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Mineralys Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $56.3 million, compared to $22.8 million in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses rose to $54 million from $22.5 million, primarily due to increased costs associated with the lorundrostat pivotal program.
General and administrative expenses increased to $6.1 million from $3.8 million, driven by higher compensation expenses and professional fees.
Interest income, net was $3.8 million, up from $3.5 million, due to increased interest earned on investments.
As of September 30, 2024, Mineralys reported cash, cash equivalents, and investments totaling $263.6 million.
The company anticipates its current financial resources will be sufficient to fund operations for at least twelve months.
Mineralys continues to focus on the development of lorundrostat, its clinical-stage product candidate, for the treatment of hypertension and chronic kidney disease.
The company completed a private placement in February 2024, raising net proceeds of approximately $116.1 million.
Mineralys has not generated any revenue from product sales and expects to continue incurring losses as it advances its clinical programs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mineralys Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.