Mineralys Therapeutics Announces Pricing of Upsized $250.0 Million Underwritten Public Offering of Common Stock

Rhea-AI Summary

Mineralys Therapeutics (NASDAQ:MLYS), a clinical-stage biopharmaceutical company focused on hypertension treatments, has announced the pricing of an upsized public offering of 9,803,921 shares of common stock at $25.50 per share.

The offering is expected to generate gross proceeds of approximately $250.0 million. The company has also granted underwriters a 30-day option to purchase up to an additional 1,470,588 shares. The proceeds will fund the clinical development of lorundrostat, including R&D, manufacturing, and pre-commercialization activities.

The offering, expected to close around September 4, 2025, is being managed by multiple investment banks including BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, Stifel, and Wells Fargo Securities as joint book-running managers.

Positive

• Significant capital raise of $250.0 million through public offering
• Upsized offering indicates strong investor interest
• Proceeds will advance clinical development of lorundrostat and pre-commercialization activities
• Multiple top-tier investment banks involved as underwriters

Negative

• Potential dilution for existing shareholders due to issuance of 9.8 million new shares
• Additional dilution possible if underwriters exercise option for 1.47 million more shares

Insights

Biotech Investment Analyst

Mineralys secures substantial $250M funding to advance lorundrostat, significantly strengthening its financial position for clinical development and pre-commercialization activities.

Mineralys Therapeutics has successfully priced an upsized public offering of 9.8 million shares at $25.50 per share, raising approximately $250 million in gross proceeds. This financing represents a significant capital infusion for the clinical-stage company, whose primary asset is lorundrostat, a drug candidate targeting hypertension and related conditions including chronic kidney disease and obstructive sleep apnea.

The size of this offering is particularly notable for a clinical-stage biotech company, indicating strong investor confidence in Mineralys' clinical program. The upsized nature of the deal (with an additional 1.47 million share option granted to underwriters) suggests demand exceeded initial expectations. With major financial institutions like BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo acting as joint book-running managers, the offering has secured high-profile backing.

The capital infusion provides Mineralys with a substantial runway to advance lorundrostat through clinical development without immediate financing concerns. The explicit mention of pre-commercialization activities suggests management may be preparing for potential late-stage success and eventual market entry, indicating confidence in their clinical program's progression.

For a clinical-stage company, securing this level of funding represents a critical derisking event, allowing the company to focus on executing its clinical development strategy rather than near-term capital needs. This financing significantly strengthens Mineralys' position to advance lorundrostat toward potential regulatory approval while maintaining strategic independence in the highly competitive hypertension treatment landscape.

RADNOR, Pa., Sept. 02, 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 pricing of an upsized underwritten public offering of 9,803,921 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, are expected to be approximately $250.0 million. In addition, Mineralys has granted the underwriters a 30-day option to purchase up to an additional 1,470,588 shares of its common stock. All of the securities to be sold in the offering are to be sold by Mineralys. The offering is expected to close on or about September 4, 2025, subject to the satisfaction of customary closing conditions.

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

Mineralys intends to use the net proceeds from the proposed 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 are being offered by Mineralys pursuant to a shelf registration statement previously filed and declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed, and a final prospectus supplement and accompanying prospectus related to the offering will be filed with the SEC. When available, 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 preliminary prospectus supplement and accompanying prospectus will also be 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 completion of the proposed public offering and the anticipated use of proceeds therefrom. 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 and uncertainties associated with market conditions, the satisfaction of customary closing conditions related to the proposed public offering, and the other 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

What is the size and price of Mineralys Therapeutics (MLYS) public offering in September 2025?

Mineralys Therapeutics priced an upsized public offering of 9,803,921 shares at $25.50 per share, expecting to raise $250.0 million in gross proceeds.

How will Mineralys Therapeutics use the proceeds from its $250 million offering?

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

Which investment banks are managing the Mineralys Therapeutics (MLYS) offering?

The offering is managed by BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, Stifel, and Wells Fargo Securities as joint book-running managers.

When will the Mineralys Therapeutics public offering close?

The offering is expected to close on or about September 4, 2025, subject to customary closing conditions.

What is the additional share option granted to underwriters in the MLYS offering?

Mineralys has granted underwriters a 30-day option to purchase up to an additional 1,470,588 shares of common stock.