Mineralys Therapeutics Announces Closing of Underwriters’ Option to Purchase Additional Shares in Connection with Public Offering of Common Stock

Rhea-AI Summary

Mineralys Therapeutics (Nasdaq: MLYS) has successfully closed the sale of an additional 1,944,444 shares of common stock at $13.50 per share, following the full exercise of the underwriters' option in connection with its recent public offering. The total gross proceeds from the offering reached approximately $201.2 million before deducting underwriting discounts and other expenses.

The offering was managed by multiple financial institutions, including BofA Securities, Evercore ISI, Goldman Sachs & Co. , Stifel, and Wells Fargo Securities as joint book-running managers. The company plans to use the net proceeds to fund the clinical development of lorundrostat, including research, development, manufacturing, and pre-commercialization activities, as well as for working capital and general corporate purposes.

Positive

• Successful raise of $201.2 million in gross proceeds
• Full exercise of underwriters' option indicates strong demand
• Proceeds will advance clinical development of lead drug candidate lorundrostat

Negative

• Potential dilution for existing shareholders due to additional share issuance

Insights

Financial Analyst

Mineralys Therapeutics has successfully completed a $201.2 million public offering through the full exercise of underwriters' option to purchase 1,944,444 additional shares at $13.50 per share. This capital raise represents approximately 23% of the company's current market capitalization of $882.3 million, representing a significant financial milestone.

The oversubscription and full exercise of the additional share option signals strong institutional investor confidence in Mineralys' clinical programs. For a clinical-stage biopharmaceutical company without commercial products, securing substantial funding is important to advance pipeline candidates through expensive late-stage trials and potential commercialization.

The company has specifically earmarked these proceeds for funding the clinical development of lorundrostat, their lead candidate targeting conditions driven by dysregulated aldosterone, including hypertension, chronic kidney disease, and obstructive sleep apnea. These represent substantial market opportunities with significant unmet medical needs.

While the offering does create dilution for existing shareholders, the capital infusion substantially strengthens Mineralys' balance sheet and extends their operational runway. This funding allows the company to progress through critical development milestones without immediate financing concerns, potentially enhancing long-term value despite near-term dilution effects.

The participation of multiple top-tier investment banks as joint book-running managers further validates institutional confidence in Mineralys' programs and business strategy.

RADNOR, Pa., March 18, 2025 (GLOBE NEWSWIRE) -- Mineralys Therapeutics, Inc. (Nasdaq: MLYS), a clinical-stage biopharmaceutical company focused on developing medicines to target hypertension, chronic kidney disease (CKD), obstructive sleep apnea (OSA) and other diseases driven by dysregulated aldosterone, announced today the closing of the sale of an additional 1,944,444 shares of its common stock at a public offering price of $13.50 per share pursuant to the exercise in full of the underwriters’ option to purchase additional shares in connection with Mineralys’ recently completed public offering. After giving effect to the sale of these additional shares, the aggregate gross proceeds to Mineralys from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $201.2 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 a shelf registration statement 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, 36th 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, CKD, OSA and other diseases driven by dysregulated aldosterone. Its initial product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor that Mineralys Therapeutics is developing for cardiorenal conditions affected by dysregulated aldosterone, including hypertension, CKD and OSA. Mineralys is based in Radnor, Pennsylvania, and was founded by Catalys Pacific.

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 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 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
Tom Weible
Elixir Health Public Relations
Phone: (1) 515-707-9678
Email: tweible@elixirhealthpr.com

FAQ

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

Mineralys raised approximately $201.2 million in gross proceeds through the offering, including the additional 1,944,444 shares sold at $13.50 per share.

What is the intended use of proceeds from MLYS's 2025 stock offering?

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

How many additional shares did MLYS sell through the underwriters' option?

Mineralys sold 1,944,444 additional shares at $13.50 per share through the full exercise of the underwriters' option.

Which investment banks managed the MLYS public offering in March 2025?

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