RA Capital Healthcare Fund LP 4

What Happened

• RA Capital Management, L.P. (an investment adviser linked to a board director) reported purchases of Mineralys Therapeutics (MLYS) common stock. The filings show 310,700 shares bought on 2026-03-27 at a weighted average price of $23.67 (≈ $7.35M) and 58,300 shares bought on 2026-03-30 at a weighted average price of $24.16 (≈ $1.41M). Total acquired: 369,000 shares for roughly $8.76 million.
• These were purchases (transaction code P), which are generally viewed as a more informative “buy” signal than routine sales, though no motivation is stated.

Key Details

• Transaction dates and prices:
  • 2026-03-27 — 310,700 shares @ weighted avg $23.67 (reported price range $23.31–$24.01) — ~$7,354,269.
  • 2026-03-30 — 58,300 shares @ weighted avg $24.16 (reported price range $23.88–$24.39) — ~$1,408,528.
• Total: 369,000 shares acquired for ≈ $8,762,797.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Holdings: The filing notes shares are held directly by RA Capital Healthcare Fund, L.P. and Nexus Fund III, L.P.; RA Capital Management is the adviser to those funds.
• Beneficial ownership: The adviser, its GP, the funds and certain individuals disclaim beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Form 4 was filed on 2026-03-31; based on the transaction dates (3/27 and 3/30) the filing appears to be timely.

Context

• This is institutional trading by an investment manager associated with a board member (Dr. Derek DiRocco is noted as a partner of the adviser and serves on the issuer’s board). It reflects purchases by funds advised by RA Capital rather than direct trades by an individual executive.
• The filing includes weighted-average price footnotes and price ranges; the reporting persons offered to provide details of individual trade prices on request. This was a straightforward purchase disclosure (no option exercises, gifts, or tax-withholdings reported).