aibioMineralys prices $150 million stock offering at $26.50 to fund Tanabe royalty buyback
Tickers MLYS
Mineralys sold 5,660,378 shares at $26.50, below the $28.85 last sale on June 2, 2026. The proceeds fund part of a $200.0 million upfront payment to buy back a royalty owed to Tanabe Pharma Corporation.
Key facts
- Company
- Mineralys Therapeutics, Inc. (NASDAQ: MLYS)
- News type
- Financings
- Primary source
- Mineralys Therapeutics, Inc. 424B5 (2026-06-03)
Mineralys Therapeutics, Inc. priced an underwritten offering of 5,660,378 shares of common stock at $26.50 a share on June 3, 2026. The Radnor, Pennsylvania company's prospectus supplement puts the total at $150,000,017 before underwriting discounts and commissions of $6,750,001. The price is below the $28.85 last reported sale on the Nasdaq Global Select Market on June 2, 2026, where the stock trades as MLYS. Delivery is expected on or about June 4, 2026.
BofA Securities, Inc., Goldman Sachs & Co. LLC and Evercore Group L.L.C. are the underwriters, with commitments of 2,122,642, 1,839,623 and 1,698,113 shares. Latham & Watkins LLP of San Diego is the company's counsel on the validity of the shares, and Cleary Gottlieb Steen & Hamilton LLP of New York represents the underwriters.
The royalty buyback
The company estimates net proceeds of about $142.5 million after underwriting discounts and offering expenses. It intends to use them to fund a portion of the $200.0 million upfront payment to repurchase a royalty obligation under its license agreement with Tanabe Pharma Corporation. According to the annual report, Tanabe discovered lorundrostat and progressed it through Phase 1 before Mineralys licensed it. Neither the prospectus nor the release says how the rest of the $200.0 million will be paid.
A $500 million debt facility
Earlier the same day, Mineralys announced a $500 million committed debt facility with funds managed by Pharmakon Advisors, LP. The release gives no interest rate, maturity or draw conditions, and it does not tie the facility to the Tanabe payment.
Dilution and share overhang
As of March 31, 2026, the company had 82,454,950 shares outstanding, and it expects 88,115,328 shares after the offering. Net tangible book value was $638.1 million, or $7.74 per share, and would be $780.6 million, or $8.86 per share, after the sale. The prospectus says existing holders gain $1.12 per share in net tangible book value, while new investors face immediate dilution of $17.64 per share. Options on 7,420,692 shares, at a weighted average exercise price of $16.95, are excluded from that count.
The company also has an at-the-market program with BofA Securities, Evercore Group and Goldman Sachs under a sales agreement dated November 10, 2025. It may sell up to $300.0 million through those agents, and $187.2 million remained available at March 31, 2026. Sales under that program would add further dilution.
Lorundrostat and the regulatory calendar
Lorundrostat is an oral aldosterone synthase inhibitor. The company submitted a new drug application in December 2025 for hypertension used in combination with other antihypertensive drugs. The FDA accepted it, with a target action date of December 22, 2026. The pivotal program includes Launch-HTN, a Phase 3 trial, and Advance-HTN, a Phase 2 trial, both in uncontrolled or resistant hypertension, reported in March 2025.
The record also shows setbacks. The Phase 2 Explore-OSA trial, reported on March 9, 2026, did not demonstrate a reduction in apnea-hypopnea index. The company says the blood pressure reductions were clinically meaningful. Its Phase 2 Explore-CKD trial, reported in June 2025, is described by the company as highly statistically significant for lowering systolic blood pressure and urinary albumin creatinine ratio, a marker of kidney disease progression. That is a Phase 2 result.
The financial position
The annual report shows research and development expense of $132.0 million in 2025, down from $168.6 million in 2024. The net loss was $154.7 million, against $177.8 million a year earlier, and cash used in operations was $142.4 million, against $166.3 million. Year-end 2024 cash and cash equivalents were $114.1 million.
What comes next
The next fixed date is the FDA target action date of December 22, 2026 for lorundrostat. The release gives no timetable for funding the rest of the Tanabe payment or for any draw on the Pharmakon facility.