Surrozen, Inc./DE Segments Disclosure
Note 15. Segment Reporting
The Company has one reportable segment relating to the research and development of product candidates to selectively modulate the Wnt pathway for tissue repair and regeneration. The segment derives its revenue from licensing and research collaborations.
The Company’s Chief Executive Officer and the Chief Operating Officer are together considered the Company’s Chief Operating Decision Maker, or CODM, on a consolidated basis. The CODM uses consolidated operating expenses by function to evaluate financial performance, monitor budget versus actual results, and manage the Company’s operations for the purposes of allocating resources and establishing business strategies. The measure of segment assets is not reported as it is not regularly provided or reviewed by the Company’s CODM.
The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Total revenue |
|
$ |
3,477 |
|
|
$ |
10,655 |
|
Less: |
|
|
|
|
|
|
||
Compensation excluding stock-based compensation |
|
|
(14,370 |
) |
|
|
(12,720 |
) |
Development and manufacturing costs |
|
|
(9,335 |
) |
|
|
(5,582 |
) |
Consultants and third-party services |
|
|
(6,962 |
) |
|
|
(3,765 |
) |
Rent and facility expenses |
|
|
(4,292 |
) |
|
|
(3,965 |
) |
Stock-based compensation |
|
|
(3,835 |
) |
|
|
(4,114 |
) |
Depreciation and amortization |
|
|
(537 |
) |
|
|
(1,442 |
) |
Other expense, including loss on execution of |
|
|
(199,934 |
) |
|
|
(38,026 |
) |
Other segment items(2) |
|
|
(6,238 |
) |
|
|
(4,605 |
) |
Segment and consolidated net loss |
|
$ |
(242,026 |
) |
|
$ |
(63,564 |
) |
(1) Other information not reported to CODM includes loss on execution of the 2025 PIPE, loss on amendment and cancellation of warrants, interest income, gain/loss on change in fair value of tranche liability, and gain/loss on change in fair value of warrant liabilities, which are reported as other expense, net on the consolidated statements of operations.
(2) Other segment items primarily consist of lab expenses, professional services and information technology costs.
For the years ended December 31, 2025 and 2024, research service revenue – related party of $3.5 million and $0.7 million was generated in the United States. For the year ended December 31, 2024, collaboration and license revenue of $10.0 million is attributed to Boehringer Ingelheim, which is domiciled in Germany. As of December 31, 2025 and 2024, all long-lived assets of the Company reside in the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.