Surrozen Inc Financials
This page shows Surrozen Inc (SRZNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
Financial Health Signals
Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 has an operating margin of -239.7%, meaning the company retains $-240 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses.
Surrozen Inc carries a low D/E ratio of -3.27, meaning only $-3.27 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.32, Surrozen Inc holds $5.32 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Surrozen Inc generated -$17.6M in operating cash flow, capex of $26K consumed most of it, leaving -$17.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Surrozen Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Surrozen Inc generates $0.28 in operating cash flow (-$17.6M OCF vs -$63.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Surrozen Inc generated $10.7M in revenue in fiscal year 2024.
Surrozen Inc's EBITDA was -$24.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 45.1% from the prior year.
Surrozen Inc reported -$63.6M in net income in fiscal year 2024. This represents a decrease of 47.7% from the prior year.
Surrozen Inc earned $-21.67 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 1.6% from the prior year.
Cash & Balance Sheet
Surrozen Inc generated -$17.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 56.7% from the prior year.
Surrozen Inc held $34.6M in cash against $0 in long-term debt as of fiscal year 2024.
Surrozen Inc had 3M shares outstanding in fiscal year 2024. This represents an increase of 58.1% from the prior year.
Margins & Returns
Surrozen Inc's operating margin was -239.7% in fiscal year 2024, reflecting core business profitability.
Surrozen Inc's net profit margin was -596.6% in fiscal year 2024, showing the share of revenue converted to profit.
Capital Allocation
Surrozen Inc invested $21.1M in research and development in fiscal year 2024. This represents a decrease of 22.4% from the prior year.
Surrozen Inc invested $26K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 93.5% from the prior year.
SRZNW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $983K0.0% | $983K0.0% | $983K | N/A | $10.0M | $0 | $0 | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $7.8M+28.7% | $6.0M-7.9% | $6.6M | N/A | $5.2M-2.5% | $5.3M+1.7% | $5.2M | N/A |
| SG&A Expenses | $4.1M+3.4% | $4.0M-0.5% | $4.0M | N/A | $3.6M-3.9% | $3.7M-4.4% | $3.9M | N/A |
| Operating Income | -$10.9M-20.7% | -$9.0M+5.6% | -$9.6M | N/A | $1.2M+113.6% | -$9.0M+0.9% | -$9.1M | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$71.6M-280.3% | $39.7M+247.4% | -$27.0M | N/A | -$1.4M+94.3% | -$25.3M-186.1% | -$8.8M | N/A |
| EPS (Diluted) | $-8.36-427.8% | $2.55+134.3% | $-7.43 | N/A | $-0.44+94.5% | $-7.99-88.4% | $-4.24 | N/A |
SRZNW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $94.0M-8.4% | $102.7M-10.6% | $114.8M+136.9% | $48.5M+1.0% | $48.0M+6.5% | $45.1M+22.8% | $36.7M-20.3% | $46.1M |
| Current Assets | $85.9M-8.9% | $94.2M-11.1% | $106.0M+172.3% | $38.9M-14.0% | $45.3M+8.8% | $41.6M+30.1% | $32.0M-22.2% | $41.1M |
| Cash & Equivalents | $81.3M-10.0% | $90.4M-11.1% | $101.6M+194.1% | $34.6M+11.5% | $31.0M-17.9% | $37.8M+38.4% | $27.3M-24.3% | $36.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.3M0.0% | $2.3M+8.8% | $2.1M+4.5% | $2.0M-83.3% | $12.2M+477.5% | $2.1M-0.8% | $2.1M-1.1% | $2.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $117.6M+111.5% | $55.6M-49.1% | $109.2M+56.3% | $69.8M+65.0% | $42.3M+8.5% | $39.0M+492.8% | $6.6M-19.2% | $8.1M |
| Current Liabilities | $6.5M+13.7% | $5.7M-45.7% | $10.6M+44.7% | $7.3M+19.5% | $6.1M+2.3% | $6.0M-3.2% | $6.2M-13.6% | $7.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$23.5M-149.9% | $47.1M+730.3% | $5.7M+126.5% | -$21.4M-477.3% | $5.7M-6.5% | $6.1M-79.9% | $30.1M-20.6% | $37.9M |
| Retained Earnings | -$344.1M-26.3% | -$272.5M+12.7% | -$312.2M-9.5% | -$285.3M-10.9% | -$257.2M-0.6% | -$255.8M-11.0% | -$230.5M-4.0% | -$221.7M |
SRZNW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.0M-47.9% | -$6.1M+34.1% | -$9.3M-366.6% | $3.5M+151.6% | -$6.8M-20.3% | -$5.6M+35.8% | -$8.7M-19.6% | -$7.3M |
| Capital Expenditures | $24K+33.3% | $18K-33.3% | $27K+42.1% | $19K | $0 | $0-100.0% | $7K | $0 |
| Free Cash Flow | -$9.1M-47.8% | -$6.1M+34.1% | -$9.3M-368.8% | $3.5M+151.3% | -$6.8M-20.3% | -$5.6M+35.9% | -$8.8M-19.7% | -$7.3M |
| Investing Cash Flow | -$24K-33.3% | -$18K+33.3% | -$27K-42.1% | -$19K | $0 | $0+100.0% | -$7K-100.1% | $9.5M |
| Financing Cash Flow | $9K+100.2% | -$5.1M-106.7% | $76.4M+83840.7% | $91K+9200.0% | -$1K-100.0% | $16.1M | $0-100.0% | $141K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SRZNW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1107.3%-190.0pp | -917.3%+54.3pp | -971.6% | N/A | 12.3% | N/A | N/A | N/A |
| Net Margin | -7288.2%-11331.5pp | 4043.3%+6787.0pp | -2743.6% | N/A | -14.3% | N/A | N/A | N/A |
| Return on Equity | N/A | 84.4%+559.7pp | -475.3% | N/A | -25.3%+391.4pp | -416.7%-387.4pp | -29.3% | N/A |
| Return on Assets | -76.2%-114.9pp | 38.7%+62.2pp | -23.5% | N/A | -3.0%+53.1pp | -56.0%-32.0pp | -24.1% | N/A |
| Current Ratio | 13.15-3.3 | 16.41+6.4 | 10.02+4.7 | 5.32-2.1 | 7.40+0.4 | 6.96+1.8 | 5.18-0.6 | 5.75 |
| Debt-to-Equity | -5.00-6.2 | 1.18-18.1 | 19.24+22.5 | -3.27-10.7 | 7.47+1.0 | 6.43+6.2 | 0.220.0 | 0.21 |
| FCF Margin | -922.1%-298.4pp | -623.7%+323.0pp | -946.7% | N/A | -67.5% | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$21.4M), 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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Frequently Asked Questions
What is Surrozen Inc's annual revenue?
Surrozen Inc (SRZNW) reported $10.7M in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Surrozen Inc profitable?
No, Surrozen Inc (SRZNW) reported a net income of -$63.6M in fiscal year 2024, with a net profit margin of -596.6%.
What is Surrozen Inc's EBITDA?
Surrozen Inc (SRZNW) had EBITDA of -$24.1M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Surrozen Inc's operating margin?
Surrozen Inc (SRZNW) had an operating margin of -239.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Surrozen Inc's net profit margin?
Surrozen Inc (SRZNW) had a net profit margin of -596.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Surrozen Inc's free cash flow?
Surrozen Inc (SRZNW) generated -$17.7M in free cash flow during fiscal year 2024. This represents a 56.7% 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 (SRZNW) generated -$17.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Surrozen Inc's total assets?
Surrozen Inc (SRZNW) had $48.5M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Surrozen Inc's capital expenditures?
Surrozen Inc (SRZNW) invested $26K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Surrozen Inc spend on research and development?
Surrozen Inc (SRZNW) invested $21.1M in research and development during fiscal year 2024.
What is Surrozen Inc's current ratio?
Surrozen Inc (SRZNW) had a current ratio of 5.32 as of fiscal year 2024, which is generally considered healthy.
What is Surrozen Inc's debt-to-equity ratio?
Surrozen Inc (SRZNW) had a debt-to-equity ratio of -3.27 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Surrozen Inc's return on assets (ROA)?
Surrozen Inc (SRZNW) had a return on assets of -131.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Surrozen Inc's cash runway?
Based on fiscal year 2024 data, Surrozen Inc (SRZNW) had $34.6M in cash against an annual operating cash burn of $17.6M. This gives an estimated cash runway of approximately 24 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Surrozen Inc's debt-to-equity ratio negative or unusual?
Surrozen Inc (SRZNW) has negative shareholder equity of -$21.4M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. 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 Piotroski F-Score?
Surrozen Inc (SRZNW) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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 (SRZNW) has an earnings quality ratio of 0.28x, considered low quality (accrual-driven). 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 (SRZNW) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.