SCHEDULE 13D/A: Casdin Entities Boost Standard BioTools Stake to 24.2%

Casdin Capital and affiliated funds have increased their beneficial ownership in Standard BioTools Inc. to 24.2% through recent open market purchases.

Summary

• Casdin Capital, LLC and its affiliated entities (Casdin Private Growth Equity Fund II, L.P., Casdin Private Growth Equity Fund II GP, LLC, Casdin Partners Master Fund, L.P., Casdin Partners GP, LLC, and Eli Casdin) have filed an amendment to their Schedule 13D for Standard BioTools Inc.
• Eli Casdin, a director of Standard BioTools Inc., now beneficially owns 93,442,787 shares, representing 24.2% of the company's common stock.
• Casdin Capital, LLC beneficially owns 88,433,856 shares, or 22.9% of the common stock.
• Casdin Partners Master Fund, L.P. and Casdin Partners GP, LLC each beneficially own 71,750,000 shares, or 18.7%.
• Casdin Private Growth Equity Fund II, L.P. and Casdin Private Growth Equity Fund II GP, LLC each beneficially own 13,939,637 shares, or 3.6%, and have ceased to be beneficial owners of more than five percent of the shares.
• The reporting persons acquired a total of 10,975,000 shares of Common Stock in open market transactions between November 7, 2025, and November 25, 2025, at weighted average prices ranging from $1.1234 to $1.4325 per share.
• The investments were made for investment purposes, and the reporting persons intend to continuously review their holdings, reserving the right to increase or decrease their stake and influence corporate actions.
• The filing references the previously completed merger of Standard BioTools Inc. with SomaLogic, Inc. on January 5, 2024, where SomaLogic common stock was converted at an exchange ratio of 1.11 shares of Standard BioTools common stock.

Sentiment

Score: 7

Explanation: The filing indicates a strong, continued commitment from a significant institutional investor and board member through substantial open market purchases, suggesting confidence in the company's future. The explicit reservation of rights to influence corporate strategy also points to an active, engaged investor stance. The slight reduction in percentage ownership for one specific fund (Casdin PGEII) is offset by the overall increase in the broader Casdin group's stake.

Positives

• A significant insider/institutional investor group (Casdin entities) has increased its stake in the company through open market purchases, indicating continued confidence in Standard BioTools Inc.
• Eli Casdin, a board member, holds a substantial personal and affiliated investment, aligning his interests with other shareholders.
• The reporting persons explicitly state their intention to review holdings and potentially engage in actions to enhance shareholder value, including strategic transactions or governance changes.

Negatives

• Casdin Private Growth Equity Fund II, L.P. and Casdin Private Growth Equity Fund II GP, LLC have ceased to be beneficial owners of more than five percent of the shares, which could indicate a relative reduction in exposure for these specific funds, although overall Casdin group ownership increased.

Risks

• The reporting persons reserve the right to increase or decrease their investments, which could lead to significant buying or selling pressure on the stock.
• The reporting persons may encourage the Issuer to consider extraordinary corporate transactions, changes to capitalization, dividend policy, board composition, or bylaws, which could introduce uncertainty or conflict.

Future Outlook

The Reporting Persons intend to continuously review their holdings and may increase or decrease their investments based on various factors, including the Issuer's business prospects, market conditions, and alternative investment opportunities. They also reserve the right to encourage the Issuer to consider significant corporate actions such as mergers, changes to capitalization, board composition, or bylaws.

Management Comments

• The Reporting Persons have acquired their shares of the Issuer for investment purposes.
• The Reporting Persons intend to review their holdings in the Issuer on a continuing basis and, depending upon the price and availability of the Issuer's securities, subsequent developments affecting the Issuer, the business prospects of the Issuer, general stock market and economic conditions, tax considerations, investment considerations and/or other factors deemed relevant, may consider increasing or decreasing their investments in the Issuer.
• Each of the Reporting Persons reserves the right to change its plans at any time, as it deems appropriate, in light of its ongoing evaluation of (i) its business and liquidity objectives, (ii) the Issuer's financial condition, business, operations, competitive position, prospects and/or share price, (iii) industry, economic and/or securities markets conditions, (iv) alternative investment opportunities and (v) other relevant factors.
• The Reporting Persons further reserve the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should it determine to do so, and/or to recommend courses of action to management and the shareholders of the Issuer.

Industry Context

This filing reflects continued investment by a prominent life sciences investor group (Casdin Capital) in Standard BioTools, a company operating in the biotechnology and life sciences tools sector. The reference to the SomaLogic merger highlights consolidation and strategic moves within the industry, aiming to create more comprehensive platforms or expand market reach. Casdin's active role, including board representation and the stated intent to influence corporate strategy, suggests a belief in the long-term potential of Standard BioTools within this dynamic sector.

Legal Proceedings

• None of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations) or been a party to a civil proceeding resulting in a judgment, decree, or final order related to federal or state securities laws during the last five years.

Related Party Transactions

• Eli Casdin, a managing member of the Reporting Persons, is a member of the Board of Directors of Standard BioTools Inc.
• The initial investments in Series B-1 Preferred Stock and term loans by Casdin PMF and Casdin PGEII on January 23, 2022, and their subsequent conversion and exchange into Common Stock, represent significant financial dealings between the Issuer and entities controlled by a board member.

Stakeholder Impact

• Shareholders: Increased ownership by a major institutional investor and board member could be seen as a vote of confidence, potentially stabilizing or boosting share price. The investor's stated intent to actively engage in corporate strategy could lead to value-enhancing changes. However, the reservation of rights to sell shares or influence significant corporate transactions also introduces potential for volatility or strategic shifts.
• Management/Board: The active stance of the Casdin entities, with Eli Casdin on the board, suggests a strong voice in strategic decisions and potential for pressure regarding corporate performance or governance.

Next Steps

• Reporting Persons will continue to review their holdings in Standard BioTools Inc.
• Reporting Persons may consider increasing or decreasing their investments in the Issuer.
• Reporting Persons may encourage the Issuer to consider sales or acquisitions of assets or businesses, extraordinary corporate transactions (e.g., mergers), changes to capitalization or dividend policy, changes to the Board of Directors, or changes to the Issuer's by-laws.
• Reporting Persons reserve the right to act in concert with other shareholders or recommend courses of action to management and shareholders.

Key Dates

Keywords

Standard BioTools, Casdin Capital, Schedule 13D, Beneficial Ownership, SomaLogic Merger, Equity Investment, Biotechnology, Life Sciences, Institutional Investor, Stock Purchases