Column Group funds trim Tenaya (TNYA) stake with 4.17M-share sale

Rhea-AI Filing Summary

Tenaya Therapeutics’ major shareholder entities affiliated with The Column Group reported significant open‑market sales of common stock. Investment funds including The Column Group III, LP and related Opportunity funds sold a combined 4,170,266 shares of Tenaya common stock in indirect transactions.

The sales occurred on February 24 and 25 at weighted average prices of $0.6153 and $0.5624 per share, across multiple trades within disclosed price ranges. A related holding entry shows 49,313,559 shares of common stock held indirectly as of February 24, which reflects a large investment position by these affiliated funds.

Insights

Equity ownership and governance analyst

Column Group funds disclosed a large indirect net sale of Tenaya shares.

Affiliated investment funds of The Column Group, identified as ten percent owners, reported net open‑market sales of 4,170,266 shares of Tenaya Therapeutics common stock. All reported positions are indirect, held through limited partnerships and general partner entities described in the footnotes.

The filing details weighted‑average sale prices around $0.6153 and $0.5624 per share over multiple trades on February 24 and February 25. Footnotes state that various general partner and managing partner entities may be deemed to share voting and investment power but disclaim beneficial ownership beyond their pecuniary interests.

A separate holding line shows 49,313,559 shares of common stock held indirectly as of February 24, indicating that, despite the reported net sales, affiliated Column Group funds remain substantial holders. The overall impact depends on how this change fits within total shares outstanding and any future ownership updates in subsequent company filings.

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
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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^*

COLUMN GROUP III GP, LP

(Last) (First) (Middle)

1 LETTERMAN DR

BLDG. D, STE. DM-900

(Street)

SAN FRANCISCO CA 94129

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Tenaya Therapeutics, Inc. [ TNYA ]

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)
02/24/2026

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	02/24/2026		S		309,228	D	$0.6153(1)	1,649,281	I	See Footnote(2)
Common Stock	02/24/2026		S		349,212	D	$0.6153(1)	1,862,545	I	See Footnote(3)
Common Stock	02/25/2026		S		1,649,281	D	$0.5624(4)	0	I	See Footnote(2)
Common Stock	02/25/2026		S		1,862,545	D	$0.5624(4)	0	I	See Footnote(3)
Common Stock								49,313,559	I	See Footnote(5)

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^*

COLUMN GROUP III GP, LP

(Last) (First) (Middle)

1 LETTERMAN DR

BLDG. D, STE. DM-900

(Street)

SAN FRANCISCO CA 94129

(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^*

COLUMN GROUP III, LP

(Last) (First) (Middle)

1 LETTERMAN DRIVE

BLDG. D, STE DM-900

(Street)

SAN FRANCISCO CA 94129

(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^*

COLUMN GROUP III-A, LP

(Last) (First) (Middle)

1 LETTERMAN DR

BLDG. D, STE, DM-900

(Street)

SAN FRANCISCO CA 94129

(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^*

Column Group Opportunity III, LP

(Last) (First) (Middle)

1 LETTERMAN DRIVE

BUILDING D, SUITE DM-900

(Street)

SAN FRANCISCO CA 94129

(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^*

Column Group Opportunity III GP, LP

(Last) (First) (Middle)

1 LETTERMAN DRIVE

BUILDING D, SUITE DM-900

(Street)

SAN FRANCISCO CA 94129

(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 Opportunity III GP, LLC

(Last) (First) (Middle)

1 LETTERMAN DRIVE

BUILDING D, SUITE DM-900

(Street)

SAN FRANCISCO CA 94129

(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^*

Kutzkey Tim

(Last) (First) (Middle)

1 LETTERMAN DRIVE

BUILDING D, SUITE DM-900

(Street)

SAN FRANCISCO CA 94129

(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^*

Svennilson Peter

(Last) (First) (Middle)

1 LETTERMAN DRIVE

BUILDING D, SUITE DM-900

(Street)

SAN FRANCISCO CA 94129

(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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.584 to $0.6392, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4.

2. The securities are directly held by The Column Group III, LP ("TCG III LP"). TCG III GP is the general partner of TCG III LP and may be deemed to have voting, investment and dispositive power with respect to these securities. The managing partners of TCG III GP are Peter Svennilson and Tim Kutzkey (together, the "Managing Partners"). The Managing Partners may be deemed to share voting, investment and dispositive power with respect to such shares. TCG III GP and each of the Managing Partners disclaim beneficial ownership of these shares, except to the extent of their respective pecuniary interest in such shares.

3. The securities are directly held by The Column Group III-A, LP ("TCG III-A LP"). TCG III GP is the general partner of TCG III-A LP and may be deemed to have voting, investment and dispositive power with respect to these securities. The managing partners of TCG III GP are the Managing Partners. The Managing Partners may be deemed to share voting, investment and dispositive power with respect to such shares. TCG III GP and each of the Managing Partners disclaim beneficial ownership of these shares, except to the extent of their respective pecuniary interest in such shares.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $0.55 to $0.641, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote to this Form 4.

5. The securities are directly held by TCG Opportunity III LP. The Column Group Opportunity III GP, LP ("TCG Opportunity III GP LP") is the general partner of TCG Opportunity III LP and may be deemed to have voting, investment and dispositive power with respect to these securities. TCG Opportunity III GP, LLC ("TCG Opportunity III GP LLC") is the general partner of TCG Opportunity III GP LP and the ultimate general partner of TCG Opportunity III LP and may be deemed to have voting, investment and dispositive power with respect to these securities. The managing members of TCG Opportunity III GP LLC are the Managing Partners. The Managing Partners may be deemed to share voting, investment and dispositive power with respect to such securities. TCG Opportunity III GP LP, TCG Opportunity III GP LLC and each of the Managing Partners disclaim beneficial ownership of these securities, except to the extent of their respective pecuniary interest in such securities.

	The Column Group III GP, LP /s/James Evangelista, Attorney-in-Fact	02/26/2026
	The Column Group III, LP by The Column Group III GP, LP, its general partner /s/ James Evangelista Attorney-in-Fact	02/26/2026
	The Column Group III-A, LP. by The Column Group III GP, LP, its general partner /s/ James Evangelista Attorney-in-Fact	02/26/2026
	/s/ James Evangelista, as Attorney-in-Fact for The Column Group Opportunity III LP	02/26/2026
	/s/ James Evangelista, as Attorney-in-Fact for The Column Group Opportunity III GP LP	02/26/2026
	/s/ James Evangelista, as Attorney-in-Fact for TCG Opportunity III GP, LLC	02/26/2026
	/s/ James Evangelista, as Attorney-in-Fact for Tim Kutzkey	02/26/2026
	/s/ James Evangelista, as Attorney-in-Fact for Peter Svennilson	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Column Group entities report in this Form 4 for Tenaya Therapeutics (TNYA)?

Affiliated Column Group funds reported indirect open-market sales of 4,170,266 Tenaya Therapeutics common shares. The transactions occurred over two days and were executed through multiple trades, reflecting activity by large investment funds that are ten percent owners of the company.

How many Tenaya Therapeutics (TNYA) shares were sold and at what prices?

The filing shows total net sales of 4,170,266 Tenaya common shares. Shares sold on one day carried a weighted average price of $0.6153, while the next day’s sales carried a weighted average of $0.5624, each across multiple trades within disclosed price ranges.

Who actually holds and controls the Tenaya Therapeutics shares in this Form 4?

The shares are directly held by funds such as The Column Group III, LP, The Column Group III-A, LP and TCG Opportunity III LP. Various Column Group general partner entities may be deemed to have voting and investment power, with managing partners disclaiming beneficial ownership beyond pecuniary interests.

Are the Tenaya Therapeutics (TNYA) transactions in this Form 4 direct or indirect holdings?

All reported positions are indirect holdings. The Form 4 classifies ownership as indirect, with shares held through Column Group limited partnerships and related general partner structures rather than by individual reporting persons directly, as clarified in the detailed footnotes.

What do the footnotes in this Tenaya Therapeutics (TNYA) Form 4 explain about pricing?

Footnotes explain that reported sale prices are weighted averages for each day. Actual trades occurred in multiple transactions within specified price ranges, and the reporting persons commit to provide full breakdowns of share counts at each separate price upon request to interested parties.

How large is the Column Group-related position in Tenaya Therapeutics after these sales?

One holding entry shows 49,313,559 Tenaya common shares held indirectly as of February 24. This figure indicates a substantial investment position by affiliated Column Group funds, even after reporting the 4,170,266-share net sale across the disclosed open-market transactions.