SCHEDULE: Samsara BioCapital Boosts Stake in Mineralys Therapeutics

Samsara BioCapital and affiliated entities increased their beneficial ownership in Mineralys Therapeutics, Inc. to 8.2% following a recent public offering.

Summary

• Samsara BioCapital, L.P., Samsara BioCapital GP, LLC, Samsara Opportunity Fund, L.P., Samsara Opportunity Fund GP, LLC, and Dr. Srinivas Akkaraju (collectively, 'Reporting Persons') filed an Amendment No. 3 to their Schedule 13D.
• The amendment reports an increase in beneficial ownership of Mineralys Therapeutics, Inc. common stock.
• On September 4, 2025, Samsara Opportunity Fund, L.P. purchased 588,235 shares of common stock at $25.50 per share from the underwriters of Mineralys Therapeutics' public offering.
• The aggregate purchase price for these shares was $14,999,993, which was funded by short-term borrowing from Samsara BioCapital, L.P.
• Dr. Srinivas Akkaraju, Managing Member of Samsara GP and Samsara Opp GP, now beneficially owns 6,346,194 shares, representing 8.2% of the common stock.
• Samsara BioCapital, L.P. beneficially owns 5,674,916 shares, representing 7.3% of the common stock.
• Samsara Opportunity Fund, L.P. beneficially owns 588,235 shares, representing 0.8% of the common stock.
• The percentage ownership is calculated based on 66,295,184 shares outstanding as of August 7, 2025, plus 11,274,509 shares issued in the September 2025 Offering, and 83,043 shares issuable to Dr. Akkaraju upon option exercise within 60 days.
• Dr. Akkaraju, along with other executive officers and directors of Mineralys Therapeutics, Inc., is subject to a 60-day lock-up agreement from September 2, 2025, restricting sales or transfers of common stock without consent from BofA Securities, Inc., Evercore Group L.L.C., and Goldman Sachs & Co. LLC.

Sentiment

Score: 7

Explanation: The increased stake by a prominent venture capital firm and the successful completion of a public offering are generally positive signals, indicating investor confidence and capital infusion for the issuer. The lock-up is a standard practice post-offering.

Positives

• Increased stake by a significant institutional investor (Samsara BioCapital) indicates confidence in Mineralys Therapeutics.
• The public offering successfully raised capital for Mineralys Therapeutics, providing funds for its operations and growth.

Risks

• The lock-up agreement restricts the ability of Dr. Akkaraju and other insiders to sell shares for 60 days from September 2, 2025, potentially limiting their liquidity during this period.

Future Outlook

The filing does not contain specific forward-looking statements from the issuer or reporting persons regarding the company's future performance or strategic outlook.

Industry Context

This filing primarily details an investor's increased stake in Mineralys Therapeutics and the mechanics of a recent public offering, rather than providing broader industry trends or competitive analysis.

Corporate Governance

Related Party Transactions

• Samsara Opportunity Fund, L.P.'s purchase of shares in the September 2025 Offering was funded by short-term borrowing from Samsara BioCapital, L.P., both of which are part of the Reporting Persons group.

Stakeholder Impact

• Shareholders: Increased institutional ownership may be viewed positively, signaling confidence in the company. The lock-up agreement prevents immediate insider selling post-offering, which can reduce downward pressure on the stock.
• Mineralys Therapeutics: The public offering provided capital, which is crucial for its operations and growth initiatives.

Next Steps

• The 60-day lock-up period for executive officers and directors, including Dr. Akkaraju, will expire around November 1, 2025, after which they may be able to sell or transfer shares without underwriter consent.

Key Dates

Recommendation

The filing indicates a significant institutional investor has increased its stake in Mineralys Therapeutics, which is a positive signal of confidence. The successful public offering provides capital to the company. However, without further information on the company's operational performance, pipeline progress, or market valuation, a 'hold' recommendation is prudent. The lock-up agreement is a standard practice following an offering and does not inherently change the fundamental investment thesis.

Keywords

Mineralys Therapeutics, Samsara BioCapital, Schedule 13D, beneficial ownership, common stock, public offering, institutional investment, equity stake, lock-up agreement, biotech, pharmaceutical