Form 4: Column Group Increases Stake in Surrozen

The Column Group, a significant shareholder and director-affiliated entity, reported acquiring additional common stock in Surrozen, Inc. through multiple transactions in early December 2025.

Summary

• The Column Group III GP, LP, identified as a 10% owner and associated with a director of Surrozen, Inc. (SRZN), reported multiple acquisitions of the company's common stock.
• On December 4, 2025, The Column Group III, LP acquired 2,475 shares at a price of $17.347 per share, and The Column Group III-A, LP acquired 2,791 shares at the same price.
• Subsequently, on December 5, 2025, The Column Group III, LP acquired an additional 14,503 shares at $19.5409 per share, and The Column Group III-A, LP acquired 16,381 shares at $19.5409 per share.
• These transactions were executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading strategy.
• Following these reported transactions, The Column Group III, LP beneficially owns 869,460 shares, and The Column Group III-A, LP beneficially owns 981,890 shares.
• Additionally, The Column Group Opportunity III, LP beneficially owns 344,827 shares of Surrozen, Inc. common stock.

Sentiment

Score: 8

Explanation: The substantial insider buying by a major institutional investor and director-affiliated entity suggests strong confidence in Surrozen's prospects, which is a significant positive signal for the market.

Positives

• Significant insider buying by a 10% owner and an entity affiliated with a director, which typically signals strong confidence in the company's future prospects.
• The transactions were conducted under a Rule 10b5-1 plan, suggesting a strategic, pre-planned investment rather than opportunistic timing based on immediate non-public information.

Negatives

• The acquisition prices on December 5, 2025 ($19.5409 per share) were notably higher than those on December 4, 2025 ($17.347 per share), indicating an increasing cost basis for the recent purchases.

Management Comments

• The Column Group III GP, LP is the general partner of TCG III LP and may be deemed to have voting, investment and dispositive power with respect to these securities.
• The managing partners of TCG III GP are David Goeddel, Peter Svennilson, and Tim Kutzkey, a member of the Issuer's board of directors.
• TCG III GP and each of the Managing Partners disclaim beneficial ownership of these securities, except to the extent of their respective pecuniary interest in such securities.

Industry Context

Insider buying by a venture capital firm with a director on the board of a biotechnology company like Surrozen, Inc. can signal strong internal conviction in the company's drug pipeline, strategic direction, or overall valuation. This is often viewed as a positive indicator in the high-risk, high-reward biotech sector, suggesting that those closest to the company see significant upside potential.

Related Party Transactions

• The reported transactions involve the acquisition of Surrozen, Inc. common stock by entities affiliated with The Column Group III GP, LP, which is a 10% owner and has a managing partner (Tim Kutzkey) on the Issuer's board of directors. These transactions are considered related party dealings due to the insider relationship.

Stakeholder Impact

• Shareholders may interpret this insider buying as a strong vote of confidence from a major investor and director, potentially leading to increased investor interest and a positive impact on the share price.
• Employees and management might view this as validation of their work and the company's strategic direction, potentially boosting morale.

Key Dates

Recommendation

The significant insider buying by a 10% owner and director-affiliated entity, even if executed under a 10b5-1 plan, strongly suggests that those with deep knowledge of Surrozen's operations and future prospects believe the stock is undervalued or poised for growth. This type of institutional insider accumulation is a compelling 'buy' signal for seasoned investors, indicating a high level of conviction in the company's future performance.

Keywords

Surrozen Inc., SRZN, The Column Group, Insider Buying, Form 4, Stock Acquisition, Beneficial Ownership, Biotechnology Investment, Rule 10b5-1