Mineralys Therapeutics Announces Pricing of $175.0 Million Underwritten Public Offering of Common Stock

Rhea-AI Summary

Mineralys Therapeutics (Nasdaq: MLYS) has announced the pricing of an underwritten public offering of 12,962,962 shares of common stock at $13.50 per share, expecting to raise gross proceeds of approximately $175.0 million.

The company has granted underwriters a 30-day option to purchase up to an additional 1,944,444 shares. The offering is expected to close around March 13, 2025. BofA Securities, Evercore ISI, Goldman Sachs & Co. , Stifel, and Wells Fargo Securities are acting as joint book-running managers.

The proceeds will be used to fund clinical development of lorundrostat, including research, development, manufacturing, and pre-commercialization activities, as well as working capital and general corporate purposes.

Positive

• Substantial capital raise of $175.0 million to fund clinical development
• Strong syndicate of investment banks managing the offering
• Potential for additional capital through underwriters' option

Negative

• Significant shareholder dilution through issuance of 12.96 million new shares
• Additional potential dilution if underwriters exercise their option for 1.94 million shares

Insights

Financial Analyst

Mineralys Therapeutics' $175 million public offering represents a significant capital raise relative to the company's $744.5 million market cap. The offering of 12,962,962 shares at $13.50 per share (approximately 5.6% below current market price) will result in substantial dilution for existing shareholders - approximately 25% based on the new share issuance.

This capital infusion provides Mineralys with critical runway to advance lorundrostat, their clinical-stage asset targeting multiple conditions driven by dysregulated aldosterone, including hypertension, chronic kidney disease, and obstructive sleep apnea. The participation of major underwriters (BofA Securities, Evercore ISI, Goldman Sachs, Stifel, and Wells Fargo Securities) signals solid institutional interest in the company's prospects.

For clinical-stage biopharma companies, this type of financing represents a standard and necessary mechanism to fund R&D activities through to potential commercialization. The dilution is a near-term negative for current investors, but the enhanced financial position strengthens Mineralys' ability to execute its clinical development strategy and potentially reach value-creating milestones. The offering structure, with an additional 30-day option for underwriters to purchase up to 1.94 million more shares, suggests confidence in demand for the offering.

RADNOR, Pa., March 11, 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 pricing of an underwritten public offering of 12,962,962 shares of its common stock at a public offering price of $13.50 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 $175.0 million. In addition, Mineralys has granted the underwriters a 30-day option to purchase up to an additional 1,944,444 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 March 13, 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, 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 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, 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 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
Tom Weible
Elixir Health Public Relations
Phone: (1) 515-707-9678
Email: tweible@elixirhealthpr.com

FAQ

How much is Mineralys Therapeutics (MLYS) raising in their March 2025 public offering?

Mineralys Therapeutics is raising approximately $175.0 million through an offering of 12,962,962 shares at $13.50 per share.

What is the purpose of MLYS's $175 million stock offering in March 2025?

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

When will Mineralys Therapeutics (MLYS) public offering close?

The offering is expected to close on or about March 13, 2025, subject to customary closing conditions.

How many additional shares can underwriters purchase in MLYS's March 2025 offering?

Underwriters have a 30-day option to purchase up to an additional 1,944,444 shares of common stock.