Mineralys Therapeutics, Inc.

Mineralys Therapeutics, Inc. (MLYS) reported a net loss of $154.7 million for the fiscal year ended December 31, 2025, an improvement from a net loss of $177.8 million in the prior year. The company has no revenue as it is a clinical-stage biopharmaceutical company focused on developing its lead product candidate, lorundrostat, for hypertension and related cardiorenal conditions. Total operating expenses were $170.6 million, primarily driven by research and development costs of $132.0 million and general and administrative expenses of $38.6 million. The company ended the year with a strong liquidity position, holding $656.6 million in cash, cash equivalents, and investments, which it believes is sufficient to fund operations for at least the next 12 months. Key milestones include the submission of a New Drug Application (NDA) for lorundrostat to the FDA in December 2025, with a PDUFA target action date of December 22, 2026.

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