Surrozen (SRZN) Registration filing summary

Company overview and business model

• Focuses on developing therapeutics that modulate the Wnt pathway, targeting tissue repair, with a strategic emphasis on ophthalmology and serious eye diseases with high unmet need.

• Lead candidates are multi-specific, antibody-based therapeutics designed to mimic Wnt proteins for tissue maintenance and regeneration.

• Utilizes proprietary platform technologies to design tissue-selective therapeutics and advance multiple product candidates.

• Headquartered in South San Francisco, California, and operates as a Delaware corporation.

Financial performance and metrics

• Net tangible book value (deficit) as of December 31, 2025, was $(193.8) million, or $(19.82) per share.

• After a $50 million offering at $25.15 per share, net tangible book value (deficit) would be $(145.7) million, or $(12.38) per share.

• Immediate dilution to new investors is $37.53 per share at the assumed offering price.

• Company has a history of operating losses and expects continued losses for the foreseeable future.

Use of proceeds and capital allocation

• Net proceeds are intended for working capital and general corporate purposes, including R&D, administrative matters, and capital expenditures.

• May allocate a portion of proceeds to strategic investments in complementary businesses, services, products, or technologies, though no current agreements exist.

• Pending use, proceeds will be invested in short-term, interest-bearing, investment-grade instruments.