SCHEDULE 13D/A: The Column Group Funds Update Stake in Tenaya Therapeutics, Citing Dilution from Share Sales

The Column Group and its affiliated funds have updated their beneficial ownership in Tenaya Therapeutics, Inc., reporting a decrease in their aggregate percentage stake due to the issuer's recent share sales.

Summary

• The Column Group III, LP, The Column Group III-A, LP, The Column Group III GP, LP, The Column Group Opportunity III, LP, The Column Group Opportunity III GP, LP, and TCG Opportunity III GP, LLC (collectively, the "Reporting Persons") have filed Amendment No. 4 to their Schedule 13D.
• The amendment updates their aggregate percentage ownership in Tenaya Therapeutics, Inc. (the "Issuer") Common Stock.
• The change in ownership percentage is solely attributed to dilution caused by the Issuer's sales of additional shares of its Common Stock since the previous filing, not due to any disposition of shares by the Reporting Persons.
• The dilution resulted in a decrease of over one percent (1%) in the aggregate percentage ownership previously reported.
• As of May 1, 2025, based on 162,666,931 shares of Common Stock outstanding, The Column Group III, LP beneficially owns 4,414,720 shares (2.7%).
• The Column Group III-A, LP beneficially owns 4,985,570 shares (3.1%).
• The Column Group III GP, LP, as the general partner of both TCG III LP and TCG III-A LP, is deemed to beneficially own 9,400,290 shares (5.8%).
• The Column Group Opportunity III, LP, The Column Group Opportunity III GP, LP, and TCG Opportunity III GP, LLC each beneficially own 49,313,559 shares (30.3%).
• The Reporting Persons have not engaged in any transactions in the Issuer's securities within the past 60 days, except as reported in this statement.

Sentiment

Score: 5

Explanation: The document is primarily a factual disclosure of beneficial ownership changes. While the decrease in percentage ownership due to dilution is a slight negative for the reporting entity's stake, it's a consequence of the issuer's capital raising, which is generally a neutral to positive event for the company itself. The lack of share disposition by the reporting persons is a neutral-to-mildly-positive signal of continued commitment.

Positives

• The decrease in percentage ownership is not due to the Reporting Persons selling shares, indicating continued holding and potential long-term commitment to Tenaya Therapeutics.
• The Issuer's ability to sell additional shares suggests successful capital raising activities, which can support its operations and strategic initiatives.

Negatives

• The aggregate percentage ownership of the Reporting Persons has decreased by over 1% due to dilution, which reduces their relative influence and stake in the company.
• Warrants to purchase 53,571,426 shares held by TCG Opportunity III LP are not exercisable within 60 days due to Beneficial Ownership Limitations, preventing an immediate increase in their stake.

Risks

• Beneficial Ownership Limitations prevent the full and immediate exercise of warrants held by TCG Opportunity III LP, potentially limiting their ability to increase their stake or influence.
• Further dilution could occur if Tenaya Therapeutics continues to issue additional shares, potentially reducing the percentage ownership of existing shareholders.

Future Outlook

This filing is a factual update on beneficial ownership and does not contain forward-looking statements or guidance regarding the Issuer's future performance or strategic outlook.

Industry Context

This filing reflects a routine update by a significant institutional investor in a biotechnology company. The dilution of ownership percentage is a common occurrence in the biotech industry, where companies frequently raise capital through equity offerings to fund research, development, and clinical trials.

Related Party Transactions

• David Goeddel, a managing partner of TCG III GP LP and TCG Opportunity III GP LLC (entities controlling the Reporting Persons), is a member of Tenaya Therapeutics, Inc.'s board of directors, establishing a related party relationship between the Reporting Persons and the Issuer.

Stakeholder Impact

• **Shareholders**: Existing shareholders, including the Reporting Persons, have experienced dilution due to the issuance of new shares, which can reduce their proportional ownership and voting power.
• **Company (Tenaya Therapeutics)**: The sales of additional shares indicate successful capital raising, providing the company with funds for its operations and strategic objectives.

Key Dates

Keywords

Tenaya Therapeutics, The Column Group, Schedule 13D, Beneficial Ownership, Dilution, Common Stock, SEC Filing, Investment Funds, Biotechnology, Shareholder Update