MLYS Stock — Mineralys Therapeutics Inc.: Cash, EV, Pipeline

Share price

$28.02

Market cap

$2,477.2M

Cash

$138.3M

Enterprise value

$2,339.0M

Balance sheet

Cash	$138.3M
Debt	$0.1M
Net cash	$138.2M
Enterprise value	$2,339.0M
Basic shares	88.4M shares
Fully diluted shares	100.3M shares
Fully diluted market cap	$2,809.4M
Cash per share	$1.56

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Pipeline assets

lorundrostat

Phase 3 · Active Modality: oral small molecule

Target CYP11B2 (aldosterone synthase)

Partnerships Tanabe Pharma Corporation: exclusive worldwide license (exclusive, royalty-free, sublicensable, perpetual, irrevocable as of Jun 2026 amendment); $200M upfront, up to $255M commercial milestones plus up to $10M for a potential second indication

Indications

Uncontrolled / resistant hypertension (Phase 3)
Chronic kidney disease (with hypertension) (Phase 2)
Obstructive sleep apnea (with hypertension) (Phase 2)

Catalysts

— December 22, 2026

Status note Sole clinical candidate. NDA submitted Dec 2025 for hypertension in combination with other antihypertensives; FDA accepted with PDUFA target Dec 22, 2026. Six lorundrostat trials completed, including two pivotal hypertension trials (Launch-HTN Phase 3, Advance-HTN Phase 2), Phase 2 Explore-CKD, and exploratory Phase 2 Explore-OSA; Transform-HTN open-label extension ongoing. Filing does not disclose further OSA development plans following the completed exploratory OSA trial.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	lorundrostat
Lead indication	Hypertension
Lead phase	Phase 3
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05968430	Phase 3	Active, not recruiting	Sponsor	MLYS	—	Hypertension	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Mineralys Therapeutics Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	2,110,300	+57,400	1.08%	2026-08-14
Sphera Biotech	1,469,971	+130,000	5.68%	2026-08-14
Logos Global Management	1,050,000	+1,050,000	1.22%	2026-08-14
ADAR1 Capital Management	298,886	+144,200	0.38%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

MLYS — Mineralys Therapeutics Inc.