[SCHEDULE 13G] Surmodics, Inc. SEC Filing

Rhea-AI Filing Summary

Trium Capital LLP, a United Kingdom-based investment adviser, filed a Schedule 13G on 15 July 2025 reporting ownership of 716,783 shares of Surmodics, Inc. (SRDX), equal to 5.01 % of the company’s outstanding common stock. Trium has sole voting and dispositive power over the entire position and no shared authority with other parties. Because the filing is a Schedule 13G—rather than an activist 13D—the stake is declared to be held in the ordinary course of business, with no intent to influence control of Surmodics.

The disclosure moves Trium across the 5 % reporting threshold, adding another institutional holder to Surmodics’ register. While the passive nature of the investment means limited governance impact, heightened institutional ownership can improve liquidity, expand research coverage, and serve as a soft vote of confidence in Surmodics’ outlook. There is, however, no information on purchase price, timing of accumulation, or future trading plans, so market impact should be viewed as modest and primarily informational.

Insights

Securities Analyst

TL;DR: Passive 5 % stake signals incremental institutional support; unlikely to move fundamentals or strategy.

Trium Capital’s 716,783-share position gives it minimal influence yet confirms external confidence in SRDX’s investment case. The Schedule 13G structure indicates no activist agenda, so cash flows, R&D pipeline, and regulatory milestones remain the key drivers. From a trading perspective, new institutional demand may support liquidity, but the same block could become an overhang if Trium exits. Overall impact: informational, not transformational.

Corporate Governance Expert

TL;DR: Filing adds passive owner, leaves governance dynamics unchanged; impact neutral.

A 5 % holding grants Trium limited rights—mainly the ability to suggest but not dictate board actions. Because the firm certified it is not seeking control, existing management and board composition remain unaffected. No provisions for collaboration with other shareholders were disclosed, reducing the probability of coordinated activism. Accordingly, investors should not expect governance shifts stemming from this stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SURMODICS INC

(Name of Issuer)

Common Stock, $0.05 par value

(Title of Class of Securities)

868873100

(CUSIP Number)

07/11/2025

(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. 868873100

1

Names of Reporting Persons

Trium Capital LLP

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 KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 716,783.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 716,783.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

100.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SURMODICS INC
(b)	Address of issuer's principal executive offices: 9924 W 74TH ST, EDEN PRAIRIE, MINNESOTA, 55344
Item 2.
(a)	Name of person filing: Trium Capital LLP
(b)	Address or principal business office or, if none, residence: 60 Gresham Street, London, EC2V 7BB
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock, $0.05 par value
(e)	CUSIP No.: 868873100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 716,783
(b)	Percent of class: 5.01 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 716,783
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 716,783
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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.

Trium Capital LLP

Signature:	Fredrik Ostlund
Name/Title:	Chief Compliance Officer
Date:	07/15/2025

FAQ

How many Surmodics (SRDX) shares does Trium Capital LLP own?

Trium Capital LLP reported ownership of 716,783 common shares.

What percentage of Surmodics’ outstanding shares does the stake represent?

The holding equals 5.01 % of the company’s common stock.

Is Trium Capital’s filing activist or passive?

It is a Schedule 13G, indicating a passive investment with no intent to influence control.

When did the 5 % ownership threshold get crossed?

The event triggering the filing occurred on 11 July 2025.

Does Trium Capital share voting or dispositive power with others?

No. The firm has sole voting and dispositive power over the entire stake.

Where is Trium Capital LLP headquartered?

The firm’s principal office is at 60 Gresham Street, London, EC2V 7BB, United Kingdom.