This Fund Leaned Into 2025's Big Biotech Rally with a $9.5 Million Bet on Mineralys

MLYS +2.75% LQDA -1.67%

Key Points

• New York City-based Findell Capital Management added 250,000 shares of MLYS, valued at $9.5 million, in the third quarter.

• The purchase marked a new position for Findell, which reported holding no shares of MLYS in the previous quarter.

• MLYS still places outside the fund's top five holdings.

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New York City-based Findell Capital Management disclosed a new $9.5 million position in Mineralys Therapeutics (NASDAQ:MLYS) as of its November 14 SEC filing.

What Happened

According to a filing with the Securities and Exchange Commission dated November 14, Findell Capital Management initiated a new position in Mineralys Therapeutics (NASDAQ:MLYS), acquiring 250,000 shares in the third quarter. The stake was valued at $9.5 million, representing 3.7% of the fund’s $253.4 million U.S. equity portfolio as of September 30. The fund reported 15 positions in total.

What Else to Know

Top holdings after the filing:

• NASDAQ:LQDA: $64.4 million (29.4% of AUM)

• NASDAQ:ESTA: $53.1 million (24.2% of AUM)

• NASDAQ:OPRT: $15.8 million (7.2% of AUM)

• NASDAQ:ODP: $14.9 million (6.8% of AUM)

• NYSE:GEO: $11.5 million (5.2% of AUM)

As of Wednesday's market close, shares of Mineralys Therapeutics were priced at $43.36, up a staggering 246% over the past year and far outperforming the S&P 500's 13% gain in the same period.

Company Overview

Metric

Value

Market Capitalization

$3.4 billion

Net Income (TTM)

($171.4 million)

Price (as of market close Wednesday)

$43.36

Company Snapshot

Mineralys Therapeutics is a clinical-stage biotechnology company focused on advancing therapies for hypertension and cardiovascular diseases. The company leverages its proprietary candidate, lorundrostat, to address significant unmet needs in resistant hypertension. Lorundrostat is an orally administered aldosterone synthase inhibitor targeting uncontrolled or resistant hypertension. Primary customers are expected to be healthcare providers and patients suffering from hypertension and related cardiovascular conditions.

Foolish Take

Investors might want to take note when a manager allocates meaningful capital to a pre-revenue biotech with a rapidly shifting risk profile. Findell’s new stake in Mineralys reflects a bet on a company whose valuation has been driven almost entirely by clinical progress and capital markets momentum. Shares have surged since the company upsized its $250 million offering announced on September 2—an event that materially expanded its cash runway and signaled rising institutional support. The company ultimately raised $287.5 million through the offering. For long-term investors, that backdrop may matter as much as the science itself.Mineralys ended the third quarter with no product revenue and a net loss of $36.9 million in the period, but it reported continued advancement of lorundrostat, its aldosterone synthase inhibitor being developed for resistant hypertension. The company is still early in its lifecycle, using capital primarily for R&D, manufacturing, and pre-commercial planning. That profile—high risk, but with a potentially large addressable market—isn't unusual across Findell’s portfolio, which includes concentrated medical bets such as Liquidia.

Glossary

Assets Under Management (AUM): The total market value of all investments managed by a fund or investment firm.Reportable Assets: Investments that must be disclosed in regulatory filings, typically above a certain threshold.Portfolio Exposure: The proportion of a fund's capital allocated to a specific investment or asset.Clinical-stage Biopharmaceutical: A company developing drugs that are still undergoing clinical trials and not yet approved for sale.Aldosterone Synthase Inhibitor: A drug that blocks the enzyme responsible for producing aldosterone, a hormone linked to high blood pressure.Resistant Hypertension: High blood pressure that remains uncontrolled despite treatment with multiple medications.Stake: The amount or percentage of ownership an investor holds in a company.Outperforming: Achieving a higher return or growth rate compared to a benchmark or index.Proprietary Candidate: A drug or therapy owned and developed exclusively by a specific company.TTM: The 12-month period ending with the most recent quarterly report.

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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Mineralys Therapeutics. The Motley Fool has a disclosure policy.

This Fund Leaned Into 2025's Big Biotech Rally with a $9.5 Million Bet on Mineralys was originally published by The Motley Fool