Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
Mineralys Therapeutics, Inc. (MLYS)
A forensic read on Mineralys Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
3
Forensic signals
-27.9%
ROE
$2.2B
Market cap
Mineralys Therapeutics, Inc. earns a C (Mixed — selective) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+144.0%Accruals ratio. Net operating assets grew +144.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -4% of net operating assets.
-28%Return on invested capital. Return on invested capital is -28% and rising from -133% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+403.1%/yrShare-count dilution. Diluted share count changed +1209% over the last 3 years to FY2025 (+403.1%/yr). The count is GROWING — existing holders are being diluted. That's ~403.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~1209%.
Key fundamentals
Free Cash Flow$-142.4M
Return on Equity-23.9%
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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.