SCHEDULE: Tenaya Therapeutics Investor Stake Diluted by Over 1%

The Column Group's aggregate ownership in Tenaya Therapeutics has decreased by over 1% due to the issuer's recent sales of additional common stock.

Summary

• This is Amendment No. 5 to the Schedule 13D filing for Tenaya Therapeutics, Inc.
• The filing updates the aggregate percentage ownership of Common Stock by The Column Group entities.
• The decrease in ownership percentage is solely due to dilution from Tenaya Therapeutics' sales of additional common stock, not from any disposition by The Column Group.
• The aggregate percentage ownership decreased by over 1% since the previous filing.
• As of December 15, 2025, Tenaya Therapeutics had 213,744,535 shares of Common Stock outstanding.
• The Column Group Opportunity III, LP, along with its general partners, beneficially owns 49,313,559 shares, representing 23.1% of the outstanding Common Stock.
• The Column Group III, LP beneficially owns 4,414,720 shares (2.1%).
• The Column Group III-A, LP beneficially owns 4,985,570 shares (2.3%).
• The Column Group III GP, LP beneficially owns 9,400,290 shares (4.4%), which includes shares from TCG III LP and TCG III-A LP.
• Warrants to purchase 53,571,426 shares held by TCG Opportunity III LP are not exercisable within 60 days due to beneficial ownership limitations.

Sentiment

Score: 4

Explanation: The filing indicates dilution of existing shareholder stakes due to the company issuing new shares, which is generally a negative for current investors' percentage ownership, though it implies the company successfully raised capital.

Negatives

• The aggregate percentage ownership of The Column Group entities in Tenaya Therapeutics, Inc. has decreased by over 1% due to dilution.
• Existing shareholders have experienced dilution as the company issued additional shares.

Risks

• Beneficial Ownership Limitations prevent the immediate exercise of warrants to purchase 53,571,426 shares of Common Stock held by TCG Opportunity III LP.

Future Outlook

No explicit forward-looking statements or guidance from the reporting persons are provided in this amendment, beyond the nature of the warrants held by TCG Opportunity III LP.

Management Comments

• David Goeddel, a member of Tenaya Therapeutics' board of directors, is a managing partner of TCG III GP LP and a managing member of TCG Opportunity III GP LLC, and may be deemed to share voting, investment, and dispositive power over the reported securities.

Industry Context

This filing reflects a common occurrence in growth-stage biotechnology companies like Tenaya Therapeutics, where capital raises through equity offerings lead to dilution for existing shareholders as the company funds its research and development pipeline.

Stakeholder Impact

• Shareholders: Existing shareholders, including The Column Group, experienced dilution of their percentage ownership due to the issuance of new shares by Tenaya Therapeutics.

Key Dates

Recommendation

While the dilution is a negative for existing shareholders' percentage ownership, it indicates the company successfully raised capital, which is crucial for a biotech firm like Tenaya Therapeutics. The filing itself is a routine update of a major investor's stake post-dilution, not a direct indicator of company performance or a change in investment thesis. A 'hold' recommendation reflects a neutral stance on the immediate impact of this specific filing, acknowledging the dilution but also the implied capital infusion. Further analysis of the company's use of funds and pipeline progress would be needed for a stronger recommendation.

Keywords

Tenaya Therapeutics, TNYA, The Column Group, Schedule 13D, Amendment, Share Dilution, Common Stock, Beneficial Ownership, Investor Stake, Biotechnology, Pharmaceutical