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

Rhea-AI Filing Summary

Srinivas Akkaraju, a director of Mineralys Therapeutics (MLYS), reported an indirect purchase of 588,235 shares on 09/04/2025 at a reported price of $25.50 per share. The Form 4 shows those shares are held through Samsara Opportunity Fund, L.P., and the filing also reports beneficial ownership of 5,674,916 shares held indirectly through Samsara BioCapital, L.P. The filing includes standard disclaimers that the reporting person disclaims beneficial ownership except to the extent of pecuniary interest and explains the GP/LP relationships that give the reporting person voting and investment power over the funds' holdings.

Insights

Financial Analyst

TL;DR: A director-related entity acquired 588,235 MLYS shares at $25.50, increasing reported indirect holdings alongside existing fund positions.

The transaction is a Form 4 purchase by entities controlled by the reporting person, indicating additional capital deployment into MLYS at the reported price point. The filing clarifies that ownership is indirect via two funds: Samsara Opportunity Fund, L.P. (588,235 shares) and Samsara BioCapital, L.P. (5,674,916 shares). The disclosure is routine for insiders with fund relationships and should be viewed as an update to beneficial ownership rather than a standalone operational signal from the company.

Corporate Governance Expert

TL;DR: Governance disclosure shows appropriate reporting of GP/LP relationships and a director's voting/investment power over fund-held shares.

The Form 4 concisely explains the chain of ownership: general partners may be deemed to beneficially own fund securities, and the reporting person asserts voting and investment power while disclaiming direct beneficial ownership beyond pecuniary interest. The filing meets Section 16 transparency expectations by reporting the 09/04/2025 purchase and clarifying indirect ownership, reducing ambiguity about control and potential conflicts.

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

AKKARAJU SRINIVAS

(Last) (First) (Middle)

628 MIDDLEFIELD ROAD

(Street)

PALO ALTO CA 94301

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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	09/04/2025		P		588,235	A	$25.5	588,235	I	By Samsara Opportunity Fund, L.P.(1)
Common Stock								5,674,916	I	By Samsara BioCapital, L.P.(2)

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. Securities are directly held by Samsara Opportunity Fund, L.P. ("Samsara Opp LP"). Samsara Opportunity Fund GP, LLC ("Samsara Opp GP") is the general partner of Samsara Opp LP and may be deemed to beneficially own the securities held by Samsara Opp LP. The Reporting Person has voting and investment power over the shares held by Samsara Opp LP and, accordingly, may be deemed to beneficially own the shares held by Samsara Opp LP. The Reporting Person disclaims beneficial ownership in these securities except to the extent of his pecuniary interest therein.

2. Securities are directly held by Samsara BioCapital L.P. ("Samsara LP"). Samsara BioCapital GP, LLC ("Samsara LLC") is the general partner of Samsara LP and may be deemed to beneficially own the securities held by Samsara LP. The Reporting Person has voting and investment power over the shares held by Samsara LP and, accordingly, may be deemed to beneficially own the shares held by Samsara LP. The Reporting Person disclaims beneficial ownership in these securities except to the extent of his pecuniary interest therein.

	/s/ Srinivas Akkaraju	09/08/2025
	** 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 transaction did Srinivas Akkaraju report for MLYS?

The Form 4 reports an indirect purchase of 588,235 shares on 09/04/2025 at a reported price of $25.50 per share.

How many MLYS shares does the filing show as beneficially owned following the transaction?

The filing shows 588,235 shares held indirectly by Samsara Opportunity Fund, L.P. and 5,674,916 shares held indirectly by Samsara BioCapital, L.P.

What is the reporting persons relationship to the issuer (MLYS)?

Srinivas Akkaraju is reported as a Director of Mineralys Therapeutics, Inc.

Are the reported shares directly owned by Srinivas Akkaraju?

No. The filing states the shares are held indirectly through Samsara Opportunity Fund, L.P. and Samsara BioCapital, L.P., and the reporting person disclaims direct beneficial ownership except to the extent of pecuniary interest.

When was the Form 4 signed and filed?

The signature block shows the Form 4 was signed by /s/ Srinivas Akkaraju on 09/08/2025.