A planetary system with two transiting mini-Neptunes near the radius valley transition around the bright M dwarf TOI-776

We report the discovery and characterization of two transiting planets around the bright M1 V star LP 961-53 (TOI-776, J=8.5mag, M=0.54+-0.03Msun) detected during Sector 10 observations of the Transiting Exoplanet Survey Satellite (TESS). Combining them with HARPS radial velocities, as well as ground-based follow-up transit observations from MEarth and LCOGT telescopes, we measured for the inner planet, TOI-776b, a period of 8.25d, a radius of 1.83+-0.11Re, and a mass of 4.66+-0.97Me; and for the outer planet, TOI-776c, a period of 15.66d, a radius of 2.06+-0.13Re, and a mass of 6.1+-1.5Me. The Doppler data shows one additional signal, with a period of 35d, associated with the rotational period of the star. The analysis of fifteen years of ground-based photometric monitoring data and the inspection of different spectral line indicators confirm this assumption. The bulk densities of TOI-776b and c allow for a wide range of possible interior and atmospheric compositions. However, both planets have retained a significant atmosphere, with slightly different envelope mass fractions. Thanks to their location near the radius gap for M dwarfs, we can start to explore the mechanism(s) responsible for the radius valley emergence around low-mass stars as compared to solar-like stars. While a larger sample of well-characterized planets in this parameter space is still needed to draw firm conclusions, we tentatively estimate that the stellar mass below which thermally-driven mass loss is no longer the main formation pathway for sculpting the radius valley is between 0.63 and 0.54Msun. Due to the brightness of the star, the TOI-776 system is also an excellent target for the JWST, providing a remarkable laboratory to break the degeneracy in planetary interior models and to test formation and evolution theories of small planets around low-mass stars.