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TCG Crossover funds add to Surrozen (SRZN) stake with open-market buys

Filing Impact
(Moderate)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

TCG Crossover investment entities increased their indirect stake in Surrozen, Inc. common stock through open-market purchases. On February 11, 2026, TCG Crossover Fund II, L.P. and TCG Crossover Fund III, L.P. each bought 8,882 and 8,881 shares at $23.575 per share, respectively. On February 12, 2026, they bought additional blocks of 547 and 546 shares at $23.8625 per share. After these transactions, one fund reported beneficial ownership of 651,114 shares and the other 651,112 shares, all held indirectly through the TCG Crossover fund structure.

Positive

  • None.

Negative

  • None.

Insights

TCG Crossover funds made routine open-market purchases in Surrozen, modestly increasing their indirect 10% owner stakes.

The filing shows TCG Crossover Fund II, L.P. and TCG Crossover Fund III, L.P. executing several open-market purchases of Surrozen common stock on February 11–12, 2026 at prices between $23.575 and $23.8625 per share. All holdings are reported as indirect, via the TCG Crossover fund and general partner structure.

Following these trades, each fund reports beneficial ownership slightly above 651,000 Surrozen shares, indicating a continued, sizeable position as 10% owners. The transactions are straightforward open-market buys without derivatives or complex structures, so the immediate investment thesis impact is limited and best viewed as routine ownership adjustment.

Insider TCG Crossover GP II, LLC, TCG Crossover Fund II, L.P., TCG Crossover GP III, LLC, TCG Crossover Fund III, L.P.
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought 18,856 shs ($445K)
Type Security Shares Price Value
Purchase Common Stock 547 $23.8625 $13K
Purchase Common Stock 546 $23.8625 $13K
Purchase Common Stock 8,882 $23.575 $209K
Purchase Common Stock 8,881 $23.575 $209K
Holdings After Transaction: Common Stock — 651,114 shares (Indirect, See footnote)
Footnotes (1)
  1. These securities are held of record by TCG Crossover Fund II, L.P. (TCG Crossover II). TCG Crossover GP II, LLC (TCG Crossover GP II) is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities. These securities are held of record by TCG Crossover Fund III, L.P. (TCG Crossover III). TCG Crossover GP III, LLC (TCG Crossover GP III) is the general partner of TCG Crossover III and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP III and may be deemed to share voting, investment and dispositive power with respect to these securities.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
TCG Crossover GP II, LLC
(Last) (First) (Middle)
245 LYTTON AVE., SUITE 350
(Street)
PALO ALTO CA 94301
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Surrozen, Inc./DE [ SRZN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
02/11/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/11/2026 P 8,882 A $23.575 650,567 I See footnote(1)
Common Stock 02/11/2026 P 8,881 A $23.575 650,563 I See footnote(2)
Common Stock 02/12/2026 P 547 A $23.8625 651,114 I See footnote(1)
Common Stock 02/12/2026 P 546 A $23.8625 651,112 I See footnote(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
TCG Crossover GP II, LLC
(Last) (First) (Middle)
245 LYTTON AVE., SUITE 350
(Street)
PALO ALTO CA 94301
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
TCG Crossover Fund II, L.P.
(Last) (First) (Middle)
245 LYTTON AVE., SUITE 350
(Street)
PALO ALTO CA 94301
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
TCG Crossover GP III, LLC
(Last) (First) (Middle)
245 LYTTON AVE., SUITE 350
(Street)
PALO ALTO CA 94301
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
TCG Crossover Fund III, L.P.
(Last) (First) (Middle)
245 LYTTON AVE., SUITE 350
(Street)
PALO ALTO CA 94301
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. These securities are held of record by TCG Crossover Fund II, L.P. (TCG Crossover II). TCG Crossover GP II, LLC (TCG Crossover GP II) is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.
2. These securities are held of record by TCG Crossover Fund III, L.P. (TCG Crossover III). TCG Crossover GP III, LLC (TCG Crossover GP III) is the general partner of TCG Crossover III and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP III and may be deemed to share voting, investment and dispositive power with respect to these securities.
/s/ TCG Crossover GP II, LLC /s/ Craig Skaling, Authorized Signatory 02/13/2026
/s/ TCG Crossover Fund II, L.P. /s/ Craig Skaling, Authorized Signatory 02/13/2026
/s/ TCG Crossover GP III, LLC /s/ Craig Skaling, Authorized Signatory 02/13/2026
/s/ TCG Crossover Fund III, L.P. /s/ Craig Skaling, Authorized Signatory 02/13/2026
/s/ Craig Skaling, as Attorney-in-Fact for Chen Yu 02/13/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did the TCG Crossover entities report in this Surrozen (SRZN) Form 4?

They reported multiple open-market purchases of Surrozen common stock. TCG Crossover Fund II, L.P. and TCG Crossover Fund III, L.P. bought several blocks of shares on February 11–12, 2026, at prices around $23.58–$23.86 per share, increasing their indirect beneficial ownership.

How many Surrozen (SRZN) shares do the TCG Crossover funds now beneficially own?

Each fund now reports beneficial ownership of just over 651,000 shares. After the reported transactions, one fund shows 651,114 Surrozen common shares and the other 651,112 shares, all held indirectly through the TCG Crossover fund structure as disclosed in the filing footnotes.

Were the Surrozen (SRZN) transactions in the Form 4 open-market purchases or something else?

The transactions were open-market purchases of common stock. Each trade is coded "P" for purchase and described as an open-market or private transaction, with specific per-share prices of $23.575 and $23.8625 disclosed for the February 2026 trading dates.

Who actually holds the Surrozen (SRZN) shares reported in this Form 4?

The shares are held of record by TCG Crossover Fund II, L.P. and TCG Crossover Fund III, L.P. Their respective general partners, TCG Crossover GP II, LLC and TCG Crossover GP III, LLC, may be deemed to have voting, investment, and dispositive power over these Surrozen securities.

What is Chen Yu’s role in relation to the Surrozen (SRZN) shares in this Form 4?

Chen Yu is the sole managing member of the TCG Crossover general partners. The filing states Chen Yu may be deemed to share voting, investment, and dispositive power over Surrozen shares held by the funds through TCG Crossover GP II, LLC and TCG Crossover GP III, LLC.

Do the TCG Crossover entities qualify as 10% owners of Surrozen (SRZN)?

Yes, they are reported as 10% owners of Surrozen. The Form 4 relationship section indicates the reporting entities are 10% owners, reflecting significant beneficial holdings in Surrozen common stock through the TCG Crossover investment fund structure.