Mineralys Therapeutics, Inc.
MLYS · Pharmaceutical Preparations · 82.5M shares · +206%/yr ↑ dilution · EDGAR filings ↗
Reference price $25.00 · est. market cap ~$2.1B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76NDA-stage hypertension company with positive pivotal data across multiple trials and a strong balance sheet.
Strengths
- NDA submitted for lorundrostat (PDUFA Dec 2026) backed by positive Phase 3 Launch-HTN, Phase 2 Advance-HTN, Explore-CKD, and dose-ranging Phase 2 (p=0.01)
- Excellent liquidity: current/quick ratio 43.8 (99th pct), $173M cash (64th pct), low leverage
Risks
- Single product candidate; commercialization, reimbursement and Tanabe-license dependence remain
- Explore-OSA missed its AHI endpoint, and the company remains pre-revenue with ROE/ROA still negative
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Chronic dilutionShare count +206%/yr over 2y (dilution, book value/share -71%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $173M cash & investments
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$9M, last 6mo) Form 4 ↗
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 42 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$17M, last 6mo) Form 4 ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Key metrics
Return on equity
-23.9%
Return on assets
-23.4%
Current ratio
43.8×
EBITDA
-$171M
Tangible book value
$647M
Cash & investments
$173M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Rodman David Malcom | Option exercise | 4.2K | $14.25 |
| 2026-06-17 | Karydas Daphne | Sell | 3.0K | $25.00 |
| 2026-06-17 | Rodman David Malcom | Option exercise | 417 | $15.44 |
| 2026-06-17 | Karydas Daphne | Option exercise | 3.0K | $12.02 |
| 2026-06-17 | Rodman David Malcom | Sell | 4.6K | $25.00 |
| 2026-06-15 | Rodman David Malcom | Sell | 9.9K | $23.81 |
| 2026-06-15 | Rodman David Malcom | Option exercise | 3.5K | $10.20 |
| 2026-06-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2026-06-12 | Rodman David Malcom | Sell | 6.3K | $23.93 |
| 2026-06-10 | Rodman David Malcom | Sell | 2.2K | $25.00 |
| 2026-06-10 | Rodman David Malcom | Option exercise | 2.2K | $16.00 |
| 2026-05-18 | Rodman David Malcom | Option exercise | 417 | $15.44 |
| 2026-05-18 | Rodman David Malcom | Sell | 417 | $27.55 |
| 2026-05-13 | Rodman David Malcom | Sell | 14K | $28.58 |
| 2026-05-13 | Rodman David Malcom | Option exercise | 4.2K | $14.25 |
| 2026-05-13 | Rodman David Malcom | Option exercise | 3.5K | $10.20 |
| 2026-05-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2026-05-12 | Rodman David Malcom | Sell | 6.3K | $29.36 |
| 2026-05-11 | Rodman David Malcom | Sell | 2.2K | $29.71 |
| 2026-05-11 | Rodman David Malcom | Option exercise | 2.2K | $16.00 |
| 2026-04-17 | Rodman David Malcom | Option exercise | 416 | $15.44 |
| 2026-04-17 | Rodman David Malcom | Sell | 416 | $31.33 |
| 2026-04-15 | Rodman David Malcom | Sell | 6.3K | $27.66 |
| 2026-04-13 | Rodman David Malcom | Option exercise | 3.5K | $10.20 |
| 2026-04-13 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2026-04-13 | Rodman David Malcom | Option exercise | 4.2K | $14.25 |
| 2026-04-13 | Rodman David Malcom | Sell | 14K | $26.54 |
| 2026-04-13 | Congleton Jon | Sell | 16K | $26.83 |
| 2026-04-09 | Rodman David Malcom | Sell | 2.2K | $27.38 |
| 2026-04-09 | Rodman David Malcom | Option exercise | 2.2K | $16.00 |
| 2026-03-31 | Karydas Daphne | Sell | 3.0K | $25.00 |
| 2026-03-31 | Congleton Jon | Sell | 55K | $26.54 |
| 2026-03-31 | Congleton Jon | Sell | 453 | $27.05 |
| 2026-03-31 | Congleton Jon | Sell | 19K | $25.50 |
| 2026-03-31 | Karydas Daphne | Option exercise | 3.0K | $12.02 |
| 2026-03-30 | RA CAPITAL MANAGEMENT, L.P. | Buy | 58K | $24.16 |
| 2026-03-27 | RA CAPITAL MANAGEMENT, L.P. | Buy | 311K | $23.67 |
| 2026-03-17 | Rodman David Malcom | Option exercise | 417 | $15.44 |
| 2026-03-17 | Rodman David Malcom | Sell | 417 | $25.65 |
| 2026-03-13 | Rodman David Malcom | Option exercise | 4.2K | $14.25 |
| 2026-03-13 | Rodman David Malcom | Sell | 3.1K | $27.37 |
| 2026-03-13 | Rodman David Malcom | Sell | 253 | $27.82 |
| 2026-03-13 | Rodman David Malcom | Option exercise | 3.5K | $10.20 |
| 2026-03-13 | Rodman David Malcom | Sell | 11K | $25.91 |
| 2026-03-12 | Rodman David Malcom | Sell | 6.3K | $27.37 |
| 2026-03-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2026-03-09 | Rodman David Malcom | Option exercise | 2.2K | $16.00 |
| 2026-03-09 | Rodman David Malcom | Sell | 2.2K | $26.84 |
| 2026-02-19 | Congleton Jon | Grant | 141K | — |
| 2026-02-19 | SBLENDORIO GLENN | Grant | 6.2K | — |
| 2026-02-19 | Gold Alexander M | Grant | 6.2K | — |
| 2026-02-19 | Karydas Daphne | Grant | 6.2K | — |
| 2026-02-19 | Slingsby Brian Taylor | Grant | 6.2K | — |
| 2026-02-19 | Slingsby Brian Taylor | Other | 6.2K | — |
| 2026-02-19 | Slingsby Brian Taylor | Other | 6.2K | — |
| 2026-02-19 | AKKARAJU SRINIVAS | Grant | 6.2K | — |
| 2026-02-19 | DiRocco Derek | Grant | 6.2K | — |
| 2026-02-19 | Rodman David Malcom | Grant | 38K | — |
| 2026-02-19 | Levy Adam Scott | Grant | 40K | — |
| 2026-02-19 | RA CAPITAL MANAGEMENT, L.P. | Grant | 6.2K | — |
| 2026-02-17 | Rodman David Malcom | Option exercise | 417 | $15.44 |
| 2026-02-17 | Rodman David Malcom | Sell | 417 | $27.59 |
| 2026-02-13 | Rodman David Malcom | Sell | 6.3K | $27.58 |
| 2026-02-13 | Rodman David Malcom | Sell | 3.5K | $27.33 |
| 2026-02-13 | Rodman David Malcom | Option exercise | 4.2K | $14.25 |
| 2026-02-13 | Rodman David Malcom | Sell | 4.2K | $27.33 |
| 2026-02-13 | Rodman David Malcom | Option exercise | 3.5K | $10.20 |
| 2026-02-12 | Rodman David Malcom | Sell | 5.8K | $28.94 |
| 2026-02-12 | Rodman David Malcom | Sell | 521 | $29.64 |
| 2026-02-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2026-02-09 | Rodman David Malcom | Option exercise | 2.2K | $16.00 |
| 2026-02-09 | Rodman David Malcom | Sell | 2.2K | $30.21 |
| 2026-01-20 | Rodman David Malcom | Sell | 416 | $32.10 |
| 2026-01-20 | Rodman David Malcom | Option exercise | 416 | $15.44 |
| 2026-01-14 | Rodman David Malcom | Sell | 11K | $32.61 |
| 2026-01-13 | Rodman David Malcom | Option exercise | 3.5K | $10.20 |
| 2026-01-13 | Rodman David Malcom | Option exercise | 4.2K | $14.25 |
| 2026-01-13 | Rodman David Malcom | Sell | 7.7K | $32.75 |
| 2026-01-12 | Rodman David Malcom | Sell | 6.3K | $32.32 |
| 2026-01-12 | Levy Adam Scott | Sell | 11K | $32.14 |
| 2026-01-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2026-01-12 | Congleton Jon | Sell | 9.1K | $32.21 |
| 2026-01-12 | Congleton Jon | Sell | 7.1K | $33.15 |
| 2026-01-09 | Rodman David Malcom | Sell | 2.2K | $33.27 |
| 2026-01-09 | Rodman David Malcom | Option exercise | 2.2K | $16.00 |
| 2026-01-05 | Rodman David Malcom | Option exercise | 10K | $15.44 |
| 2026-01-05 | Rodman David Malcom | Sell | 53K | $35.53 |
| 2026-01-05 | Rodman David Malcom | Option exercise | 26K | $10.20 |
| 2026-01-05 | Rodman David Malcom | Option exercise | 67K | $14.25 |
| 2026-01-05 | Rodman David Malcom | Option exercise | 54K | $16.00 |
| 2026-01-05 | Rodman David Malcom | Sell | 139K | $34.83 |
| 2026-01-05 | Rodman David Malcom | Option exercise | 28K | $1.08 |
| 2026-01-02 | Rodman David Malcom | Option exercise | 9.3K | $10.20 |
| 2026-01-02 | Rodman David Malcom | Option exercise | 10K | $1.08 |
| 2026-01-02 | Rodman David Malcom | Option exercise | 3.6K | $15.44 |
| 2026-01-02 | Rodman David Malcom | Option exercise | 20K | $16.00 |
| 2026-01-02 | Rodman David Malcom | Option exercise | 24K | $14.25 |
| 2026-01-02 | Rodman David Malcom | Sell | 70K | $35.87 |
| 2025-11-21 | Congleton Jon | Option exercise | 24K | $0.54 |
| 2025-11-20 | Slingsby Brian Taylor | Sell | 1.0M | $43.35 |
| 2025-11-13 | Karydas Daphne | Option exercise | 15K | $10.20 |
| 2025-11-13 | Karydas Daphne | Sell | 10K | $45.81 |
| 2025-11-13 | Karydas Daphne | Sell | 4.9K | $46.36 |
| 2025-11-13 | Gold Alexander M | Option exercise | 2.7K | $10.20 |
| 2025-11-13 | Gold Alexander M | Option exercise | 10K | $12.69 |
| 2025-11-13 | Gold Alexander M | Sell | 13K | $46.50 |
| 2025-11-12 | Gold Alexander M | Option exercise | 6.9K | $10.20 |
| 2025-11-12 | Gold Alexander M | Sell | 5.0K | $46.50 |
| 2025-11-12 | Gold Alexander M | Sell | 1.9K | $47.28 |
| 2025-11-11 | Levy Adam Scott | Sell | 8.5K | $45.18 |
| 2025-11-11 | Levy Adam Scott | Sell | 39K | $45.93 |
| 2025-11-11 | Levy Adam Scott | Sell | 33K | $46.88 |
| 2025-11-11 | Congleton Jon | Sell | 13K | $41.64 |
| 2025-11-11 | Congleton Jon | Sell | 8.9K | $42.31 |
| 2025-11-11 | Congleton Jon | Sell | 4.0K | $43.50 |
| 2025-11-11 | Congleton Jon | Sell | 29K | $45.20 |
| 2025-11-11 | Congleton Jon | Sell | 33K | $46.89 |
| 2025-11-11 | Gold Alexander M | Option exercise | 15K | $10.20 |
| 2025-11-11 | Gold Alexander M | Sell | 10K | $42.43 |
| 2025-11-11 | Gold Alexander M | Sell | 5.0K | $47.08 |
| 2025-11-11 | Congleton Jon | Sell | 112K | $45.83 |
| 2025-11-11 | Levy Adam Scott | Option exercise | 21K | $10.20 |
| 2025-11-11 | Levy Adam Scott | Option exercise | 34K | $16.00 |
| 2025-11-11 | Levy Adam Scott | Option exercise | 44K | $14.25 |
| 2025-11-11 | Levy Adam Scott | Option exercise | 6.6K | $15.44 |
| 2025-11-11 | Levy Adam Scott | Sell | 1.0K | $42.00 |
| 2025-11-11 | Levy Adam Scott | Sell | 11K | $41.87 |
| 2025-11-11 | Levy Adam Scott | Sell | 1.6K | $42.68 |
| 2025-11-11 | Levy Adam Scott | Sell | 13K | $41.65 |
| 2025-11-11 | Levy Adam Scott | Sell | 8.5K | $42.34 |
| 2025-11-11 | Levy Adam Scott | Sell | 4.1K | $43.50 |
| 2025-10-15 | Rodman David Malcom | Sell | 10K | $43.01 |
| 2025-10-13 | Levy Adam Scott | Sell | 7.4K | $41.90 |
| 2025-10-13 | Levy Adam Scott | Sell | 3.4K | $42.26 |
| 2025-10-13 | Congleton Jon | Sell | 14K | $42.63 |
| 2025-10-13 | Congleton Jon | Sell | 1.6K | $43.03 |
| 2025-09-15 | Rodman David Malcom | Sell | 9.3K | $35.90 |
| 2025-09-15 | Rodman David Malcom | Sell | 2.1K | $36.47 |
| 2025-09-04 | RA CAPITAL MANAGEMENT, L.P. | Buy | 1.2M | $25.50 |
| 2025-09-04 | AKKARAJU SRINIVAS | Buy | 588K | $25.50 |
| 2025-08-13 | Rodman David Malcom | Sell | 11K | $12.93 |
| 2025-08-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-07-30 | Levy Adam Scott | Sell | 52K | $14.70 |
| 2025-07-30 | Levy Adam Scott | Sell | 8.4K | $15.10 |
| 2025-07-29 | Levy Adam Scott | Sell | 807 | $14.00 |
| 2025-07-28 | Levy Adam Scott | Sell | 13K | $14.04 |
| 2025-07-14 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-07-14 | Rodman David Malcom | Sell | 11K | $14.59 |
| 2025-07-11 | Congleton Jon | Sell | 16K | $14.51 |
| 2025-07-11 | Levy Adam Scott | Sell | 11K | $14.45 |
| 2025-06-13 | Rodman David Malcom | Sell | 11K | $14.60 |
| 2025-06-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-05-14 | Rodman David Malcom | Sell | 11K | $15.29 |
| 2025-05-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-04-14 | Rodman David Malcom | Sell | 3.0K | $13.69 |
| 2025-04-14 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-04-14 | Rodman David Malcom | Sell | 8.4K | $14.83 |
| 2025-04-11 | Levy Adam Scott | Sell | 11K | $12.06 |
| 2025-04-11 | Congleton Jon | Sell | 15K | $12.19 |
| 2025-04-01 | Rodman David Malcom | Sell | 22K | $16.77 |
| 2025-04-01 | Rodman David Malcom | Option exercise | 1.6K | $1.08 |
| 2025-04-01 | Rodman David Malcom | Sell | 31K | $15.00 |
| 2025-04-01 | Rodman David Malcom | Sell | 2.8K | $16.02 |
| 2025-03-13 | Slingsby Brian Taylor | Buy | 259K | $13.50 |
| 2025-03-13 | Samsara BioCapital GP, LLC | Buy | 600K | $13.50 |
| 2025-03-13 | AKKARAJU SRINIVAS | Buy | 600K | $13.50 |
| 2025-03-13 | RA CAPITAL MANAGEMENT, L.P. | Buy | 1.3M | $13.50 |
| 2025-03-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-02-12 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-01-13 | Levy Adam Scott | Sell | 11K | $9.09 |
| 2025-01-13 | Levy Adam Scott | Sell | 100 | $9.63 |
| 2025-01-13 | Rodman David Malcom | Option exercise | 5.0K | $0.54 |
| 2025-01-13 | Rodman David Malcom | Option exercise | 6.3K | $1.08 |
| 2025-01-13 | Congleton Jon | Sell | 18K | $9.06 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05968430 ↗ | Open-Label Extension (OLE) Study to Assess Safety, Efficacy, and Tolerability of Lorundrostat in Subjects With Hypertension Hypertension | PHASE3 | Active Not Recruiting | 2025-12-30 |
| NCT06785454 ↗ | A Study to Assess the Efficacy and Safety of Lorundrostat in Participants With Obstructive Sleep Apnea and Hypertension Obstructive Sleep Apnea, Hypertension | PHASE2 | Completed | 2025-12-17 |
| NCT06150924 ↗ | Efficacy and Safety of Lorundrostat in Addition to Sodium-Glucose Cotransporter-2 Inhibitors (SGLT2i) in Subjects With Hypertension and Chronic Kidney Disease (CKD) With Albuminuria Chronic Kidney Disease | PHASE2 | Completed | 2025-02-27 |
| NCT05769608 ↗ | A Pivotal Study to Evaluate the Efficacy of Lorundrostat in Subjects With Uncontrolled Hypertension on a Standardized Antihypertensive Medication Regimen Hypertension | PHASE2 | Completed | 2025-01-15 |
| NCT06153693 ↗ | Efficacy and Safety of Lorundrostat in Subjects With Uncontrolled and Resistant Hypertension Hypertension | PHASE3 | Completed | 2024-12-10 |
| NCT05001945 ↗ | Trial on the Safety and Efficacy of MLS-101 in Patients With Uncontrolled Hypertension Hypertension, Renal | PHASE2 | Completed | 2022-09-07 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-03 | Material agreementDebt obligation | filing ↗ |
| 2026-06-03 | OtherExhibits | filing ↗ |
| 2026-05-22 | Shareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-03-12 | ResultsExhibits | filing ↗ |
| 2026-03-09 | Reg FDOtherExhibits | filing ↗ |
| 2026-01-06 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-10 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-03 | 0001628280-26-040225 ↗ |
| 8-K | 2026-06-03 | 2026-06-02 | 0001628280-26-040024 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0001933414-26-000090 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001933414-26-000084 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001933414-26-000082 ↗ |
| 8-K | 2026-03-12 | 2026-03-12 | 0001933414-26-000054 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001933414-26-000056 ↗ |
| 8-K | 2026-03-09 | 2026-03-06 | 0001933414-26-000048 ↗ |
| 8-K | 2026-01-06 | 2026-01-06 | 0001933414-26-000002 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001933414-25-000139 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001933414-25-000142 ↗ |
| 8-K | 2025-09-03 | 2025-09-02 | 0001933414-25-000120 ↗ |