Mineralys Therapeutics, a clinical-stage biopharmaceutical company, has recently released its 10-K report. The company is focused on developing therapies for the treatment of hypertension and chronic kidney diseases. Its primary clinical-stage product candidate is lorundrostat, an orally administered aldosterone synthase inhibitor for the treatment of cardiorenal conditions affected by abnormally elevated aldosterone. The company's pivotal trials, Advance-HTN and Launch-HTN, are aimed at evaluating the efficacy and safety of lorundrostat for the treatment of uncontrolled and resistant hypertension. Additionally, Mineralys Therapeutics is exploring the benefits of lorundrostat in subjects with hypertension and chronic kidney disease, as well as in subjects with hypertension and obstructive sleep apnea (OSA).
In terms of financials, as of December 31, 2024, Mineralys Therapeutics had cash, cash equivalents, and investments totaling $198.2 million. Since its inception in May 2019, the company has raised approximately $498.8 million from the sale of common stock, convertible preferred stock, convertible notes, and pre-funded warrants. The company has not generated any revenue and has incurred net losses, with its net losses for the years ended December 31, 2024, and 2023, amounting to $177.8 million and $71.9 million, respectively. As of December 31, 2024, Mineralys Therapeutics had an accumulated deficit of $302.5 million.
Mineralys Therapeutics entered into a license agreement with Mitsubishi Tanabe in July 2020, granting the company an exclusive, worldwide, royalty-bearing, sublicensable license under Mitsubishi Tanabe’s patent and other intellectual property rights to exploit Lorundrostat Products for the prevention, treatment, diagnosis, detection, monitoring, or predisposition testing with respect to indications, diseases, and conditions in humans. The company has paid Mitsubishi Tanabe a $1.0 million upfront fee and development milestone payments of $9.0 million in the aggregate. It also has remaining obligations to pay Mitsubishi Tanabe commercial milestone payments of up to $155.0 million in the aggregate upon first commercial sale and upon meeting certain annual sales targets, as well as additional commercial milestone payments of up to $10.0 million for a second indication.
In February 2024, Mineralys Therapeutics completed a private placement offering, raising approximately $116.1 million in net proceeds. The company plans to use the net proceeds from the offering to fund the research and development of lorundrostat and for working capital and general corporate purposes.
Today the company's shares have moved 2.7% to a price of $9.93. For the full picture, make sure to review Mineralys Therapeutics's 10-K report.
