mlys-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


			FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


¨			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 001-41614




MINERALYS THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)


Delaware			84-1966887
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

150 N. Radnor Chester Road, Suite F200, Radnor, PA 19087
(Address, including zip code, of principal executive offices)

888-378-6240
(Registrant's telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report): NA

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.0001 par value per share	MLYS	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 27, 2026, there were 82,498,101 shares of the registrant’s common stock outstanding.

Mineralys Therapeutics, Inc.

Table of Contents


			Page
Part I - Financial Information			1
Item 1. Financial Statements			1
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			13
Item 3. Quantitative and Qualitative Disclosures About Market Risk			24
Item 4. Controls and Procedures			25
Part II - Other Information			26
Item 1. Legal Proceedings			26
Item 1A. Risk Factors			26
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			26
Item 3. Defaults Upon Senior Securities			26
Item 4. Mine Safety Disclosures			26
Item 5. Other Information			26
Item 6. Exhibits			27
Signatures




	March 31,		December 31,
	2026		2025
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	112,779	$	172,921
Investments	533,281		483,714
Prepaid and other current assets	6,410		4,751
Total current assets	652,470		661,386

Property and equipment, net	32		38
Other assets	360		382
Total assets	$	652,862	$	661,806

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	1,116	$	2,017
Accrued liabilities	13,602		13,096

Total current liabilities	14,718		15,113
Commitments and contingencies (Note 4)


Stockholders’ equity:
Common stock, $0.0001 par value; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 82,454,950 and 81,536,557 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	8		8
Additional paid-in capital	1,134,644		1,103,854
Accumulated deficit	(496,508)		(457,169)
Total stockholders’ equity	638,144		646,693
Total liabilities and stockholders’ equity	$	652,862	$	661,806


	Three Months Ended
	March 31,
		2026		2025
Operating expenses:
Research and development		$	24,365	$	37,879
General and administrative		20,975		6,568
Total operating expenses		45,340		44,447
Loss from operations		(45,340)		(44,447)

Interest income, net		5,996		2,239

Other income (expense)		5		(3)
Total other income, net		6,001		2,236
Net loss		$	(39,339)	$	(42,211)
Net loss per share attributable to common stockholders, basic and diluted		$	(0.47)	$	(0.79)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		82,834,752		53,163,551



	Common Stock	Additional Paid-In Capital	Accumulated Deficit		Total Stockholders’ Equity
							Shares			Amount
Balance as of December 31, 2024		49,821,915	$	5	$	493,770		$	(302,518)		$	191,257
Issuance of common stock in public offering, net of offering costs of $12,509		14,907,406	1		188,740			—			188,741
Issuance of common stock from stock option exercises		146,907	—		123			—			123

Stock-based compensation		—	—		3,645			—			3,645
Net loss		—	—		—			(42,211)			(42,211)
Balance as of March 31, 2025		64,876,228	$	6	$	686,278		$	(344,729)		$	341,555


		As of December 31, 2025
Balance Sheet Location	Original Maturities	Amortized Cost		Estimated Fair Value
Cash and cash equivalents	less than 3 months	$	9,948	$	9,948
Investments	between 3 and 12 months	483,714		483,891

Total		$	493,662	$	493,839


			March 31,
			2026
Common stock options outstanding			7,420,692
Shares available for grant under the 2023 Plan			2,866,922
Shares available for grant under the ESPP			2,067,084
Restricted stock units outstanding			702,948
Pre-funded warrants issued and outstanding			549,755
Shares available for grant under the 2025 Inducement Plan			539,748
Total			14,147,149


	Options Outstanding	Unvested Restricted Stock Awards	Unvested Restricted Stock Units	Shares Available for Grant
2023 Plan	6,841,701	—	568,040	2,866,922
2025 Inducement Plan	325,344	—	134,908	539,748
2020 Plan	253,647	64,714	—	—
Total	7,420,692	64,714	702,948	3,406,670


	Three Months Ended,
	March 31,
	2026		2025		Change
	(in thousands)


Research and development expenses	$	(24,365)	$	(37,879)	$	13,514
General and administrative expenses	(20,975)		(6,568)		(14,407)
Total other income, net	6,001		2,236		3,765
Net loss	$	(39,339)	$	(42,211)	$	2,872


		MINERALYS THERAPEUTICS, INC.


Date:	May 6, 2026	By:	/s/ Jon Congleton
			Jon Congleton
			President and Chief Executive Officer
			(Principal Executive Officer)

Date:	May 6, 2026	By:	/s/ Adam Levy
			Adam Levy
			Chief Financial Officer and Secretary
			(Principal Financial Officer; Principal Accounting Officer)


	Three Months Ended
	March 31,
	2026		2025		Change

Net cash provided by (used in):
Operating activities	$	(39,471)	$	(45,487)	$	6,016
Investing activities	(44,943)		(92,876)		47,933
Financing activities	24,272		189,279		(165,007)
Net	$	(60,142)	$	50,916	$	(111,058)

SEC Form 10-Q filed by Mineralys Therapeutics Inc.