Catalys Pacific Group Discloses 8.98M Shares (13.5%) of MLYS

Rhea-AI Filing Summary

Catalys Pacific entities and an individual reported shared beneficial ownership of 8,978,954 shares, representing 13.5% of Mineralys Therapeutics, Inc. The filing states this total includes 8,903,838 shares held of record by Catalys Pacific Fund, LP and 75,116 shares underlying options exercisable within 60 days of June 30, 2025. The reporting group consists of Catalys Pacific Fund, LP; Catalys Pacific Fund GP, LP; Catalys Pacific, LLC; and Brian Taylor Slingsby, who is the managing director and signed the filing on August 14, 2025. Ownership figures are based on 66,295,184 shares outstanding as disclosed by the issuer.

Positive

• Material, transparent disclosure of a 13.5% stake, including breakdown of record shares and exercisable options
• Clear ownership structure showing the chain: Fund, GP, LLC, and named individual with signatures attesting accuracy

Negative

• Shared voting power of 8,978,954 shares could concentrate influence without clarifying any change in strategic intent
• Options included (75,116 exercisable within 60 days) increase reported stake but future dilution or exercise timing is not detailed

Insights

Financial Analyst

TL;DR: A coordinated reporting group holds a material 13.5% stake in MLYS, combining record holdings and near-term exercisable options.

This Schedule 13G/A discloses that Catalys Pacific Fund, LP and affiliated entities, together with Brian Taylor Slingsby, share beneficial ownership of 8,978,954 common shares of Mineralys Therapeutics (13.5% of outstanding stock). The position includes 75,116 options exercisable within 60 days, which are counted toward beneficial ownership. For investors, a single reporting group at this ownership level can affect voting outcomes on corporate matters and signals a meaningful non-control stake under passive investor reporting rules.

Corporate Governance Expert

TL;DR: The filing documents shared voting and dispositive power across related entities and an individual, formalizing influence without claiming control.

The report shows shared voting and shared dispositive power of 8,978,954 shares with zero sole voting or dispositive power reported. Catalys Pacific Fund GP, LP and Catalys Pacific, LLC are general partner entities tied to Catalys Pacific Fund, LP, and Brian Taylor Slingsby is identified as managing director and signer. The Schedule classifies reporting persons appropriately and indicates the group filed under Schedule 13G/A, consistent with a passive or non-control reporting posture despite the material stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Mineralys Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

603170101

(CUSIP Number)

06/30/2025

(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 8,978,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,978,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,978,954.00

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)

13.5 %

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 8,978,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,978,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,978,954.00

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)

13.5 %

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 8,978,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,978,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,978,954.00

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)

13.5 %

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 8,978,954.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,978,954.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,978,954.00

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)

13.5 %

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 1516 Bigelow Ave N, 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 June 30, 2025, based upon 66,295,184 shares of Common Stock outstanding as of August 7, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 12, 2025. Catalys Pacific Fund, LP is the beneficial owner of 8,978,954 shares of Common Stock, which includes 8,903,838 shares of Common Stock held of record by Catalys Pacific Fund, LP and 75,116 shares of Common Stock underlying stock options that are exercisable within 60 days of June 30, 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: 13.5 %
(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: 8,978,954
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 8,978,954
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	08/14/2025

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:	08/14/2025

Catalys Pacific, LLC

Signature:	/s/ Brian Taylor Slingsby
Name/Title:	Brian Taylor Slingsby, Managing Director
Date:	08/14/2025

Brian Taylor Slingsby

Signature:	/s/ Brian Taylor Slingsby
Name/Title:	Brian Taylor Slingsby
Date:	08/14/2025

FAQ

What stake in Mineralys Therapeutics (MLYS) do the Catalys Pacific reporting persons hold?

They report beneficial ownership of 8,978,954 shares, equal to 13.5% of the outstanding common stock based on 66,295,184 shares outstanding.

How is the 8,978,954-share total composed?

It includes 8,903,838 shares held of record by Catalys Pacific Fund, LP and 75,116 shares underlying options exercisable within 60 days of June 30, 2025.

Who signed the Schedule 13G/A filing for these holdings?

The filing is signed by Brian Taylor Slingsby as Managing Director, on behalf of Catalys Pacific Fund, LP, Catalys Pacific Fund GP, LP and Catalys Pacific, LLC, dated August 14, 2025.

Do the reporting persons claim sole voting or dispositive power over the shares?

No. The filing reports 0 sole voting power and 0 sole dispositive power, and 8,978,954 shared voting and dispositive power.

What class of securities is reported in this Schedule 13G/A?

The filing reports on Common Stock, par value $0.0001 per share of Mineralys Therapeutics, Inc. (CUSIP 603170101).