Aug. 12 at 2:21 PM
$MLYS
"In parallel, we continue to evaluate partnering opportunities and engage in strategic discussions to enhance value and enable us to reach more patients."
Q1 had no "strategic discussions", that's new, it points at M&A rather than co-development, and it's the most buyout-supportive line in the document.
"We know where AstraZeneca and Boehringer Ingelheim are going with their ASI SGLT2 combos," and still: "other indications that we're contemplating. Once we've aligned on those final plans." You don't leave franchise strategy undecided while both competitors move, unless the decision isn't entirely yours to make.
A company intending to own this franchise for a decade would be funding CKD and heart failure trials right now, with AZ running 20,000+ patients across four indications and Boehringer coming. Mineralys isn't, and Congleton explicitly said he knows where both competitors are going and still won't commit. Less "we're launching and keeping this", more "someone else will decide."
