Mineralys Therapeutics reported a net loss of $56.3 million for the third quarter ended September 30, 2024, an increase from a net loss of $22.8 million for the same period in 2023. Research and Development (R&D) expenses significantly increased to $54.0 million from $22.5 million year-over-year, primarily due to the advancement of the lorundrostat pivotal program.
The company's cash, cash equivalents, and investments totaled $263.6 million as of September 30, 2024, compared to $239.0 million at December 31, 2023. Management stated that this cash position is expected to be sufficient to fund planned clinical studies and corporate operations into 2026.
Mineralys provided positive clinical updates, confirming completed enrollment in both the pivotal Advance-HTN and Launch-HTN trials, with topline data anticipated in March 2025 and mid-first half of 2025, respectively. Enrollment is also ongoing for the Explore-CKD Phase 2 trial, with topline data expected in Q2 2025, laying the foundation for a future NDA submission.
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