Mineralys Therapeutics, Inc. (MLYS) Stock Research Report

Mineralys is a cash-rich, single-asset bet on lorundrostat—an FDA decision and the eventual label will determine whether it becomes a cardiorenal standard of care or a niche specialist drug.

Executive Summary

Mineralys Therapeutics (MLYS) is a clinical-stage biotech focused on solving a major unmet need in cardiovascular and renal medicine: uncontrolled and treatment-resistant hypertension. The company’s valuation is effectively a direct function of its lead—and largely sole—asset, lorundrostat, an oral, highly selective aldosterone synthase inhibitor intended to suppress aldosterone production at the source (CYP11B2) rather than blocking receptors like legacy mineralocorticoid receptor antagonists. This mechanistic distinction is positioned to deliver meaningful blood pressure control while reducing limiting off-target effects seen with older therapies (e.g., hormonal side effects and hyperkalemia-related usability constraints), aided by a claimed 374-fold selectivity that mitigates cortisol pathway risk—a historic stumbling block for the class due to CYP11B2/CYP11B1 similarity. Operationally, Mineralys is well capitalized for the pivotal stretch: it ended 2025 with ~$656.6M in cash and investments, expected to fund operations into 2028 and support a commercial launch. The key value inflection is regulatory: the FDA accepted the NDA in early 2026 and set a PDUFA target action date of Dec 22, 2026. Commercial strategy targets ~60,000 high-volume U.S. prescribers across primary care and specialists, aiming to penetrate a large end-market: ~120M U.S. adults with hypertension, with ~20M uncontrolled/resistant patients representing the initial wedge. Prescribers may prefer lorundrostat based on demonstrated 24-hour control, strong efficacy across high-risk subgroups (high BMI, CKD), and a differentiated safety/biology narrative. The primary competitive benchmark is AstraZeneca’s baxdrostat, which may reach market first and has significant scale advantages, setting up a duopoly-like contest where label breadth, safety perception, and payer access will determine long-term share.

Full Research Report

Mineralys Therapeutics Inc (MLYS) Investment Analysis:

1. Executive Summary:

Mineralys Therapeutics Inc. (MLYS) represents a pivotal transition in the treatment of cardiovascular and renal diseases, specifically addressing the global crisis of uncontrolled and treatment-resistant hypertension.[1, 2] As a clinical-stage biopharmaceutical organization, the company’s enterprise value is currently concentrated in its lead investigational asset, lorundrostat, a proprietary, highly selective, orally administered aldosterone synthase inhibitor (ASI).[3, 4] The core strategic objective of the firm is to disrupt a multi-billion-dollar market currently dominated by decades-old generic therapies that often fail to provide adequate blood pressure control for a significant subset of the patient population.[5, 6]

The company does not currently generate revenue from product sales.[7, 8] Instead, its financial standing is characterized by a robust capital position, with approximately $656.6 million in cash, cash equivalents, and investments as of the end of 2025, which is intended to fund operations into 2028 and support the commercial launch of lorundrostat.[7, 9] The regulatory timeline is a primary driver of valuation, as the U.S. Food and Drug Administration (FDA) accepted the company's New Drug Application (NDA) for lorundrostat in early 2026, assigning a Prescription Drug User Fee Act (PDUFA) target action date of December 22, 2026.[3, 10, 11]

Lorundrostat’s mechanism of action involves the targeted inhibition of the CYP11B2 enzyme, which is responsible for the final steps of aldosterone biosynthesis.[2, 12] This differs fundamentally from traditional mineralocorticoid receptor antagonists (MRAs), such as spironolactone and eplerenone, which block the hormone's receptors.[13, 14] By halting the endogenous production of aldosterone, lorundrostat aims to provide a more comprehensive suppression of the renin-angiotensin-aldosterone system (RAAS) while avoiding the off-target effects, such as gynecomastia or severe hyperkalemia, that frequently limit the clinical utility of existing treatments.[2, 14, 15]

The primary customer types for Mineralys will be a broad spectrum of medical practitioners, with a focused commercial effort directed toward 60,000 high-volume prescribers in the United States.[10] This target group is comprised of a 60% primary care and 40% specialist (cardiologist and nephrologist) split, reflecting the heterogeneous nature of the hypertension patient population.[10] The end markets are defined by the 120 million adults in the U.S. with hypertension, specifically the 20 million who suffer from uncontrolled or resistant conditions.[16, 17, 18] Prescribers are likely to choose lorundrostat over alternatives due to its demonstrated 24-hour blood pressure control, its "best-in-class" 374-fold selectivity profile, and its consistent efficacy across diverse demographics, including those with high body mass index (BMI) and chronic kidney disease (CKD).[4, 12, 19]

2. Business Drivers & Strategic Overview:

The strategic framework for Mineralys Therapeutics is anchored in the clinical differentiation and regulatory progression of lorundrostat.[4, 10, 19] The company’s trajectory is defined by its ability to capitalize on the failures of the current standard of care in high-risk cardiovascular populations.[2, 8, 13]

Product and Service Detail: Lorundrostat’s Clinical Profile

Lorundrostat is being developed as a once-daily oral medication.[3, 12] For an investor to understand what is actually being sold, one must recognize that the "product" is a molecular solution to the genetic and physiological limitations of prior aldosterone-targeting agents.[14, 15] Historically, aldosterone synthase inhibitors faced a critical technical barrier: the 93% genetic sequence similarity between CYP11B2 (the target enzyme for aldosterone) and CYP11B1 (the enzyme responsible for cortisol synthesis).[14] Inhibition of cortisol production leads to adrenal insufficiency, a potentially life-threatening condition.[14, 20] Lorundrostat’s value proposition is its 374-fold selectivity, which allows for potent aldosterone suppression without blunting the essential cortisol stress response.[2, 12]

The clinical efficacy supporting this product is derived from a suite of trials that consistently met primary endpoints.[10, 19] The Phase 3 Launch-HTN trial and the Phase 2 Advance-HTN trial serve as the bedrock of the regulatory submission.[12, 19] These trials utilized a rigorous design, often incorporating a "standardized background regimen" to ensure that patients were truly treatment-resistant before adding lorundrostat.[3, 12, 21]

Clinical Trial Phase Population Primary Endpoint Result (Placebo-Adjusted)
Launch-HTN Phase 3 Uncontrolled/Resistant HTN -9.0 mmHg Office SBP (p < 0.001) [5]
Advance-HTN Phase 2b Uncontrolled/Resistant HTN -7.9 mmHg 24-hour Ambulatory SBP [21]
Target-HTN Phase 2 Uncontrolled HTN -9.6 mmHg Office SBP [14]
Explore-CKD Phase 2 HTN + Stage 2-3b CKD Met primary SBP and uACR reduction [19, 22]
Explore-OSA Phase 2 HTN + Obstructive Sleep Apnea Failed AHI; -6.2 mmHg SBP reduction [3, 10]

Moat Analysis: Competitive Advantages

Mineralys’ competitive moat is multi-dimensional, combining technical barriers with regulatory and intellectual property protections.[7, 23]

  • Intellectual Property and Licensing Moat: The company holds an exclusive license for lorundrostat from Mitsubishi Tanabe Pharma Corporation.[23] This provides Mineralys with the fundamental right to develop and commercialize the drug in the U.S. and other major territories.[7, 23] The patents associated with the compound provide a term of protection that is expected to extend into the mid-2030s, excluding potential extensions for pediatric exclusivity or regulatory delays.[7, 24]
  • Scientific and Selectivity Barrier: The technical difficulty of achieving high selectivity between CYP11B2 and CYP11B1 acts as a natural moat against fast-following generic or biosimilar competition.[14, 15] The "best-in-class" selectivity of 374-fold is a high bar that competitors must match to avoid safety concerns related to adrenal function.[3, 12]
  • Regulatory Exclusivity: Upon potential approval, lorundrostat is expected to receive five years of New Chemical Entity (NCE) exclusivity in the U.S., during which the FDA cannot approve another generic version.[7, 25]
  • Distribution and Prescriber Ecosystem: By focusing on the cardiorenal "choke point"—nephrologists and cardiologists—Mineralys is building a brand within the specialist community that influences the prescribing habits of primary care physicians.[10, 26] This specialist advocacy creates a durable ecosystem that new entrants would find difficult to disrupt.[10]

TAM / Market Opportunity Analysis

The market opportunity for Mineralys is vast, driven by the global epidemic of metabolic disease and aging populations.[6, 17, 27]

  • Global Burden: There are 1.4 billion people globally living with hypertension.[16, 28] In the U.S., the prevalence is approximately 120 million adults, with roughly half of those on treatment still failing to reach targets of <130/80 mmHg.[6, 16]
  • Resistant Hypertension (rHTN) Segment: Approximately 12-15% of hypertensive patients are considered "resistant," failure to control BP despite three medications.[17, 22] This represents a global patient pool of over 100 million individuals.[17]
  • U.S. Addressable Population: Analysts estimate that 20 million U.S. patients fall into the third-line or later treatment category where lorundrostat would be initially positioned.[18, 26]
  • Expansion Opportunities: Beyond standard hypertension, the cardiorenal comorbidities represent significant upside.[2, 4, 19] The Explore-CKD data demonstrated that lorundrostat could effectively reduce kidney stress markers (uACR), positioning the drug as a potential treatment for chronic kidney disease, a market projected to grow rapidly as physicians shift toward organ-protective therapies.[19, 22]

Competitive Landscape

Mineralys is positioned in a "winner-takes-most" or "duopoly" scenario within the emerging ASI class.[8, 22]

  • AstraZeneca (Baxdrostat): The primary competitor is AstraZeneca, which acquired baxdrostat through its purchase of CinCor Pharma.[28, 29, 30] Baxdrostat is ahead in the regulatory timeline, with an NDA accepted under Priority Review and a PDUFA date expected in Q2 2026.[28, 29] In Phase 3 trials, baxdrostat 2 mg demonstrated a placebo-adjusted SBP reduction of 9.8 mmHg.[29, 30]
  • Mineralys Positioning vs. AstraZeneca: While AstraZeneca has the advantage of a larger commercial machine and an earlier launch, Mineralys argues that lorundrostat’s data package is more robust in specific high-risk subgroups.[4, 8, 10] Specifically, Mineralys emphasizes lorundrostat's 24-hour ambulatory blood pressure control, which is critical for reducing "morning surge" cardiovascular events.[4, 10, 21]
  • Gaining vs. Losing Ground: Mineralys appears to be holding its ground despite being "second" to market.[8] The consistency of the Advance-HTN and Launch-HTN data has solidified investor confidence that the ASI class is viable and that lorundrostat is a legitimate contender for best-in-class status.[5, 12, 19]

3. Financial Performance & Valuation:

The valuation of Mineralys Therapeutics in 2025 and 2026 is an exercise in projecting the commercial ramp of a disruptive cardiorenal therapy.[2, 8, 18]

Recent Historical Performance (Fiscal Year 2025)

The 2025 financial year was defined by substantial capital raising and the completion of the pivotal clinical program.[2, 19]

  • Cash and Liquidity: The company ended 2025 with $656.6 million in cash and investments.[2, 9] This liquidity position was significantly strengthened by a $287.5 million public offering in September 2025.[2] This cash runway is a critical metric for investors, as it minimizes the risk of a "distressed" capital raise before the PDUFA date.[9]
  • Operating Losses: For the full year 2025, Mineralys reported a net loss of $154.7 million.[9, 31] This reflects the high cost of running global Phase 3 trials and the beginning of commercial pre-launch activities.[2, 9]
  • Expense Trajectory: R&D expenses peaked in the first half of 2025 and began to stabilize as trials closed out, while G&A expenses rose to $38.6 million as the company hired commercial leadership.[2, 9, 32]
Financial Metric (FY 2025) Value ($ in millions) Significance
Cash and Investments $656.6M Funds operations into 2028 [2, 9]
Net Loss ($154.7M) Standard for late-stage biotech [9, 31]
R&D Expense ~$132M Completion of Launch/Advance-HTN [32]
G&A Expense $38.6M 62% increase due to pre-launch build [9]

Valuation Drivers and 5-Year Assumptions

To value Mineralys, we must look beyond the lack of current revenue and focus on the 5-year sales trajectory (2027-2031).[18, 33]

  1. Revenue Start Date: Full commercialization is modeled to begin in Q1 2027, following a late December 2026 approval.[3, 10]
  2. 5-Year Sales Growth: Analysts project revenue to reach $215.7 million by 2029.[18] Extending this model to 2031, if the drug achieves moderate penetration in the 20 million U.S. patient TAM, revenue could scale to $600M-$700M.[18, 34] This represents a projected sales CAGR of over 50% in the early launch years.[18, 33]
  3. Pricing Assumption: A net annual price per patient of ~$4,500 to $6,000 is realistic for a novel cardiovascular agent, assuming a list price (WAC) of $12,000 to $15,000 and 60% gross-to-net discounts.[35, 36]
  4. Margins: Post-launch, the company will face high selling and marketing costs. We assume operating margins will remain negative through 2028, turning positive in 2029 or 2030.[18] Long-term operating margins for successful cardiovascular players often reach 30-40%.
  5. Share Count: We assume a 7% annual dilution over the next 3-5 years to account for stock-based compensation and potential equity-linked financing for global expansion, leading to an estimated 110-120 million shares by 2031.[18, 32]

Valuation Connection to Core Business Model

Mineralys’ current market capitalization of ~$2.26 billion suggests the market is pricing in a 50-60% probability of a $500M-$700M peak revenue asset.[9, 37, 38] Using a 5x Price-to-Sales multiple on projected 2031 revenue of $650 million ($3.25B EV) and discounting back to the present at a 12% biotech discount rate, the current price appears to reflect the "base case" of regulatory approval without accounting for the massive "high case" potential of label expansion into CKD or heart failure.[18, 39, 40]

4. Risk Assessment & Macroeconomic Considerations:

The investment thesis for Mineralys Therapeutics is a "high-beta" play on cardiorenal innovation, subject to significant execution and regulatory friction.[7, 23]

Company-Specific Execution Risks

  • PDUFA and Labeling Risk: The FDA’s decision on December 22, 2026, is a binary event.[3, 10] Even if approved, the "label" is critical.[7] If the FDA restricts lorundrostat to patients who have failed four or more drugs (rather than three), or requires a "Black Box" warning for hyperkalemia, the commercial TAM could shrink by 50% or more overnight.[7, 13, 15]
  • Commercial Ramp-up: Building a sales force of several hundred representatives to cover 60,000 physicians is a logistical challenge.[10] Failure to achieve rapid formulary wins with major PBMs in the first 12 months of launch would significantly damage the long-term revenue curve.[18, 27, 35]

Competitive Risks

  • AstraZeneca’s Scale: AstraZeneca (AZN) has a massive global footprint.[28] Their ability to "bundle" baxdrostat with other established therapies like Farxiga could shut Mineralys out of key hospital systems or nephrology groups.[8, 28, 30]
  • Price Erosion from Generic MRAs: Many physicians may still prefer to use generic spironolactone, despite its side effects, simply because it costs pennies per day.[13, 15] Lorundrostat’s differentiation must be clinically unassailable to overcome this cost barrier.[8, 13]

Customer Concentration or Demand Risks

  • Payer Dominance: The cardiorenal market in the U.S. is highly concentrated among three or four major PBMs.[27, 35] If Mineralys fails to secure "preferred" status on Tier 2 or Tier 3 formularies, high patient co-pays will result in abandoned prescriptions at the pharmacy counter.[27, 35, 36]

Regulatory or Legal Risks

  • Adrenal Function Safety: The ASI class is under intense scrutiny for its impact on cortisol.[14, 15] Any signal of adrenal insufficiency in the long-term open-label extension (Transform-HTN) would be a thesis-ending event.[2, 19]
  • Intellectual Property Litigation: While the Mitsubishi Tanabe license is exclusive, competitors may challenge the underlying composition-of-matter or method-of-use patents to accelerate generic entry.[7, 23]

Balance Sheet / Capital Allocation Risks

  • Launch Burn: If the commercial launch is slower than expected, the $656.6 million cash cushion could be depleted faster than anticipated.[9] This would force a dilutive capital raise at a time when the stock price might be under pressure due to poor sales performance.[7, 26]

Industry Structure Risks

  • Guidelines and Inertia: Cardiovascular guidelines move slowly.[41] If organizations like the AHA or ACC do not update their hypertension algorithms to include ASIs as a preferred third-line treatment, adoption will remain localized among "early adopter" specialists.[10, 41]

Macroeconomic Sensitivities

  • Drug Pricing Legislation: The Inflation Reduction Act (IRA) allows for Medicare price negotiations.[42] While lorundrostat is years away from being eligible for negotiation, the broader pressure on branded cardiorenal drug pricing could limit the ceiling for long-term sales.[35, 42]
  • Capital Market Volatility: As a pre-revenue biotech, MLYS is highly sensitive to interest rates.[43] A "higher-for-longer" rate environment increases the discount rate for future cash flows, compressing the stock's valuation multiple even if clinical news is positive.[18, 43]

Summary of Risk Trajectory

Risk Factor Early Warning Sign Long-Term Thesis Damage
Regulatory FDA requests for more detailed adrenal safety data. NDA rejection or heavily restricted label.
Commercial Fewer than 10,000 scripts in the first 6 months. Peak sales potential reduced to <$300M.
Financial G&A spending exceeding $60M/year pre-launch. Forced dilutive financing before Year 3.
Safety Any case of Grade 4 hyperkalemia (>6.5 mmol/L). Market withdrawal or Black Box warning.

5. 5-Year Scenario Analysis:

The following scenarios analyze the potential return for Mineralys Therapeutics from 2026 to 2031.[18, 33]

Base Case: Steady Adoption and Market Parity

In the base case, lorundrostat is approved in late 2026 with a label for resistant hypertension.[3, 10] The company successfully navigates the launch, sharing the ASI market with AstraZeneca.[8, 28]

  • Year 5 Revenue (2031): $650 million.[18, 34] This assumes a capture of ~5% of the 20 million U.S. addressable patients at a net price of $5,000.[18, 26]
  • Operating Margin: 25% by 2031, reflecting a scaled commercial organization.
  • Valuation Multiple: 5.5x P/S, typical for a mid-cap cardiorenal company with a durable pipeline.
  • Share Count: 115 million shares (accounting for dilution from launch-related financing).[18, 32]
  • Exit Valuation: $3.575 Billion.
  • Implied Share Price: $31.09.
  • 5-Year Total Return: ~15% from current $27.09.

High Case: Best-in-Class Status and Multi-Indication Success

In the high case, lorundrostat’s 24-hour control profile makes it the preferred ASI.[4, 10, 21] Furthermore, the company successfully adds CKD and heart failure to the label by 2029.[19, 39]

  • Year 5 Revenue (2031): $1.6 Billion.[18, 44] This assumes penetration into the CKD market and higher adoption in primary care.
  • Operating Margin: 38% due to high operating leverage and premium pricing.
  • Valuation Multiple: 8.5x P/S, reflecting blockbuster potential and acquisition premium.
  • Share Count: 105 million shares (less dilution due to stock price outperformance and early FCF).
  • Exit Valuation: $13.6 Billion.
  • Implied Share Price: $129.52.
  • 5-Year Total Return: ~378% (36% CAGR).

Low Case: Regulatory Stalls and Safety Labeling Issues

In the low case, the FDA delays approval by 12 months for safety audits, and upon approval, issues a label requiring bi-weekly potassium monitoring, which kills the primary care market.[7, 13, 15]

  • Year 5 Revenue (2031): $120 million. The drug is relegated to a niche "specialist-only" rescue therapy.
  • Operating Margin: -10% as fixed commercial costs outpace the low sales volume.
  • Valuation Multiple: 2.0x P/S, as the company becomes a "busted" growth story.
  • Share Count: 140 million shares (repeated dilutive raises to survive).
  • Exit Valuation: $240 million.
  • Implied Share Price: $1.71.
  • 5-Year Total Return: ~ -94%.

Scenario Summary Table

Scenario Year 5 Revenue (Est) Margin / Earnings Assumption Valuation Multiple (P/S) Implied Future Share Price 5-Year Total Return Probability
High $1.6 Billion 38% Op Margin 8.5x $129.52 378% 15%
Base $650 Million 25% Op Margin 5.5x $31.09 15% 60%
Low $120 Million -10% Op Margin 2.0x $1.71 -94% 25%
Weighted $660 Million 18% 4.9x $38.51 42.2% 100%

EXECUTION-DEPENDENT UPSIDE

6. Qualitative Scorecard:

The following qualitative assessment highlights the internal and external factors defining Mineralys Therapeutics.

  • Management Alignment (8/10): CEO Jon Congleton’s tenure of over five years and his direct ownership of 0.78% (worth ~$15M) indicate significant personal commitment.[45, 46, 47] Compensation is 89% performance-based (stock/bonuses), aligning the team with regulatory milestones.[45, 46] However, the net selling by insiders (CFO and CMO) over the last 90 days is a point of caution.[11, 38, 48]
  • Revenue Quality (1/10): Revenue is currently non-existent.[2, 8] All quality is prospective and carries the risks inherent to single-asset biotech.[7, 23]
  • Market Position (7/10): Mineralys is a legitimate challenger in the ASI duopoly.[8, 22] While AstraZeneca has more resources, Mineralys’ "cleaner" pivotal data package from trials like Advance-HTN is highly regarded by cardiorenal experts.[4, 12, 21]
  • Growth Outlook (9/10): The potential for label expansion into CKD and sleep apnea (despite the AHI primary endpoint failure, the BP signal remained strong) provides a clear decade-long growth runway.[3, 19, 39]
  • Financial Health (9/10): The $656.6M cash balance against zero long-term debt is an exceptional safety net for a company at this stage.[9, 49, 50] The company has shown it can raise capital efficiently even in volatile markets.[2]
  • Business Viability (6/10): Durability is concentrated in one molecule.[7, 23] If lorundrostat fails for safety reasons, the business has no backup pipeline.[7, 25]
  • Capital Allocation (7/10): Management has prioritized R&D for the core hypertension indication while judiciously exploring secondary markers like CKD.[2, 9, 19]
  • Analyst Sentiment (9/10): Six of eight covering analysts maintain a "Strong Buy" or "Buy" rating, with price targets ranging as high as $56.[8, 11, 40]
  • Profitability (1/10): The company is years away from breakeven.[18, 33] Losses will likely widen in 2026 as sales force hiring accelerates.[9, 50]
  • Track Record (8/10): Management has hit nearly every clinical and regulatory milestone since the IPO.[9, 12, 19, 33] The only significant "miss" was the secondary primary endpoint in the OSA exploratory trial.[3, 10]

OVERALL BLENDED SCORE: 6.5 / 10

SINGLE-ASSET JUGGERNAUT

7. Conclusion & Investment Thesis:

Mineralys Therapeutics is approaching a transformative regulatory catalyst that could redefine the treatment of resistant hypertension.[3, 4, 10] The core investment thesis rests on the "best-in-class" potential of lorundrostat, which has demonstrated a clinical profile that addresses the limitations of historical and current antihypertensive classes.[12, 14, 19]

The market for uncontrolled hypertension is massive and underserved, with 20 million U.S. patients waiting for a third- or fourth-line option that doesn't carry the high risk of hormonal side effects or systemic toxicity.[2, 17, 18] The successful submission and acceptance of the NDA for lorundrostat, paired with a PDUFA date in late 2026, sets a clear timeline for value realization.[10, 11]

However, investors must weigh this against the inherent risks of a clinical-stage biotech.[7, 23] The presence of a formidable competitor in AstraZeneca creates a race for commercial dominance.[8, 28] The "Base Case" for Mineralys suggests modest but steady returns if it can capture its fair share of the ASI market, while the "High Case" offers substantial multi-bagger potential if lorundrostat becomes the standard-of-care across multiple cardiorenal indications.[18, 44] With over $650 million in cash, the company is better positioned than most of its peers to navigate the transition to a commercial entity, making MLYS a compelling, albeit high-risk, play on cardiorenal innovation.[2, 9, 50]

NDA PIVOT POINT

8. Technical Analysis, Price Action & Short-Term Outlook:

As of April 1, 2026, Mineralys Therapeutics (MLYS) is trading at $27.09, having experienced a recent 15% price spike following a buy signal from a pivot bottom reached in late March.[51] The stock is currently trading below its 200-day moving average, which ranges between $28.84 and $35.24, suggesting a long-term bearish trend that is attempting to stabilize.[9, 38, 52] Short-term indicators like the RSI (47.7) are neutral, but the MACD remains in a sell posture, indicating that the stock may face continued volatility as investors digest the recent insider selling and await the start of the final PDUFA countdown.[52, 53] The short-term outlook is cautiously optimistic as long as the support at $24.07 holds.[51]

VOLATILE BOTTOMING PROCESS


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  24. Lorundrostat - Drug Targets, Indications, Patents - Patsnap Synapse, https://synapse.patsnap.com/drug/8a5c57655cda4d64af8351ed83125464
  25. FORM 10-K MINERALYS THERAPEUTICS , INC. - SEC.gov, https://www.sec.gov/Archives/edgar/data/1933414/000193341425000039/mineralystherapeuticsinc_p.pdf
  26. MLYS Stock Forecast: Analyst Ratings, Predictions & Price Target 2026 - Public Investing, https://public.com/stocks/mlys/forecast-price-target
  27. Anti-hypertensive Drugs Market Size to Hit USD 37.24 Billion by 2034 - BioSpace, https://www.biospace.com/press-releases/anti-hypertensive-drugs-market-size-to-hit-usd-37-24-billion-by-2034
  28. Baxdrostat New Drug Application accepted under FDA Priority Review in the US for patients with hard-to-control hypertension - AstraZeneca, https://www.astrazeneca.com/media-centre/press-releases/2025/baxdrostat-new-drug-application-accepted-under-fda-priority-review-in-the-us-for-patients-with-hard-to-control-hypertension.html
  29. 5 FDA Decisions to Watch For: Q2 2026 | Patient Care Online, https://www.patientcareonline.com/view/5-fda-decisions-to-watch-for-q2-2026
  30. Baxdrostat demonstrated statistically significant and clinically meaningful reduction in systolic blood pressure in patients with hard-to-control hypertension in the BaxHTN Phase III trial - AstraZeneca US, https://www.astrazeneca-us.com/media/press-releases/2025/Baxdrostat-demonstrated-statistically-significant-and-clinically-meaningful-reduction-in-systolic-blood-pressure-in-patients-with-hard-to-control-hypertension-in-the-BaxHTN-Phase-III-trial.html
  31. Top Mineralys Therapeutics (MLYS) Competitors 2026 - MarketBeat, https://www.marketbeat.com/stocks/NASDAQ/MLYS/competitors-and-alternatives/
  32. Mineralys Therapeutics (MLYS) Financials 2026 - Income Statement and Balance Sheet, https://www.marketbeat.com/stocks/NASDAQ/MLYS/financials/
  33. Mineralys Therapeutics (NasdaqGS:MLYS) Stock Forecast & Analyst Predictions, https://simplywall.st/stocks/us/pharmaceuticals-biotech/nasdaq-mlys/mineralys-therapeutics/future
  34. Mineralys's stock soars as hypertension pill scores in two pivotal trials - Clinical Trials Arena, https://www.clinicaltrialsarena.com/news/mineralys-therapeutics-stock-jumps-hypertension-trial-data/
  35. U.S. Brand-Name Drug Prices Fell in 2025 as the Net Pricing Drug Channel Emerges, https://www.drugchannels.net/2026/01/us-brand-name-drug-prices-fell-in-2025.html
  36. New AARP Rx Price Watch Report Shows Overall Decline in Brand-Name Drug Prices in 2024, But Prices Remain High, https://www.aarp.org/press/releases/2026-02-12-rx-price-watch-report.html
  37. Mineralys Therapeutics (MLYS) files Form 144 to sell 75000 shares - Stock Titan, https://www.stocktitan.net/sec-filings/MLYS/144-mineralys-therapeutics-inc-sec-filing-b511ea339554.html
  38. Mineralys Therapeutics (NASDAQ:MLYS) Stock Price Up 12.4% - What's Next?, https://www.marketbeat.com/instant-alerts/mineralys-therapeutics-nasdaqmlys-stock-price-up-124-whats-next-2026-03-31/
  39. Mineralys Therapeutics Provides Corporate Update and Announces Participation in Upcoming LifeSci Partners Corporate Access Event in January 2026, https://ir.mineralystx.com/news-events/press-releases/detail/89/mineralys-therapeutics-provides-corporate-update-and
  40. MLYS / Mineralys Therapeutics, Inc. (NasdaqGS) - Forecast, Price Target, Estimates, Predictions - Fintel, https://fintel.io/sfo/us/mlys
  41. Cardiovascular Drug Therapy Market | Size, Share, Volume 2026 to 2033, https://www.statsmarketresearch.com/global-cardiovascular-drug-therapy-forecast-market-8067261
  42. Good News! Medicare's Negotiated Drug Prices for 10 of the Most Expensive Drugs Are Now in Effect - California Health Advocates, https://cahealthadvocates.org/good-news-medicares-negotiated-drug-prices-for-10-of-the-most-expensive-drugs-are-now-in-effect/
  43. Mineralys Therapeutics, Inc. Stock Price: Quote, Forecast, Splits & News (MLYS) - Perplexity, https://www.perplexity.ai/finance/MLYS?comparing=MLYS,BLTE,0013.HK,BHVN,VIR,NTLA
  44. AstraZeneca experimental blood pressure drug has a good shot of becoming a blockbuster, https://firstwordpharma.com/story/5941812
  45. Mineralys Therapeutics (MLYS) CEO granted new stock options and RSUs, https://www.stocktitan.net/sec-filings/MLYS/form-4-mineralys-therapeutics-inc-insider-trading-activity-1fc346c2799e.html
  46. Mineralys Therapeutics, Inc. (MLYS) Leadership & Management Team Analysis, https://simplywall.st/stocks/us/pharmaceuticals-biotech/nasdaq-mlys/mineralys-therapeutics/management
  47. Jon Congleton - Catalys Pacific, https://catalyspacific.com/people/jon-congleton
  48. Mineralys CMO exercises options, sells 20,406 shares | MLYS Insider Trading - Stock Titan, https://www.stocktitan.net/sec-filings/MLYS/form-4-mineralys-therapeutics-inc-insider-trading-activity-9880610bec09.html
  49. MLYS Financials: Income Statement, Balance Sheet & Cash Flow | Mineralys Therapeutics, Inc. - Stock Titan, https://www.stocktitan.net/financials/MLYS/
  50. Mineralys Therapeutics, Inc. (MLYS), https://ir.mineralystx.com/sec-filings/all-sec-filings/content/0001933414-25-000090/0001933414-25-000090.pdf
  51. Mineralys Therapeutics Stock Price Forecast. Should You Buy MLYS? - StockInvest.us, https://stockinvest.us/stock/MLYS
  52. MLYS Technical Analysis, RSI and Moving Averages - Investing.com, https://www.investing.com/equities/mineralys-therapeutics-technical
  53. MLYS stock forecast, quote, news & analysis - Tickeron, https://tickeron.com/ticker/MLYS/

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