Surrozen (SRZN) Q2 2026 earnings summary

Executive summary

• Advanced ophthalmology pipeline with lead candidates SZN-8141 and SZN-8143 targeting retinal diseases such as DME and wet AMD, with SZN-8141 IND submission expected by Q3 2026 and DUET Phase 1b/2a trial planned by year-end 2026.

• Achieved key milestones in collaboration with Boehringer Ingelheim, including initiation of a Phase 1 study for SZN-413 and receipt of milestone payments totaling $10M.

• U.S. PTAB denied Merck's post-grant review petition, reinforcing intellectual property position.

• Pipeline expansion and preclinical programs continue, with initial data from DUET expected in H2 2027.

Financial highlights

• Q2 2026 revenue was $5.0M, up from $1.0M in Q2 2025, driven by milestone payments from Boehringer Ingelheim.

• Net income for Q2 2026 was $50.2M, including $59.6M in noncash gains on fair value changes in tranche and warrant liabilities.

• Operating expenses increased 54% year-over-year to $15.4M in Q2 2026, with R&D at $8.5M and G&A at $6.9M.

• Cash and cash equivalents were $102.0M as of June 30, 2026.

• Total assets were $115.6M and total liabilities $334.3M as of June 30, 2026.

Outlook and guidance

• Cash runway expected to last at least 12 months from the reporting date; additional capital may be needed for long-term operations.

• IND submission for SZN-8141 planned by end of Q3 2026; DUET Phase 1b/2a study to start by year-end 2026, with initial data expected in H2 2027.

• Second tranche of 2025 PIPE could provide $95.1M in additional funding upon FDA clearance of SZN-8141 IND.

• Ongoing partnership with Boehringer Ingelheim may yield future milestone and royalty payments.