Revenue: As of FY2025, the actual value is USD 3.477 M.

EPS: As of FY2025, the actual value is USD -32.37.

Financial Highlights for Full Year 2025

Cash Position

As of December 31, 2025, Surrozen’s cash and cash equivalents totaled $89.2 million, an increase from $34.6 million as of December 31, 2024. The company also reported $81.3 million in cash and cash equivalents as of September 30, 2025. In early 2026, Surrozen received additional net proceeds of $26.9 million from common stock sales and $3.3 million from warrant exercises.

Segment Revenue

• Collaboration and License Revenue: Surrozen recorded $0 million in collaboration and license revenue for the year ended December 31, 2025, a decrease from $10.0 million in 2024, which was attributable to a milestone achievement under an agreement with Boehringer Ingelheim.
• Research Service Revenue – Related Party: This revenue increased to $3.5 million for 2025, up from $0.7 million in 2024, driven by a collaboration with TCGFB, Inc. which was terminated in November 2025.
• Total Revenue: Total revenue for 2025 was $3.477 million, down from $10.655 million in 2024.

Operating Expenses

• Research and Development Expenses: R&D expenses increased to $29.365 million for 2025, compared to $21.132 million in 2024. This increase was primarily due to higher manufacturing costs, lab expenses, and consulting fees for ophthalmology programs, partially offset by a decrease in clinical expenses following the discontinuation of SZN-043’s clinical development.
• General and Administrative Expenses: G&A expenses rose to $16.204 million for 2025, from $15.062 million in 2024, mainly due to increased professional service fees.
• Total Operating Expenses: Total operating expenses for 2025 were $45.569 million, up from $36.194 million in 2024.

Loss from Operations

Loss from operations widened to -$42.092 million for 2025, compared to -$25.539 million for 2024.

Other Income and Expenses

• Interest Income: Interest income increased to $3.020 million for 2025, from $1.693 million in 2024, driven by an increase in cash and cash equivalents.
• Loss on Issuance of Common Stock, Pre-funded Warrants and Warrants in the 2024 PIPE: No such loss was recorded in 2025, compared to -$20.397 million in 2024.
• Loss on Amendment and Cancellation of Warrants: A loss of -$2.073 million was recorded in 2025 due to a non-cash change in the fair value of warrant liabilities.
• Loss on Execution of the 2025 PIPE: A non-cash loss of -$71.084 million was recognized in 2025 upon the initial execution of the private placement.
• Loss on Change in Fair Value of Tranche Liability: This loss was -$104.847 million for 2025, primarily due to an increase in the company’s stock price.
• Gain on Settlement of Tranche Liability: A gain of $1.362 million was recorded in 2025.
• Other Expense, Net: Other expense, net, was -$26.312 million for 2025, compared to -$19.321 million for 2024, mainly driven by the non-cash change in fair value of warrant liabilities.

Net Loss

Surrozen reported a net loss of -$242.026 million for the year ended December 31, 2025, significantly higher than the -$63.564 million net loss for 2024.

Balance Sheet Highlights (as of December 31, 2025)

• Total Assets: Total assets increased to $98.726 million from $48.467 million in 2024.
• Total Liabilities: Total liabilities increased to $286.488 million from $69.847 million in 2024, largely due to tranche liability of $158.662 million and warrant liabilities of $112.547 million.
• Total Stockholders’ Deficit: The total stockholders’ deficit increased to -$187.762 million from -$21.380 million in 2024.

Outlook / Guidance

Surrozen expects to submit an Investigational New Drug (IND) application for SZN-8141 to the FDA in the second half of 2026 and plans to present retinal vascular research on SZN-8141 at the 2026 ARVO Annual Meeting. The company also anticipates potential future success-based development, regulatory, and commercial milestone payments, along with royalties on sales, from its partnership with Boehringer Ingelheim.