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Surrozen (SRZN) investor relations material
Surrozen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Advanced ophthalmology pipeline with lead candidates SZN-8141 and SZN-8143 for retinal diseases, targeting IND submission for SZN-8141 in 2026.
SZN-413 partnered with Boehringer Ingelheim, triggering a $10M milestone in 2024 and potential for up to $586.5M in future payments.
Discontinued SZN-043 for severe alcohol-associated hepatitis due to insufficient clinical benefit.
Strengthened leadership with Andrew Maleki as CFO and Charles Williams focusing solely as COO.
Termination of the TCGFB research collaboration announced, effective November 2025.
Financial highlights
Net loss of $71.6M for Q3 2025, or $(8.36) per share, compared to $1.4M, or $(0.44) per share, in Q3 2024.
Cash and cash equivalents were $81.3M as of September 30, 2025, down from $90.4M at June 30, 2025.
Total revenue for Q3 2025 was $1.0M, down from $10.0M in Q3 2024 due to the absence of milestone revenue.
R&D expenses increased 50% year-over-year for Q3 2025, mainly due to higher manufacturing, lab, and consulting costs.
Significant non-cash losses: $40.7M from change in fair value of tranche liability and $20.9M from warrant liabilities.
Outlook and guidance
On track to submit IND application for SZN-8141 in 2026.
Cash runway expected to fund operations for at least 12 months from the filing date.
Second tranche of 2025 PIPE ($98.6M) contingent on FDA clearance of SZN-8141 IND.
Anticipates continued significant operating expenses as pipeline advances.
SZN-8141 IND submission status
SZN-043 discontinuation impact
TCGFB collaboration financial impact
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Guggenheim Securities 2nd Annual Healthcare Innovation Conference12 Nov, 2025
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Frequently asked questions
Surrozen Inc., established in 2015, is a clinical-stage biotechnology firm at the forefront of developing novel therapeutics designed to selectively modulate the Wnt pathway for tissue repair and regeneration. The company's innovative approach involves the creation of targeted regenerative antibodies intended to repair a wide array of tissues and restore organ function damaged by serious diseases. Surrozen leverages advanced antibody engineering techniques and a deep understanding of Wnt pathway biology across various disease settings to design tissue-specific antibodies. These antibodies have the potential to regenerate tissue in a multitude of organs and tissues, addressing diseases such as liver, intestine, retinal, lacrimal gland, lung, cornea, pancreas, skin, and many others. The company is headquartered in South San Francisco, California, and its shares are listed on the Nasdaq.
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