Surrozen (SRZN) Guggenheim Securities Inaugural Healthcare Innovation Conference summary

Company overview and scientific platform

• Founded in 2015/2016 by leading Wnt biologists, focusing on tissue-specific modulation of the Wnt pathway for regeneration.

• Developed bispecific antibodies to target Wnt signaling in a cell- or tissue-specific manner, overcoming previous drug specificity challenges.

• Utilizes two platforms: SWAP (ligand mimics) and SWEET (receptor modulators), selected based on tissue analysis.

• Precision medicine approach targets mature, functional cells to drive rapid tissue regeneration.

• Both SWAP and SWEET platforms are tested side by side to determine optimal efficacy in disease models.

Lead candidate SZN-043 for severe alcoholic hepatitis

• SZN-043, a SWEET molecule, targets mature hepatocytes to promote liver regeneration in severe alcoholic hepatitis.

• Chosen due to strong biological rationale and high unmet need; higher Wnt-mediated hepatocyte proliferation correlates with better survival.

• No approved treatments exist; corticosteroids are used in a minority of cases but do not improve 90-day survival.

• Early clinical data show good safety, target engagement, and improved liver function in both healthy and impaired subjects.

• First cohort in severe alcoholic hepatitis showed 100% 30-day survival and improvements in liver markers; further data expected after each cohort.

Clinical and regulatory strategy

• Regulatory path likely involves a single phase 3 study with a 90-day mortality endpoint, based on recent FDA guidance to other companies.

• Placebo arm mortality at 90 days is typically 25–30%, providing a benchmark for future studies.

• Steroid use is allowed in trials, as it does not impact 90-day survival or interact with the Wnt pathway.

• Exclusion criteria include drugs metabolized by Wnt target genes or known hepatotoxins.