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SRZN

Surrozen, Inc.

SRZN

Surrozen, Inc. • NASDAQ
$16.58 ▲ 0.82% (+0.14)
Market Cap $142.11 M
52w High $18.17
52w Low $5.90
Dividend Yield 0%
P/E -0.94
Volume 33.28K
Outstanding Shares 8.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $983K $11.868M ▲ $-71.643M ▼ -7.288K% ▼ $-8.36 ▼ $-71.582M ▼
Q2-2025 $983K $10M ▼ $39.746M ▲ 4.043K% ▲ $2.55 ▲ $-8.88M ▲
Q1-2025 $983K ▲ $10.534M ▲ $-26.97M ▲ -2.744K% ▲ $-7.43 ▲ $-9.257M ▼
Q4-2024 $655K ▼ $9.247M ▲ $-28.039M ▼ -4.281K% ▼ $-9 ▼ $-8.27M ▼
Q3-2024 $10M $8.768M $-1.434M -14.34% $-0.44 $1.574M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $81.335M ▼ $94.046M ▼ $117.561M ▲ $-23.515M ▼
Q2-2025 $90.39M ▼ $102.696M ▼ $55.582M ▼ $47.114M ▲
Q1-2025 $101.645M ▲ $114.829M ▲ $109.155M ▲ $5.674M ▲
Q4-2024 $34.565M ▲ $48.467M ▲ $69.847M ▲ $-21.38M ▼
Q3-2024 $31.012M $47.998M $42.331M $5.667M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-71.643M ▼ $-9.04M ▼ $-24K ▼ $9K ▲ $-9.055M ▲ $-9.064M ▼
Q2-2025 $39.746M ▲ $-6.113M ▲ $-18K ▲ $-5.124M ▼ $-11.255M ▼ $-6.131M ▲
Q1-2025 $-26.97M ▲ $-9.279M ▼ $-27K ▼ $76.386M ▲ $67.08M ▲ $-9.306M ▼
Q4-2024 $-28.039M ▼ $3.481M ▲ $-19K ▼ $91K ▲ $3.553M ▲ $3.462M ▲
Q3-2024 $-1.434M $-6.752M $0 $-1K $-6.753M $-6.752M

Five-Year Company Overview

Income Statement

Income Statement Surrozen is still a pure R&D story from an income-statement perspective. Revenue is essentially nonexistent, and the company has reported steady operating losses every year in the recent period. Losses appear to have deepened in the most recent year, and earnings per share look particularly negative, amplified by the reverse stock split. Overall, the business is spending significantly more on research and operations than it brings in, which is typical for an early-stage biotech with no approved products yet, but it leaves little cushion if funding conditions tighten.

Balance Sheet

Balance Sheet The balance sheet shows a small asset base and a modest cash position that has not been growing. What stands out is the shift from positive equity in prior years to negative equity in the latest period, reflecting accumulated losses that now exceed the book value of assets. Debt remains present but relatively small compared with the overall size of the company. In plain terms, the financial foundation has weakened over time, and the company’s ability to support ongoing R&D depends heavily on continued access to external capital or partnership funding rather than on its own balance sheet strength.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, reflecting ongoing spending on research, clinical development, and overhead without offsetting revenue. Free cash flow is also negative and closely tracks operating cash burn, since capital spending is minimal. This pattern is typical of a clinical-stage biotech: the company is consuming cash rather than generating it and will likely need periodic infusions of capital or partner payments to sustain its programs. The main financial risk from a cash-flow perspective is the timing and reliability of new funding versus the pace of cash burn.

Competitive Edge

Competitive Edge Surrozen operates in a specialized corner of biotech: targeted modulation of the Wnt pathway for tissue regeneration, with a current focus on eye diseases. Its competitive strengths lie in its proprietary antibody platforms, a growing patent portfolio, and deep scientific expertise in a complex biology area that has historically been hard to drug. The partnership with Boehringer Ingelheim provides external validation and some financial support, enhancing credibility. However, the company is small and at a clinical stage, competing in ophthalmology against large, well-funded pharmaceutical and biotech players with established commercial products. The lack of approved drugs and dependence on a narrow set of programs make its competitive position promising but still unproven and highly sensitive to clinical results.

Innovation and R&D

Innovation and R&D Innovation is the core asset here. Surrozen’s SWAP and SWEETS antibody platforms aim to precisely turn on Wnt signaling where it can regenerate tissue, potentially overcoming safety and specificity issues that held the field back for years. The shift in focus to ophthalmology is a strategic attempt to target diseases with clear unmet needs and large existing markets. Lead candidates are designed as multi-functional biologics that go beyond standard anti-VEGF approaches by combining Wnt activation with anti-VEGF and, in some cases, anti-inflammatory mechanisms. This is a differentiated scientific strategy, but the programs are still in preclinical or early development, with key human data and regulatory milestones several years away. R&D success will depend on demonstrating that the biology translates safely and effectively in patients, and that the company can progress multiple candidates with limited resources.

Summary

Surrozen is an early-stage biotech whose story is driven far more by its science than by its current financial performance. The income statement and cash flows reflect a classic high-risk, high-uncertainty research company: almost no revenue, persistent losses, and ongoing cash burn. The balance sheet has weakened to the point of negative equity, reinforcing its reliance on external financing and partnerships. On the opportunity side, Surrozen has carved out a distinctive place in regenerative medicine with proprietary Wnt-targeting platforms and a focused push into ophthalmology, supported by a notable pharma partnership. On the risk side, everything hinges on future clinical and regulatory outcomes, plus the company’s ability to secure enough funding to reach those inflection points. For now, SRZN looks like a science-heavy, financially fragile platform bet, where future data, partnerships, and capital access will determine whether the technology can be converted into a sustainable business.

NEWS

November 25, 2025 · 4:05 PM UTC

Surrozen to Present at Upcoming Healthcare Investor Conferences

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November 12, 2025 · 5:01 PM UTC

Surrozen Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

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November 7, 2025 · 4:05 PM UTC

Surrozen Reports Third Quarter 2025 Financial Results and Provides Business Update

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September 4, 2025 · 4:15 PM UTC

Surrozen Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more