Samsara Discloses 8.2% Position in Mineralys After September 2025 Offering

Rhea-AI Filing Summary

Amendment No. 3 to a Schedule 13D reports that Samsara-affiliated entities and Dr. Srinivas Akkaraju collectively beneficially own 6,346,194 shares of Mineralys Therapeutics, Inc. common stock, representing 8.2% of the class. The filing discloses that on September 4, 2025, Samsara Opportunity Fund, L.P. purchased 588,235 shares at $25.50 per share in the issuer's public offering for an aggregate price of $14,999,993, funded by short-term borrowing from Samsara BioCapital, L.P. Ownership breakouts include 5,674,916 shares held by Samsara BioCapital, L.P. (7.3%) and 588,235 held by Samsara Opportunity Fund, L.P. (0.8%), with Dr. Akkaraju holding vested and near-vesting options that are included in his 8.2% figure. A 60-day lock-up from September 2, 2025 applies to directors and officers, including Dr. Akkaraju.

Positive

• Increased disclosed stake: Reporting persons now hold a combined 8.2% beneficial ownership including options.
• Transparent recap of the offering purchase: Samsara Opportunity Fund purchased 588,235 shares at $25.50 for $14,999,993 and disclosed the funding source.
• Clear governance disclosure: The filing explains shared voting and dispositive power through the general partner entities and includes joint-filing and lock-up exhibits.

Negative

• Intra-group financing: The purchase by Samsara Opportunity Fund was funded by short-term borrowing from Samsara BioCapital, L.P., which may raise related-party funding considerations.
• Concentrated shared voting power: Shared voting/dispositive power over 5,674,916 shares resides with Samsara entities, centralizing influence.
• Lock-up restriction: A 60-day lock-up from September 2, 2025 limits secondary market liquidity for directors and officers, including Dr. Akkaraju.

Insights

Financial Analyst

TL;DR: Samsara increased its disclosed position via the September 2025 offering; total stake is 8.2% including options, funded internally.

The filing documents an intra-group purchase of 588,235 shares at $25.50 per share funded by short-term borrowing from Samsara BioCapital, L.P., bringing aggregate beneficial ownership to 6,346,194 shares or 8.2% of the outstanding class as calculated by the filing. The disclosure clarifies voting and dispositive power is shared through the general partner entities and that no other transactions occurred in the prior 60 days. For investors, the filing increases transparency around who controls voting power and how the September offering was allocated among related parties.

Corporate Governance Expert

TL;DR: Reporting persons disclose shared control and a short-term intra-group financing arrangement; a routine but material ownership update.

The Schedule 13D/A details the governance relationships: Samsara GP and Samsara Opp GP as general partners, with Dr. Akkaraju as managing member, possess power to direct voting and disposition of the reported shares. The filing also references a standard 60-day lock-up for officers and directors tied to the offering. These disclosures are material to board influence and voting dynamics and properly describe the contractual lock-up and joint-filing agreement filed as exhibits.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

MINERALYS THERAPEUTICS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

603170101

(CUSIP Number)

Abrar Hussain
Samsara BioCapital GP, LLC, 628 Middlefield Road
Palo Alto, CA, 94301
(650) 285-4270

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/04/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 603170101

1

Name of reporting person

Samsara BioCapital, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,674,916.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,674,916.00

11

Aggregate amount beneficially owned by each reporting person

5,674,916.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 603170101

1

Name of reporting person

Samsara BioCapital GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,674,916.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,674,916.00

11

Aggregate amount beneficially owned by each reporting person

5,674,916.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 603170101

1

Name of reporting person

Samsara Opportunity Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 588,235.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 588,235.00

11

Aggregate amount beneficially owned by each reporting person

588,235.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.8 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 603170101

1

Name of reporting person

Samsara Opportunity Fund GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 588,235.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 588,235.00

11

Aggregate amount beneficially owned by each reporting person

588,235.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 603170101

1

Name of reporting person

Srinivas Akkaraju

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 83,043.00
8	Shared Voting Power 6,263,151.00
9	Sole Dispositive Power 83,043.00
10	Shared Dispositive Power 6,263,151.00

11

Aggregate amount beneficially owned by each reporting person

6,346,194.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.2 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: MINERALYS THERAPEUTICS, INC.
(c)	Address of Issuer's Principal Executive Offices: 150 N. Radnor Chester Road, Suite F200, Radnor, PENNSYLVANIA , 19087.
Item 1 Comment: This Amendment No. 3 (this "Amendment No. 3" or this "Schedule 13D/A") amends and supplements the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on February 24, 2023, and amended on February 12, 2024 and March 17, 2025 (as amended, the "Statement") by Samsara LP, Samsara GP and Dr. Akkaraju. Unless otherwise defined herein, capitalized terms used in this Amendment No. 3 shall have the meanings ascribed to them in the Statement. Unless amended or supplemented below, the information in the Statement remains unchanged.
Item 2.	Identity and Background
(a)	This Schedule 13D is being filed on behalf of This Schedule 13D is filed by Samsara BioCapital, L.P. ("Samsara LP"), Samsara BioCapital GP, LLC ("Samsara GP"), Samsara Opportunity Fund, L.P. ("Samsara Opp LP") Samsara Opportunity Fund GP, LLC ("Samsara Opp GP") and Dr. Srinivas Akkaraju ("Dr. Akkaraju"). Samsara LP, Samsara GP, Samsara Opp LP, Samsara Opp GP and Dr. Akkaraju are collectively referred to herein as the "Reporting Persons." The agreement among the Reporting Persons to file this Schedule 13D jointly in accordance with Rule 13d-1(k) of the Securities Exchange Act of 1934, as amended, (the "Act") is attached hereto as Exhibit 99.1.
(b)	The address of the principal business office of each of the Reporting Persons is 628 Middlefield Road, Palo Alto, CA 94301.
(c)	The principal business of the Reporting Persons is venture capital investments. Dr. Akkaraju serves as the Managing Member of each of Samsara GP, which is the general partner of Samsara LP, and Samsara Opp GP, which is the general partner of Samsara Opp LP.
(d)	During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons was a party to a civil proceeding of a judicial of administrative body of competent jurisdiction or were subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Each of Samsara LP, Samsara GP, Samsara Opp LP and Samsara Opp GP was organized in the state of Delaware and Dr. Akkaraju is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Statement is hereby amended and supplemented as follows: On September 4, 2025, Samsara Opp LP purchased 588,235 shares of common stock at a price of $25.50 per share from the underwriters of the Issuer's public offering (the "September 2025 Offering"). The aggregate purchase price for all securities acquired by Samsara Opp LP in the September 2025 Offering was $14,999,993, which was funded by short-term borrowing from Samsara LP.
Item 5.	Interest in Securities of the Issuer
(a)	Rows 11 and 13 of each Reporting Person's cover page to this Schedule 13D/A set forth the aggregate number of shares of common stock and percentages of the shares of common stock beneficially owned by such Reporting Person and are incorporated by reference. The percentage set forth in each row 13 is based upon the sum of: (i) 66,295,184 shares of common stock outstanding as of August 7, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025 and (ii) 11,274,509 shares of common stock issued in the September 2025 Offering as disclosed in the Issuer's prospectus supplement dated September 2, 2025 filed with the SEC on September 3, 2025; and (iii) with respect to Dr. Akkaraju, 83,043 shares of common stock issuable upon the exercise of stock options within 60 days. The Reporting Persons' ownership of the Issuer's securities consists of (i) 5,674,916 shares of common stock directly held by Samsara LP; (ii) 588,235 shares of common stock directly held by Samsara Opp LP; (iii) a total of 75,116 vested stock options (right to buy) held by Dr. Akkaraju; and (iv) 7,927 stock options (right to buy) scheduled to vest within 60 days of this filing held by Dr. Akkaraju. Samsara GP is the sole general partner of Samsara LP and Dr. Akkaraju is the managing member of Samsara GP. Each of Samsara GP and Dr. Akkaraju possesses power to direct the voting and disposition of the securities held by Samsara LP. Samsara Opp GP is the sole general partner of Samsara Opp LP and Dr. Akkaraju is the managing member of Samsara Opp GP. Each of Samsara Opp GP and Dr. Akkaraju possesses power to direct the voting and disposition of the securities held by Samsara Opp LP.
(b)	Rows 7 through 10 of each Reporting Person's cover page to this Schedule 13D/A set forth the number of shares of common stock as to which such Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition and are incorporated by reference.
(c)	Except as set forth herein, none of the Reporting Persons has effected any transactions with respect to the securities of the Issuer during the past sixty days.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, the securities beneficially owned by any of the Reporting Persons.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Statement is hereby amended and supplemented as follows: Lock-up Agreement Each of the Issuer's executive officers and directors, including Dr. Akkaraju, have agreed not to sell or transfer any common stock or securities convertible into, exchangeable for, exercisable for, or repayable with common stock, for 60 days from September 2, 2025 without first obtaining the written consent of BofA Securities, Inc., Evercore Group L.L.C. and Goldman Sachs & Co. LLC, subject to specified exceptions, including sales pursuant to existing trading plans established under Rule 10b5-1 under the Exchange Act. The foregoing description of the Lock-up Agreement is not complete and is qualified in its entirety by reference to the full text of the form of the lock-up agreement attached hereto as Exhibit 99.2 and incorporated by reference herein.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Joint Filing Agreement Exhibit 99.2 Form of Lock-up From Directors and Officers (incorporated by reference to Exhibit A to the Underwriting Agreement filed as Exhibit 1.1 to the Issuer's Current Report on Form 8-K, filed with the SEC on September 3, 2025).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Samsara BioCapital, L.P.

Signature:	/s/ Srinivas Akkaraju
Name/Title:	By Samsara BioCapital GP, LLC, its General Partner, By Srinivas Akkaraju, Managing Member
Date:	09/08/2025

Samsara BioCapital GP, LLC

Signature:	/s/ Srinivas Akkaraju
Name/Title:	By Srinivas Akkaraju, Managing Member
Date:	09/08/2025

Samsara Opportunity Fund, L.P.

Signature:	/s/ Srinivas Akkaraju
Name/Title:	By Samsara Opportunity Fund GP, LLC, its General Partner, By Srinivas Akkaraju, Managing Member
Date:	09/08/2025

Samsara Opportunity Fund GP, LLC

Signature:	/s/ Srinivas Akkaraju
Name/Title:	By Srinivas Akkaraju, Managing Member
Date:	09/08/2025

Srinivas Akkaraju

Signature:	/s/ Srinivas Akkaraju
Name/Title:	Srinivas Akkaraju
Date:	09/08/2025

FAQ

How many shares of MLYS does Samsara beneficially own after this filing?

The Reporting Persons collectively beneficially own 6,346,194 shares, representing 8.2% of the class as reported in the filing.

What transaction did Samsara Opportunity Fund complete in the September 2025 offering?

On September 4, 2025, Samsara Opportunity Fund, L.P. purchased 588,235 shares at $25.50 per share for a total of $14,999,993.

How was the September 2025 purchase funded?

The aggregate purchase price of $14,999,993 was funded by short-term borrowing from Samsara BioCapital, L.P.

What voting/control rights do the reporting persons have over MLYS shares?

The filing states shared voting and dispositive power over 5,674,916 shares held by Samsara BioCapital, L.P., with Samsara GP and Dr. Akkaraju able to direct voting and disposition through their GP roles.

Are there any selling restrictions on shares held by insiders?

Yes, a 60-day lock-up from September 2, 2025 applies to the issuer's directors and officers, including Dr. Akkaraju, subject to specified exceptions.