Adam Scott Levy, Chief Financial Officer and Secretary of Mineralys Therapeutics, Inc. (NASDAQ: MLYS ), a clinical-stage biotech company with a market capitalization of $454 million, recently completed a series of stock sales, according to filings with the Securities and Exchange Commission. The stock has fallen more than 12% in the past week and 33% in six months. On January 13, Levy sold a total of 10,757 shares of common stock, earning approximately $97,863. Shares traded at prices ranging from $9.0927 to $9.63 per share.
Following these transactions, Levy retains ownership of 226,097 shares of the company. The sale was made pursuant to a Rule 10b5-1 trading plan adopted by Levy on November 14, 2023.
In other recent news, Mineralys Therapeutics received approval from the US Food and Drug Administration (FDA) for a Phase II clinical trial of lorundrosate, a drug aimed at treating moderate to severe obstructive sleep apnea and hypertension. The trial should start in the first quarter of 2025 with around 40 subjects at 40 locations. In other developments, Mineralys reported an increase in cash and investments to $263.6 million in its Q3 2024 results, despite a net loss of $56.3 million due to increased research and development costs. Advance-HTN and Launch-HTN trials for lorundrostat have completed enrollment, and results are expected in March, i.e. mid-2025. InvestingPro analysts maintain a strong buy consensus on the company’s stock. These are recent developments at Mineralys, which is bullish on upcoming lorundrostat data milestones expected in the first half of 2025. The company’s cash flow is expected to fund operations through 2026.
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