Form 4: Surrozen Director Tim Kutzkey Reports Acquisition of Common Stock and Warrants

Director Tim Kutzkey reports the acquisition of common stock and warrants of Surrozen, Inc. through private placement.

Summary

• On April 4, 2024, Tim Kutzkey, a director of Surrozen, Inc., reported the acquisition of common stock and warrants.
• The transactions were made through a private placement.
• The Column Group III, LP (TCG III LP) and The Column Group III-A, LP (TCG III-A LP) purchased the securities.
• The price per unit was $15.5, consisting of $14.25 per share of common stock and $1.25 attributable to accompanying warrants.
• Kutzkey indirectly owns 294,767 shares of common stock through TCG III LP and 332,885 shares through TCG III-A, LP.
• Series A, B, C, and D Common Warrants were also acquired, with varying exercise conditions and expiration dates.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of shares and warrants by a director suggests confidence in the company's future, but the exercisability of some warrants is contingent on clinical trial success, introducing uncertainty.

Positives

• The private placement suggests continued investment and confidence in Surrozen's prospects by The Column Group.
• The acquisition of warrants tied to clinical trial milestones aligns incentives with the company's success in developing SZN-043.

Risks

• The exercisability of Series B, C, and D warrants depends on the successful completion of clinical trial milestones, which are subject to inherent risks and uncertainties.
• Failure to meet these milestones could delay or prevent the exercise of these warrants.

Future Outlook

The exercisability of certain warrants is contingent upon the achievement of specific clinical trial milestones related to SZN-043, indicating a focus on the progress of this drug candidate.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The acquisition of shares and warrants by a director could positively influence shareholder sentiment.
• The clinical trial milestones tied to warrant exercisability highlight the importance of clinical trial outcomes for stakeholders.

Next Steps

• Monitoring the progress of the SZN-043 clinical trials to assess the potential exercisability of Series B, C, and D warrants.
• Tracking future insider transactions to gauge ongoing sentiment and investment by key stakeholders.

Key Dates