Surrozen (SRZN) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic vision and therapeutic innovation

• Lead candidate SZN-8141 combines Wnt pathway activation and VEGF antagonism, aiming to address unmet needs in retinal vascular diseases such as diabetic macular edema and wet AMD, with clinical trials set to begin by year-end 2026.

• The DUET study will compare SZN-8141 to Vabysmo in about 60 treatment-naive patients, focusing on safety, efficacy, durability, and potential to reverse retinal non-perfusion.

• Preclinical data suggest SZN-8141 offers additive and synergistic benefits over mono-VEGF or Wnt therapies, with superior efficacy in models of retinal disease.

• SZN-8143, a triple mechanism candidate adding IL-6 antagonism, targets broader indications including uveitic macular edema, reflecting a strategy to address multiple disease pathways.

• The company is also advancing research in corneal endothelial diseases, with a candidate-ready molecule for Fuchs' dystrophy, leveraging Wnt pathway biology for cell regeneration.

Clinical development and differentiation

• The DUET trial is structured in two parts: dose escalation for safety and dose expansion with comparator arms, aiming to generate robust directional data on visual acuity, fluid control, and retinal reperfusion.

• Differentiation focuses on improved anatomic control, increased durability to reduce treatment burden, and potential to reverse retinal non-perfusion, addressing key unmet needs in DME.

• Multifunctional antibody approaches are emphasized, with the belief that targeting multiple disease contributors in one molecule can yield superior outcomes.

• The market for anti-VEGF agents is estimated at $15 billion globally, with rapid adoption of differentiated therapies by retinal specialists.

• The company holds a broad issued patent for its SWAP-like molecules, with recent legal challenges by Merck declined, securing IP position.

Financial outlook and upcoming milestones

• Recent PIPE financing ensures funding for clinical trials of SZN-8141 and SZN-8143, with a second tranche of $95 million expected upon IND opening.

• Key upcoming milestones include patient dosing by end of 2026, phase III data from a competitor's Wnt-only molecule in October 2026, and internal clinical data readouts in the second half of 2027.

• The company is positioned to advance additional candidates as capital allows, with a candidate-ready molecule for Fuchs' dystrophy awaiting further funding.