Mineralys Therapeutics Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Mineralys Therapeutics (NASDAQ: MLYS), a clinical-stage biopharmaceutical company, has announced a proposed public offering of $175.0 million of common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional $26.25 million of shares.

The offering will be managed by several prominent investment banks, including BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities as joint book-running managers. The proceeds will be used to fund the clinical development of lorundrostat, including R&D, manufacturing, and pre-commercialization activities, as well as working capital and general corporate purposes.

Positive

• None.

Negative

• Potential dilution for existing shareholders
• Offering subject to market conditions with no guarantee of completion

Insights

Biotech Investment Analyst

Mineralys raising $175M to fund hypertension drug lorundrostat's development; dilutive offering necessary for clinical advancement.

Mineralys Therapeutics is raising $175 million through a public offering of common stock, with potential for an additional $26.25 million if underwriters exercise their option. This significant capital raise signals both opportunity and immediate dilution for existing shareholders. The proceeds will primarily fund the clinical development of lorundrostat, the company's lead asset targeting hypertension and related conditions including chronic kidney disease and obstructive sleep apnea.

The offering's structure - involving multiple prestigious underwriters including BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities - demonstrates institutional confidence in Mineralys's clinical program. However, this capital raise indicates the company needed substantial additional funding to advance lorundrostat through later-stage development and pre-commercialization activities.

For clinical-stage biotech companies like Mineralys, such offerings represent a critical but dilutive necessity to fund the expensive later phases of drug development. The company's focus on dysregulated aldosterone as a therapeutic target addresses a substantial market opportunity in treatment-resistant hypertension and related comorbidities. This financing should provide runway to reach significant clinical milestones that could potentially increase shareholder value, despite near-term dilution.

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 that it has commenced an underwritten public offering of $175.0 million of shares of its common stock. In addition, Mineralys expects to grant the underwriters a 30-day option to purchase up to an additional $26.25 million of shares of its common stock at the public offering price, less the underwriting discounts and commissions. All of the securities to be sold in the offering are to be sold by Mineralys. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.

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 will be filed with the SEC. When available, copies of the preliminary 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. Follow Mineralys on LinkedIn, Twitter and Bluesky.

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 timing, size, terms and completion of the proposed public offering, the anticipated use of proceeds therefrom and the grant of the option to purchase additional shares. 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 of Mineralys Therapeutics (MLYS) proposed public offering in 2025?

Mineralys Therapeutics has announced a $175.0 million public offering of common stock, with an additional $26.25 million option for underwriters.

How will Mineralys Therapeutics use the proceeds from its 2025 stock offering?

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

Which investment banks are managing the MLYS stock offering?

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

What is Mineralys Therapeutics' main focus as a company?

Mineralys is a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension and related conditions like chronic kidney disease (CKD) and obstructive sleep apnea (OSA).

When will the MLYS stock offering be completed?

The offering is subject to market and other conditions, with no guaranteed completion date. The company has filed a shelf registration statement with the SEC.