STOCK TITAN

Venture firm Column Group (TNYA) details 23.1% Tenaya stake and stock sales

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Tenaya Therapeutics’ major shareholder group, The Column Group affiliates, has updated its ownership and recent trading activity in the company’s common stock. Several Column Group funds now report no beneficial ownership, while TCG Opportunity III LP and related entities report beneficial ownership of 49,313,559 shares, representing 23.1% of the common stock based on 213,744,535 shares outstanding as of December 15, 2025.

The filing details a series of open-market sales in February 2026 by TCG III LP and TCG III-A LP. On February 20, 2026, they sold 245,965 and 277,769 shares, respectively, at a weighted-average price of $0.6149 per share. On February 23, they sold 143,709 and 162,291 shares at $0.5972 per share, and on February 24, they sold 309,228 and 349,212 shares at $0.6153 per share. On February 25, 2026, TCG III LP sold 1,649,281 shares and TCG III-A LP sold 1,862,545 shares at a weighted-average price of $0.5624 per share.

The filing notes warrants to purchase 53,571,426 additional shares of common stock held by TCG Opportunity III LP that are not exercisable within 60 days because of Beneficial Ownership Limitations. Managing partners Tim Kutzkey and Peter Svennilson are included as reporting persons and may be deemed to share voting, investment and dispositive power over the reported shares through the Column Group structure.

Positive

  • None.

Negative

  • None.

Insights

Large VC holder discloses sizeable stake and recent stock sales.

The Column Group entities report a reshaped ownership profile in Tenaya Therapeutics. Several funds now show zero beneficial ownership, while the TCG Opportunity III structure reports 49,313,559 shares, or 23.1% of common stock, based on 213,744,535 shares outstanding as of December 15, 2025.

Item 3 lists multiple open-market sales in late February 2026 by TCG III LP and TCG III-A LP at weighted-average prices between $0.5624 and $0.6153 per share, generating individual day sale proceeds up to approximately $1.05 million per entity. These are transactions by shareholders, not capital raises for the company.

The filing also highlights warrants to purchase 53,571,426 additional shares that are currently blocked by Beneficial Ownership Limitations, and clarifies that ultimate control sits with TCG Opportunity III GP LLC and its managing members, Tim Kutzkey and Peter Svennilson. Future changes in this group’s stake would likely appear in subsequent beneficial ownership amendments.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D




Comment for Type of Reporting Person:
All such shares are held of record by TCG Opportunity III LP (as defined in Item 2(a) of the Original Schedule 13D). TCG Opportunity III GP LP (as defined in Item 2(a) of the Original Schedule 13D) 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 (as defined in Item 2(a) of the Original Schedule 13D) 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. Peter Svennilson and Tim Kutzkey are the managing members of TCG Opportunity III GP LLC and may each be deemed to share voting, investment and dispositive power with respect to these securities. Excludes warrants to purchase 53,571,426 shares of Common Stock held by TCG Opportunity III LP which are not exercisable within 60 days of this Statement due to the Beneficial Ownership Limitations (as defined in Item 6). Based on 213,744,535 shares of Common Stock outstanding as of December 15, 2025, as reported by the Issuer in its prospectus supplement filed pursuant to Rule 424(b)(5) with the Securities and Exchange Commission (the Commission) on December 12, 2025 (the Prospectus).


SCHEDULE 13D




Comment for Type of Reporting Person:
All such shares are held of record by TCG Opportunity III 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 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. Peter Svennilson and Tim Kutzkey are the managing members of TCG Opportunity III GP LLC and may each be deemed to share voting, investment and dispositive power with respect to these securities. Excludes warrants to purchase 53,571,426 shares of Common Stock held by TCG Opportunity III LP which are not exercisable within 60 days of this Statement due to the Beneficial Ownership Limitations. Based on 213,744,535 shares of Common Stock outstanding as of December 15, 2025, as reported by the Issuer in the Prospectus.


SCHEDULE 13D




Comment for Type of Reporting Person:
All such shares are held of record by TCG Opportunity III 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 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. Peter Svennilson and Tim Kutzkey are the managing members of TCG Opportunity III GP LLC and may each be deemed to share voting, investment and dispositive power with respect to these securities. Excludes warrants to purchase 53,571,426 shares of Common Stock held by TCG Opportunity III LP which are not exercisable within 60 days of this Statement due to the Beneficial Ownership Limitations. Based on 213,744,535 shares of Common Stock outstanding as of December 15, 2025, as reported by the Issuer in the Prospectus.


SCHEDULE 13D




Comment for Type of Reporting Person:
All such shares are held of record by TCG Opportunity III 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 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. Peter Svennilson and Tim Kutzkey are the managing members of TCG Opportunity III GP LLC and may each be deemed to share voting, investment and dispositive power with respect to these securities. Excludes warrants to purchase 53,571,426 shares of Common Stock held by TCG Opportunity III LP which are not exercisable within 60 days of this Statement due to the Beneficial Ownership Limitations. Based on 213,744,535 shares of Common Stock outstanding as of December 15, 2025, as reported by the Issuer in the Prospectus.


SCHEDULE 13D




Comment for Type of Reporting Person:
All such shares are held of record by TCG Opportunity III 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 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. Peter Svennilson and Tim Kutzkey are the managing members of TCG Opportunity III GP LLC and may each be deemed to share voting, investment and dispositive power with respect to these securities. Excludes warrants to purchase 53,571,426 shares of Common Stock held by TCG Opportunity III LP which are not exercisable within 60 days of this Statement due to the Beneficial Ownership Limitations. Based on 213,744,535 shares of Common Stock outstanding as of December 15, 2025, as reported by the Issuer in the Prospectus.


SCHEDULE 13D


The Column Group III, LP
Signature:/s/ James Evangelista, Attorney in Fact
Name/Title:James Evangelista, Attorney in Fact
Date:02/26/2026
The Column Group III-A, LP
Signature:/s/ James Evangelista, Attorney in Fact
Name/Title:James Evangelista, Attorney in Fact
Date:02/26/2026
The Column Group III GP, LP
Signature:/s/ James Evangelista, Attorney in Fact
Name/Title:James Evangelista, Attorney in Fact
Date:02/26/2026
The Column Group Opportunity III, LP
Signature:/s/ James Evangelista, Attorney in Fact
Name/Title:James Evangelista, Attorney in Fact
Date:02/26/2026
The Column Group Opportunity III GP, LP
Signature:/s/ James Evangelista, Attorney in Fact
Name/Title:James Evangelista, Attorney in Fact
Date:02/26/2026
TCG Opportunity III GP, LLC
Signature:/s/ James Evangelista, Attorney in Fact
Name/Title:James Evangelista, Attorney in Fact
Date:02/26/2026
Tim Kutzkey
Signature:/s/ James Evangelista
Name/Title:James Evangelista, Attorney-in-Fact
Date:02/26/2026
Peter Svennilson
Signature:/s/ James Evangelista
Name/Title:James Evangelista, Attorney-in-Fact
Date:02/26/2026

FAQ

How much of Tenaya Therapeutics (TNYA) does The Column Group currently report owning?

The Column Group’s TCG Opportunity III entities and related reporting persons report beneficial ownership of 49,313,559 shares of Tenaya Therapeutics common stock, representing 23.1% of the class, based on 213,744,535 shares outstanding as of December 15, 2025.

Which Tenaya Therapeutics (TNYA) shareholders sold stock in February 2026 and at what prices?

The filing shows TCG III LP and TCG III-A LP sold Tenaya common shares on February 20, 23, 24 and 25, 2026 at weighted-average prices between $0.5624 and $0.6153 per share, with each day’s transactions summarized as aggregate share counts and approximate proceeds.

Do any Column Group entities now report zero beneficial ownership of Tenaya Therapeutics (TNYA)?

Yes. The Column Group III LP, The Column Group III-A LP and The Column Group III GP LP each report 0 shares beneficially owned, corresponding to 0% of Tenaya’s common stock, with no sole or shared voting or dispositive power remaining for those specific entities.

What warrants related to Tenaya Therapeutics (TNYA) are mentioned and are they currently exercisable?

The filing notes warrants held by TCG Opportunity III LP to purchase 53,571,426 shares of Tenaya common stock. These warrants are not exercisable within 60 days of the statement because of the specified Beneficial Ownership Limitations referenced in Item 6.

Who ultimately controls the Column Group’s reported Tenaya Therapeutics (TNYA) stake?

The statement explains that TCG Opportunity III GP LP and TCG Opportunity III GP LLC are general partners over TCG Opportunity III LP. Tim Kutzkey and Peter Svennilson, as managing members of TCG Opportunity III GP LLC, may each be deemed to share voting and dispositive power over the reported shares.

Why were Tim Kutzkey and Peter Svennilson added as reporting persons for Tenaya Therapeutics (TNYA)?

They were added as reporting persons because of the retirement of a managing partner of TCG III GP LP and a managing member of TCG Opportunity III GP LLC. This change means their roles now warrant direct inclusion in the joint beneficial ownership reporting group.
Tenaya Therapeutics, Inc.

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130.34M
214.85M
Biotechnology
Biological Products, (no Diagnostic Substances)
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United States
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