MINERALYS THERAPEUTICS INC (MLYS)
Health Care · biotechnology · NASDAQ
A clinical-stage biopharmaceutical company developing lorundrostat, a novel aldosterone synthase inhibitor targeting hypertension and cardiorenal diseases.
What MINERALYS THERAPEUTICS INC does
Mineralys Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines to treat diseases driven by dysregulated aldosterone. Its lead product candidate is lorundrostat, an orally administered, aldosterone synthase inhibitor being investigated for the treatment of cardiorenal conditions, specifically hypertension.
Themes: cardiorenal disease, hypertension, aldosterone synthase inhibitors
Fundamentals
- Price$25.65 as of 2026-08-21 close
- Market cap$2.3B as of 2026-08-21
- 1-year return+75.6% 2025-08-21 close $14.61 → 2026-08-21 close $25.65
- P/En/a earnings data not available
- ROE-27.9% as of 2026-08-24
- Debt / equity0.00 as of 2026-08-24
- Beta0.61 as of 2026-08-24
- Last reported earnings2026-08-11 SEC EDGAR Form 8-K (Item 2.02)
How MLYS compares in its sector
- return on equitymiddle range 576 covered Health Care peers, as of 2026-08-24
- free cash flow (absolute dollars, latest fiscal year)bottom 25% 493 covered Health Care peers, as of FY2025
Position among covered Health Care companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
Top 10 scores & list membership
MLYS is not currently in any published Top 10 list. Its scores are below.
Long-term score
Not scored for the long-term list: no growth data.
Short-term score
43.0 #1243 of 1,704 scored · #201 of 240 in Health Care
Setup 69th: over the past year its closes ranged, and it has retraced well over two thirds of its move over the past year — 65% of it; volume and participation 49th: trading volume is about normal versus its 30-day average; weakest is trend 26th: a "death cross" — its 50-day average is below its 200-day.
Scores as of 21 Aug 2026. Each bar is a percentile: how this company ranked against every company the score ranked, 0–100. A list is a published formula and its output, not a recommendation. Method version 2.
How MINERALYS THERAPEUTICS INC looks technically
MINERALYS THERAPEUTICS INC (MLYS) is trading 16.6% below its 200-day average, the long-term trend line — a long-term downtrend. Its 50-day average crossed below its 200-day average about 100 trading days ago — a "death cross", a bearish long-term signal. There is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 11, below the 25 that marks a real trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 42, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bearish about 2 trading days ago (its momentum flipped negative). It made a new 20-day low about 16 trading days ago. It is 46.2% below its highest point of the past year. Day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 9% of the past ~6 months), which often precedes a bigger move.
Trend
8
| Distance from the 200-day | it is trading 16.6% below its 200-day average, the long-term trend line — a long-term downtrend | -16.6% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $26.65 | $26.65 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $30.76 | $30.76 |
| Swing structure | each recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes next | lower highs and lower lows |
| Last swing turn | its last significant turn was a swing high 11 calendar days ago — the swings before that are what the structure reading is measured on | 11 sessions |
| Wave structure | its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five; the labelling fails if price closes above 28.09. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a three-part correction in leg C. | possible downward five-wave sequence, in wave 3 (one of several readings) |
| Since the 50/200 cross | its 50-day average crossed below its 200-day average about 100 trading days ago — a "death cross", a bearish long-term signal | 100 sessions |
| Trend strength (14-day ADX) | there is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 11, below the 25 that marks a real trend) | 11.1 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 42, neither overbought (above 70) nor oversold (below 30) | 41.8 |
|---|---|---|
| Position in its 14-day range | it is trading in the lower half of its 14-day range ($25.00 to $28.09) — its "stochastic" reading is 21 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 21.0 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bearish about 2 trading days ago (its momentum flipped negative) | 2 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $47.65 | $47.65 |
|---|---|---|
| From the 52-week high | it is 46.2% below its 52-week high (its highest price of the past year) | -46.2% |
| Above the 52-week low | it is 91.4% above its 52-week low (its lowest price of the past year) | +91.4% |
| Below the 52-week high | it is 46.2% below its highest point of the past year | 46.2% |
| Since a 20-day breakout | it made a new 20-day low about 16 trading days ago | 16 sessions |
| Since a 55-day breakout | it made a new 55-day low about 51 trading days ago | 51 sessions |
| All-time high | its highest closing price on record is $47.65 (set on 2025-11-12) | $47.65 |
| Given back of the 52-week move | over the past year its closes ranged ($14.13 to $47.33), and it has given back well over two thirds of its rise from last year’s low — 65% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $25.75 to $26.81. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 65.3% |
| From the all-time high | it is 46.2% below its all-time high | -46.2% |
| Nearest price level | it is trading 2.3% above a support level at $25.05 — a price it turned at twice since 2026-04-29, most recently on 2026-08-03. Since 2024-08-21 it has 11 such levels below the current price and 4 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | -2.3% |
| All-time low | its lowest closing price on record is $5.85 (set on 2023-11-22) | $5.85 |
| Above the all-time low | it is 338.5% above its all-time low | +338.5% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are unusually narrow versus its own recent history — a "Bollinger squeeze" (in the tightest 9% of the past ~6 months), which often precedes a bigger move | 9th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $1.21 between its high and its low — about 4.7% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $1.21 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $25.26 and $27.76 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $25.26 – $26.51 – $27.76 |
| Typical daily range (% of price) | its price moves about 4.7% in a typical session — about typical for the companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 4.7% |
| Stretch from the 200-day average | it is trading 4.2 daily ranges below its 200-day average price (16.6% below it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 4.2 daily ranges below its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.97× |
|---|
Analyst
2
| Change in the average price target | analysts have cut their average price target by 1.0% since the prior reading | -1.0% |
|---|---|---|
| Change in the consensus rating | not available for this company yet | n/a |
Candlestick patterns
1
| Since a bullish engulfing | 4 sessions ago it opened below the previous session's close and finished above that session's open — a "bullish engulfing" pair, where one up day more than undid the down day before it | 4 sessions ago |
|---|
Price gaps
3
| Gap at the open | it opened on 2026-08-21 0.9% above the previous session's close — an overnight gap, the part of the move that happened while the market was shut, and traded back through that level before the close | +0.8% |
|---|---|---|
| Open gap | it gapped 2.5% below the previous close 29 sessions ago and has not traded back through the level it left behind at 28.38 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.5% |
| Gap filled | a 3.2% gap up opened on 2026-08-19 has been "filled" 1 session ago — price traded back through the level the gap left behind, and it took 1 session to close | 1 session ago |
Price streaks
1
| Closing streak | it has closed lower 2 sessions in a row, a -4.82% move over the run — an unbroken run of down days, which describes what has already happened and says nothing about the next session | 2 sessions down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 9.1 percentage points (the stock lost 6.8% while the market gained 2.3%) | -9.1% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 18.2 percentage points (the stock lost 15.2% while the market gained 3.1%) | -18.3% |
| vs market, 6 months | over the past 6 months this stock lagged the market by 19.1 percentage points (the stock lost 8.0% while the market gained 11.1%) | -19.1% |
| vs market, 12 months | over the past 12 months this stock beat the market by 55.1 percentage points (the stock gained 75.6% while the market gained 20.5%) | +55.1% |
Signal agreement
2
| Bullish technical signals | 0 of the 9 technical signals we can compute for it are currently in a bullish state — these describe past price behaviour, not a forecast | 0 of 9 |
|---|---|---|
| Bearish technical signals | 5 of the 9 technical signals we can compute for it are currently in a bearish state: a "death cross" — its 50-day average is below its 200-day, trading below its 200-day average, MACD momentum is negative, lagging the market over 6 months, trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 5 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 5.8% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-07-16 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is thin, spanning 2.0% of the share price, which is taken to mean a barrier that gives way easily. | -5.8% |
|---|
Volume-weighted price
1
| Vs this year’s average price paid | the price is 8% below the average price paid so far this year, so the typical buyer over that stretch is under water. That average is $27.92 — a volume-weighted average of daily closes over 155 sessions, not a true tick-by-tick VWAP. | -8.1% |
|---|
Price levels it has turned at before
MLYS last closed at $25.65 on 2026-08-21. Since 2024-08-21 it has turned at 11 prices below its last close and 4 above; the 3 nearest below and the 3 nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $25.05 | Support | 2.3% below the last close | turned there twice · 2026-04-29 to 2026-08-03 |
| $28.14 | Resistance | 9.7% above the last close | turned there twice · 2026-07-27 to 2026-08-10 |
| $22.36 | Support | 12.8% below the last close | turned there twice · 2026-03-24 to 2026-06-08 |
| $30.98 | Resistance | 20.8% above the last close | turned there four times · 2026-01-21 to 2026-07-07 |
| $32.17 | Resistance | 25.4% above the last close | turned there twice · 2026-02-10 to 2026-05-29 |
| $18.34 | Support | 28.5% below the last close | turned there twice · 2025-03-10 to 2025-03-19 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 3 of five.
This labelling fails — stops being a possible reading at all — if it closes above $28.09.
This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
On past moves of this shape the leg has usually ended somewhere between $22.84 and $24.84 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
Alternate reading: The same swings also read as a three-part correction in leg C, which fails on a close above $28.09.
This reading has stood for 5 trading days, since 2026-08-17.
Read from daily closes as of 2026-08-21.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading below the 200-day moving average · Pulled back from the 12-month high · MACD just crossed bearish (12/26/9) · in a Bollinger Band volatility squeeze · trendless / choppy (low ADX) · Analyst price target recently CUT | Learn: moving average · golden cross · adx · rsi · macd · breakout · fifty two week high low · bollinger bands
Based on daily closing prices as of 2026-08-21. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingStrong Buy (1.20 mean, 1=Strong Buy…5=Strong Sell) — 8 analysts
- Mean price target$48.50 range $30.00 – $56.00; median $52.00
Analyst estimates, as of 2026-08-22. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for MLYS
- Consensus EPS estimate-$0.5343 next reporting period, as of 2026-08-22
Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["Clinical trial success and regulatory approval of lorundrostat are uncertain and essential to the company's future value.","The company has a history of losses and expects to incur significant expenses as it advances its clinical development programs.","Reliance on a single primary product candidate, lorundrostat, creates significant concentration risk."]
What changed in the latest 10-Q
AI-assisted comparison of MLYS's 10-Q filed 2026-05-06 against the prior one filed 2025-11-10.
Management's Discussion & Analysis (MD&A)
- Added:
- Added reference to Form 10-K for year ended December 31, 2025 (instead of 2024) in opening paragraph (filed 2026-05-06)
- Added specific language about FDA's acceptance of NDA submission and PDUFA target date of December 22, 2026 (filed 2026-05-06)
- Added 'geopolitical conflict' as a risk factor in forward-looking statements (filed 2026-05-06)
- Changed company description from 'clinical-stage biopharmaceutical company' to 'biopharmaceutical company' (filed 2026-05-06)
- Added statement that lorundrostat 'was submitted to the FDA in December 2025' and 'FDA accepted the NDA submission' (filed 2026-05-06)
- Added statement about 'six clinical trials of lorundrostat' completed (filed 2026-05-06)
- Added language specifying 'for the treatment of hypertension in combination with other antihypertensive drugs' in NDA context (filed 2026-05-06)
- Added reference to 'Transform-HTN is an open-label extension trial that is ongoing' (filed 2026-05-06)
- Removed:
- Removed 'clinical-stage' descriptor from product candidate description (filed 2026-05-06)
- Removed phrase 'that we are developing for the treatment of cardiorenal conditions affected by dysregulated aldosterone, including' (filed 2026-05-06)
- Removed reference to 'Form 10-K for year ended December 31, 2024' (filed 2025-11-10)
- Removed language about 'anticipated timing of the new drug application (NDA) submission for lorundrostat' (filed 2025-11-10)
- Removed text 'In the first half of 2025, we announced the positive results of our pivotal program for lorundrostat (Advance-HTN and Launch-HTN) and our Phase 2 Explore-CKD trial' (filed 2025-11-10)
- Removed language 'we plan to submit an NDA in late 2025 or during the first quarter of 2026' (filed 2025-11-10)
- Removed paragraph starting 'Our research and development has been committed to clinical trials' (filed 2025-11-10)
- Removed section header 'Clinical Program Highlights' and related content (filed 2025-11-10)
- Reworded:
- Forward-looking statements changed from referencing 'planned NDA submission' to 'FDA approval of our new drug application (NDA) that was submitted to the FDA for lorundrostat for the treatment of hypertension when used in combination with other antihypertensive drugs in December 2025' (filed 2026-05-06)
- Changed forward-looking statement about 'sufficiency of our cash, cash equivalents and investments to fund our operations' was removed from older version (filed 2026-05-06)
- Trademark terminology changed from 'tradenames' to 'trade names' (filed 2026-05-06)
- Overview section restructured to present completed clinical trials rather than prospective development plans (filed 2026-05-06)
- Company focus statement changed from 'developing medicines to target diseases driven by dysregulated aldosterone' to 'developing medicines to target hypertension and related comorbidities such as chronic kidney disease (CKD), obstructive sleep apnea (OSA), and other diseases driven by dysregulated aldosterone' (filed 2026-05-06)
- Notes:
- The newer filing (2026-05-06) covers Q1 2026 period (quarter ended March 31, 2026) while older filing (2025-11-10) covers Q3 2025 period (quarter ended September 30, 2025), representing different reporting periods
- Comparison reflects substantive changes in clinical and regulatory status between filings due to time elapsed and advancement of product development
Risk Factors
- Added:
- Added reference to NDA submission to FDA in December 2025 for lorundrostat for hypertension treatment (newer filing, 2026-05-06)
- Added FDA acceptance of NDA submission and Prescription Drug User Fee Act target date of December 22, 2026 (newer filing, 2026-05-06)
- Added disclosure that company is headquartered in Radnor, Pennsylvania (newer filing, 2026-05-06)
- Removed:
- Removed description of company as 'clinical-stage biopharmaceutical company' (older filing, 2025-11-10 used this term; newer filing 2026-05-06 removed 'clinical-stage' designation)
- Reworded:
- Changed from 'clinical-stage biopharmaceutical company' to 'biopharmaceutical company' reflecting advancement from clinical-stage status (2026-05-06)
- Risk Factors section page number changed from 34 (2025-11-10) to 26 (2026-05-06)
- Item 2 page number changed from 36 (2025-11-10) to 26 (2026-05-06)
- Item 3 page number changed from 36 (2025-11-10) to 26 (2026-05-06)
- Item 4 page number changed from 36 (2025-11-10) to 26 (2026-05-06)
- Item 5 page number changed from 36 (2025-11-10) to 26 (2026-05-06)
- Item 6 page number changed from 36 (2025-11-10) to 26 (2026-05-06)
- Notes:
- Comparison limited to sections provided; full Risk Factors section content not included in newer filing excerpt
- Financial statement changes between periods reflect normal operating activity and are not part of Risk Factors disclosure changes
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
0 open-market purchases and 15 open-market sales by insiders in the last 90 days.
- Last 30 days0 buys · 1 sell ($58785) — 1 selling insider
- Last 90 days0 buys · 15 sells ($6M) — 4 selling insiders
- Last 180 days0 buys · 23 sells ($8M) — 4 selling insiders
Activity heuristic: net selling (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-08-10. As of 2026-08-24.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about MLYS's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
5 institutional 13F filers reported holding MLYS as of 2026-03-31 (quarter-end position, filed within 45 days).
- Distinct 13F filers 5
- Reported shares held 13,424,567
- Reported value $363,671,532
reported quarterly holdings change (2025-12-31 → 2026-03-31): 0 new, 3 increased, 2 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Short interest (FINRA)
MLYS had 9,313,645 shares of reported short interest as of the 2026-07-31 FINRA settlement date (delayed, bi-monthly; not real-time).
MLYS had 10.5% of its shares outstanding sold short as of the 2026-07-31 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 15.07 days to cover at the same settlement.
- Reported short interest (shares) 9,313,645
- Short interest (% of shares outstanding) 10.5%
- Prior settlement (shares) 9,552,513
- Reported change -2.5%
- Days to cover (reported) 15.07
Reported to FINRA as of the 2026-07-31 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
- CinCor Pharma (acquired by AstraZeneca)
- AstraZeneca (AZN)
- Novartis (NVS)
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
Compare MLYS vs…
Frequently asked questions
What does MINERALYS THERAPEUTICS INC (MLYS) do?
Mineralys Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines to treat diseases driven by dysregulated aldosterone. Its lead product candidate is lorundrostat, an orally administered, aldosterone synthase inhibitor being investigated for the treatment of cardiorenal conditions, specifically hypertension.
What sector is MINERALYS THERAPEUTICS INC (MLYS) in?
MINERALYS THERAPEUTICS INC (MLYS) is classified in the Health Care sector. Its industry is biotechnology. It trades on NASDAQ.
Who are MINERALYS THERAPEUTICS INC's (MLYS) competitors?
Notable peers of MINERALYS THERAPEUTICS INC (MLYS) include CinCor Pharma (acquired by AstraZeneca), AstraZeneca and Novartis. This peer set is informational only — not financial advice.
Is MINERALYS THERAPEUTICS INC (MLYS) overbought or oversold right now?
MINERALYS THERAPEUTICS INC (MLYS) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 42, in the neutral middle (as of 2026-08-21). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on MLYS come from?
Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-08-21.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.