Surrozen Q1 net loss $27M, cash $101.6M; discontinues SZN-043, pivots to ophthalmology

Surrozen, Inc./DE

2025-Q1 EPS reported -$7.43 vs consensus -$1.82 ▼ miss (-308.1%)

Net loss of $27.0M ($7.43 per share) vs $8.8M ($4.24 per share) in Q1 2024; R&D expenses $6.6M.
Cash increased to $101.6M from $34.6M at year-end 2024, boosted by $76.4M from first tranche of $175M private placement.
Discontinued SZN-043 for severe alcohol-associated hepatitis due to insufficient Phase 1b benefit; shifted focus to ophthalmology.
Expects to file IND for lead candidate SZN-8141 in 2026; FDA clearance triggers $98.6M tranche to fund operations.
Research service revenue $1.0M from TCGFB collaboration; other income $38.0M from non-cash warrant valuation changes.

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