Logo

MLYS

Mineralys Therapeutics, Inc.

MLYS

Mineralys Therapeutics, Inc. • NASDAQ
$43.12 ▼ -0.55% (-0.24)
Market Cap $2.86 B
52w High $47.65
52w Low $8.24
Dividend Yield 0%
P/E -14.77
Volume 364.65K
Outstanding Shares 66.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $41.116M ▼ $-36.932M ▲ 0% $-0.52 ▲ $-36.917M ▲
Q2-2025 $0 $46.746M ▲ $-43.274M ▼ 0% $-0.66 ▲ $-46.73M ▼
Q1-2025 $0 $44.447M ▼ $-42.211M ▲ 0% $-0.79 ▲ $-44.432M ▲
Q4-2024 $0 $51.767M ▼ $-48.946M ▲ 0% $-0.98 ▲ $-51.752M ▲
Q3-2024 $0 $60.106M $-56.342M 0% $-1.13 $-60.095M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $217.597M ▼ $599.947M ▲ $23.52M ▲ $576.427M ▲
Q2-2025 $324.916M ▼ $335.724M ▼ $22.173M ▲ $313.551M ▼
Q1-2025 $343.026M ▲ $354.941M ▲ $13.386M ▼ $341.555M ▲
Q4-2024 $198.187M ▼ $205.903M ▼ $14.646M ▼ $191.257M ▼
Q3-2024 $263.603M $268.253M $31.321M $236.932M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-36.932M ▲ $-28.872M ▲ $-150.507M ▼ $295.188M ▲ $115.809M ▲ $-28.872M ▲
Q2-2025 $-43.274M ▼ $-30.169M ▲ $-42.881M ▲ $9.831M ▼ $-63.219M ▼ $-30.169M ▲
Q1-2025 $-42.211M ▲ $-45.487M ▲ $-92.876M ▼ $189.279M ▲ $50.916M ▲ $-45.487M ▲
Q4-2024 $-48.946M ▲ $-66.843M ▼ $83.57M ▲ $90K ▲ $16.817M ▼ $-66.843M ▼
Q3-2024 $-56.342M $-50.186M $79.605M $-1K $29.418M $-50.223M

Five-Year Company Overview

Income Statement

Income Statement Mineralys is a classic clinical‑stage biotech story: no product revenue yet and steadily rising operating losses as it funds larger trials. The income statement is dominated by research and development and related operating costs. Losses have grown as the company moved from early development into more advanced studies, which is normal for this stage but means the business is far from profitability. Earnings per share have also been quite volatile, reflecting changes in share count around financing events rather than any fundamental shift in the business model. The financial picture today is essentially: all spend, no revenue, by design for a drug developer in this phase.

Balance Sheet

Balance Sheet The balance sheet shows a lean, mostly equity‑funded company with no financial debt and a meaningful cash cushion relative to its size. Total assets are driven mainly by cash and equivalents, which have increased since going public, while traditional fixed assets are minimal. Equity swung from negative before the IPO to clearly positive afterward, indicating the company has been recapitalized and now sits on a cleaner financial base. The absence of borrowings lowers financial risk, but the balance sheet is still highly dependent on the timing and success of future capital raises as clinical spending continues.

Cash Flow

Cash Flow Cash flows reflect a company that is consuming cash to advance its pipeline. Operating cash flow is consistently negative and has deepened as trials have scaled up, while capital expenditures are essentially negligible. Free cash flow is therefore firmly negative and will likely stay that way until there is either a partnership, non‑dilutive funding, or eventual product revenue. In practical terms, the company is burning cash at a predictable but growing pace and will need to manage its runway carefully, likely turning again to equity markets or collaborations to fund later‑stage development and potential commercialization.

Competitive Edge

Competitive Edge Mineralys is trying to carve out a focused position in hypertension and related conditions with a single, highly targeted drug candidate, lorundrostat. Its edge is built on precision: the drug is designed to selectively block aldosterone production, which could make it particularly useful for patients whose high blood pressure is driven by this hormone. Early and mid‑stage clinical data have been encouraging and help differentiate the company in a crowded cardiovascular market. However, it faces a powerful competitor in AstraZeneca, which is developing a similar mechanism, and the ultimate competitive balance will depend on final safety labels, real‑world physician preferences, pricing, and payer decisions. Mineralys’ moat today is based more on clinical data and intellectual property than on commercial scale, which it has yet to build.

Innovation and R&D

Innovation and R&D The company is highly concentrated around one core innovation: lorundrostat, a first‑in‑class aldosterone synthase inhibitor. Its scientific strength lies in the drug’s high selectivity for the target enzyme, aiming to reduce harmful aldosterone without disturbing cortisol, which may translate into a cleaner side‑effect profile. R&D is focused not just on resistant hypertension but also on expanding into chronic kidney disease and obstructive sleep apnea, all tied to aldosterone biology. This “platform around a single mechanism” strategy can be powerful if the drug succeeds, enabling multiple indications from the same asset. At the same time, it increases concentration risk: setbacks in safety, efficacy, or regulation for lorundrostat would weigh heavily on the entire R&D story.

Summary

Mineralys is an early, high‑risk, high‑reward biotechnology story centered on one promising cardiovascular drug. Financially, it is a pre‑revenue company with widening operating losses, negative cash flow, and a balance sheet funded largely by equity but currently free of debt. Operationally, its value proposition rests on strong clinical data to date, a targeted mechanism for a large unmet need in resistant hypertension, and the potential to extend the same drug into related conditions. Key uncertainties include regulatory outcomes, the durability and safety of treatment over the long term, competition from much larger pharmaceutical players, and the ongoing need for external capital. Overall, this is a focused, single‑asset clinical platform with meaningful scientific upside and commensurate development and financing risk.

NEWS

November 26, 2025 · 4:05 PM UTC

Mineralys Therapeutics Reports Inducement Award Under Nasdaq Listing Rule 5635(c)(4)

Read more

November 10, 2025 · 4:05 PM UTC

Mineralys Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Read more

November 7, 2025 · 6:10 PM UTC

Data for Lorundrostat in Chronic Kidney Disease and Hypertension Presented at American Society of Nephrology (ASN) Kidney Week 2025

Read more

October 21, 2025 · 8:00 AM UTC

Mineralys Therapeutics Announces Late-Breaking Presentation of Phase 2 Explore-CKD Trial of Lorundrostat at American Society of Nephrology (ASN) Kidney Week 2025

Read more

September 30, 2025 · 8:00 AM UTC

Mineralys Therapeutics Completes Enrollment in Phase 2 EXPLORE-OSA Trial of Lorundrostat in Obstructive Sleep Apnea and Hypertension

Read more