Stonepine discloses warrant-backed 5.8% ownership in Surrozen (SRZNW)

Rhea-AI Filing Summary

Surrozen, Inc. is the issuer and this Schedule 13G/A discloses that Stonepine-related reporting persons collectively beneficially own 508,687 shares of Surrozen common stock, representing 5.8% of the outstanding class. That total is composed of 306,029 shares of Common Stock plus 202,658 shares issuable on exercise of Series A, B and E warrants, with the calculation based on 8,570,355 shares outstanding as reported by the issuer.

The reporting persons (Stonepine Capital Management, LLC; Stonepine Capital, L.P.; Stonepine GP, LLC; and Jon M. Plexico) report shared voting and dispositive power over the 508,687 shares and no sole voting or dispositive power. The partnership holds the shares for investors and may direct receipt of dividends or sale proceeds. The filing includes a certification that the position was not acquired to change or influence control of the issuer.

Insights

Financial Analyst

TL;DR: Stonepine holds a material passive position of 5.8%, partly warrant-backed, notable for shareholders but not presented as an activist move.

The filing reports a 5.8% beneficial stake (508,687 shares) including 202,658 warrant-associated shares, which increases the economic exposure beyond the outright common shares. The stake is large enough to be material to holders and can affect reported ownership metrics and potential dilution analysis. The filing explicitly shows shared rather than sole voting/dispositive power and contains a certification the position is not intended to change control, indicating a passive investment posture.

Impact assessment: Impactful as a material disclosure but neutral regarding control or governance.

Corporate Governance Expert

TL;DR: Ownership is disclosed as shared control with no sole authority and an explicit certification that it is not for control purposes.

The report names the reporting persons and disclaims group membership while showing shared voting and dispositive power over the 508,687 shares. The disclosure that some shares are issuable upon warrant exercise and subject to a 9.9% beneficial ownership limitation is important for governance modeling and for understanding any future shift in influence if warrants convert. The certification denies intent to influence control, which signals the filing is routine passive reporting rather than an activist move.

Impact assessment: Not impactful for corporate control; material for ownership records and dilution analysis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Surrozen, Inc./DE

(Name of Issuer)

Common Stock

(Title of Class of Securities)

86889P208

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 86889P208

1

Names of Reporting Persons

Stonepine Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 508,687.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 508,687.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

508,687.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Percentage calculated based on (a) (1) 306,029 shares of Common Stock, and (2) 202,658 shares of Common Stock issuable on exercise of Series A Warrants, Series B Warrants and Series E Warrants beneficially owned by the reporting person, subject to a 9.9% beneficial ownership limitation, and (b) 8,570,355 shares of Common Stock outstanding on August 4, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. 86889P208

1

Names of Reporting Persons

Stonepine Capital, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 508,687.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 508,687.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

508,687.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Percentage calculated based on (a) (1) 306,029 shares of Common Stock, and (2) 202,658 shares of Common Stock issuable on exercise of Series A Warrants, Series B Warrants and Series E Warrants beneficially owned by the reporting person, subject to a 9.9% beneficial ownership limitation, and (b) 8,570,355 shares of Common Stock outstanding on August 4, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. 86889P208

1

Names of Reporting Persons

Stonepine GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 508,687.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 508,687.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

508,687.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Percentage calculated based on (a) (1) 306,029 shares of Common Stock, and (2) 202,658 shares of Common Stock issuable on exercise of Series A Warrants, Series B Warrants and Series E Warrants beneficially owned by the reporting person, subject to a 9.9% beneficial ownership limitation, and (b) 8,570,355 shares of Common Stock outstanding on August 4, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

CUSIP No. 86889P208

1

Names of Reporting Persons

Jon M. Plexico

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 508,687.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 508,687.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

508,687.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Percentage calculated based on (a) (1) 306,029 shares of Common Stock, and (2) 202,658 shares of Common Stock issuable on exercise of Series A Warrants, Series B Warrants and Series E Warrants beneficially owned by the reporting person, subject to a 9.9% beneficial ownership limitation, and (b) 8,570,355 shares of Common Stock outstanding on August 4, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended June 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Surrozen, Inc./DE
(b)	Address of issuer's principal executive offices: 171 Oyster Point Blvd., Suite 400, South San Francisco, CA 94080
Item 2.
(a)	Name of person filing: Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine") Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership") Stonepine GP, LLC, a Delaware limited liability company (the "General Partner") Jon M. Plexico Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and the General Partner. The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each reporting person also disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein. In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.
(b)	Address or principal business office or, if none, residence: 2900 NW Clearwater Drive, Suite 100-11, Bend OR 97703
(c)	Citizenship: See Item 4 of the cover sheet for each reporting person.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 86889P208
Item 4.	Ownership
(a)	Amount beneficially owned: Stonepine: 508,687 Partnership: 508,687 General Partner: 508,687 Jon M. Plexico: 508,687
(b)	Percent of class: Stonepine: 5.8% Partnership: 5.8% General Partner: 5.8% Jon M. Plexico: 5.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Stonepine: 0 Partnership: 0 General Partner: 0 Jon M. Plexico: 0
	(ii) Shared power to vote or to direct the vote: Stonepine: 508,687 Partnership: 508,687 General Partner: 508,687 Jon M. Plexico: 508,687
	(iii) Sole power to dispose or to direct the disposition of: Stonepine: 0 Partnership: 0 General Partner: 0 Jon M. Plexico: 0
	(iv) Shared power to dispose or to direct the disposition of: Stonepine: 508,687 Partnership: 508,687 General Partner: 508,687 Jon M. Plexico: 508,687
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Partnership holds Common Stock for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Stonepine Capital Management, LLC

Signature:	/s/ Jon M. Plexico
Name/Title:	Managing Member
Date:	08/13/2025

Stonepine Capital, L.P.

Signature:	/s/ Jon M. Plexico
Name/Title:	Managing Member of the General Partner, Stonepine GP, LLC
Date:	08/13/2025

Stonepine GP, LLC

Signature:	/s/ Jon M. Plexico
Name/Title:	Managing Member
Date:	08/13/2025

Jon M. Plexico

Signature:	/s/ Jon M. Plexico
Name/Title:	Reporting person
Date:	08/13/2025

Exhibit Information

EXHIBIT 99 - AGREEMENT REGARDING JOINT FILING OF STATEMENT ON SCHEDULE 13D OR 13G