | 8.5% |
| Time to Breakeven | 51 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -59.6% | -9.5% |
| % Gain to Breakeven | 147.8% | 10.5% |
| Time to Breakeven | 85 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.6% | -6.7% |
| % Gain to Breakeven | 44.2% | 7.1% |
| Time to Breakeven | 860 days | 31 days |
In The Past
Mineralys Therapeutics's stock fell -6.0% during the 2025 US Tariff Shock. Such a loss loss requires a 6.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Mineralys Therapeutics (MLYS)
Mineralys Therapeutics (MLYS) is a clinical-stage biopharmaceutical company dedicated to developing innovative medicines that target diseases driven by abnormally elevated aldosterone levels. Its primary product candidate is lorundrostat, a proprietary, orally administered, and highly selective aldosterone synthase inhibitor (ASI). This drug is designed to specifically reduce aldosterone production, addressing a key underlying factor in certain forms of hypertension, while aiming to avoid the significant off-target side effects that have hindered previous drug candidates in this class.
The company is initially focused on developing lorundrostat for patients with uncontrolled hypertension (uHTN) and resistant hypertension (rHTN). These are individuals who are unable to achieve target blood pressure levels despite taking multiple antihypertensive medications, representing a substantial unmet medical need. In the United States alone, over 30 million treated patients do not reach their blood pressure goals, with approximately 10.3 million suffering from resistant hypertension. These patient populations face significantly increased risks of cardiovascular disease, stroke, and kidney disease.
Mineralys Therapeutics aims to capitalize on the critical need for new antihypertensive therapies, particularly given the lack of novel FDA-approved classes in the last fifteen years. By leveraging lorundrostat's high selectivity, the company seeks to overcome the historical challenges in developing effective ASIs. Beyond hypertension, Mineralys plans to expand lorundrostat's potential applications to include chronic kidney disease (CKD), positioning it as a versatile solution for a range of cardiorenal disorders.
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Here are 1-3 brief analogies for Mineralys Therapeutics (MLYS):
- The **Novo Nordisk** for uncontrolled hypertension, bringing a new class of drug to a massive market where existing treatments fall short.
- The **Vertex Pharmaceuticals** for resistant hypertension, developing a breakthrough treatment for a widespread, difficult-to-manage condition.
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- lorundrostat: An orally administered, highly selective aldosterone synthase inhibitor (ASI) initially being developed for the treatment of uncontrolled and resistant hypertension, with potential future development for chronic kidney disease.
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Mineralys Therapeutics (MLYS) is a clinical-stage biopharmaceutical company. This means that their primary product candidate, lorundrostat, is still in development and has not yet received regulatory approval (e.g., from the FDA) for commercial sale.
As such, Mineralys Therapeutics does not currently have major customers, as they are not generating revenue from the sale of their drug. Their activities are focused on clinical trials and research and development for future commercialization.
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Jon Congleton, President & Chief Executive Officer
Mr. Congleton was appointed CEO in November 2020. He brings over 30 years of experience in biopharmaceutical company leadership, including pipeline development, commercial strategy, and general management. His prior leadership roles include serving as CEO of Impel NeuroPharma (2017–2020) and Nivalis Therapeutics (2015–2017). At Nivalis Therapeutics, he successfully executed the company's initial public offerings. He also spent 18 years in senior commercial roles at Teva Pharmaceutical Industries, where he was part of the original team responsible for launching Copaxone. Mr. Congleton is also an Operating Partner with Catalys Pacific, a firm that founded Mineralys Therapeutics and participated in its Series A funding.
Adam Levy, Chief Financial Officer and Chief Business Officer
Mr. Levy was appointed CFO and CBO in March 2022. He has over two decades of operational and transactional expertise in biotech and investment banking. Before joining Mineralys, he was the CFO at Sanifit Therapeutics until its acquisition by Vifor Pharma in 2022. His previous experience includes serving as CBO at Brickell Biotech Inc., where he managed the financial operations transition for its Nasdaq listing, and as CBO at miRagen Therapeutics, Inc., where he led business development transactions and capital raises, including a Nasdaq listing. Earlier in his career, Mr. Levy held various investment banking positions at firms such as Merrill Lynch, Pierce, Fenner & Smith, Jefferies Group, and Wedbush Securities, where he completed over $30 billion in financings and M&A transactions.
Dr. David Rodman, Chief Medical Officer
Dr. Rodman joined Mineralys Therapeutics as Chief Medical Officer. He possesses extensive experience as an industry and academic leader, with more than 15 years in leadership roles within the pharmaceutical and biotechnology industries, preceded by 15 years of academic medical experience.
Eric Warren, Chief Commercial Officer
Mr. Warren serves as the Chief Commercial Officer for Mineralys Therapeutics.
Dr. Brian Taylor Slingsby, Founder and Executive Director
Dr. Slingsby is a Founder and Executive Director of Mineralys Therapeutics. He is also a Managing Partner at Catalys Pacific, the founding investment firm behind Mineralys Therapeutics.
Mr. Congleton was appointed CEO in November 2020. He brings over 30 years of experience in biopharmaceutical company leadership, including pipeline development, commercial strategy, and general management. His prior leadership roles include serving as CEO of Impel NeuroPharma (2017–2020) and Nivalis Therapeutics (2015–2017). At Nivalis Therapeutics, he successfully executed the company's initial public offerings. He also spent 18 years in senior commercial roles at Teva Pharmaceutical Industries, where he was part of the original team responsible for launching Copaxone. Mr. Congleton is also an Operating Partner with Catalys Pacific, a firm that founded Mineralys Therapeutics and participated in its Series A funding.
Adam Levy, Chief Financial Officer and Chief Business Officer
Mr. Levy was appointed CFO and CBO in March 2022. He has over two decades of operational and transactional expertise in biotech and investment banking. Before joining Mineralys, he was the CFO at Sanifit Therapeutics until its acquisition by Vifor Pharma in 2022. His previous experience includes serving as CBO at Brickell Biotech Inc., where he managed the financial operations transition for its Nasdaq listing, and as CBO at miRagen Therapeutics, Inc., where he led business development transactions and capital raises, including a Nasdaq listing. Earlier in his career, Mr. Levy held various investment banking positions at firms such as Merrill Lynch, Pierce, Fenner & Smith, Jefferies Group, and Wedbush Securities, where he completed over $30 billion in financings and M&A transactions.
Dr. David Rodman, Chief Medical Officer
Dr. Rodman joined Mineralys Therapeutics as Chief Medical Officer. He possesses extensive experience as an industry and academic leader, with more than 15 years in leadership roles within the pharmaceutical and biotechnology industries, preceded by 15 years of academic medical experience.
Eric Warren, Chief Commercial Officer
Mr. Warren serves as the Chief Commercial Officer for Mineralys Therapeutics.
Dr. Brian Taylor Slingsby, Founder and Executive Director
Dr. Slingsby is a Founder and Executive Director of Mineralys Therapeutics. He is also a Managing Partner at Catalys Pacific, the founding investment firm behind Mineralys Therapeutics.
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- Challenges in Aldosterone Synthase Inhibitor (ASI) Development: A key risk for Mineralys Therapeutics stems from the historical difficulties encountered by numerous other large pharmaceutical companies in developing effective aldosterone synthase inhibitors. The company's background explicitly notes that prior efforts have been hampered by insufficient selectivity for aldosterone, leading to off-target toxicities associated with cortisol inhibition, and issues related to aldosterone’s role in regulating potassium. These challenges have resulted in the discontinuation of many ASIs in development, underscoring the inherent scientific hurdles that Mineralys's product candidate, lorundrostat, must successfully overcome to achieve regulatory approval and commercial success.
- Clinical Development and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Mineralys Therapeutics's success is entirely dependent on the successful advancement, regulatory approval, and eventual commercialization of its sole product candidate, lorundrostat. While lorundrostat has demonstrated promising results in a Phase 2 clinical trial, there is no guarantee of success in ongoing or future clinical trials, nor is there assurance that it will receive necessary approvals from regulatory bodies such as the U.S. Food and Drug Administration (FDA). The failure of lorundrostat at any stage of development, or delays in its approval process, would significantly jeopardize the company's business prospects.
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Mineralys Therapeutics' main product, lorundrostat, targets several significant addressable markets.
For **uncontrolled and resistant hypertension**, the company identifies a combined addressable market of approximately 20 million patients in the United States. This population includes individuals who are unable to achieve blood pressure goals despite taking multiple antihypertensive medications.
For **chronic kidney disease (CKD)**, which Mineralys Therapeutics intends to develop lorundrostat for, the market size was approximately $4.8 billion in 2024 across the 7 major markets (7MM), including the U.S., and is projected to grow. In 2024, there were about 82 million prevalent cases of CKD across these 7 major markets.
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Mineralys Therapeutics (MLYS) is expected to have several key drivers for future revenue growth over the next 2-3 years, primarily centered around its lead product candidate, lorundrostat:
* U.S. Commercial Launch of Lorundrostat for Hypertension: The primary driver of future revenue growth is the anticipated U.S. commercial launch of lorundrostat for the treatment of adult hypertension. The U.S. Food and Drug Administration (FDA) accepted the New Drug Application (NDA) for lorundrostat and set a Prescription Drug User Fee Act (PDUFA) target action date of December 22, 2026. This follows the successful completion of five positive clinical trials, including pivotal Phase 3 studies (Advance-HTN and Launch-HTN), which consistently demonstrated clinically meaningful reductions in blood pressure and a favorable safety profile for patients with uncontrolled or resistant hypertension. The company is actively preparing for this launch by engaging in market access planning, payer engagement, and building out its commercial and medical affairs infrastructure to ensure rapid uptake post-approval. There is a significant market opportunity, with over 20 million patients in the U.S. suffering from uncontrolled and resistant hypertension.
* Expansion of Lorundrostat into Chronic Kidney Disease (CKD): Mineralys Therapeutics intends to develop lorundrostat for the treatment of chronic kidney disease (CKD), presenting a significant opportunity for market expansion beyond hypertension. Positive Phase 2 results from the Explore-CKD trial, which showed a reduction in Urine Albumin-to-Creatinine Ratio (UACR), support the potential of lorundrostat in this indication. Successful clinical development and subsequent regulatory approval for CKD would significantly broaden lorundrostat's patient base and revenue potential.
* Strategic Partnerships for Ex-U.S. Commercialization: The company is evaluating opportunities for ex-U.S. regulatory submissions and potential launches of lorundrostat through strategic partnerships. Such collaborations could generate revenue through upfront payments, milestone achievements, and royalties from sales in international markets, contributing to the company's financial growth within the next 2-3 years.
* Strong Market Penetration and Adoption in Hypertension: Beyond the initial launch, the effective commercial execution, including market access strategies and payer engagement, will drive the rate of adoption and market penetration of lorundrostat. Mineralys aims to position lorundrostat as a potentially "best-in-class" therapy for resistant hypertension, leveraging its comprehensive data set and differentiated safety profile to capture a significant share of the market. Successful differentiation and sustained uptake among the large population of patients with uncontrolled and resistant hypertension will be crucial for ongoing revenue growth.
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Share Issuance
- Mineralys Therapeutics has raised a total of $158 million across three funding rounds, including a Series A in April 2021, a Series B in June 2022, and a Post IPO round in February 2024.
- In February 2024, the company secured $116.1 million through a private placement offering.
- A public offering in March 2025 priced 12,962,962 shares of common stock at $13.50 per share, anticipating gross proceeds of approximately $175.0 million. Another public offering in September 2025 raised $287.5 million.
Inbound Investments
- The company has attracted institutional investors such as HBM Healthcare Investments and Catalys Pacific, who invested in its Series A round in April 2021.
- RTW Investments participated in the Series B funding round in June 2022.
- Overall, Mineralys Therapeutics has raised a total of $158 million across its funding rounds.
Capital Expenditures
- Capital expenditures for Mineralys Therapeutics have been minimal, with $0.0 million reported from 2020 to 2023 and -$0.1 million in 2024.
- The company's financial activities are heavily focused on research and development (R&D), with expenses reaching $168.6 million in 2024 and $132.0 million in 2025.
- Proceeds from share issuances are intended to fund the clinical development of lorundrostat, including R&D, manufacturing, and pre-commercialization efforts.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.80 |
| Mkt Cap | 11.8 |
| Rev LTM | 582 |
| Op Inc LTM | -262 |
| FCF LTM | -260 |
| FCF 3Y Avg | -178 |
| CFO LTM | -260 |
| CFO 3Y Avg | -178 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 65.1% |
| Rev Chg 3Y Avg | 41.6% |
| Rev Chg Q | 91.7% |
| QoQ Delta Rev Chg LTM | 13.8% |
| Op Inc Chg LTM | 0.8% |
| Op Inc Chg 3Y Avg | -27.7% |
| Op Mgn LTM | -15.8% |
| Op Mgn 3Y Avg | -24.2% |
| QoQ Delta Op Mgn LTM | 5.6% |
| CFO/Rev LTM | -35.6% |
| CFO/Rev 3Y Avg | -28.9% |
| FCF/Rev LTM | -40.5% |
| FCF/Rev 3Y Avg | -32.9% |
Price Behavior
Price Behavior
| Market Price | $25.61 | |
| Market Cap ($ Bil) | 2.1 | |
| First Trading Date | 02/10/2023 | |
| Distance from 52W High | -45.9% | |
| 50 Days | 200 Days | |
| DMA Price | $27.54 | $33.04 |
| DMA Trend | up | up |
| Distance from DMA | -7.0% | -22.5% |
| 3M | 1YR | |
| Volatility | 73.1% | 106.3% |
| Downside Capture | 187.44 | 61.54 |
| Upside Capture | 151.82 | 119.84 |
| Correlation (SPY) | 37.5% | 10.2% |
MLYS Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.77 | 1.33 | 1.97 | 1.74 | 0.83 | 0.95 |
| Up Beta | 0.36 | -0.59 | 1.99 | 2.48 | 1.98 | 1.25 |
| Down Beta | -1.63 | -0.54 | 0.10 | 0.10 | -0.67 | 0.06 |
| Up Capture | 332% | 209% | 243% | 143% | 175% | 210% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 22 | 30 | 51 | 116 | 356 |
| Down Capture | 261% | 448% | 247% | 213% | 88% | 106% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 19 | 33 | 72 | 131 | 390 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLYS | |
|---|---|---|---|---|
| MLYS | 101.4% | 106.2% | 1.02 | - |
| Sector ETF (XLV) | 16.9% | 15.1% | 0.83 | 9.4% |
| Equity (SPY) | 24.6% | 12.5% | 1.48 | 9.6% |
| Gold (GLD) | 21.8% | 27.6% | 0.70 | 19.3% |
| Commodities (DBC) | 16.7% | 18.8% | 0.69 | 2.5% |
| Real Estate (VNQ) | 12.3% | 13.8% | 0.60 | -4.4% |
| Bitcoin (BTCUSD) | -38.0% | 42.5% | -1.01 | 19.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLYS | |
|---|---|---|---|---|
| MLYS | 8.0% | 83.0% | 0.45 | - |
| Sector ETF (XLV) | 5.8% | 14.8% | 0.21 | 15.3% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 17.2% |
| Gold (GLD) | 16.8% | 18.3% | 0.74 | 13.6% |
| Commodities (DBC) | 7.3% | 19.4% | 0.28 | 4.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 13.1% |
| Bitcoin (BTCUSD) | 9.7% | 54.1% | 0.38 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLYS | |
|---|---|---|---|---|
| MLYS | 3.9% | 83.0% | 0.45 | - |
| Sector ETF (XLV) | 9.8% | 16.6% | 0.48 | 15.3% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 17.2% |
| Gold (GLD) | 11.9% | 16.1% | 0.61 | 13.6% |
| Commodities (DBC) | 5.9% | 18.0% | 0.25 | 4.2% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 13.1% |
| Bitcoin (BTCUSD) | 57.0% | 66.5% | 0.97 | 8.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -2.6% | -10.8% | -21.3% |
| 3/12/2026 | -3.0% | -13.7% | 0.6% |
| 11/10/2025 | 5.9% | -0.5% | -19.0% |
| 8/12/2025 | 0.4% | 7.1% | 175.1% |
| 5/12/2025 | 1.2% | 2.1% | 3.6% |
| 2/12/2025 | 10.0% | -3.5% | 39.8% |
| 11/12/2024 | -10.3% | -23.6% | -13.2% |
| 8/13/2024 | -22.8% | -11.1% | -2.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 3 | 4 |
| # Negative | 9 | 11 | 10 |
| Median Positive | 5.9% | 6.0% | 21.7% |
| Median Negative | -4.6% | -10.8% | -14.4% |
| Max Positive | 10.0% | 7.1% | 175.1% |
| Max Negative | -22.8% | -23.6% | -21.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | -2.6% | -10.8% | -21.3% |
| 3/12/2026 | -3.0% | -13.7% | 0.6% |
| 11/10/2025 | 5.9% | -0.5% | -19.0% |
| 8/12/2025 | 0.4% | 7.1% | 175.1% |
| 5/12/2025 | 1.2% | 2.1% | 3.6% |
| 2/12/2025 | 10.0% | -3.5% | 39.8% |
| 11/12/2024 | -10.3% | -23.6% | -13.2% |
| 8/13/2024 | -22.8% | -11.1% | -2.0% |
| 5/9/2024 | -2.6% | -10.8% | -10.3% |
| 3/21/2024 | -2.2% | -4.6% | -15.7% |
| 11/7/2023 | -6.7% | -18.3% | -21.1% |
| 8/7/2023 | 7.0% | 6.0% | -3.0% |
| 5/15/2023 | -4.6% | -2.1% | -1.5% |
| 3/15/2023 | -5.9% | -12.2% | -19.3% |
| SUMMARY STATS | |||
| # Positive | 5 | 3 | 4 |
| # Negative | 9 | 11 | 10 |
| Median Positive | 5.9% | 6.0% | 21.7% |
| Median Negative | -4.6% | -10.8% | -14.4% |
| Max Positive | 10.0% | 7.1% | 175.1% |
| Max Negative | -22.8% | -23.6% | -21.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 02/10/2023 | 424B4 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/12/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/15/2023 | 10-K |
| 09/30/2022 | 02/10/2023 | 424B4 |
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6172026 | 25.00 | 4,584 | 114,600 | 1,427,375 | Form |
| 2 | Karydas, Daphne | Direct | Sell | 6172026 | 25.00 | 3,000 | 75,000 | 155,000 | Form | |
| 3 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6172026 | 23.81 | 9,890 | 235,487 | 1,359,466 | Form |
| 4 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6122026 | 23.93 | 6,349 | 151,901 | 1,517,886 | Form |
| 5 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6122026 | 25.00 | 2,170 | 54,250 | 1,586,075 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6172026 | 25.00 | 4,584 | 114,600 | 1,427,375 | Form |
| 2 | Karydas, Daphne | Direct | Sell | 6172026 | 25.00 | 3,000 | 75,000 | 155,000 | Form | |
| 3 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6172026 | 23.81 | 9,890 | 235,487 | 1,359,466 | Form |
| 4 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6122026 | 23.93 | 6,349 | 151,901 | 1,517,886 | Form |
| 5 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6122026 | 25.00 | 2,170 | 54,250 | 1,586,075 | Form |
| 6 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5192026 | 27.55 | 417 | 11,488 | 1,747,855 | Form |
| 7 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5132026 | 28.58 | 14,056 | 401,789 | 1,813,512 | Form |
| 8 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5132026 | 29.36 | 6,348 | 186,348 | 2,048,772 | Form |
| 9 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5132026 | 29.71 | 2,171 | 64,500 | 2,073,520 | Form |
| 10 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4212026 | 31.33 | 416 | 13,033 | 2,186,583 | Form |
| 11 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4152026 | 27.66 | 6,348 | 175,586 | 1,930,447 | Form |
| 12 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4152026 | 26.54 | 14,058 | 373,087 | 2,020,687 | Form |
| 13 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 4152026 | 26.83 | 15,730 | 421,979 | 18,492,001 | Form |
| 14 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4132026 | 27.38 | 2,170 | 59,415 | 2,084,713 | Form |
| 15 | Karydas, Daphne | Direct | Sell | 4022026 | 25.00 | 3,000 | 75,000 | 155,000 | Form | |
| 16 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 4022026 | 26.27 | 75,000 | 1,970,522 | 18,524,245 | Form |
| 17 | Ra, Capital Management, LP | See footnotes | Buy | 3312026 | 24.16 | 58,300 | 1,408,528 | 140,744,587 | Form | |
| 18 | Ra, Capital Management, LP | See footnotes | Buy | 3312026 | 23.67 | 310,700 | 7,354,269 | 136,510,121 | Form | |
| 19 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3172026 | 25.65 | 417 | 10,696 | 1,952,991 | Form |
| 20 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3162026 | 26.26 | 14,058 | 369,225 | 1,999,774 | Form |
| 21 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3162026 | 27.37 | 6,348 | 173,748 | 2,257,765 | Form |
| 22 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3092026 | 26.84 | 2,171 | 58,270 | 2,214,005 | Form |
| 23 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2172026 | 27.59 | 417 | 11,505 | 1,216,416 | Form |
| 24 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2132026 | 27.44 | 14,055 | 385,732 | 1,210,000 | Form |
| 25 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2132026 | 28.99 | 6,349 | 184,077 | 1,462,321 | Form |
| 26 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2112026 | 30.21 | 2,171 | 65,586 | 1,523,702 | Form |
| 27 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1202026 | 32.10 | 416 | 13,354 | 1,619,028 | Form |
| 28 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 1132026 | 32.62 | 16,236 | 529,640 | 20,849,943 | Form |
| 29 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 1132026 | 32.14 | 10,758 | 345,723 | 277,594 | Form |
| 30 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1132026 | 32.32 | 6,348 | 205,143 | 1,997,270 | Form |
| 31 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1132026 | 33.27 | 2,170 | 72,196 | 2,056,219 | Form |
| 32 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1062026 | 35.02 | 192,715 | 6,749,109 | 2,164,450 | Form |
| 33 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1062026 | 35.87 | 70,037 | 2,511,919 | 2,481,469 | Form |
| 34 | Slingsby, Brian Taylor | See Footnote | Sell | 11212025 | 43.35 | 1,000,000 | 43,350,000 | 342,631,377 | Form | |
| 35 | Karydas, Daphne | Direct | Sell | 11132025 | 45.99 | 15,000 | Form | |||
| 36 | Gold, Alexander M | Direct | Sell | 11132025 | 46.50 | 12,742 | Form | |||
| 37 | Gold, Alexander M | Direct | Sell | 11132025 | 46.72 | 6,933 | Form | |||
| 38 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 11132025 | 44.88 | 119,524 | 5,363,716 | 870,408 | Form |
| 39 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 11132025 | 45.44 | 200,000 | 9,088,499 | 28,688,074 | Form |
| 40 | Gold, Alexander M | Direct | Sell | 11132025 | 43.98 | 15,000 | Form | |||
| 41 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 10152025 | 43.01 | 10,369 | 445,982 | 3,060,455 | Form |
| 42 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 10152025 | 42.01 | 10,758 | 451,984 | 4,909,933 | Form |
| 43 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 10152025 | 42.67 | 15,100 | 644,327 | 35,472,328 | Form |
| 44 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 9162025 | 36.00 | 11,367 | 409,266 | 2,935,251 | Form |
| 45 | Akkaraju, Srinivas | Samsara Opportunity Fund, L.P. | Buy | 9082025 | 25.50 | 588,235 | 14,999,992 | 14,999,992 | Form | |
| 46 | Ra, Capital Management, LP | See footnotes | Buy | 9082025 | 25.50 | 1,176,470 | 29,999,985 | 139,141,286 | Form | |
| 47 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 8142025 | 12.93 | 11,365 | 146,987 | 1,201,387 | Form |
| 48 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 7302025 | 14.76 | 59,925 | 884,372 | 1,961,837 | Form |
| 49 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 7302025 | 14.00 | 807 | 11,302 | 2,700,952 | Form |
| 50 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 7302025 | 14.04 | 12,946 | 181,803 | 2,719,690 | Form |
| 51 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7152025 | 14.59 | 11,366 | 165,879 | 1,428,884 | Form |
| 52 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 7152025 | 14.51 | 15,884 | 230,431 | 12,278,882 | Form |
| 53 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 7152025 | 14.45 | 10,758 | 155,454 | 2,985,564 | Form |
| 54 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6162025 | 14.60 | 11,366 | 165,931 | 1,483,993 | Form |
Industry Resources
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Core Cache Last Updated: 6/23/2026