Mineralys Therapeutics (MLYS)
Market Price (9/10/2026): $30.99 | Market Cap: $2.6 BilSector: Health Care | Industry: Biotechnology
Mineralys Therapeutics (MLYS)
Market Price (9/10/2026): $30.99Market Cap: $2.6 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 -26% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, and Cardiorenal Therapeutics. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.95, Short 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 -371 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 -18% 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 -26% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, and Cardiorenal Therapeutics. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.95, Short 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 -371 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 -18% |
| 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 9/8/2026
Mineralys Therapeutics (MLYS) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Increased Net Loss in Fiscal Q2 2026 Driven by a Substantial Strategic Payment.
Mineralys Therapeutics reported a significant widening of its net loss for fiscal Q2 2026, which ended on June 30, 2026. The net loss reached $241.1 million, compared to $43.3 million in the prior year's fiscal Q2. This was primarily due to a one-time $200.0 million upfront payment made to Tanabe Pharma in June 2026 to repurchase future royalty obligations for lorundrostat, alongside increased research and development (R&D) and general and administrative (G&A) expenses. The company's reported earnings per share (EPS) of -$2.85 for the quarter significantly missed analysts' consensus estimates of approximately -$0.55. This considerable financial outlay, while strategic, exerted downward pressure on the stock.
2. Robust Financial Positioning and Funding for Future Operations.
Despite the substantial net loss in fiscal Q2 2026, Mineralys Therapeutics strengthened its financial foundation. The company reported $661.4 million in cash, cash equivalents, and investments as of June 30, 2026, a slight increase from $656.6 million at the end of December 2025. This was further bolstered by a June 2026 equity offering that generated approximately $143.6 million in net proceeds, and the initiation of a new senior secured term loan facility of up to $500.0 million, with an initial $100.0 million tranche drawn in June 2026. Management projects this liquidity will fund operations, including the potential commercial launch of lorundrostat, into 2028, providing a strong financial buffer against short-term losses and lending stability to the stock.
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Mineralys Therapeutics (MLYS) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Increased Net Loss in Fiscal Q2 2026 Driven by a Substantial Strategic Payment.
Mineralys Therapeutics reported a significant widening of its net loss for fiscal Q2 2026, which ended on June 30, 2026. The net loss reached $241.1 million, compared to $43.3 million in the prior year's fiscal Q2. This was primarily due to a one-time $200.0 million upfront payment made to Tanabe Pharma in June 2026 to repurchase future royalty obligations for lorundrostat, alongside increased research and development (R&D) and general and administrative (G&A) expenses. The company's reported earnings per share (EPS) of -$2.85 for the quarter significantly missed analysts' consensus estimates of approximately -$0.55. This considerable financial outlay, while strategic, exerted downward pressure on the stock.
2. Robust Financial Positioning and Funding for Future Operations.
Despite the substantial net loss in fiscal Q2 2026, Mineralys Therapeutics strengthened its financial foundation. The company reported $661.4 million in cash, cash equivalents, and investments as of June 30, 2026, a slight increase from $656.6 million at the end of December 2025. This was further bolstered by a June 2026 equity offering that generated approximately $143.6 million in net proceeds, and the initiation of a new senior secured term loan facility of up to $500.0 million, with an initial $100.0 million tranche drawn in June 2026. Management projects this liquidity will fund operations, including the potential commercial launch of lorundrostat, into 2028, providing a strong financial buffer against short-term losses and lending stability to the stock.
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Updated on 9/8/2026
Mineralys Therapeutics (MLYS) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Increased Net Loss in Fiscal Q2 2026 Driven by a Substantial Strategic Payment.
Mineralys Therapeutics reported a significant widening of its net loss for fiscal Q2 2026, which ended on June 30, 2026. The net loss reached $241.1 million, compared to $43.3 million in the prior year's fiscal Q2. This was primarily due to a one-time $200.0 million upfront payment made to Tanabe Pharma in June 2026 to repurchase future royalty obligations for lorundrostat, alongside increased research and development (R&D) and general and administrative (G&A) expenses. The company's reported earnings per share (EPS) of -$2.85 for the quarter significantly missed analysts' consensus estimates of approximately -$0.55. This considerable financial outlay, while strategic, exerted downward pressure on the stock.
2. Robust Financial Positioning and Funding for Future Operations.
Despite the substantial net loss in fiscal Q2 2026, Mineralys Therapeutics strengthened its financial foundation. The company reported $661.4 million in cash, cash equivalents, and investments as of June 30, 2026, a slight increase from $656.6 million at the end of December 2025. This was further bolstered by a June 2026 equity offering that generated approximately $143.6 million in net proceeds, and the initiation of a new senior secured term loan facility of up to $500.0 million, with an initial $100.0 million tranche drawn in June 2026. Management projects this liquidity will fund operations, including the potential commercial launch of lorundrostat, into 2028, providing a strong financial buffer against short-term losses and lending stability to the stock.
3. Anticipation and Uncertainty Surrounding Lorundrostat's PDUFA Date.
The stock's relatively stable movement since May 31, 2026, can be attributed in part to the ongoing anticipation and inherent uncertainty surrounding the Prescription Drug User Fee Act (PDUFA) target date for lorundrostat. The U.S. Food and Drug Administration (FDA) has set a PDUFA target date of December 22, 2026, for its decision on the New Drug Application (NDA) for lorundrostat, the company's lead product candidate for hypertension. While Mineralys Therapeutics has reported positive clinical data and is actively preparing for commercialization, including payer engagement and building a sales force, the final outcome of regulatory approval remains a significant unknown. This pre-approval phase often results in a "holding pattern" for investor sentiment, balancing optimism for approval with the risks of potential delays or rejections.
4. Mixed Analyst Ratings with Significant Price Target Upside.
Analyst sentiment presented a balanced, yet generally optimistic, outlook during this period, contributing to the stock's stable trend. As of September 7, 2026, a consensus of nine analysts provided an average "Hold" recommendation for MLYS, comprising six "Buy" ratings, one "Hold," and two "Sell" ratings. Despite this "Hold" consensus, the average 12-month price target for Mineralys Therapeutics ranged from $48.50 to $49.33. This represents a substantial potential upside of 58.53% to over 70% from the stock's price of approximately $31.036 on September 8, 2026. This combination of near-term caution and significant long-term growth projections likely encouraged both holding and selective buying, contributing to the stock remaining largely at the same level.
Show less
Mineralys Therapeutics (MLYS) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Increased Net Loss in Fiscal Q2 2026 Driven by a Substantial Strategic Payment.
Mineralys Therapeutics reported a significant widening of its net loss for fiscal Q2 2026, which ended on June 30, 2026. The net loss reached $241.1 million, compared to $43.3 million in the prior year's fiscal Q2. This was primarily due to a one-time $200.0 million upfront payment made to Tanabe Pharma in June 2026 to repurchase future royalty obligations for lorundrostat, alongside increased research and development (R&D) and general and administrative (G&A) expenses. The company's reported earnings per share (EPS) of -$2.85 for the quarter significantly missed analysts' consensus estimates of approximately -$0.55. This considerable financial outlay, while strategic, exerted downward pressure on the stock.
2. Robust Financial Positioning and Funding for Future Operations.
Despite the substantial net loss in fiscal Q2 2026, Mineralys Therapeutics strengthened its financial foundation. The company reported $661.4 million in cash, cash equivalents, and investments as of June 30, 2026, a slight increase from $656.6 million at the end of December 2025. This was further bolstered by a June 2026 equity offering that generated approximately $143.6 million in net proceeds, and the initiation of a new senior secured term loan facility of up to $500.0 million, with an initial $100.0 million tranche drawn in June 2026. Management projects this liquidity will fund operations, including the potential commercial launch of lorundrostat, into 2028, providing a strong financial buffer against short-term losses and lending stability to the stock.
3. Anticipation and Uncertainty Surrounding Lorundrostat's PDUFA Date.
The stock's relatively stable movement since May 31, 2026, can be attributed in part to the ongoing anticipation and inherent uncertainty surrounding the Prescription Drug User Fee Act (PDUFA) target date for lorundrostat. The U.S. Food and Drug Administration (FDA) has set a PDUFA target date of December 22, 2026, for its decision on the New Drug Application (NDA) for lorundrostat, the company's lead product candidate for hypertension. While Mineralys Therapeutics has reported positive clinical data and is actively preparing for commercialization, including payer engagement and building a sales force, the final outcome of regulatory approval remains a significant unknown. This pre-approval phase often results in a "holding pattern" for investor sentiment, balancing optimism for approval with the risks of potential delays or rejections.
4. Mixed Analyst Ratings with Significant Price Target Upside.
Analyst sentiment presented a balanced, yet generally optimistic, outlook during this period, contributing to the stock's stable trend. As of September 7, 2026, a consensus of nine analysts provided an average "Hold" recommendation for MLYS, comprising six "Buy" ratings, one "Hold," and two "Sell" ratings. Despite this "Hold" consensus, the average 12-month price target for Mineralys Therapeutics ranged from $48.50 to $49.33. This represents a substantial potential upside of 58.53% to over 70% from the stock's price of approximately $31.036 on September 8, 2026. This combination of near-term caution and significant long-term growth projections likely encouraged both holding and selective buying, contributing to the stock remaining largely at the same level.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -3.2% change in MLYS stock from 5/31/2026 to 9/9/2026 was primarily driven by a -2.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.50 | 30.50 | -3.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 83 | 85 | -2.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
5/31/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| MLYS | -3.2% | |
| Market (SPY) | 0.8% | 12.2% |
| Sector (XLV) | 11.4% | 10.9% |
Fundamental Drivers
The 4.2% change in MLYS stock from 2/28/2026 to 9/9/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.26 | 30.50 | 4.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 71 | 85 | -16.7% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| MLYS | 4.2% | |
| Market (SPY) | 11.4% | 28.3% |
| Sector (XLV) | 4.4% | 17.9% |
Fundamental Drivers
The 97.0% change in MLYS stock from 8/31/2025 to 9/9/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.48 | 30.50 | 97.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 65 | 85 | -22.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/9/2026| Return | Correlation | |
|---|---|---|
| MLYS | 97.0% | |
| Market (SPY) | 19.2% | 24.8% |
| Sector (XLV) | 22.8% | 15.5% |
Fundamental Drivers
The 137.5% change in MLYS stock from 8/31/2023 to 9/9/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.84 | 30.50 | 137.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| P/S Multiple | � | ∞ | 0.0% |
| Shares Outstanding (Mil) | 5 | 85 | -93.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2023 to 9/9/2026| Return | Correlation | |
|---|---|---|
| MLYS | 137.5% | |
| Market (SPY) | 75.3% | 16.6% |
| Sector (XLV) | 30.9% | 14.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MLYS Return | - | - | -53% | 43% | 195% | -14% | 69% |
| Peers Return | 7% | 22% | 12% | 110% | 47% | -2% | 342% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| MLYS Win Rate | - | - | 27% | 50% | 58% | 33% | |
| Peers Win Rate | 42% | 50% | 53% | 37% | 55% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| MLYS Max Drawdown | - | - | - | -43% | -33% | -38% | |
| Peers Max Drawdown | -46% | -43% | -40% | -40% | -38% | -36% | |
| 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 9/9/2026 (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.
Peer Outperformance in Biotechnology
nullShare of Biotechnology constituents that MLYS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
40%
of 455 industry peers · -20.8% return
3Y
83%
of 402 industry peers · 157.4% return
5Y
—
insufficient peer history
null
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is MLYS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 9.1% | 83.8% | 83.8% | CAH 407% · MCK 351% · COR 178% |
| Managed Health Care | 8 | 38.3% | -4.9% | 6.6% | OSCR 81% · HQY 45% · ELV 18% |
| Health Care Services | 20 | 17.3% | 51.9% | 0.9% | HIMS 220% · RDNT 141% · DGX 67% |
| Health Care Facilities | 24 | 1.4% | 4.2% | -16.7% | NHC 271% · THC 270% · ENSG 117% |
| Health Care Equipment | 50 | -3.5% | -2.1% | -26.1% | POCI 10775% · UFPT 319% · GKOS 243% |
| Health Care Supplies | 12 | 25.1% | -12.6% | -36.3% | LNTH 288% · HAE 53% · MMSI 22% |
| Pharmaceuticals | 62 | -3.0% | 4.7% | -38.5% | LQDA 2441% · INDV 1146% · ETON 1074% |
| Life Sciences Tools & Services | 109 | -2.3% | -26.5% | -71.5% | SNWV 1549% · MEDP 206% · AXGN 188% |
| Health Care Technology | 20 | -25.4% | -55.7% | -78.6% | SPOK 76% · HSTM -3% · VEEV -14% |
| Biotechnology ← | 362 | -0.2% | -25.2% | -78.7% | DNTH 1575% · CELZ 1386% · ELVN 1206% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.26 |
| Mkt Cap | 11.7 |
| Rev LTM | 471 |
| Op Inc LTM | -483 |
| FCF LTM | -299 |
| FCF 3Y Avg | -199 |
| CFO LTM | -299 |
| CFO 3Y Avg | -199 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.5% |
| Rev Chg 3Y Avg | 37.9% |
| Rev Chg Q | -17.9% |
| QoQ Delta Rev Chg LTM | -8.1% |
| Op Inc Chg LTM | -48.2% |
| Op Inc Chg 3Y Avg | -33.0% |
| Op Mgn LTM | -33.6% |
| Op Mgn 3Y Avg | -21.5% |
| QoQ Delta Op Mgn LTM | -17.7% |
| CFO/Rev LTM | -20.5% |
| CFO/Rev 3Y Avg | -15.1% |
| FCF/Rev LTM | -26.3% |
| FCF/Rev 3Y Avg | -19.0% |
Price Behavior
Price Behavior
| Market Price | $30.50 | |
| Market Cap ($ Bil) | 2.6 | |
| First Trading Date | 02/10/2023 | |
| Distance from 52W High | -35.6% | |
| 50 Days | 200 Days | |
| DMA Price | $26.87 | $29.40 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 13.5% | 3.7% |
| 3M | 1YR | |
| Volatility | 47.5% | 59.4% |
| Downside Capture | -72.56 | 148.24 |
| Upside Capture | 59.78 | 92.12 |
| Correlation (SPY) | 2.9% | 24.2% |
MLYS Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 0.55 | 0.58 | 1.33 | 0.78 | 0.93 |
| Up Beta | 1.21 | 0.79 | 1.30 | 1.83 | 2.20 | 1.26 |
| Down Beta | 2.00 | 1.18 | 1.57 | 0.93 | -0.31 | 0.11 |
| Up Capture | 65% | 7% | -45% | 92% | 112% | 187% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 19 | 31 | 61 | 112 | 364 |
| Down Capture | 98% | 57% | 50% | 144% | 70% | 105% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 23 | 33 | 66 | 137 | 383 |
[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 | -15.2% | 59.7% | -0.06 | - |
| Sector ETF (XLV) | 22.5% | 16.2% | 1.06 | 15.6% |
| Equity (SPY) | 18.6% | 12.8% | 1.06 | 24.3% |
| Gold (GLD) | 20.6% | 29.2% | 0.64 | 24.2% |
| Commodities (DBC) | 46.3% | 20.4% | 1.76 | -5.2% |
| Real Estate (VNQ) | 7.3% | 13.6% | 0.27 | 7.9% |
| Bitcoin (BTCUSD) | -29.8% | 43.8% | -0.68 | 21.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MLYS | |
|---|---|---|---|---|
| MLYS | 11.8% | 81.4% | 0.50 | - |
| Sector ETF (XLV) | 5.9% | 15.2% | 0.20 | 14.9% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 17.0% |
| Gold (GLD) | 18.9% | 18.8% | 0.82 | 13.5% |
| Commodities (DBC) | 11.1% | 19.5% | 0.44 | 4.0% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.04 | 12.5% |
| Bitcoin (BTCUSD) | 10.8% | 52.6% | 0.39 | 8.2% |
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 | 5.7% | 81.4% | 0.50 | - |
| Sector ETF (XLV) | 10.4% | 16.7% | 0.50 | 14.9% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 17.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 13.5% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 4.0% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 12.5% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/11/2026 | -1.0% | -2.6% | |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 3 | 4 |
| # Negative | 10 | 12 | 10 |
| Median Positive | 5.9% | 6.0% | 21.7% |
| Median Negative | -3.8% | -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 |
| 8/11/2026 | -1.0% | -2.6% | |
| 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 | 10 | 12 | 10 |
| Median Positive | 5.9% | 6.0% | 21.7% |
| Median Negative | -3.8% | -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 |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 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 |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 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 8/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Warren, Eric | Chief Commercial Officer | Direct | Sell | 8252026 | 25.98 | 7,437 | 193,189 | 997,505 | Form |
| 2 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 8122026 | 27.09 | 2,170 | 58,785 | 1,391,993 | Form |
| 3 | Warren, Eric | Chief Commercial Officer | Direct | Sell | 7232026 | 26.87 | 7,438 | 199,885 | 1,031,942 | Form |
| 4 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7202026 | 26.53 | 416 | 11,036 | 1,363,218 | Form |
| 5 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7152026 | 26.61 | 6,349 | 168,955 | 1,367,390 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Warren, Eric | Chief Commercial Officer | Direct | Sell | 8252026 | 25.98 | 7,437 | 193,189 | 997,505 | Form |
| 2 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 8122026 | 27.09 | 2,170 | 58,785 | 1,391,993 | Form |
| 3 | Warren, Eric | Chief Commercial Officer | Direct | Sell | 7232026 | 26.87 | 7,438 | 199,885 | 1,031,942 | Form |
| 4 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7202026 | 26.53 | 416 | 11,036 | 1,363,218 | Form |
| 5 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7152026 | 26.61 | 6,349 | 168,955 | 1,367,390 | Form |
| 6 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 7152026 | 27.24 | 10,700 | 291,441 | 16,441,127 | Form |
| 7 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7152026 | 27.58 | 14,058 | 387,717 | 1,592,265 | Form |
| 8 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 7092026 | 30.30 | 2,171 | 65,781 | 1,749,310 | Form |
| 9 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 6302026 | 26.14 | 75,000 | 1,960,601 | 16,059,182 | Form |
| 10 | Warren, Eric | Chief Commercial Officer | Direct | Sell | 6302026 | 25.90 | 104,124 | 2,696,322 | 994,380 | Form |
| 11 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6172026 | 25.00 | 4,584 | 114,600 | 1,427,375 | Form |
| 12 | Karydas, Daphne | Direct | Sell | 6172026 | 25.00 | 3,000 | 75,000 | 155,000 | Form | |
| 13 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6172026 | 23.81 | 9,890 | 235,487 | 1,359,466 | Form |
| 14 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6122026 | 23.93 | 6,349 | 151,901 | 1,517,886 | Form |
| 15 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 6122026 | 25.00 | 2,170 | 54,250 | 1,586,075 | Form |
| 16 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5192026 | 27.55 | 417 | 11,488 | 1,747,855 | Form |
| 17 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5132026 | 28.58 | 14,056 | 401,789 | 1,813,512 | Form |
| 18 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5132026 | 29.36 | 6,348 | 186,348 | 2,048,772 | Form |
| 19 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 5132026 | 29.71 | 2,171 | 64,500 | 2,073,520 | Form |
| 20 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4212026 | 31.33 | 416 | 13,033 | 2,186,583 | Form |
| 21 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4152026 | 27.66 | 6,348 | 175,586 | 1,930,447 | Form |
| 22 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4152026 | 26.54 | 14,058 | 373,087 | 2,020,687 | Form |
| 23 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 4152026 | 26.83 | 15,730 | 421,979 | 18,492,001 | Form |
| 24 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 4132026 | 27.38 | 2,170 | 59,415 | 2,084,713 | Form |
| 25 | Karydas, Daphne | Direct | Sell | 4022026 | 25.00 | 3,000 | 75,000 | 155,000 | Form | |
| 26 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 4022026 | 26.27 | 75,000 | 1,970,522 | 18,524,245 | Form |
| 27 | Ra, Capital Management, LP | See footnotes | Buy | 3312026 | 24.16 | 58,300 | 1,408,528 | 140,744,587 | Form | |
| 28 | Ra, Capital Management, LP | See footnotes | Buy | 3312026 | 23.67 | 310,700 | 7,354,269 | 136,510,121 | Form | |
| 29 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3172026 | 25.65 | 417 | 10,696 | 1,952,991 | Form |
| 30 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3162026 | 26.26 | 14,058 | 369,225 | 1,999,774 | Form |
| 31 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3162026 | 27.37 | 6,348 | 173,748 | 2,257,765 | Form |
| 32 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 3092026 | 26.84 | 2,171 | 58,270 | 2,214,005 | Form |
| 33 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2172026 | 27.59 | 417 | 11,505 | 1,216,416 | Form |
| 34 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2132026 | 27.44 | 14,055 | 385,732 | 1,210,000 | Form |
| 35 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2132026 | 28.99 | 6,349 | 184,077 | 1,462,321 | Form |
| 36 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 2112026 | 30.21 | 2,171 | 65,586 | 1,523,702 | Form |
| 37 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1202026 | 32.10 | 416 | 13,354 | 1,619,028 | Form |
| 38 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 1132026 | 32.62 | 16,236 | 529,640 | 20,849,943 | Form |
| 39 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 1132026 | 32.14 | 10,758 | 345,723 | 277,594 | Form |
| 40 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1132026 | 32.32 | 6,348 | 205,143 | 1,997,270 | Form |
| 41 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1132026 | 33.27 | 2,170 | 72,196 | 2,056,219 | Form |
| 42 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1062026 | 35.02 | 192,715 | 6,749,109 | 2,164,450 | Form |
| 43 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 1062026 | 35.87 | 70,037 | 2,511,919 | 2,481,469 | Form |
| 44 | Slingsby, Brian Taylor | See Footnote | Sell | 11212025 | 43.35 | 1,000,000 | 43,350,000 | 342,631,377 | Form | |
| 45 | Karydas, Daphne | Direct | Sell | 11132025 | 45.99 | 15,000 | Form | |||
| 46 | Gold, Alexander M | Direct | Sell | 11132025 | 46.50 | 12,742 | Form | |||
| 47 | Gold, Alexander M | Direct | Sell | 11132025 | 46.72 | 6,933 | Form | |||
| 48 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 11132025 | 44.88 | 119,524 | 5,363,716 | 870,408 | Form |
| 49 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 11132025 | 45.44 | 200,000 | 9,088,499 | 28,688,074 | Form |
| 50 | Gold, Alexander M | Direct | Sell | 11132025 | 43.98 | 15,000 | Form | |||
| 51 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 10152025 | 43.01 | 10,369 | 445,982 | 3,060,455 | Form |
| 52 | Levy, Adam Scott | CFO and Secretary | Direct | Sell | 10152025 | 42.01 | 10,758 | 451,984 | 4,909,933 | Form |
| 53 | Congleton, Jon | Chief Executive Officer | Direct | Sell | 10152025 | 42.67 | 15,100 | 644,327 | 35,472,328 | Form |
| 54 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 9162025 | 36.00 | 11,367 | 409,266 | 2,935,251 | Form |
| 55 | Akkaraju, Srinivas | Samsara Opportunity Fund, L.P. | Buy | 9082025 | 25.50 | 588,235 | 14,999,992 | 14,999,992 | Form | |
| 56 | Ra, Capital Management, LP | See footnotes | Buy | 9082025 | 25.50 | 1,176,470 | 29,999,985 | 139,141,286 | Form | |
| 57 | Rodman, David Malcom | Chief Medical Officer | Direct | Sell | 8142025 | 12.93 | 11,365 | 146,987 | 1,201,387 | Form |
Investor Activity (13F)
Updated Sep 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Samsara Biocapital, LLC | $159.0 Mil | 15.5% | 22 | Hold | 13F |
| Caligan Partners LP | $75.1 Mil | 5.3% | 24 | Hold | 13F |
| SR One Capital Management, LP | $42.4 Mil | 4.6% | 14 | Hold | 13F |
| Davern Capital Partners, LP | $12.1 Mil | 3.3% | 17 | ADD +112.3% | 13F |
| Catalio Capital Management, LP | $11.9 Mil | 2.5% | 41 | ADD +32.3% | 13F |
| Troluce Capital Advisors LLC | $17.7 Mil | 1.9% | 46 | New | 13F |
| Findell Capital Management LLC | $5.5 Mil | 1.6% | 17 | ADD +304.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Iron Triangle Partners LP | $9.3 Mil | 1.1% | 27 | Exited | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Samsara Biocapital, LLC | $159.0 Mil | 15.5% | 22 | Hold | 13F |
| Caligan Partners LP | $75.1 Mil | 5.3% | 24 | Hold | 13F |
| SR One Capital Management, LP | $42.4 Mil | 4.6% | 14 | Hold | 13F |
| Troluce Capital Advisors LLC | $17.7 Mil | 1.9% | 46 | New | 13F |
| Davern Capital Partners, LP | $12.1 Mil | 3.3% | 17 | ADD +112.3% | 13F |
| Catalio Capital Management, LP | $11.9 Mil | 2.5% | 41 | ADD +32.3% | 13F |
| Findell Capital Management LLC | $5.5 Mil | 1.6% | 17 | ADD +304.0% | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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