Form 4: Mineralys CMO Exercises Options, Sells Shares

Mineralys Therapeutics' Chief Medical Officer, David Malcom Rodman, exercised a significant number of stock options and subsequently sold a portion of the acquired common stock in early January 2026, as per a pre-arranged 10b5-1 trading plan.

Summary

• David Malcom Rodman, Chief Medical Officer of Mineralys Therapeutics, Inc. (MLYS), engaged in a series of transactions on January 2 and January 5, 2026.
• These transactions were executed under a Rule 10b5-1 trading plan adopted on October 6, 2025.
• On January 2, 2026, Rodman exercised stock options to acquire a total of 67,390 shares of common stock at exercise prices ranging from $1.08 to $16.00 per share.
• On the same day, Rodman sold 70,037 shares of common stock at a weighted-average price of $35.8656, with individual sales ranging from $35.6550 to $36.4522.
• On January 5, 2026, Rodman exercised stock options to acquire an additional 185,331 shares of common stock at exercise prices ranging from $1.08 to $16.00 per share.
• Also on January 5, 2026, Rodman sold a total of 192,715 shares of common stock at weighted-average prices of $34.8275 (individual sales ranging from $34.2100 to $35.2021) and $35.5256 (individual sales ranging from $35.2100 to $35.7700).
• Following these transactions, Rodman's direct beneficial ownership of common stock decreased to 61,804 shares.
• The reported beneficial ownership balance of 81,888 shares on January 2, 2026, included 680 shares purchased under the Mineralys Therapeutics, Inc. 2023 Employee Stock Purchase Plan that were not previously reported.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions under a pre-arranged plan. While the sales represent a decrease in direct beneficial ownership, the transactions are part of executive compensation and liquidity management, not necessarily indicative of company performance or future prospects. Therefore, the sentiment is neutral.

Positives

• The Chief Medical Officer realized significant value by exercising stock options with low exercise prices (as low as $1.08) and selling shares at substantially higher market prices (up to $36.4522).
• The transactions were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a structured approach to managing personal holdings and reducing concerns about opportunistic insider trading.

Negatives

• A significant sale of shares by a key executive, even under a 10b5-1 plan, could be perceived by some investors as a signal of reduced confidence or a move towards diversification rather than holding company stock.
• The net effect of the reported transactions was a decrease in the Chief Medical Officer's direct beneficial ownership of common stock.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing details routine insider transactions (option exercises and share sales) by a Chief Medical Officer, which is a common occurrence in the biotechnology and pharmaceutical industry for executive compensation and personal financial planning. It does not provide information directly related to broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders may interpret the insider sales as a signal, though the existence of a 10b5-1 plan mitigates concerns of opportunistic trading. The transactions reflect the executive's personal financial planning and compensation realization.

Next Steps

• The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges, upon request from the Issuer, any securityholder, or the SEC staff.

Key Dates

Keywords

MLYS, Mineralys Therapeutics, Form 4, Insider Trading, Stock Options, Share Sale, 10b5-1 Plan, Chief Medical Officer