Mineralys Therapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing treatments for diseases driven by dysregulated aldosterone, has seen its cash and cash equivalents increase to $97.3 million, up from $49.3 million at the end of 2023. Total current assets rose to $267.7 million, compared to $249.1 million previously, while total assets increased to $268.3 million from $251.6 million.
However, the company also reported a substantial increase in operating expenses, which reached $60.1 million for the three months ended September 30, 2024, compared to $26.3 million for the same period in 2023. Research and development expenses surged to $54.0 million from $22.5 million year-over-year. Consequently, the net loss for the quarter was $(56.3) million, a significant rise from $(22.8) million in the prior year. For the nine months ended September 30, 2024, the net loss totaled $(128.9) million, compared to $(47.5) million for the same period in 2023.
The accumulated deficit worsened to $(253.6) million as of September 30, 2024, from $(124.7) million at the end of 2023. Total stockholders’ equity decreased to $236.9 million from $241.2 million over the same period. The increase in losses and expenses is attributed to heightened research and development activities, particularly related to the clinical trials for lorundrostat, the company’s lead product candidate.
In terms of financing, Mineralys raised approximately $116.1 million in a private placement in February 2024, selling 8.3 million shares and pre-funded warrants. This followed a successful IPO in February 2023, which netted about $201.4 million. The company has raised a total of approximately $498.8 million since its inception.
Looking ahead, Mineralys anticipates needing additional funding to support ongoing research and development activities. The company believes its current cash position is sufficient to fund operations for at least twelve months from the issuance date of the financial statements. The company has not generated any revenue and does not expect to do so until lorundrostat receives regulatory approval, which may take several years.
About Mineralys Therapeutics, Inc.
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