Mineralys Therapeutics Announces Closing of Upsized $287.5 Million Underwritten Public Offering of Common Stock Including Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Mineralys Therapeutics (NASDAQ: MLYS) has successfully closed its upsized public offering of common stock, raising $287.5 million in gross proceeds. The offering included 11,274,509 shares at $25.50 per share, with the underwriters exercising their full option to purchase an additional 1,470,588 shares.

The biopharmaceutical company, which focuses on developing treatments for hypertension and related conditions like chronic kidney disease and obstructive sleep apnea, plans to use the proceeds to fund the clinical development of its drug candidate lorundrostat, including R&D, manufacturing, and pre-commercialization activities. The offering was managed by several prominent investment banks, including BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities.

Positive

• Successful upsized offering raising $287.5 million in gross proceeds
• Full exercise of underwriters' option indicates strong demand
• Proceeds will support clinical development and pre-commercialization of lorundrostat
• Multiple top-tier investment banks involved as joint book-running managers

Negative

• Significant dilution for existing shareholders due to 11.27 million new shares
• Additional capital needs suggest substantial ongoing development costs

Insights

Biotechnology Investment Analyst

Mineralys secured $287.5M in an upsized offering, strengthening its financial position for advancing lorundrostat through clinical development.

Mineralys Therapeutics has successfully closed an upsized public offering that raised $287.5 million in gross proceeds. The offering consisted of 11,274,509 shares of common stock sold at $25.50 per share, including the full exercise of the underwriters' option to purchase additional shares. This represents a significant capital infusion for this clinical-stage biopharmaceutical company.

The successful completion of this offering, especially with the underwriters exercising their full option for additional shares, signals strong institutional interest in Mineralys's drug development program. The company's lead asset, lorundrostat, targets hypertension and related conditions including chronic kidney disease and obstructive sleep apnea - all linked to dysregulated aldosterone.

This capital raise substantially strengthens Mineralys's balance sheet, providing extended operational runway to advance lorundrostat through its clinical development pathway. The proceeds will specifically fund clinical development, research and development activities, manufacturing, and pre-commercialization preparations - suggesting the company may be approaching later-stage development.

The participation of multiple prominent investment banks as joint book-running managers, including BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities, adds credibility to this financing. The successful upsizing and full exercise of the additional share option demonstrate institutional confidence in Mineralys's clinical programs targeting conditions with significant unmet needs in the cardio-renal space.

RADNOR, Pa., Sept. 04, 2025 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as chronic kidney disease (CKD), obstructive sleep apnea (OSA) and other diseases driven by dysregulated aldosterone, announced today the closing of its previously announced underwritten public offering of 11,274,509 shares of its common stock, which includes the exercise in full of the underwriters’ option to purchase up to 1,470,588 additional shares of its common stock, at a public offering price of $25.50 per share. The aggregate gross proceeds to Mineralys from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $287.5 million. All of the securities sold in the offering were sold by Mineralys.

BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, Stifel and Wells Fargo Securities acted as joint book-running managers for the offering. LifeSci Capital acted as lead manager and H.C. Wainwright & Co. acted as co-manager for the offering.

Mineralys intends to use the net proceeds from the offering to fund clinical development of lorundrostat, including research and development and manufacturing, and pre-commercialization activities, as well as for working capital and general corporate purposes.

The securities described above were offered by Mineralys pursuant to registration statements on Form S-3 and Form S-3MEF previously filed and declared effective by the Securities and Exchange Commission (SEC). Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from: BofA Securities NC1-022-02-25, Attention: Prospectus Department, 201 North Tryon Street, Charlotte, North Carolina 28255-0001 or by email at dg.prospectus_requests@bofa.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, via telephone: (866) 471-2526, via fax: 212-902-9316, or via email: prospectus-ny@ny.email.gs.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, via telephone at (415) 364-2720 or via email at syndprospectus@stifel.com; or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, by telephone at 1-800-645-3751, or by email at wfscustomerservice@wellsfargo.com. Electronic copies of the final prospectus supplement and accompanying prospectus are also available on the website of the SEC at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Mineralys
Mineralys Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension and related comorbidities such as CKD, OSA and other diseases driven by dysregulated aldosterone. Its initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor. Mineralys is based in Radnor, Pennsylvania, and was founded by Catalys Pacific. For more information, please visit https://mineralystx.com.

Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the anticipated use of proceeds from the public offering. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mineralys’ current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks described in Mineralys’ filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Mineralys undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

CONTACTS

Investor Relations
investorrelations@mineralystx.com

Media Relations
Melyssa Weible
Elixir Health Public Relations
Email: mweible@elixirhealthpr.com

FAQ

How much did Mineralys Therapeutics (MLYS) raise in its public offering?

Mineralys Therapeutics raised $287.5 million in gross proceeds through a public offering of 11,274,509 shares at $25.50 per share.

What will Mineralys Therapeutics use the proceeds from the offering for?

The proceeds will fund the clinical development of lorundrostat, including research and development, manufacturing, pre-commercialization activities, working capital, and general corporate purposes.

How many shares did Mineralys Therapeutics sell in the public offering?

Mineralys sold a total of 11,274,509 shares, which included the full exercise of the underwriters' option to purchase an additional 1,470,588 shares.

Which investment banks managed the Mineralys Therapeutics public offering?

BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities acted as joint book-running managers, with LifeSci Capital as lead manager and H.C. Wainwright as co-manager.

What therapeutic areas does Mineralys Therapeutics focus on?

Mineralys focuses on developing medicines for hypertension and related conditions such as chronic kidney disease (CKD), obstructive sleep apnea (OSA), and other diseases driven by dysregulated aldosterone.