Catalys Pacific reports 10.1% stake in Mineralys Therapeutics (MLYS)

Rhea-AI Filing Summary

Mineralys Therapeutics, Inc. received an amended Schedule 13G showing that investment entities affiliated with Catalys Pacific and individual reporting person Brian Taylor Slingsby collectively report beneficial ownership of 8,002,738 shares of common stock, or 10.1% of the class as of December 31, 2025.

The filing states that 7,903,838 shares are held of record by Catalys Pacific Fund, LP, with an additional 98,900 shares underlying stock options exercisable within 60 days of December 31, 2025. All reporting persons report shared voting and dispositive power over these 8,002,738 shares, and no sole voting or dispositive power.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Mineralys Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

603170101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 603170101

1

Names of Reporting Persons

Catalys Pacific Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,002,738.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,002,738.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,002,738.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 603170101

1

Names of Reporting Persons

Catalys Pacific Fund GP, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,002,738.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,002,738.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,002,738.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.1 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 603170101

1

Names of Reporting Persons

Catalys Pacific, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,002,738.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,002,738.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,002,738.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.1 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 603170101

1

Names of Reporting Persons

Brian Taylor Slingsby

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,002,738.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,002,738.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,002,738.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.1 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Mineralys Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 150 N. Radnor Chester Rd, Suite F200, Radnor, PA 19087
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: Catalys Pacific Fund, LP Catalys Pacific Fund GP, LP Catalys Pacific, LLC Brian Taylor Slingsby
(b)	Address or principal business office or, if none, residence: The principal business address for Catalys Pacific Fund, LP, Catalys Pacific Fund GP, LP and Catalys Pacific, LLC is IQ EQ Corporate Services (Cayman) Limited, 3rd Floor Whitehall House, 238 North Church Street, Grand Cayman, Cayman Islands. The principal business address for Brian Taylor Slingsby is 1700 Westlake Avenue N, Suite 200, Thinkspace, Seattle, WA 98109.
(c)	Citizenship: Brian Taylor Slingsby is a citizen of the United States. The other Reporting Persons are each entities organized under the laws of the Cayman Islands.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 603170101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The ownership information presented below represents beneficial ownership of Common Stock of the Issuer as of December 31, 2025, based upon 79,139,956 shares of Common Stock outstanding as of November 3, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025. Catalys Pacific Fund, LP is the beneficial owner of 8,002,738 shares of Common Stock, which includes 7,903,838 shares of Common Stock held of record by Catalys Pacific Fund, LP and 98,900 shares of Common Stock underlying stock options that are exercisable within 60 days of December 31, 2025. Catalys Pacific Fund GP, LP is the general partner of Catalys Pacific Fund, LP. Catalys Pacific, LLC is the general partner of Catalys Pacific Fund GP, LP. Brian Taylor Slingsby is the managing director of Catalys Pacific, LLC. As a result, each of the Reporting Persons may be deemed to share beneficial ownership over the securities reported herein.
(b)	Percent of class: 10.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 8,002,738
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 8,002,738
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

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.

Catalys Pacific Fund, LP

Signature:	By: Catalys Pacific Fund GP, LP, its General Partner, By: Catalys Pacific, LLC, its General Partner, By: /s/ Brian Taylor Slingsby
Name/Title:	Brian Taylor Slingsby, Managing Director
Date:	02/13/2026

Catalys Pacific Fund GP, LP

Signature:	By: Catalys Pacific, LLC, its General Partner, By: /s/ Brian Taylor Slingsby
Name/Title:	Brian Taylor Slingsby, Managing Director
Date:	02/13/2026

Catalys Pacific, LLC

Signature:	/s/ Brian Taylor Slingsby
Name/Title:	Brian Taylor Slingsby, Managing Director
Date:	02/13/2026

Brian Taylor Slingsby

Signature:	/s/ Brian Taylor Slingsby
Name/Title:	Brian Taylor Slingsby
Date:	02/13/2026

FAQ

What ownership stake in Mineralys Therapeutics (MLYS) does Catalys Pacific report?

Catalys Pacific-affiliated entities and Brian Taylor Slingsby report beneficial ownership of 8,002,738 Mineralys Therapeutics common shares, representing 10.1% of the class as of December 31, 2025. This includes shares held directly and options exercisable within 60 days.

How many Mineralys Therapeutics (MLYS) shares does Catalys Pacific Fund, LP hold?

Catalys Pacific Fund, LP is reported as beneficial owner of 8,002,738 Mineralys shares. This consists of 7,903,838 shares held of record plus 98,900 shares underlying stock options exercisable within 60 days of December 31, 2025, giving shared voting and dispositive power.

What percentage of Mineralys Therapeutics (MLYS) does 8,002,738 shares represent?

The filing states that 8,002,738 shares of Mineralys common stock represent 10.1% of the outstanding class. This percentage is based on 79,139,956 shares outstanding as of November 3, 2025, as disclosed in a Mineralys Quarterly Report on Form 10-Q.

Who are the reporting persons in the Mineralys Therapeutics (MLYS) Schedule 13G/A?

The reporting persons are Catalys Pacific Fund, LP, Catalys Pacific Fund GP, LP, Catalys Pacific, LLC, and Brian Taylor Slingsby. The entities are organized under Cayman Islands laws, while Slingsby is a U.S. citizen and managing director of Catalys Pacific, LLC.

What voting and dispositive powers are reported over Mineralys Therapeutics (MLYS) shares?

Each reporting person discloses zero sole voting and dispositive power, and shared voting and dispositive power over 8,002,738 Mineralys common shares. This reflects their structure, with Catalys Pacific Fund GP, LP and Catalys Pacific, LLC serving as general partners and Slingsby as managing director.

How was the 10.1% Mineralys Therapeutics (MLYS) ownership calculated?

The 10.1% ownership figure is calculated using 79,139,956 Mineralys common shares outstanding as of November 3, 2025. This share count comes from Mineralys’s Form 10-Q filed November 10, 2025, against which the 8,002,738 beneficially owned shares are measured.