Surrozen (SRZN) Q4 2025 earnings summary

Executive summary

• Advanced lead ophthalmology candidates SZN-8141 and SZN-8143 for retinal diseases, with IND submission for SZN-8141 expected in H2 2026.

• Achieved a $5 million milestone payment from Boehringer Ingelheim for SZN-413 following positive IND-enabling studies.

• Strengthened leadership with new appointments and formation of a Clinical Advisory Board in 2025.

• Presented next-generation Wnt therapeutics at major ophthalmology conferences and scheduled for ARVO 2026.

Financial highlights

• Cash and cash equivalents were $89.2 million as of December 31, 2025, up from $34.6 million at year-end 2024.

• Total revenue for 2025 was $0.7 million, down from $10.7 million in 2024, due to lower collaboration and license revenue.

• Research and development expenses rose to $29.4 million in 2025 from $21.1 million in 2024, mainly due to increased manufacturing and lab costs.

• Net loss for 2025 was $242.0 million, or ($32.37) per share, compared to $63.6 million, or ($21.67) per share, in 2024.

• Significant non-cash losses in 2025 included $71.1 million on PIPE execution and $104.8 million on change in fair value of tranche liability.

Outlook and guidance

• IND application for SZN-8141 planned for the second half of 2026.

• Continued focus on developing differentiated therapies for retinal diseases with significant unmet needs.

• Anticipates further milestone and royalty payments from Boehringer Ingelheim partnership.