SCHEDULE: Woodline Partners' 4.99% Stake in Tenaya Therapeutics

Woodline Partners LP has disclosed a 4.99% beneficial ownership stake in Tenaya Therapeutics, Inc., primarily through warrants subject to a 4.99% ownership blocker.

Summary

• Woodline Partners LP, an investment adviser, reported beneficial ownership of Tenaya Therapeutics, Inc. common stock.
• The reported ownership is 9,000,000 shares, representing 4.99% of the class.
• These shares are issuable upon the exercise of warrants directly held by Woodline Master Fund LP.
• The warrants are subject to a 4.99% blocker, preventing exercise if it would result in beneficial ownership exceeding 4.99% of outstanding shares.
• The 9,000,000 shares reported do not give effect to this blocker, meaning the actual number of shares beneficially owned after applying the blocker is less.
• The percentage of class (4.99%) does give effect to the blocker.
• The calculation is based on 162,666,931 shares of Common Stock outstanding as of May 1, 2025.

Sentiment

Score: 5

Explanation: The filing is a neutral disclosure of beneficial ownership, providing factual information without indicating positive or negative financial performance or strategic shifts for the issuer.

Risks

• The reported warrants are subject to a 4.99% beneficial ownership blocker, meaning Woodline Partners LP cannot exercise warrants if it would result in ownership exceeding 4.99% of Tenaya Therapeutics' outstanding common stock.
• Consequently, Woodline Partners LP is currently unable to exercise all of its reported warrants due to this blocker.

Future Outlook

The filing does not provide any forward-looking statements or guidance regarding Tenaya Therapeutics, Inc.'s future performance or strategic direction.

Management Comments

• The filing includes a certification from Erin Mullen, General Counsel & Chief Compliance Officer of Woodline Partners LP, stating that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This filing is a standard disclosure of beneficial ownership by an investment adviser in a biotechnology company. It indicates an investment firm's significant, but non-controlling, stake in Tenaya Therapeutics, a company likely focused on therapeutic development.

Comparison to Industry Standards

• This Schedule 13G filing is a routine disclosure for investment firms acquiring significant passive stakes (below 5% or with a blocker) in publicly traded companies.
• The 4.99% blocker is a common mechanism used by institutional investors to avoid triggering more stringent reporting requirements (like Schedule 13D) or certain regulatory thresholds, allowing them to maintain a passive investment posture.
• No specific comparable companies or projects are mentioned in the filing to assess results against.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake in the company, indicating a vote of confidence or strategic interest from Woodline Partners LP.

Key Dates

Keywords

Tenaya Therapeutics, Woodline Partners, Beneficial Ownership, SEC Filing, Schedule 13G, Warrants, Biotechnology, Investment Adviser, Common Stock, Ownership Blocker