aibioMineralys signs up to $500.0 million senior secured term loan
Tickers MLYS
Mineralys can draw $100.0 million at closing on a $500.0 million loan, while the next $150.0 million depends on FDA approval of lorundrostat, and it owes Tanabe a $200.0 million cash payment.
Key facts
- Company
- Mineralys Therapeutics, Inc. (NASDAQ: MLYS)
- News type
- Debt Financing
- Primary source
- SEC EDGAR
The loan
Mineralys Therapeutics, Inc. (Nasdaq: MLYS) entered into a senior secured term loan agreement on June 2, 2026, with BioPharma Credit PLC as collateral agent. The lenders are BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which the filing says are funds managed by Pharmakon Advisors, LP. The five-year loan matures on June 3, 2031 and provides up to $500.0 million in four tranches.
Tranche A is $100.0 million, drawn on the closing date. Tranche B is $150.0 million and must be drawn by no later than April 30, 2027, subject to FDA approval of the lorundrostat New Drug Application. Tranche C is $150.0 million, available until December 14, 2028, and Tranche D is $100.0 million, available until June 14, 2029. Both depend on net sales milestones; Tranche C also depends on the FDA approval condition, and Tranche D on the Tranche C draw.
The term loans bear interest at three-month secured overnight financing rate, subject to a 3.25% floor, plus 5.50%, payable quarterly. Each term loan carries a funding fee of 2.00% of the funded amount.
What the loan depends on
If the FDA approval condition is not met by September 30, 2027, the filing says all term loans must be repaid in full in four equal payments starting on September 30, 2027. Until that condition is met, the loan requires minimum liquidity. From the fiscal year ending December 31, 2028, it also requires a minimum trailing twelve months consolidated net product revenue, tested quarterly from March 31, 2029. The covenants bar asset disposals, additional indebtedness and dividends. The loan is secured by substantially all assets, including intellectual property, and prepayment carries make-whole and exit fees. Defaults include a material adverse change or a withdrawal event for lorundrostat.
The Tanabe amendment
On the same day, the company signed a fourth amendment to its license agreement with Tanabe Pharma Corporation. The amendment ends royalty payments to Tanabe on lorundrostat sales and removes the company's diligence obligations to Tanabe for the drug.
The company will make a one-time cash payment of $200.0 million to Tanabe on execution, plus up to $100.0 million in additional commercial milestones. Remaining commercial milestone payments total up to $255.0 million, and up to $10.0 million more for a second indication. Those new milestones become immediately payable on a change of control of the company, or of an affiliate with exclusive U.S. commercialization rights.
The Tranche A draw of $100.0 million at closing is less than the $200.0 million payment, and the 8-K does not say how the rest is funded.
The lorundrostat record
The company says it submitted an NDA for lorundrostat in December 2025 and the FDA accepted it, with a PDUFA target action date of December 22, 2026. No approval exists yet, and the two largest tranches depend on that decision.
The company's annual report says its Phase 3 Launch-HTN and Phase 2 Advance-HTN trials, both described as pivotal, supported blood pressure reductions. It also says the Phase 2 Explore-OSA trial did not demonstrate a reduction in apnea-hypopnea index, though it calls the blood pressure reductions clinically meaningful. These are the company's own descriptions.
Losses and cash
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 in 2025, against $177.8 million in 2024. Cash used in operations was $142.4 million in 2025, against $166.3 million in 2024.
The company used more cash in operations in 2025 than the $114.1 million of cash and cash equivalents it held at the end of 2024, and the annual report figures cited here give no later balance.
Who is named
BioPharma Credit PLC is collateral agent, and BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP are the lenders. The 8-K names no placement agent, financial advisor or legal counsel for the loan, and says the loan agreement and the Tanabe amendment will be filed as exhibits to the quarterly report for the period ending June 30, 2026.
What the filing leaves open
The 8-K does not state the minimum liquidity amount or the net product revenue level.