Surrozen Inc Financials
Surrozen Inc (SRZN) reported $3.5M in revenue for fiscal year 2025, down 67.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing, not commercialization, is still the dominant operating mechanic behind this research-heavy, asset-light model.
From FY2024 to FY2025, operating cash burn deepened from-$17.6M to-$30.2M , so the business became less self-funding even before revenue weakness is considered. Yet the year ended with more cash because financing inflow of$85.1M outweighed the burn, which also makes the net loss of-$242.0M a poor guide to near-term cash usage.
With R&D at
The balance sheet now shows negative equity of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Surrozen Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Surrozen Inc scores -7.27, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($278.7M) relative to total liabilities ($286.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Surrozen Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Surrozen Inc reported a net loss of $242.0M while operations used $30.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Surrozen Inc generated $3.5M in revenue in fiscal year 2025. This represents a decrease of 67.4% from the prior year.
Surrozen Inc's EBITDA was -$41.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 72.4% from the prior year.
Surrozen Inc reported -$242.0M in net income in fiscal year 2025. This represents a decrease of 280.8% from the prior year.
Cash & Balance Sheet
Surrozen Inc recorded an outflow of $30.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 72.0% from the prior year.
Surrozen Inc held $89.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
Capital Allocation
Surrozen Inc invested $29.4M in research and development in fiscal year 2025. This represents an increase of 39.0% from the prior year.
Surrozen Inc invested $128K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 392.3% from the prior year.
Not reported for fiscal year 2025.
SRZN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $11.5M | $3.5M-67.4% | $10.7M | $0-100.0% | $12.5M | $0 | N/A |
| R&D Expenses | $34.6M | $29.4M+39.0% | $21.1M-22.4% | $27.2M-26.4% | $37.0M-7.9% | $40.2M+56.4% | $25.7M |
| SG&A Expenses | $21.3M | $16.2M+7.6% | $15.1M-4.7% | $15.8M-20.3% | $19.8M+39.5% | $14.2M+99.6% | $7.1M |
| Operating Income | -$44.4M | -$42.1M-64.8% | -$25.5M+44.2% | -$45.8M-3.2% | -$44.3M+18.5% | -$54.4M-65.8% | -$32.8M |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$332.1M | -$242.0M-280.8% | -$63.6M-47.7% | -$43.0M-19.5% | -$36.0M+34.1% | -$54.6M-67.0% | -$32.7M |
| EPS (Diluted) | — | -$32.37 | -$21.67-1.6% | -$21.33-37.1% | -$15.56 | -$2.21 | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SRZN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $98.7M+103.7% | $48.5M+5.2% | $46.1M-48.5% | $89.4M-34.8% | $137.2M+121.0% | $62.1M |
| Current Assets | $91.6M+135.2% | $38.9M-5.3% | $41.1M-49.4% | $81.3M-22.7% | $105.2M+109.4% | $50.2M |
| Cash & Equivalents | $89.2M+158.2% | $34.6M-4.1% | $36.0M+46.0% | $24.7M-25.4% | $33.1M-5.4% | $35.0M |
| Accounts Receivable | $0-100.0% | $2.0M-5.3% | $2.2M+8.8% | $2.0M | $0 | N/A |
| Total Liabilities | $286.5M+310.2% | $69.8M+757.5% | $8.1M-39.4% | $13.4M-51.1% | $27.5M+86.0% | $14.8M |
| Current Liabilities | $9.9M+35.7% | $7.3M+2.3% | $7.1M-26.6% | $9.7M-28.3% | $13.6M+86.5% | $7.3M |
| Total Equity | -$187.8M-778.2% | -$21.4M-156.4% | $37.9M-50.1% | $76.0M-30.7% | $109.7M+132.0% | $47.3M |
| Retained Earnings | -$527.3M-84.8% | -$285.3M-28.7% | -$221.7M-24.1% | -$178.7M-25.2% | -$142.6M-62.1% | -$88.0M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
SRZN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.8M | -$30.2M-71.6% | -$17.6M+56.3% | -$40.4M+8.6% | -$44.1M+9.6% | -$48.8M-67.7% | -$29.1M |
| Capital Expenditures | $222K | $128K+392.3% | $26K-93.5% | $398K-45.3% | $728K-42.6% | $1.3M+45.2% | $874K |
| Free Cash Flow | -$35.0M | -$30.4M-72.0% | -$17.7M+56.7% | -$40.8M+9.2% | -$44.9M+10.4% | -$50.1M-67.1% | -$30.0M |
| Investing Cash Flow | -$222K | -$128K-392.3% | -$26K-100.1% | $51.7M+35.0% | $38.3M+149.3% | -$77.7M-415.5% | -$15.1M |
| Financing Cash Flow | $46.6M | $85.1M+425.8% | $16.2M+5760.9% | $276K+110.8% | -$2.6M-102.1% | $124.6M+149.0% | $50.1M |
| Share Buybacks | N/A | N/A | N/A | $0-100.0% | $2.6M | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SRZN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Margin | -1210.6% | -239.7% | N/A | -354.7% | N/A | N/A |
| Net Margin | -6960.8% | -596.6% | N/A | -288.0% | N/A | N/A |
| Return on Equity | N/A | N/A | -113.5%-66.1pp | -47.4%+2.4pp | -49.8%+19.4pp | -69.2% |
| Return on Assets | -245.1%-114.0pp | -131.2%-37.7pp | -93.4%-53.2pp | -40.3%-0.4pp | -39.8%+12.9pp | -52.7% |
| Current Ratio | 9.22+3.9x | 5.32-0.4x | 5.75-2.6x | 8.35+0.6x | 7.75+0.8x | 6.90 |
| Debt-to-Equity | N/A | N/A | 0.210.0x | 0.18-0.1x | 0.25-0.1x | 0.31 |
| FCF Margin | -873.5% | -165.7% | N/A | -359.0% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$187.8M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Surrozen Inc Ranks
Frequently Asked Questions
What is Surrozen Inc's annual revenue?
Surrozen Inc (SRZN) reported $3.5M in total revenue for fiscal year 2025. This represents a -67.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Surrozen Inc's revenue growing?
Surrozen Inc (SRZN) revenue declined by 67.4% year-over-year, from $10.7M to $3.5M in fiscal year 2025.
Is Surrozen Inc profitable?
No, Surrozen Inc (SRZN) reported a net income of -$242.0M in fiscal year 2025.
What is Surrozen Inc's EBITDA?
Surrozen Inc (SRZN) had EBITDA of -$41.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Surrozen Inc's free cash flow?
Surrozen Inc (SRZN) recorded an outflow of $30.4M in free cash flow during fiscal year 2025. This represents a -72.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Surrozen Inc's operating cash flow?
Surrozen Inc (SRZN) recorded an outflow of $30.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Surrozen Inc's total assets?
Surrozen Inc (SRZN) had $98.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Surrozen Inc's capital expenditures?
Surrozen Inc (SRZN) invested $128K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Surrozen Inc spend on research and development?
Surrozen Inc (SRZN) invested $29.4M in research and development during fiscal year 2025.
What is Surrozen Inc's current ratio?
Surrozen Inc (SRZN) had a current ratio of 9.22 as of fiscal year 2025, which is generally considered healthy.
What is Surrozen Inc's return on assets (ROA)?
Surrozen Inc (SRZN) had a return on assets of -245.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Surrozen Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Surrozen Inc (SRZN) held $89.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $30.2M over that year. Dividing the one by the other, the reported balance equals about 35 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Surrozen Inc's debt-to-equity ratio negative or not reported?
Surrozen Inc (SRZN) has negative shareholder equity of -$187.8M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Surrozen Inc's Altman Z-Score?
Surrozen Inc (SRZN) has an Altman Z-Score of -7.27, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Surrozen Inc's Piotroski F-Score?
Surrozen Inc (SRZN) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Surrozen Inc's earnings high quality?
Surrozen Inc (SRZN) reported a net loss of $242.0M while operations used $30.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Surrozen Inc?
Surrozen Inc (SRZN) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.