Mineralys Therapeutics, Inc. · NASDAQ:MLYS

Mineralys Therapeutics — Q4 2025 Earnings Presentation

22 slides from Mineralys Therapeutics's earnings presentation, Mar 12, 2026

Slide 1: Targeting Aldosterone in the Treatment of Cardiorenal Diseases
Targeting Aldosterone in the Treatment of Cardiorenal Diseases March 2026 © 2026 Mineralys Therapeutics, Inc. All Rights Reserved. © 2026 Mineralys Therapeutics, Inc.
Slide 2: Forward-Looking Statements and Market Data
Forward-Looking Statements and Market Data Mineralys Therapeutics cautions you that statements contained in this presentation regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on our current beliefs and expectations and include,
Slide 3: Targeting Aldosterone in the Treatment of Hypertension and Cardiorenal Diseases
• Dysregulated aldosterone is the driver in 30% of uncontrolled and resistant hypertension (u/rHTN) • Lorundrostat potential best-in-class ASI Targeting • Meaningful 24-hour BP reduction and safety of once- Aldosterone daily dosing of lorundrostat in u/rHTN in the Treatment of • Demonstrated benefit
Slide 4: Dysregulated Aldosterone In Hypertension and Related Comorbidities
Dysregulated Aldosterone In Hypertension and Related Comorbidities © 2026 Mineralys Therapeutics, Inc. All Rights Reserved. © 2026 Mineralys Therapeutics, Inc.
Slide 5: Abnormally Elevated Aldosterone Impacts Multiple Biological Pathways and is a Key Driver in Cardiorenal Diseases
Abnormally Elevated Aldosterone Impacts Multiple Biological Pathways and is a Key Driver in Cardiorenal Diseases Genomic Effects Non-Genomic Effects (MINERALOCORTICOID RECEPTOR) Aldosterone (GPR30 RECEPTOR) Na+ and water retention Drives endothelial and renal tubular drives blood volume and oxidativ
Slide 6: Lorundrostat Potential Benefit Across Spectrum
Lorundrostat Potential OBESE UNCONTROLLED HYPERTENSION HTN in the U.S. OSA in the U.S. Benefit Across Nighttime BP 30% prevalence of dysregulated aldo in Spectrum TREATMENT- link to CV risk OBSTRUCTIVE SLEEP APNEA RESISTANT u/rHTN HYPERTENSION 70-80% prevalence of CRMS1-5 of rHTN in OSA Visceral adi
Slide 7: Uncontrolled and Resistant Hypertension Is the Leading Global Modifiable Risk Factor for Cardiovascular Death
Uncontrolled and Resistant Hypertension Is the Leading Global Modifiable Risk Factor for Cardiovascular Death Top 8 Global Modifiable Risk Factors Risk Reduction per 10mmHg for CV Deaths in 20211 Reduction in Systolic BP 2 0% 10.8 Kidney dysfunction All Cause CHD Major CV Stroke HF Mortality Events
Slide 8: The Unmet Need in u/rHTN is Largely Driven by Dysregulated Aldosterone
20-40% of hypertension patients have uncontrolled or resistant HTN • Half of the treated HTN patients in the U.S. fail to achieve goal1 • Prevalence of apparent rHTN demonstrated to be ~20%2 • In optimized background treatment trials, 30-40% of participants fail to The Unmet Need achieve goal3 in u/
Slide 10: Lorundrostat: Potential Best-in-Class Once-Daily Aldosterone Synthase Inhibitor
Lorundrostat: Potential Best-in-Class Once-Daily Aldosterone Synthase Inhibitor ASI Half-life Profiles ASI Selectivity Profiles 1, 2 3, 4 25-31 Number of hours 2 3 LORUNDROSTAT LORUNDROSTAT BAXDROSTAT VICADROSTAT DIFFERENCE Allows 10-12 aldosterone SELECTIVITY 374X 100X 250X inhibition, without 4.5-
Slide 11: Clinically Meaningful Efficacy across Participant Subgroups
Clinically Meaningful Efficacy across Participant Subgroups Reductions in SBP of this magnitude have been linked to significant reduction in overall cardiovascular risk1 u/r/HTN participants on prescribed regimen Change in 24hr ABPM in mmHg Change in AOBP in mmHg Change in AOBP in mmHg of 2-5 AHTs (
Slide 12: Favorable Safety and Tolerability Profile across Patient and Prescriber Types
Favorable Safety and Tolerability Profile across Patient and Prescriber Types Very low rates of serious adverse events and treatment discontinuations (“Real World”) (“Specialist”) (“Compromised Kidney Function”) (“Obstructive Sleep Apnea”) Lorundrostat: N=538 Lorundrostat: N=94 Lorundrostat: N=58 Lo
Slide 13: Lorundrostat Potassium Profile Similar to ACE Inhibitor and ARBs
Lorundrostat Potassium Profile Similar to ACE Inhibitor and ARBs – Predictable and Modest Hyperkalemia (K+ > 6.0) at • Lorundrostat potassium levels are very mild and Study Visit and Repeat Test (%) consistent with observed levels of ACE inhibitors and ARBs today* ARBs 2.8 • Potassium levels were mi
Slide 14: Lorundrostat Development Program with Positive Pivotal Data and Market Expansion Proof-of-Concept Trials
Lorundrostat Development Program with Positive Pivotal Data and Market Expansion Proof-of-Concept Trials Proof of Trial Safety Pivotal Status Concept u/rHTN Existing background AHT Completed u/rHTN Existing background AHT Completed Hypertension u/rHTN Optimized background AHT Completed Open-Label Ex
Slide 16: Large Total Addressable Market: 20M People in U.S. with Uncontrolled or Resistant Hypertension
Large Total Addressable Market: 20M People in U.S. with Uncontrolled or Resistant Hypertension and Related Comorbidities ~120M PATIENT POPULATION HTN PATIENTS IN THE U.S. BREAKDOWN IN THE U.S uHTN (1 AHT) Addressable ~10M Market HTN under UNTREATED TREATED control uHTN (2 AHT) 20M u/rHTN 60M 60M ~30
Slide 17: 8.8 Million u/rHTN Patients per Year Try New Treatments
8.8 Million u/rHTN Patients per Year Try New Treatments - Dissatisfaction with Current Treatments is an Opportunity for Lorundrostat More than half of new-to-line patients each year would be eligible for lorundrostat 3L+ treatment Eligible New Patient New to Line vs Existing New to Line Patient Line
Slide 18: Majority of PCPs, Cardiologists and Nephrologists Likely to Prescribe Lorundrostat
Majority of PCPs, Cardiologists and Nephrologists Are Likely to Prescribe Lorundrostat Based on Efficacy and Safety Profile Likelihood to prescribe Likelihood to prescribe lorundrostat Prefer lorundrostat lorundrostat for u/rHTN for u/rHTN with CKD vs baxdrostat, based on Launch-HTN and BaxHTN effic
Slide 19: Launch Plan Builds Upon u/rHTN Opportunity and Addresses Additional Areas of Unmet Clinical Need
Launch Plan Builds Upon u/rHTN Opportunity and Addresses Additional Areas of Unmet Clinical Need Inclusion of ASI in AHA hypertension treatment guidelines Potential best-in-class SBP reductions & safety in u/rHTN informs general prescribing (Launch-HTN) Confirmed u/rHTN Advance-HTN: only ASI studied
Slide 20: Financial Summary
Financial Summary Balance sheet supports activities to execute Research Analyst Coverage on upcoming milestones BofA Securities Jason Gerberry Nasdaq MLYS Evercore ISI Umer Raffat/Mike DiFiore Goldman Sachs Richard Law Q4 2025 Cash Balance* $657M Stifel Annabel Samimy Guggenheim Securities Seamus Fe
Slide 21: Mineralys Leadership Team
Mineralys Leadership Team Agile and experienced in developing novel, leading therapies Jon Congleton David Rodman, MD Adam Levy Chief Executive Officer Chief Medical Officer Chief Financial Officer 30+ years of experience: 15+ years of academic experience and 15+ years 15+ years of banking experienc

Mineralys Therapeutics — Q4 2025 Earnings Presentation on 6ix

Mineralys Therapeutics — Q4 2025 Earnings Presentation

Slide 1: Targeting Aldosterone in the Treatment of Cardiorenal Diseases

Slide 2: Forward-Looking Statements and Market Data

Slide 3: Targeting Aldosterone in the Treatment of Hypertension and Cardiorenal Diseases

Slide 4: Dysregulated Aldosterone In Hypertension and Related Comorbidities

Slide 5: Abnormally Elevated Aldosterone Impacts Multiple Biological Pathways and is a Key Driver in Cardiorenal Diseases

Slide 6: Lorundrostat Potential Benefit Across Spectrum

Slide 7: Uncontrolled and Resistant Hypertension Is the Leading Global Modifiable Risk Factor for Cardiovascular Death

Slide 8: The Unmet Need in u/rHTN is Largely Driven by Dysregulated Aldosterone

Slide 9: Lorundrostat Clinical Efficacy and Safety

Slide 10: Lorundrostat: Potential Best-in-Class Once-Daily Aldosterone Synthase Inhibitor

Slide 11: Clinically Meaningful Efficacy across Participant Subgroups

Slide 12: Favorable Safety and Tolerability Profile across Patient and Prescriber Types

Slide 13: Lorundrostat Potassium Profile Similar to ACE Inhibitor and ARBs

Slide 14: Lorundrostat Development Program with Positive Pivotal Data and Market Expansion Proof-of-Concept Trials

Slide 15: Significant Commercial Opportunity in CRMS

Slide 16: Large Total Addressable Market: 20M People in U.S. with Uncontrolled or Resistant Hypertension

Slide 17: 8.8 Million u/rHTN Patients per Year Try New Treatments

Slide 18: Majority of PCPs, Cardiologists and Nephrologists Likely to Prescribe Lorundrostat

Slide 19: Launch Plan Builds Upon u/rHTN Opportunity and Addresses Additional Areas of Unmet Clinical Need

Slide 20: Financial Summary

Slide 21: Mineralys Leadership Team

Slide 22: © 2026 Mineralys Therapeutics, Inc. All Rights Reserved.