Tue, Nov 12, 2:28 PM (97 days ago)
For the third quarter of 2024, Mineralys Therapeutics, Inc. (MLYS) reported significant financial activity, with a net loss of $56.3 million compared to $22.8 million in Q3 2023. Research and development expenses surged to $54.0 million, driven by the initiation of pivotal trials for lorundrostat, a treatment for hypertension and chronic kidney disease. General and administrative expenses also increased, totaling $6.1 million due to higher personnel costs. Cash and cash equivalents reached $97.3 million, while total assets amounted to $268.3 million, reflecting a strong liquidity position. The company raised approximately $116.1 million in a private placement in February 2024, contributing to a total of $263.6 million in cash and investments as of September 30, 2024. Despite the lack of revenue from product sales, Mineralys maintains a robust pipeline with ongoing clinical trials. The company anticipates continued losses as it invests heavily in R&D. Future funding will likely rely on equity offerings or strategic collaborations, underscoring the need for sustained capital to support its growth strategy.