Surrozen (SRZN) Q1 2026 earnings summary

Executive summary

• Advancing antibody-based therapeutics targeting the Wnt pathway for ophthalmology, with lead candidates SZN-8141 and SZN-8143 in preclinical development for retinal diseases such as DME and wet AMD.

• IND submission for SZN-8141 is on track for the second half of 2026.

• Achieved a $5.0 million milestone payment from Boehringer Ingelheim for SZN-413, reflecting progress in a partnered program.

• Presented preclinical efficacy data for SZN-8141, showing superiority over monotherapies in retinal disease models.

• Pipeline expansion and ongoing research in additional ophthalmic indications.

Financial highlights

• Total revenue for Q1 2026 was $5.0 million, up from $1.0 million or zero in Q1 2025, driven by a milestone payment.

• Net loss for Q1 2026 was $127.5 million, or $(11.65) per share, compared to $27.0 million, or $(7.43) per share, in Q1 2025, primarily due to non-cash charges related to tranche and warrant liabilities.

• Operating expenses increased 47% year-over-year to $15.5 million, with R&D expenses rising to $9.3 million and G&A to $6.1 million.

• Cash and cash equivalents were $106.9 million as of March 31, 2026, up from $89.2 million at December 31, 2025.

Outlook and guidance

• Cash runway expected to fund operations for at least the next 12 months; additional $95.1 million contingent on FDA clearance of SZN-8141 IND.

• Anticipates continued significant operating expenses as pipeline advances toward clinical trials.

• Expects to require additional capital in the long term to support ongoing development and commercialization efforts.

• Ongoing partnership with Boehringer Ingelheim and continued progress in ophthalmology pipeline.