Surrozen (SRZN) TD Cowen 46th Annual Health Care Conference summary

Company overview and strategy

• Focuses on combining Wnt biology with multivalent antibody engineering to address retinal vascular diseases, aiming for improved visual and anatomic outcomes through unique multi-pathway inhibition and activation.

• Lead molecule SZN-8141 combines Wnt activation and VEGF inhibition, with an IND filing targeted for 2026 and preclinical data showing synergistic benefits over current therapies.

• SZN-8143 adds IL-6 inhibition to the Wnt/VEGF approach, targeting more inflammatory retinal diseases and is months behind SZN-8141 in development.

• SZN-413, a Wnt activator, is licensed to Boehringer Ingelheim with significant milestone and royalty potential; development is controlled by the partner.

• Plans to advance SZN-8141 and SZN-8143 independently, leveraging a focused market of retinal specialists and sufficient capital from recent PIPE financing.

Scientific and clinical insights

• SZN-8141 is a multispecific IgG molecule binding Fzd4 and LRP5 to activate Wnt signaling, and includes a VEGF trap similar to Eylea, aiming to address both vessel leakage and non-perfusion.

• Preclinical models in diabetic macular edema and wet AMD show the combination approach yields synergistic benefits, including reduced leakage and reperfusion of non-perfused retinal areas.

• SZN-8141 matches Eylea in VEGF inhibition and appears more potent than Merck’s Wnt activator in vitro.

• Early clinical trial design will include ascending dose cohorts, expansion to tens of patients, and endpoints such as visual acuity, retinal drying, and durability of effect.

• Dosing interval may extend to every few months, with personalized intervals based on OCT imaging, similar to Vabysmo’s approach.

Competitive landscape and partnerships

• Merck’s Wnt activator program is in phase 3, with top-line data expected in September and further data in 2027; early results show VEGF-like efficacy.

• Combination therapies (e.g., VEGF with IL-6 or Ang-2) have shown additive benefits, supporting the rationale for multi-pathway targeting.

• SZN-413 is licensed to Boehringer Ingelheim for $12.5M upfront, up to $590M in milestones, and royalties; no constraints on developing competitive molecules.

• Other companies, including Roche and Kodiak Sciences, are advancing IL-6-based therapies for retinal diseases, with evidence of additive benefit when combined with VEGF inhibition.