Fund Discloses Increased Mineralys Bet Amid 200% Stock Run as New Drug Application Nears

Core Insights - Suvretta Capital Management has increased its stake in Mineralys Therapeutics, acquiring 387,641 additional shares, bringing total holdings to 2.13 million shares valued at $80.85 million as of September 30 [2][3] - The company's lead product, lorundrostat, is an innovative therapy targeting resistant hypertension, with plans to submit a New Drug Application by early 2026 [10][9] - Mineralys Therapeutics reported $593.6 million in cash and equivalents, following a $287.5 million equity raise, which is expected to fund operations into 2028 [11] Company Overview - Mineralys Therapeutics is a clinical-stage biotechnology company focused on developing therapies for hypertension and cardiovascular conditions, with a proprietary drug candidate aimed at addressing unmet needs in resistant hypertension [6][9] - As of the latest report, the company's market capitalization stands at $2.93 billion, with a one-year price change of 206% [4][3] - The company operates a biopharmaceutical model, generating value through research, development, and potential commercialization of proprietary therapies [9] Financial Performance - The latest quarter showed a net loss of $36.9 million, a significant decrease from the previous year, attributed to reduced R&D spending after completing pivotal trials [11] - The stock price as of the latest report is $36.96, significantly outperforming the S&P 500, which increased by 15% during the same period [3][4]