What is the intended allocation of the proceeds and how will it influence upcoming clinical milestones or partnership opportunities?

Intended use of the $287.5 M raise

Mineralys disclosed that the entire net of the public offering will be earmarked for advancing its core pipeline. The bulk of the capital is slated for:

1. Clinical execution – funding the next‑phase (Phase 2/3) hypertension trial and the pivotal CKD study, as well as expanding the obstructive‑sleep‑apnea (OSA) program into late‑stage enrollment. These studies are slated to generate read‑outs in H2 2025–H1 2026, a timeline that aligns with the company’s guidance.
   
2. Regulatory and data‑generation activities – supporting IND amendments, biomarker development, and preparation of a New‑Drug Application (NDA) for the lead aldosterone‑modulating molecule.
   
3. Strategic partnership positioning – strengthening the balance sheet to enable co‑development or out‑licensing deals with larger pharma players. With a cash runway now extending beyond three years, Mineralys is better positioned to negotiate non‑dilutive funding or milestone‑based collaborations that could accelerate commercialization or broaden the therapeutic indication set.

Trading implications

The sizable, non‑dilutive infusion should reduce near‑term liquidity risk and fund critical data milestones that historically trigger sharp equity re‑ratings for biotech firms. Technically, the stock closed near the $25.50 offering price; if the price can hold above the $24.50–$25.00 support zone and break the $27 resistance, the market may price in the “milestone catalyst” premium. Conversely, any delay in trial read‑outs or failure to secure a partnership would likely pressure the stock back toward the $22–$23 range.

Actionable insight – Consider a “buy‑on‑dip” if the price retests $24 with volume confirming support, targeting a short‑to‑mid‑term upside to $30–$33 contingent on the first hypertension or CKD data release (expected Q4 2025). Keep a stop‑loss near $22 to protect against a potential slide if trial timelines slip or partnership talks stall. The improved cash position and clear allocation toward value‑creating milestones make the current dilution less of a concern and support a bullish view on the near‑term catalyst window.