Mineralys Therapeutics, Inc.
- Open
- 26.72
- Day high
- 27.93
- Day low
- 26.72
- Prev close
- 26.98
- Volume
- 695K
- Mkt cap
- $2.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.5
- P/S
- —
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.0M over the last 3 months (0 open-market buys, 17 sales)
- 🏛Institutions accumulating (13F)
Mineralys Therapeutics, Inc. (MLYS) is a Healthcare company listed on NASDAQ. The stock is up 97% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 17 sales (SEC Form 4).
Mineralys Therapeutics, Inc. (MLYS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MLYS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-0.51 | $-0.47 | +7.8% | — | — |
| Mar 12, 2026 | $-0.52 | $-0.40 | +22.5% | — | — |
| Aug 12, 2025 | $-0.78 | $-0.66 | +15.4% | — | — |
| Feb 12, 2025 | $-1.00 | $-0.98 | +2.0% | — | — |
| May 9, 2024 | $-0.68 | $-0.70 | -2.9% | — | — |
| Mar 21, 2024 | $-0.85 | $-0.61 | +28.2% | — | — |
| May 15, 2023 | $-0.71 | $-0.51 | +28.2% | — | — |
| Mar 15, 2023 | $1.72 | $-1.74 | -201.2% | — | — |
| Jun 30, 2022 | — | $-0.35 | — | — | — |
| Mar 31, 2022 | — | $-0.41 | — | — | — |
| Dec 31, 2021 | — | $-0.18 | — | — | — |
MLYS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Warren Ericofficer: Chief Commercial Officer | Sell | 104,124 | $25.90 |
| Jun 30, 2026 | Warren Ericofficer: Chief Commercial Officer | Option | 104,124 | $13.24 |
| Jun 30, 2026 | Congleton Jondirector, officer: Chief Executive Officer | Sell | 17,000 | $26.82 |
| Jun 30, 2026 | Congleton Jondirector, officer: Chief Executive Officer | Sell | 58,000 | $25.94 |
| Jun 17, 2026 | Karydas Daphnedirector | Sell | 3,000 | $25.00 |
| Jun 17, 2026 | Karydas Daphnedirector | Option | 3,000 | $12.02 |
| Jun 17, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Sell | 4,584 | $25.00 |
| Jun 17, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Option | 417 | $15.44 |
| Jun 17, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Option | 4,167 | $14.25 |
| Jun 17, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Sell | 9,890 | $23.81 |
| Jun 17, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Option | 3,542 | $10.20 |
| Jun 12, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Sell | 6,349 | $23.93 |
| Jun 12, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Option | 6,349 | $1.08 |
| Jun 12, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Sell | 2,170 | $25.00 |
| Jun 12, 2026 | Rodman David Malcomofficer: Chief Medical Officer | Option | 2,170 | $16.00 |
Source: MLYS SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full MLYS insider & 13F page →Mineralys Therapeutics, Inc. company profile
Overview
Mineralys Therapeutics, Inc. (NASDAQ:MLYS) is a clinical-stage biopharmaceutical company founded in 2019 and headquartered in Radnor, Pennsylvania. The company went public in February 2023 and focuses on developing innovative therapies for hypertension and associated cardiovascular diseases. Mineralys is currently advancing its lead drug candidate, lorundrostat, through multiple Phase III clinical trials targeting patients with uncontrolled and resistant hypertension, representing a significant unmet medical need affecting millions of patients worldwide.
Business
Mineralys operates in the biotechnology sector, specifically focusing on cardiorenal metabolic disorders. The company's core product is lorundrostat, a proprietary, orally administered drug that works as a highly selective aldosterone synthase inhibitor. To understand lorundrostat's mechanism, it's important to know that aldosterone is a hormone produced by the adrenal glands that regulates blood pressure by controlling sodium and water retention in the kidneys. In many patients with hypertension, particularly those with resistant or uncontrolled high blood pressure, aldosterone levels become dysregulated, contributing to persistently elevated blood pressure despite treatment with multiple medications. Traditional treatments for aldosterone-related hypertension include mineralocorticoid receptor antagonists (MRAs) like spironolactone, which block aldosterone's effects but often cause side effects such as hyperkalemia (dangerous potassium levels) and androgenic effects. Lorundrostat takes a different approach by inhibiting aldosterone synthase, the enzyme responsible for producing aldosterone, thereby reducing aldosterone levels at their source rather than just blocking their effects. The company is developing lorundrostat for multiple indications: 1. Uncontrolled and Resistant Hypertension - The primary focus, targeting patients whose blood pressure remains elevated despite taking multiple antihypertensive medications. This represents the largest market opportunity with an estimated 7.5-10 million patients in the resistant hypertension category alone. 2. Chronic Kidney Disease (CKD) - Through the Explore-CKD trial, the company is investigating lorundrostat's potential to treat hypertension in patients with kidney disease, where elevated aldosterone often contributes to both blood pressure problems and kidney function decline. 3. Obstructive Sleep Apnea - The recently initiated Explore-OSA trial explores lorundrostat's potential in treating hypertension associated with sleep apnea, as aldosterone dysregulation is common in this patient population.
Revenue model
As a clinical-stage biopharmaceutical company, Mineralys currently generates no revenue and operates on a research and development model funded by investor capital. The company's future business model will center on pharmaceutical product sales once lorundrostat receives regulatory approval. The primary revenue opportunity lies in the hypertension market, where lorundrostat would be prescribed by physicians and paid for through a combination of insurance coverage, government programs (Medicare/Medicaid), and patient co-payments. The company has identified approximately 47,000 physicians as initial targets for promotion, focusing initially on fourth-line hypertension treatment where patients have failed multiple prior therapies. Key factors that could increase profitability include: 1. Market positioning and pricing power - If lorundrostat demonstrates superior efficacy and safety compared to existing treatments, it could command premium pricing, particularly in the resistant hypertension market where treatment options are limited. 2. Broad label expansion - Success in chronic kidney disease and obstructive sleep apnea indications would significantly expand the addressable market beyond the core hypertension indication. 3. Reduced hyperkalemia risk - If clinical trials confirm lower rates of dangerous potassium elevation compared to existing MRAs, this safety advantage could drive preferential prescribing. Factors that could pressure margins include: 1. Competitive pressure from existing treatments - Generic MRAs like spironolactone are inexpensive, and newer agents in development could limit pricing flexibility. 2. Payer resistance and formulary restrictions - Insurance companies may require step therapy protocols or prior authorizations that could limit uptake. 3. Manufacturing and supply chain costs - As a novel synthetic compound, lorundrostat may face higher production costs compared to generic alternatives. The company is actively exploring strategic partnerships for both U.S. and international markets, which could provide upfront payments, milestone payments, and royalty income while sharing development and commercialization costs.
Competitive moat
Mineralys faces significant challenges in establishing a durable competitive moat, typical of many biotechnology companies with single-asset development programs. The company's primary competitive advantages are relatively narrow: Intellectual property protection provides the strongest near-term moat, with patent exclusivity likely extending into the 2030s for lorundrostat. However, this protection is time-limited and subject to potential challenges or design-around efforts by competitors. First-mover advantage in aldosterone synthase inhibition could provide temporary market positioning benefits, as lorundrostat appears to be among the first selective aldosterone synthase inhibitors to reach late-stage clinical development. This could establish physician familiarity and treatment protocols that favor lorundrostat. The company's moat faces several significant vulnerabilities: 1. Limited differentiation from existing treatments - While lorundrostat may offer safety advantages over MRAs, the clinical benefit must be substantial enough to justify potentially higher costs compared to generic spironolactone, which costs pennies per pill. 2. Competitive threats from large pharmaceutical companies - Major players like Novartis, Pfizer, and others have extensive cardiovascular portfolios and could develop competing aldosterone synthase inhibitors or alternative mechanisms with superior profiles. 3. Regulatory and clinical execution risks - The company's entire value proposition depends on successful completion of Phase III trials and regulatory approval. Any setbacks could eliminate the competitive position entirely. 4. Limited barriers to entry - The aldosterone synthase target is well-understood, and other companies could potentially develop competing inhibitors, particularly if lorundrostat demonstrates market validation. The company's moat is weak overall, typical of clinical-stage biotechnology companies that lack diversified product portfolios, established market positions, or significant operational scale advantages.
Risks & safety
Mineralys presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but significant execution risks. Liquidity and Solvency: • Cash and investments of $343 million as of Q1 2025, providing substantial runway • Zero debt and strong current ratio of 26.5x • Current burn rate of approximately $45 million per quarter • Cash runway extending into 2026, sufficient to complete pivotal trials • No immediate solvency concerns Valuation Metrics: • Enterprise value around $700-800 million based on recent cash levels • Trading at significant premium to cash value (P/B ratio of 2.5x) • No meaningful revenue multiples available given pre-revenue status • Valuation appears to reflect successful trial outcomes and regulatory approval Other Considerations: • Binary risk profile - success or failure of lorundrostat trials will dramatically impact valuation • Strong balance sheet provides time to execute on clinical strategy • Dilution risk from future financing needs if trials extend beyond current cash runway • Regulatory approval timeline extending into 2026-2027 creates extended value inflection risk
Recent development
Over the past two years, Mineralys has executed a focused clinical development strategy centered on advancing lorundrostat through pivotal Phase III trials. The company completed enrollment in both the Advance-HTN and Launch-HTN pivotal trials, with top-line data expected in early to mid-2025. These trials represent the core regulatory package for potential FDA approval in uncontrolled and resistant hypertension. The company has strategically expanded its clinical program beyond the core hypertension indication. The Explore-CKD Phase II trial is evaluating lorundrostat in chronic kidney disease patients with hypertension, targeting a significant comorbid population where aldosterone dysregulation contributes to both blood pressure elevation and kidney function decline. Additionally, the newly initiated Explore-OSA Phase II trial explores the drug's potential in obstructive sleep apnea patients, representing another aldosterone-driven indication. From a strategic partnership perspective, management has increasingly emphasized plans to explore partnering opportunities for both U.S. and international markets. This represents a shift toward potentially sharing commercialization responsibilities and risks with established pharmaceutical partners, which could provide validation and financial resources while reducing the company's capital requirements for global market development. The company has also refined its commercial strategy, identifying approximately 47,000 target physicians for initial promotion and focusing on fourth-line hypertension treatment as the initial market entry point. This precision targeting approach reflects a realistic assessment of the competitive landscape and payer dynamics, acknowledging that lorundrostat will likely need to demonstrate clear superiority over existing treatments to gain broader adoption. Recent regulatory preparations include planning for a pre-NDA meeting with the FDA in Q4 2025, with potential New Drug Application submission targeted for 2026, representing the critical regulatory milestone that will determine the company's commercial future.
MLYS company profile · for informational purposes only — not investment advice.
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