Mineralys Therapeutics, Inc. (MLYS) Balance Sheet
MLYS balance sheet, 2025
December 31, 2025 · U.S. dollars$661.8M assets = $15.1M liabilities + $646.7M equity
Both columns are drawn to the same scale: what MLYS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MLYS financial health
Descriptive bands, not a rating. Fiscal 2025.
MLYS balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.5M2020 | $661.8M2025 | +238.6%/yr | |
| Total liabilities | $5.1M2020 | $15.1M2025 | +24.4%/yr | |
| Shareholders’ equity | −$3.6M2020 | $646.7M2025 | — | |
| Cash & short-term investments | $1.4M2020 | $656.6M2025 | +241.7%/yr | |
| Working capital | −$3.6M2020 | $646.3M2025 | +$649.9M | |
| Book value per share | $6.662023 | $9.562025 | +19.8%/yr | |
| Shares outstanding | 36.2M2023 | 67.7M2025 | +36.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLYS assets
MLYS liabilities and equity
MLYS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MLYS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $656.6M | $198.2M | $236.6M | $110.1M | $10.6M | $1.4M |
| Cash & equivalents | $172.9M | $114.1M | $49.3M | $87.7M | $10.6M | $1.4M |
| Short-term investments | $483.7M | $84.1M | $187.3M | $22.4M | $0 | — |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.8M | $7.2M | $12.5M | $2.7M | $510,000 | $57,000 |
| Total current assets | $661.4M | $205.4M | $249.1M | $112.8M | $11.1M | $1.5M |
| Property, plant & equipment (net) | $38,000 | $53,000 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $2.5M | $0 | $0 | $0 |
| Other non-current assets | $382,000 | $499,000 | $51,000 | $1.6M | $3,000 | $20,000 |
| Total assets | $661.8M | $205.9M | $251.6M | $114.4M | $11.1M | $1.5M |
| Liabilities | ||||||
| Accounts payable | $2.0M | $479,000 | $601,000 | $1.9M | $763,000 | $529,000 |
| Short-term debt | — | — | — | — | — | $4.5M |
| Total current liabilities | $15.1M | $14.6M | $10.5M | $8.1M | $5.1M | $5.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $158.6M | $29.0M | $0 |
| Total liabilities | $15.1M | $14.6M | $10.5M | $166.7M | $34.0M | $5.1M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $8,000 | $5,000 | $4,000 | $1,000 | $1,000 | $1,000 |
| Retained earnings (deficit) | −$457.2M | −$302.5M | −$124.7M | −$52.8M | −$23.0M | −$3.6M |
| Accumulated other comprehensive income | — | — | −$251.6M | −$158.6M | $0 | $0 |
| Total shareholders' equity | $646.7M | $191.3M | $241.2M | −$52.3M | −$22.9M | −$3.6M |
| Key figures | ||||||
| Total debt | — | — | — | — | — | $4.5M |
| Net cash (debt) | — | — | — | — | — | −$3.1M |
| Working capital | $646.3M | $190.7M | $238.6M | $104.7M | $6.1M | −$3.6M |
| Tangible book value | $646.7M | $191.3M | $241.2M | −$52.3M | −$22.9M | −$3.6M |
| Book value per share | $9.56 | $3.94 | $6.66 | — | — | — |
| Shares outstanding | 67.7M | 48.5M | 36.2M | — | — | — |
| Current ratio | 43.76 | 14.02 | 23.76 | 13.98 | 2.20 | 0.29 |
| Quick ratio | 43.45 | 13.53 | 22.57 | 13.65 | 2.10 | 0.28 |
| Equity / assets | 97.7% | 92.9% | 95.8% | −45.7% | −206.1% | −242.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $661.4M | $646.1M | $656.6M | $217.6M | $324.9M | $343.0M | $198.2M | $263.6M | $311.1M | $338.6M | $236.6M | $253.8M |
| Cash & equivalents | $138.3M | $112.8M | $172.9M | $217.6M | $101.8M | $165.0M | $114.1M | $97.3M | $67.9M | $90.4M | $49.3M | $86.3M |
| Short-term investments | $523.1M | $533.3M | $483.7M | $376.0M | $223.1M | $178.0M | $84.1M | $166.3M | $243.3M | $248.1M | $187.3M | $167.5M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.4M | $6.4M | $4.8M | $382.2M | $10.4M | $11.5M | $7.2M | $4.1M | $6.9M | $8.3M | $12.5M | $11.6M |
| Total current assets | $665.8M | $652.5M | $661.4M | $599.8M | $335.3M | $354.5M | $205.4M | $267.7M | $318.0M | $346.8M | $249.1M | $265.4M |
| Property, plant & equipment (net) | $27,000 | $32,000 | $38,000 | $7,000 | $22,000 | $38,000 | $53,000 | $69,000 | $42,000 | $51,000 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.5M | $12.1M |
| Other non-current assets | $2.0M | $360,000 | $382,000 | $144,000 | $433,000 | $397,000 | $499,000 | $452,000 | $449,000 | $379,000 | $51,000 | $51,000 |
| Total assets | $667.9M | $652.9M | $661.8M | $599.9M | $335.7M | $354.9M | $205.9M | $268.3M | $318.5M | $347.2M | $251.6M | $277.6M |
| Liabilities | ||||||||||||
| Accounts payable | $1.1M | $1.1M | $2.0M | $1.1M | $3.2M | $373,000 | $479,000 | $3.1M | $1.7M | $4.3M | $601,000 | $5.6M |
| Total current liabilities | $19.3M | $14.7M | $15.1M | $23.5M | $22.2M | $13.4M | $14.6M | $31.3M | $28.4M | $19.2M | $10.5M | $13.5M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $97.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $116.9M | $14.7M | $15.1M | $23.5M | $22.2M | $13.4M | $14.6M | $31.3M | $28.4M | $19.2M | $10.5M | $13.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $9,000 | $8,000 | $8,000 | $8,000 | $6,000 | $6,000 | $5,000 | $5,000 | $5,000 | $5,000 | $4,000 | $4,000 |
| Retained earnings (deficit) | −$737.6M | −$496.5M | −$457.2M | −$424.9M | −$388.0M | −$344.7M | −$302.5M | −$253.6M | −$197.2M | −$156.2M | −$124.7M | −$100.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | −$251.6M | $0 |
| Total shareholders' equity | $550.9M | $638.1M | $646.7M | $576.4M | $313.6M | $341.6M | $191.3M | $236.9M | $290.1M | $328.0M | $241.2M | $264.0M |
| Key figures | ||||||||||||
| Total debt | $97.6M | — | — | — | — | — | — | — | — | — | — | — |
| Net cash (debt) | $563.8M | — | — | — | — | — | — | — | — | — | — | — |
| Working capital | $646.5M | $637.8M | $646.3M | $576.3M | $313.1M | $341.1M | $190.7M | $236.4M | $289.6M | $327.6M | $238.6M | $251.8M |
| Tangible book value | $550.9M | $638.1M | $646.7M | $576.4M | $313.6M | $341.6M | $191.3M | $236.9M | $290.1M | $328.0M | $241.2M | $264.0M |
| Book value per share | $6.50 | $7.70 | $8.03 | $8.17 | $4.79 | $6.42 | $3.83 | $4.76 | $5.88 | $7.31 | $6.01 | $6.61 |
| Shares outstanding | 84.7M | 82.8M | 80.5M | 70.6M | 65.5M | 53.2M | 50.0M | 49.8M | 49.4M | 44.9M | 40.1M | 39.9M |
| Current ratio | 34.46 | 44.33 | 43.76 | 25.50 | 15.12 | 26.48 | 14.02 | 8.55 | 11.20 | 18.06 | 23.76 | 19.59 |
| Quick ratio | 34.24 | 43.90 | 43.45 | 9.25 | 14.65 | 25.63 | 13.53 | 8.42 | 10.96 | 17.63 | 22.57 | 18.74 |
| Debt / equity | 0.18 | — | — | — | — | — | — | — | — | — | — | — |
| Equity / assets | 82.5% | 97.7% | 97.7% | 96.1% | 93.4% | 96.2% | 92.9% | 88.3% | 91.1% | 94.5% | 95.8% | 95.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 12, 2026); data from EODHD.
MLYS financial position
At the end of fiscal 2025 (December 31, 2025), Mineralys Therapeutics had total assets of $661.8 million (up 221.4% from a year earlier), total liabilities of $15.1 million and shareholders' equity of $646.7 million. Its current ratio was 43.76. In the latest quarter (ended June 30, 2026) total assets were $667.9 million and equity $550.9 million.
Related: MLYS income statement, MLYS cash flow statement, MLYS key metrics. See the MLYS stock overview for the latest quote and news.
MLYS balance sheet FAQ
What are Mineralys Therapeutics's total assets?
Mineralys Therapeutics reported total assets of $661.8 million at the end of fiscal 2025 (December 31, 2025), compared with $205.9 million a year earlier.
How much cash does Mineralys Therapeutics have?
Mineralys Therapeutics held $656.6 million in cash and short-term investments at the end of fiscal 2025.
What is Mineralys Therapeutics's book value?
Mineralys Therapeutics's shareholders' equity (book value) was $646.7 million at the end of fiscal 2025, or $9.56 per share.
What is Mineralys Therapeutics's current ratio?
Mineralys Therapeutics had current assets of $661.4 million and current liabilities of $15.1 million, a current ratio of 43.76 (it can cover its short-term obligations).