Surrozen reports FY2025 net loss $242M; cash $89.2M; expects IND for SZN-8141 in H2 2026

Surrozen, Inc./DE

Cash and equivalents $89.2M at Dec 31, 2025, up from $34.6M year-end 2024; additional $30.2M raised in early 2026 via ATM and warrant exercises.
Full year net loss $242.0M ($32.37 per share) vs $63.6M in 2024, driven by non-cash PIPE-related charges (tranche liability, warrant revaluation).
No collaboration revenue in 2025 vs $10M in 2024; research service revenue from terminated TCGFB deal was $3.5M.
Received $5M milestone from Boehringer Ingelheim for SZN-413 after successful IND-enabling GLP tox study.
On track to submit IND for SZN-8141 (retinal disease) to FDA in H2 2026; will present at ARVO in May 2026.

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