1.Sales and profit
See section β- Mineralys Therapeutics, Inc. lost $155M in fiscal 2025.
Mineralys Therapeutics, Inc.
MLYS Nasdaq Pharmaceutical Preparations Financials FY2022βFY2025
Last close Β· Oct 23, 2026
$20.55
4.3%KIRAβs summary AI analyst
Hi! I read Mineralys Therapeutics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
2 to watch
2.Cash and shareholders
See section β- Free cash flow was β$142M in fiscal 2025, β of revenue.
- In the last 12 months, insiders bought $8.8M and sold $88.0M of shares on the open market.
Mineralys Therapeutics, Inc. in 30 seconds
Good So-so Weak
Weak
Does it make a profit?
β$155M
No. It lost money last year.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.7B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$4.16 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
Margins, % of revenue
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Mineralys Therapeutics, Inc. lost $155M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY22
Net income β$29.8M
FY23
Net income β$71.9M
FY24
Net income β$178M
FY25
Net income β$155M
Net income
Q3 '23
Net income β$22.8M
Q4 '23
Net income β$24.4M
Q1 '24
Net income β$31.5M
Q2 '24
Net income β$41.0M
Q3 '24
Net income β$56.3M
Q4 '24
Net income β$48.9M
Q1 '25
Net income β$42.2M
Q2 '25
Net income β$43.3M
Q3 '25
Net income β$36.9M
Q4 '25
Net income β$32.2M
Q1 '26
Net income β$39.3M
Q2 '26
Net income β$241M
Diluted EPS
FY22
Diluted EPS β$5.77
FY23
Diluted EPS β$1.99
FY24
Diluted EPS β$3.66
FY25
Diluted EPS β$2.29
Diluted EPS
Q3 '23
Diluted EPS β$0.57
Q4 '23
Diluted EPS β$0.60
Q1 '24
Diluted EPS β$0.70
Q2 '24
Diluted EPS β$0.83
Q3 '24
Diluted EPS β$1.13
Q4 '24
Diluted EPS β$1.00
Q1 '25
Diluted EPS β$0.79
Q2 '25
Diluted EPS β$0.66
Q3 '25
Diluted EPS β$0.52
Q4 '25
Diluted EPS β$0.32
Q1 '26
Diluted EPS β$0.47
Q2 '26
Diluted EPS β$2.85
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
KIRA Β· Free cash flow was β$142M in fiscal 2025, β of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY22
Free cash flow β
FY23
Free cash flow β$81.2M
FY24
Free cash flow β$166M
FY25
Free cash flow β$142M
Free cash flow
Q3 '23
Free cash flow β$19.0M
Q4 '23
Free cash flow β$29.0M
Q1 '24
Free cash flow β$19.2M
Q2 '24
Free cash flow β$30.1M
Q3 '24
Free cash flow β$50.2M
Q4 '24
Free cash flow β$66.8M
Q1 '25
Free cash flow β$45.5M
Q2 '25
Free cash flow β$30.2M
Q3 '25
Free cash flow β$28.9M
Q4 '25
Free cash flow β$37.9M
Q1 '26
Free cash flow β
Q2 '26
Free cash flow β
Cash from operations vs capital spending
FY22
Cash from operations β$29.2M
Capital spending β
FY23
Cash from operations β$81.2M
Capital spending $0.0M
FY24
Cash from operations β$166M
Capital spending $0.1M
FY25
Cash from operations β$142M
Capital spending $0.0M
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations β$19.0M
Capital spending $0.0M
Q4 '23
Cash from operations β$29.0M
Capital spending $0.0M
Q1 '24
Cash from operations β$19.1M
Capital spending $0.1M
Q2 '24
Cash from operations β$30.1M
Capital spending $0.0M
Q3 '24
Cash from operations β$50.2M
Capital spending $0.0M
Q4 '24
Cash from operations β$66.8M
Capital spending $0.0M
Q1 '25
Cash from operations β$45.5M
Capital spending $0.0M
Q2 '25
Cash from operations β$30.2M
Capital spending $0.0M
Q3 '25
Cash from operations β$28.9M
Capital spending $0.0M
Q4 '25
Cash from operations β$37.9M
Capital spending $0.0M
Q1 '26
Cash from operations β$39.5M
Capital spending β
Q2 '26
Cash from operations β$32.6M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY22
Dividends β
Buybacks β
FY23
Dividends β
Buybacks β
FY24
Dividends β
Buybacks β
FY25
Dividends β
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.04B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.07B
Insider trades
KIRA Β· In the last 12 months, insiders bought $8.8M and sold $88.0M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$8.8M
1 insider
Sold, 12 months
$88.0M
8 insiders
Of sales under plans
28%
$24.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Jon CongletonChief Executive Officer, Director | Sold plan | 75,000 | $25.46 | $1.9M | Form 4 |
| Sep 22, 2026 | Brian Taylor SlingsbyDirector | Sold | 104,320 | $28.81 | $3.0M | Form 4 |
| Sep 21, 2026 | Eric WarrenChief Commercial Officer | Sold plan | 7,438 | $28.12 | $0.2M | Form 4 |
| Sep 15, 2026 | Daphne KarydasDirector | Sold plan | 3,000 | $28.58 | $0.1M | Form 4 |
| Aug 21, 2026 | Eric WarrenChief Commercial Officer | Sold plan | 7,437 | $25.98 | $0.2M | Form 4 |
| Aug 10, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,170 | $27.09 | $0.1M | Form 4 |
| Jul 21, 2026 | Eric WarrenChief Commercial Officer | Sold plan | 7,438 | $26.87 | $0.2M | Form 4 |
| Jul 17, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 416 | $26.53 | $0.0M | Form 4 |
| Jul 15, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,349 | $26.61 | $0.2M | Form 4 |
| Jul 13, 2026 | Jon CongletonChief Executive Officer, Director | Sold plan | 10,700 | $27.24 | $0.3M | Form 4 |
| Jul 13, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 14,058 | $27.58 | $0.4M | Form 4 |
| Jul 9, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,171 | $30.30 | $0.1M | Form 4 |
| Jun 30, 2026 | Jon CongletonChief Executive Officer, Director | Sold plan | 75,000 | $26.14 | $2.0M | Form 4 |
| Jun 26, 2026 | Eric WarrenChief Commercial Officer | Sold plan | 104,124 | $25.90 | $2.7M | Form 4 |
| Jun 17, 2026 | Daphne KarydasDirector | Sold plan | 3,000 | $25.00 | $0.1M | Form 4 |
| Jun 17, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 4,584 | $25.00 | $0.1M | Form 4 |
| Jun 15, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 9,890 | $23.81 | $0.2M | Form 4 |
| Jun 12, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,349 | $23.93 | $0.2M | Form 4 |
| Jun 10, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,170 | $25.00 | $0.1M | Form 4 |
| May 18, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 417 | $27.55 | $0.0M | Form 4 |
| May 13, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 14,056 | $28.58 | $0.4M | Form 4 |
| May 12, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,348 | $29.36 | $0.2M | Form 4 |
| May 11, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,171 | $29.71 | $0.1M | Form 4 |
| Apr 17, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 416 | $31.33 | $0.0M | Form 4 |
| Apr 15, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,348 | $27.66 | $0.2M | Form 4 |
| Apr 13, 2026 | Jon CongletonChief Executive Officer, Director | Sold plan | 15,730 | $26.83 | $0.4M | Form 4 |
| Apr 13, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 14,058 | $26.54 | $0.4M | Form 4 |
| Apr 9, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,170 | $27.38 | $0.1M | Form 4 |
| Mar 31, 2026 | Daphne KarydasDirector | Sold plan | 3,000 | $25.00 | $0.1M | Form 4 |
| Mar 31, 2026 | Jon CongletonChief Executive Officer, Director | Sold plan | 75,000 | $26.27 | $2.0M | Form 4 |
| Mar 30, 2026 | Rajeev M. ShahDirector | Bought | 58,300 | $24.16 | $1.4M | Form 4 |
| Mar 27, 2026 | Rajeev M. ShahDirector | Bought | 310,700 | $23.67 | $7.4M | Form 4 |
| Mar 17, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 417 | $25.65 | $0.0M | Form 4 |
| Mar 13, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 14,058 | $26.26 | $0.4M | Form 4 |
| Mar 12, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,348 | $27.37 | $0.2M | Form 4 |
| Mar 9, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,171 | $26.84 | $0.1M | Form 4 |
| Feb 17, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 417 | $27.59 | $0.0M | Form 4 |
| Feb 13, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 14,055 | $27.44 | $0.4M | Form 4 |
| Feb 12, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,349 | $29.00 | $0.2M | Form 4 |
| Feb 9, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,171 | $30.21 | $0.1M | Form 4 |
| Jan 20, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 416 | $32.10 | $0.0M | Form 4 |
| Jan 14, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 11,367 | $32.61 | $0.4M | Form 4 |
| Jan 13, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 7,709 | $32.75 | $0.3M | Form 4 |
| Jan 12, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 6,348 | $32.32 | $0.2M | Form 4 |
| Jan 12, 2026 | Adam Scott LevyCFO and Secretary | Sold plan | 10,758 | $32.14 | $0.3M | Form 4 |
| Jan 12, 2026 | Jon CongletonChief Executive Officer, Director | Sold plan | 16,236 | $32.62 | $0.5M | Form 4 |
| Jan 9, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 2,170 | $33.27 | $0.1M | Form 4 |
| Jan 5, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 192,715 | $35.02 | $6.7M | Form 4 |
| Jan 2, 2026 | David Malcom RodmanChief Medical Officer | Sold plan | 70,037 | $35.87 | $2.5M | Form 4 |
| Nov 20, 2025 | Catalys Pacific Fund, LP10% owner | Sold | 1,000,000 | $43.35 | $43.4M | Form 4 |
| Nov 13, 2025 | Alexander M GoldDirector | Sold | 12,742 | $46.50 | $0.6M | Form 4 |
| Nov 13, 2025 | Daphne KarydasDirector | Sold | 15,000 | $45.99 | $0.7M | Form 4 |
| Nov 12, 2025 | Alexander M GoldDirector | Sold | 6,933 | $46.72 | $0.3M | Form 4 |
| Nov 11, 2025 | Jon CongletonChief Executive Officer, Director | Sold | 200,000 | $45.44 | $9.1M | Form 4 |
| Nov 11, 2025 | Alexander M GoldDirector | Sold | 15,000 | $43.98 | $0.7M | Form 4 |
| Nov 11, 2025 | Adam Scott LevyCFO and Secretary | Sold | 119,524 | $44.87 | $5.4M | Form 4 |
| Oct 15, 2025 | David Malcom RodmanChief Medical Officer | Sold plan | 10,369 | $43.01 | $0.4M | Form 4 |
| Oct 13, 2025 | Jon CongletonChief Executive Officer, Director | Sold plan | 15,100 | $42.67 | $0.6M | Form 4 |
| Oct 13, 2025 | Adam Scott LevyCFO and Secretary | Sold plan | 10,758 | $42.01 | $0.5M | Form 4 |
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
Cash, debt and the ratios that show how comfortably Mineralys Therapeutics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY22
Cash $87.7M
Debt β
FY23
Cash $49.3M
Debt β
FY24
Cash $114M
Debt β
FY25
Cash $173M
Debt β
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $87.7M | $49.3M | $114M | $173M |
| Current ratio | 14.0x | 23.8x | 14.0x | 43.8x |
| Quick ratio | 14.0x | 23.8x | 14.0x | 43.8x |
| Total assets | $114M | $252M | $206M | $662M |
| Total liabilities | $167M | $10.5M | $14.6M | $15.1M |
| Shareholders' equity | β$52.3M | $241M | $191M | $647M |
| Net debt (β = net cash) | β | β | β | β |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY22
Return on capital β
Return on equity β
Return on assets β26.0%
FY23
Return on capital β
Return on equity β76.1%
Return on assets β39.3%
FY24
Return on capital β
Return on equity β82.2%
Return on assets β77.7%
FY25
Return on capital β
Return on equity β36.9%
Return on assets β35.6%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | β | β | β | β |
| Cash from operations is positive | β | β | β | β |
| Return on assets rose | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β |
| Debt fell relative to assets | β | β | β | β |
| Current ratio rose | β | β | β | β |
| Share count didn't rise | β | β | β | β |
| Gross margin rose | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β0.5% | 5.1% | β5.0% | β2.8% |
| Altman Z'' | 2.32 | 26.50 | 8.72 | 47.35 |
All figures
Every number, year by year.
4 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Research and development | $26.3M | $70.4M | $169M | $132M |
| Operating income | β$31.5M | β$84.7M | β$192M | β$171M |
| Income tax | β | β | β | $0.0M |
| Net income | β$29.8M | β$71.9M | β$178M | β$155M |
| Diluted EPS | β$5.77 | β$1.99 | β$3.66 | β$2.29 |
| Diluted shares | 0.01B | 0.04B | 0.05B | 0.07B |
| Cash flow | ||||
| Cash from operations | β$29.2M | β$81.2M | β$166M | β$142M |
| Capital expenditure | β | $0.0M | $0.1M | $0.0M |
| Free cash flow | β | β$81.2M | β$166M | β$142M |
| Depreciation and amortization | β | $0.0M | $0.0M | $0.1M |
| Stock-based compensation | $0.5M | $5.1M | $11.3M | $19.3M |
| Balance sheet | ||||
| Cash and short-term investments | $87.7M | $49.3M | $114M | $173M |
| Current assets | $113M | $249M | $205M | $661M |
| Current liabilities | $8.1M | $10.5M | $14.6M | $15.1M |
| Property and equipment, net | β | $0.0M | $0.1M | $0.0M |
| Total assets | $114M | $252M | $206M | $662M |
| Total liabilities | $167M | $10.5M | $14.6M | $15.1M |
| Shareholders' equity | β$52.3M | $241M | $191M | $647M |
| Returns | ||||
| Return on capital employed | β29.6% | β35.1% | β100.6% | β26.4% |
| Return on equity | β | β76.1% | β82.2% | β36.9% |
| Return on assets | β26.0% | β39.3% | β77.7% | β35.6% |
| Return on tangible equity | β | β29.8% | β93.0% | β23.9% |
| Growth | ||||
| Share count change | β | 600.3% | 34.1% | 39.4% |
| Financial health | ||||
| Current ratio | 14.0x | 23.8x | 14.0x | 43.8x |
| Quick ratio | 14.0x | 23.8x | 14.0x | 43.8x |
| Quality scores | ||||
| Altman Z'' | 2.3 | 26.5 | 8.7 | 47.4 |
| Accruals ratio | β0.5% | 5.1% | β5.0% | β2.8% |
Source: SEC EDGAR XBRL filings (CIK 0001933414). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.