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

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

EBIT: As of FY2025, the actual value is USD -45.11 M.

The company operates and manages its business as a single operating segment.

Revenue

• Total Revenue: Decreased by $7.178 million, or -67%, from $10.655 million in 2024 to $3.477 million in 2025.
• Collaboration and License Revenue: Decreased by $10.0 million, or -100%, from $10.0 million in 2024 to $0 million in 2025. This decrease was due to the recognition of a milestone achieved under the Collaboration and License Agreement (CLA) with Boehringer Ingelheim in September 2024.
• Research Service Revenue - Related Party: Increased by $2.822 million from $0.655 million in 2024 to $3.477 million in 2025, attributable to research services performed under the TCGFB Collaboration, which was terminated effective November 2025.

Operational Metrics

• Net Loss: Increased significantly to - $242.026 million in 2025 from - $63.564 million in 2024.
• Loss from Operations: Increased by $16.553 million, or 65%, from - $25.539 million in 2024 to - $42.092 million in 2025.
• Research and Development Expenses: Increased by $8.233 million, or 39%, from $21.132 million in 2024 to $29.365 million in 2025, primarily due to a $10.2 million increase in manufacturing costs, lab expenses, and consulting fees for ophthalmology programs, and a $1.2 million increase in employee-related expenses, partially offset by a $2.8 million decrease in clinical expenses.
• General and Administrative Expenses: Increased by $1.142 million, or 8%, from $15.062 million in 2024 to $16.204 million in 2025, mainly due to increased professional service fees.
• Interest Income: Increased by $1.327 million, or 78%, from $1.693 million in 2024 to $3.020 million in 2025, due to an increase in cash and cash equivalents.
• Loss on Issuance of Common Stock, Pre-Funded Warrants and Warrants in the 2024 PIPE: Was - $20.397 million in 2024 and $0 in 2025.
• Loss on Amendment and Cancellation of Warrants: Was - $2.073 million in 2025 and $0 in 2024.
• Loss on Execution of the 2025 PIPE: Was - $71.084 million in 2025 and $0 in 2024.
• Loss on Change in Fair Value of Tranche Liability: Was - $104.847 million in 2025 and $0 in 2024.
• Gain on Settlement of Tranche Liability: Was $1.362 million in 2025 and $0 in 2024.
• Other Expense, Net: Increased by $7.0 million, or 36%, from - $19.321 million in 2024 to - $26.312 million in 2025, primarily due to a $5.0 million increase in non-cash change in fair value of warrant liabilities, a $1.3 million increase in financing transaction costs, and a $0.9 million increase in non-cash impairment charge on warrant asset.

Cash Flow

• Net Cash Used in Operating Activities: Increased from - $17.628 million in 2024 to - $30.244 million in 2025.
• Net Cash Provided by Financing Activities: Increased from $16.176 million in 2024 to $85.052 million in 2025, primarily from $74.7 million in net proceeds from the 2025 PIPE, $9.1 million net proceeds from the 2025 ATM, and $1.0 million from warrant exercises.

Unique Metrics

• Milestone Payments: The company received a $10.0 million milestone payment in September 2024 from Boehringer Ingelheim for SZN-413 development, with an additional $5.0 million payment expected in March 2026 for a research milestone.
• TCGFB Collaboration: The company received up to $6.0 million in aggregate from TCGFB for antibody discovery services, plus third-party costs, and a warrant for up to 3.4 million shares of TCGFB common stock, before the collaboration was terminated in November 2025.

Outlook / Guidance

The company expects to continue incurring significant losses due to research and development costs and regulatory processes, necessitating substantial additional capital for product candidate advancement. Future financing is anticipated through equity offerings, debt, grants, or collaborations. An Investigational New Drug (IND) application for SZN-8141 is expected to be submitted in the second half of 2026.