Mineralys Therapeutics, Inc. MLYS
We are a biopharmaceutical company focused on developing medicines to target diseases driven by dysregulated aldosterone. Our product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor (ASI) that we are developing for the treatment of cardiorenal conditions affected by dysregulated aldosterone, including hypertension and related comorbidities such as chronic kidney disease (CKD) and obstructive sleep apnea (OSA).
In the United States, there are approximately 120 million patients with sustained elevated blood pressure (BP), or hypertension. Approximately 60 million patients are treated and over 30 million do not achieve their BP goal, with approximately 20 million having systolic BP levels greater than 140 mmHg. Patients with hypertension that persists despite taking two or more medications have 1.8 and 2.5 times greater mortality risk due to either cardiovascular disease or stroke, respectively. Dysregulated aldosterone levels are a key factor in uncontrolled hypertension (uHTN) or resistant hypertension (rHTN) in approximately 30% of patients.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| R&D | $132.0M | $168.6M | $70.4M | $26.2M | — |
| SG&A | $38.6M | $23.8M | $14.3M | $5.2M | — |
| Total operating expenses | $170.6M | $192.4M | $84.7M | $31.5M | — |
| Operating income | -$170.6M | -$192.4M | -$84.7M | -$31.5M | — |
| Pre-tax income | -$154.7M | — | — | — | — |
| Income tax | $0 | — | — | — | — |
| Net income | -$154.7M | -$177.8M | -$71.9M | -$29.8M | — |
| EPS, basic | -2.29 | -3.66 | -1.99 | -5.77 | — |
| EPS, diluted | -2.29 | -3.66 | -1.99 | -5.77 | — |
| Shares, diluted (wtd. avg.) | $67.7M | $48.5M | $36.2M | $5.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $172.9M | $114.1M | $49.3M | $87.7M | $10.7M |
| Total current assets | $661.4M | $205.4M | $249.1M | $112.8M | — |
| Property, plant and equipment | $38.0K | $53.0K | $0 | — | — |
| Total assets | $661.8M | $205.9M | $251.6M | $114.4M | — |
| Accounts payable | $2.0M | $479.0K | $601.0K | $1.9M | — |
| Total current liabilities | $15.1M | $14.6M | $10.5M | $8.1M | — |
| Retained earnings | -$457.2M | -$302.5M | -$124.7M | -$52.8M | — |
| Total equity | $646.7M | $191.3M | $241.2M | -$52.3M | -$22.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$142.4M | -$166.3M | -$81.2M | -$29.2M | — |
| Depreciation and amortisation | $59.0K | $43.0K | $0 | — | — |
| Stock-based compensation | $19.3M | $11.3M | $5.1M | $455.0K | — |
| Capital expenditure | $15.0K | $96.0K | $0 | — | — |
| Investing cash flow | -$389.8M | $115.0M | -$160.5M | -$21.8M | — |
| Financing cash flow | $591.0M | $116.1M | $203.2M | $128.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001933414-26-000056.
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