SCHEDULE: Soleus Capital Exits Surmodics Stake, Reports 0% Ownership

Soleus Capital and its affiliates have reported a complete divestment of their beneficial ownership in Surmodics, Inc., reducing their stake to 0% as of September 30, 2025.

Summary

• Soleus Capital Master Fund, L.P. and its affiliated entities, including Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, L.P., Soleus GP, LLC, and Guy Levy, have filed an Amendment No. 1 to their Schedule 13G.
• The filing indicates a complete divestment of their beneficial ownership in Surmodics, Inc. Common Stock.
• As of the event date, September 30, 2025, the reporting persons collectively beneficially own 0.00 shares, representing 0.0% of the class of securities.
• The reporting persons disclaim beneficial ownership of any shares held by Master Fund, except for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934.

Sentiment

Score: 4

Explanation: The complete divestment of shares by an institutional investor, Soleus Capital, could be interpreted as a neutral to slightly negative signal by the market, depending on the context of Surmodics' performance and other market factors. It is a factual report of an exit, not an assessment of company performance.

Negatives

• The complete divestment by an institutional investor like Soleus Capital could be perceived negatively by the market, potentially signaling a lack of confidence or a shift in investment strategy regarding Surmodics, Inc.

Risks

• Potential negative market reaction to the complete divestment of shares by an institutional investor.
• Increased selling pressure on Surmodics' stock if other institutional investors follow suit or if the market interprets this divestment as a negative signal.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Surmodics, Inc. or the reporting persons regarding the issuer's future performance.

Management Comments

• Soleus Capital, LLC, Soleus Capital Group, LLC, Soleus Capital Management, L.P., Soleus GP, LLC, and Guy Levy disclaim beneficial ownership of any shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act.

Industry Context

This filing represents a routine disclosure of a change in institutional ownership, specifically a complete divestment. While it doesn't directly relate to broader industry trends, significant institutional exits can sometimes influence market sentiment for companies within the medical device or biotechnology sectors, depending on the investor's reputation and the company's specific circumstances.

Stakeholder Impact

• Shareholders of Surmodics, Inc. may note the complete exit of an institutional investor, which could influence their perception of the stock's institutional support.

Key Dates

Keywords

Surmodics, Soleus Capital, Schedule 13G, beneficial ownership, divestment, institutional investor, equity stake