Form 4: The Column Group Adjusts Holdings in Surrozen, Inc. Following Private Placement

The Column Group and affiliated entities report changes in beneficial ownership of Surrozen, Inc. common stock and warrants following a private placement, including adjustments to warrant exercise prices and the acquisition of second tranche units.

Summary

• The Column Group III GP, LP, The Column Group III-A, LP, and The Column Group Opportunity III, LP, along with related entities, filed a Form 4 detailing changes in their beneficial ownership of Surrozen, Inc. (SRZN) securities.
• These changes are primarily due to Surrozen's private placement on March 24, 2025, where the entities purchased common stock and warrants.
• The purchase price was $11.6 per unit, consisting of $11.5375 per share of common stock and $0.0625 attributable to accompanying warrants.
• The exercise prices of certain Series A and Series B Common Warrants were reduced to $11.54 per share in connection with the private placement.
• The entities also acquired Second Tranche Units, each consisting of one share of common stock and one-half of a Series E Common Warrant, exercisable under specific conditions related to FDA clearance of the SZN-8141 program.
• Series C and Series D Common Warrants were cancelled by the Issuer in connection with the 2025 Private Placement.
• The reported amounts of securities beneficially owned were updated to correct an administrative error in previously reported Form 4s.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports transactions and adjustments in holdings. The future outlook depends on regulatory approval, adding a degree of uncertainty.

Risks

• The Second Closing for the Second Tranche Units is contingent upon FDA clearance for SZN-8141 by October 31, 2026, introducing regulatory risk.
• If Surrozen terminates its SZN-8141 program, purchasers of Second Tranche Units have a limited time to exercise their right to purchase the units.

Future Outlook

The potential purchase of Second Tranche Units is contingent on future FDA clearance for SZN-8141, indicating a possible future investment by The Column Group if the milestone is achieved.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by major shareholders, directors, and officers, providing transparency to the market regarding insider activity.

Stakeholder Impact

• Shareholders may be interested in the investment activity of major holders like The Column Group.
• The potential for FDA clearance of SZN-8141 could impact the company's valuation and future prospects.

Next Steps

• Potential purchase of Second Tranche Units by The Column Group entities depending on FDA clearance for SZN-8141.
• Monitoring of Surrozen's progress towards achieving the Second Closing Milestone by October 31, 2026.

Key Dates

Keywords

Surrozen, Column Group, beneficial ownership, Form 4, private placement, warrants, SRZN, securities, SZN-8141, FDA clearance