S
Surrozen, Inc./DE
SRZNWCIK 0001824893NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31
Period
FY 2025
Revenue
$3.48M
Net Income
$-242.00M
Total Assets
$98.73M
Equity
$-187.76M
Shares Out
11.49M
Op. Cash Flow
$-30.20M
Business
Surrozen, Inc./DE is a biotechnology company that discovers and develops biologic drug candidates to selectively modulate the Wnt signaling pathway, with a current therapeutic focus in ophthalmology. Its main products are multivalent, antibody-based Wnt mimetics and multispecific antibody candidates, including SZN-8141, SZN-8143, SZN-113 and SZN-413, designed to activate Wnt signaling and address retinal and corneal diseases. The company’s business is organized around its proprietary SWAP platform, antibody discovery capabilities, ophthalmology pipeline and research collaborations and licenses. Surrozen conducts preclinical and clinical development and pursues regulatory approvals in the United States and other international jurisdictions, and commercializes through strategic partnerships and licensing arrangements.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenue | 3 | 11 | 0 | 13 | 0 | |
| Total Revenue | 3 | 11 | 0 | — | — | |
| Research and development | 29 | 21 | 27 | 37 | 40 | |
| General and administrative | 16 | 15 | 16 | 20 | 14 | |
| Total operating expenses | 46 | 36 | 46 | 57 | 54 | |
| Loss from operations | −42 | −26 | −46 | −44 | −54 | |
| Interest income | 3 | 2 | 2 | 781,000 | 72,000 | |
| Loss on issuance of common stock, pre-funded warrants and warrants in the 2024 PIPE | 0 | −20 | — | — | — | |
| Loss on amendment and cancellation of warrants | −2 | 0 | — | — | — | |
| Loss on execution of the 2025 PIPE | −71 | 0 | — | — | — | |
| Loss on change in fair value of tranche liability | −105 | 0 | — | — | — | |
| Gain on settlement of tranche liability | 1 | 0 | — | — | — | |
| Other expense, net | −26 | −19 | 398,000 | 8 | −329,000 | |
| Net loss and comprehensive loss | −242 | −64 | −43 | −36 | −55 | |
| Net loss per share attributable to common stockholders, basic | −32.37 | −21.67 | −21.33 | −15.56 | −2.21 | |
| Net loss per share attributable to common Stockholders, diluted | −32.37 | −21.67 | −21.33 | −15.56 | −2.21 | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 7,478 | 2,933 | 2,018 | 2,314 | 24,689 | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | 7,478 | 2,933 | 2,018 | 2,314 | 24,689 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-11-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 89 | 35 | 36 | 25 | — | |
| Accounts receivable | 0 | 2 | 2 | 2 | — | |
| Accounts receivable - related party | 208,000 | 502,000 | 0 | — | — | |
| Prepaid expenses and other current assets | 2 | 2 | 3 | 3 | — | |
| Total current assets | 92 | 39 | 41 | 81 | — | |
| Property and equipment, net | 433,000 | 562,000 | 2 | 4 | — | |
| Operating lease right-of-use assets | 6 | 8 | 2 | 3 | — | |
| Restricted cash | 688,000 | 688,000 | 688,000 | 405,000 | — | |
| Warrant asset | 0 | 153,000 | 0 | — | — | |
| Other assets | 46,000 | 331,000 | 402,000 | 827,000 | — | |
| Total assets | 99 | 48 | 46 | 89 | — | |
| Accounts payable | 728,000 | 306,000 | 525,000 | 658,000 | — | |
| Accrued and other liabilities | 8 | 5 | 4 | 7 | — | |
| Lease liabilities, current portion | 1 | 2 | 2 | 2 | — | |
| Total current liabilities | 10 | 7 | 7 | 10 | — | |
| Lease liabilities, noncurrent portion | 5 | 7 | 882,000 | 3 | — | |
| Tranche liability | 159 | 0 | — | — | — | |
| Warrant liabilities | 113 | 56 | 115,000 | 326,000 | 100,000 | |
| Total liabilities | 286 | 70 | 8 | 13 | — | |
| Commitments and contingencies (Note 5 and Note 13) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value, 10,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024 | 0 | 0 | 0 | 0 | — | |
| Common stock, $0.0001 par value, 500,000 shares authorized as of December 31, 2025 and 2024; 9,775 and 3,262 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1,000 | 0 | 0 | 0 | — | |
| Additional paid-in-capital | 340 | 264 | 260 | 255 | — | |
| Accumulated deficit | −527 | −285 | −222 | −179 | — | |
| Total stockholders' deficit | −188 | −21 | 38 | 76 | — | |
| Total liabilities and stockholders' deficit | 99 | 48 | 46 | 89 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 500,000 | 1 | 2 | 2 | 2 | |
| Stock-based compensation | 4 | 4 | 4 | 5 | 2 | |
| Non-cash operating lease expense | 2 | 2 | 1 | 1 | 1 | |
| Loss on issuance of common stock, pre-funded warrants and warrants in the 2024 PIPE | 0 | 20 | 0 | — | — | |
| Transaction costs allocated to pre-funded warrants and warrants in connection with the 2025 PIPE and 2024 PIPE | 3 | 2 | 0 | — | — | |
| Change in fair value of tranche liability | 105 | 0 | — | — | — | |
| Change in fair value of warrant liabilities | 23 | 18 | −211,000 | −8 | −71,000 | |
| Loss on foreign currency remeasurement | 0 | 113,000 | −174,000 | — | — | |
| Non-cash consideration received in connection with research service revenue | −769,000 | −153,000 | — | — | — | |
| Non-cash impairment of warrant asset | 922,000 | 0 | — | — | — | |
| Accounts receivable | 2 | 0 | 0 | −2 | 0 | |
| Accounts receivable -related party | 294,000 | −502,000 | — | — | — | |
| Prepaid expenses and other current assets | −67,000 | 1 | 915,000 | −50,000 | −2 | |
| Other assets | 72,000 | 71,000 | 62,000 | −379,000 | −510,000 | |
| Accounts payable | 142,000 | −228,000 | −133,000 | −2 | 857,000 | |
| Accrued and other liabilities | 3 | 1 | −3 | −2 | 4 | |
| Operating lease liabilities | −2 | −2 | −2 | −2 | −2 | |
| Net cash used in operating activities | −30 | −18 | −40 | −44 | −49 | |
| Purchases of property and equipment | −128,000 | −26,000 | −398,000 | −728,000 | −1 | |
| Net cash (used in) provided by investing activities | −128,000 | −26,000 | 52 | 38 | −78 | |
| Proceeds from issuance of common stock | 75 | 16 | 0 | 0 | 124 | |
| Proceeds from issuance of common stock under the ATM program, net of transaction costs | 9 | 0 | — | — | — | |
| Proceeds from issuance of common stock upon exercise of warrants | 987,000 | 0 | — | — | — | |
| Proceeds from issuance of common stock upon employee stock plan purchases | 198,000 | 94,000 | 332,000 | 143,000 | 0 | |
| Proceeds from issuance of common stock upon exercise of stock options | 87,000 | 39,000 | 3,000 | 0 | 411,000 | |
| Net cash provided by financing activities | 85 | 16 | 276,000 | −3 | 125 | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | 55 | −1 | 12 | −8 | −2 | |
| Increase in right-of-use assets and lease liabilities due to a lease modification | 0 | 7 | 0 | — | — | |
| Transaction costs for the 2025 PIPE included in accrued and other liabilities | 229,000 | 0 | — | — | — | |
| Purchases of equipment included in accounts payable | 280,000 | 9,000 | 0 | 85,000 | 22,000 | |
| Vesting of early exercises of stock options | 0 | 2,000 | 32,000 | 101,000 | 207,000 |
Filings
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