[Form 4] Mineralys Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Rodman David Malcom, Chief Medical Officer of Mineralys Therapeutics (MLYS), reported two open-market sales of company common stock on 09/15/2025 under a Rule 10b5-1 trading plan adopted on October 25, 2024. He sold a total of 11,367 shares in multiple transactions: 9,302 shares at a weighted-average price of $35.9004 and 2,065 shares at a weighted-average price of $36.4748. The filings show the sales occurred at prices within ranges of $35.4000–$36.3955 and $36.4026–$36.7005 respectively, and the reporting person is left with 83,589 and then 81,524 shares beneficially owned following each reported transaction. The Form 4 was signed by an attorney-in-fact on 09/16/2025.

Positive

• None.

Negative

• Insider sales totaling 11,367 shares by the Chief Medical Officer on 09/15/2025, reducing beneficial ownership to 81,524–83,589 shares
• Sales executed in multiple transactions—only weighted-average prices and ranges provided, requiring additional detail for precise per-trade pricing

Insights

Financial Analyst

TL;DR: Insider sold 11,367 shares under a pre-established 10b5-1 plan; proceeds and holdings changed modestly without other company financial data.

The reported disposals total 11,367 shares sold on 09/15/2025 in multiple trades at weighted-average prices of $35.9004 and $36.4748. These transactions were executed under a Rule 10b5-1 plan adopted on October 25, 2024, which indicates scheduled selling rather than ad hoc sales. The filings show the reporting person’s beneficial ownership decreased to 83,589 and then to 81,524 shares after each reported sale. There is no accompanying operational or earnings information in this Form 4 to assess company performance; the impact should be interpreted in that limited context.

Corporate Governance Expert

TL;DR: Use of a 10b5-1 plan implies procedural compliance but raises governance questions investors may monitor.

The Form 4 discloses sales executed pursuant to a 10b5-1 trading plan adopted on October 25, 2024, which typically provides affirmative defenses to insider trading claims when properly structured. The signature was provided by an attorney-in-fact, consistent with routine processing. While these sales reduce the officer’s direct holdings, the filing contains no indication of material noncompliance or other governance red flags. The transactions are notable for transparency but do not by themselves indicate operational problems.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Rodman David Malcom

(Last) (First) (Middle)

150 N. RADNOR CHESTER ROAD,

SUITE F200

(Street)

RADNOR PA 19087

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Mineralys Therapeutics, Inc. [ MLYS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		S(1)		9,302	D	$35.9004(2)	83,589	D
Common Stock	09/15/2025		S(1)		2,065	D	$36.4748(3)	81,524	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on October 25, 2024.

2. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $35.4000 to $36.3955. The Reporting Person undertakes to provide to the Issuer, any securityholder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (2) to this Form 4.

3. The price reported in Column 4 is a weighted-average price. These shares were sold in multiple transactions at prices ranging from $36.4026 to $36.7005. The Reporting Person undertakes to provide to the Issuer, any securityholder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote (3) to this Form 4.

Remarks:

	/s/ Adam Levy, Attorney-in-fact	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did MLYS report on 09/15/2025?

Rodman David Malcom sold 9,302 shares and 2,065 shares on 09/15/2025, totaling 11,367 shares, as reported on Form 4.

Were these sales part of a pre-established trading plan for MLYS insider?

Yes. The Form 4 states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on October 25, 2024.

What prices were reported for the MLYS insider sales?

Weighted-average prices reported were $35.9004 for the 9,302-share block (range $35.4000–$36.3955) and $36.4748 for the 2,065-share block (range $36.4026–$36.7005).

How did the insider’s beneficial ownership change after the reported sales?

Beneficial ownership was reported as 83,589 shares following the first reported sale and 81,524 shares following the second reported sale.

Who signed the Form 4 for the reporting person?

The Form 4 was signed by /s/ Adam Levy, Attorney-in-fact, with a signature date of 09/16/2025.