Surrozen Warrant (SRZNW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SRZNW SEC filings page.
Surrozen, Inc. Warrant (SRZNW) reported $11.5M in revenue over the twelve months to Jun 30, 2026, down 8.8% from the prior twelve months. 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.
Surrozen’s development-stage economics show persistent research spending, shrinking revenue, and a liability-heavy balance sheet.
The earnings-to-operations gap is unusually wide: FY2025 reported a net loss of$242.0M versus an operating loss of$42.1M . That spread means items below operating profit shaped the headline result more than the core development expense base alone.
Research intensity increased as commercial scale contracted: from FY2024 to FY2025, R&D rose
FY2025 liabilities exceeded assets, leaving total equity at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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. Warrant'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. Warrant held $89.2M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $30.2M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Surrozen, Inc. Warrant scores 63/100 among other emerging companies.
Surrozen, Inc. Warrant had 10M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Surrozen, Inc. Warrant scores 9/100 among other emerging companies.
Surrozen, Inc. Warrant spent $29.4M on research and development in fiscal year 2025, which was 64.4% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Surrozen, Inc. Warrant scores 85/100 among other emerging companies.
Surrozen, Inc. Warrant reported revenue of $3.5M in fiscal year 2025, against $10.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Surrozen, Inc. Warrant scores 2/100 among other emerging companies.
Surrozen, Inc. Warrant's operations used $30.2M of cash in fiscal year 2025, against $17.6M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Surrozen, Inc. Warrant scores 61/100 among other emerging companies.
Surrozen, Inc. Warrant's cash, cash equivalents and investments came to $89.2M at the end of fiscal year 2025, against $286.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Surrozen, Inc. Warrant scores 35/100 among other emerging companies.
Surrozen, Inc. Warrant 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, the one computable operating efficiency signal (asset turnover improving) does not pass.
Surrozen, Inc. Warrant 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. Warrant generated $5.0M in revenue in Q2 2026. This represents an increase of 408.6% from the same quarter a year earlier. It is unchanged from the prior quarter.
Surrozen, Inc. Warrant reported $50.2M in net income in Q2 2026. This represents an increase of 26.2% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Surrozen, Inc. Warrant earned -$0.41 per diluted share (EPS) in Q2 2026. This represents a decrease of 116.1% from the same quarter a year earlier.
Not reported for Q2 2026.
Cash & Balance Sheet
Surrozen, Inc. Warrant recorded an outflow of $7.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Surrozen, Inc. Warrant held $102.0M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
Surrozen, Inc. Warrant invested $8.5M in research and development in Q2 2026. This represents an increase of 40.4% from the same quarter a year earlier. Against the prior quarter it is down 9.0%.
Surrozen, Inc. Warrant invested $19K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 5.6% from the same quarter a year earlier. Against the prior quarter it is down 84.2%.
Not reported for Q2 2026.
SRZNW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing | Q3'24Filing |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.0M+408.6% | $5.0M+408.6% | $528K-19.4% | $983K-90.2% | $983Kn/m | $983Kn/m | $655K | $10.0Mn/m |
| R&D Expenses | $8.5M+40.4% | $9.3M+42.2% | $9.0M+68.1% | $7.8M+49.5% | $6.0M+13.3% | $6.6M+25.0% | $5.3M-12.2% | $5.2M-14.9% |
| SG&A Expenses | $6.9M+74.0% | $6.1M+54.1% | $4.2M+7.2% | $4.1M+14.7% | $4.0M+6.6% | $4.0M+2.4% | $3.9M+8.6% | $3.6M-0.1% |
| Operating Income | -$10.4Mn/m | -$10.5Mn/m | -$12.6Mn/m | -$10.9M-983.5% | -$9.0Mn/m | -$9.6Mn/m | -$8.6Mn/m | $1.2Mn/m |
| EBITDA | N/A | -$10.4Mn/m | N/A | N/A | N/A | -$9.3Mn/m | N/A | N/A |
| Income Tax | $0n/m | $0n/m | N/A | N/A | $0 | $0 | N/A | N/A |
| Net Income | $50.2M+26.2% | -$127.5Mn/m | -$183.2Mn/m | -$71.6Mn/m | $39.7Mn/m | -$27.0Mn/m | -$28.0Mn/m | -$1.4Mn/m |
| EPS (Basic) | $2.75+7.8% | -$11.65 | N/A | -$8.36 | $2.55 | -$7.43 | N/A | -$0.44 |
| EPS (Diluted) | -$0.41-116.1% | -$11.65 | N/A | -$8.36 | $2.55 | -$7.43 | N/A | -$0.44 |
| Diluted Shares (Avg) | 23M+171.0% | 10,949 | N/A | 8,571 | 9M | 3,628 | N/A | 3,228 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
SRZNW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing | Q3'24Filing |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $115.6M+12.6% | $120.7M+5.1% | $98.7M+103.7% | $94.0M+95.9% | $102.7M+127.9% | $114.8M+212.7% | $48.5M+5.2% | $48.0M-11.1% |
| Current Assets | $109.4M+16.1% | $113.9M+7.5% | $91.6M+135.2% | $85.9M+89.6% | $94.2M+126.3% | $106.0M+231.1% | $38.9M-5.3% | $45.3M-6.4% |
| Cash & Equivalents | $102.0M+12.9% | $106.9M+5.2% | $89.2M+158.2% | $81.3M+162.3% | $90.4M+139.3% | $101.6M+272.5% | $34.6M-4.1% | $31.0M-8.7% |
| Accounts Receivable | $5.0M+115.8% | $5.0M+134.7% | $0-100.0% | $2.3M-81.0% | $2.3M+9.7% | $2.1M+0.1% | $2.0M-5.3% | $12.2M+516.6% |
| Total Liabilities | $334.3M+501.4% | $398.9M+265.4% | $286.5M+310.2% | $117.6M+177.7% | $55.6M+42.5% | $109.2M+1558.9% | $69.8M+757.5% | $42.3M+401.4% |
| Current Liabilities | $9.0M+56.9% | $9.6M-9.6% | $9.9M+35.7% | $6.5M+6.7% | $5.7M-4.0% | $10.6M+71.3% | $7.3M+2.3% | $6.1M-8.3% |
| Non-Current Liabilities | $325.3M+552.6% | $389.3M+294.9% | $276.6M+342.3% | $111.0M+206.6% | $49.8M+50.9% | $98.6M+24481.8% | $62.5M+6172.0% | $36.2M+1945.8% |
| Total Equity | -$218.7M-564.1% | -$278.1M-5002.1% | -$187.8Mn/m | -$23.5M-514.9% | $47.1M+677.2% | $5.7M-81.2% | -$21.4M-156.4% | $5.7M-87.6% |
| Retained Earnings | -$604.6Mn/m | -$654.8Mn/m | -$527.3Mn/m | -$344.1Mn/m | -$272.5Mn/m | -$312.2Mn/m | -$285.3Mn/m | -$257.2Mn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments, Goodwill, Long-Term Debt.
SRZNW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing | Q3'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.4Mn/m | -$12.5Mn/m | -$5.8M-267.0% | -$9.0Mn/m | -$6.1Mn/m | -$9.3Mn/m | $3.5Mn/m | -$6.8Mn/m |
| Depreciation & Amortization | N/A | $65K-77.9% | N/A | N/A | N/A | $294K-25.0% | N/A | N/A |
| Stock-Based Compensation | N/A | $2.1M+152.4% | N/A | N/A | N/A | $834K-19.0% | N/A | N/A |
| Capital Expenditures | $19K+5.6% | $120K+344.4% | $59K+210.5% | $24Kn/m | $18Kn/m | $27K+285.7% | $19Kn/m | $0n/m |
| Free Cash Flow | -$7.4Mn/m | -$12.6Mn/m | -$5.9M-269.6% | -$9.1Mn/m | -$6.1Mn/m | -$9.3Mn/m | $3.5Mn/m | -$6.8Mn/m |
| Investing Cash Flow | -$19Kn/m | -$120Kn/m | -$59Kn/m | -$24Kn/m | -$18Kn/m | -$27Kn/m | -$19K-100.2% | $0-100.0% |
| Financing Cash Flow | $2.5Mn/m | $30.3M-60.4% | $13.8M+15044.0% | $9Kn/m | -$5.1M-131.9% | $76.4Mn/m | $91K-35.5% | -$1Kn/m |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SRZNW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'25Filing | Q2'2510-Q | Q1'2510-Q | Q4'24Filing | Q3'24Filing |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -207.4% | -209.1% | -2393.8% | -1107.3% | -917.3% | -971.6% | -1311.8% | 12.3% |
| Net Margin | 1003.5% | -2550.1% | -34689.2% | -7288.2% | 4043.3% | -2743.6% | -4280.8% | -14.3% |
| Return on Equity | N/A | N/A | N/A | N/A | 84.4%+501.1pp | -475.3%-446.0pp | N/A | -25.3%-2.4pp |
| Return on Assets | 43.4%+4.7pp | -105.6%-82.1pp | -185.5%-127.7pp | -76.2%-73.2pp | 38.7%+94.8pp | -23.5%+0.6pp | -57.9%-38.5pp | -3.0%+16.4pp |
| Current Ratio | 12.14-4.3x | 11.91+1.9x | 9.22+3.9x | 13.15+5.8x | 16.41+9.4x | 10.02+4.8x | 5.32-0.4x | 7.40+0.2x |
| Liabilities-to-Equity | N/A | N/A | N/A | N/A | 1.18-5.3x | 19.24+19.0x | N/A | 7.47+7.3x |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.010.0x | 0.01-0.2x | 0.010.0x | 0.010.0x | 0.01 | 0.21+0.2x |
| FCF Margin | -148.7% | -252.3% | -1111.9% | -922.1% | -623.7% | -946.7% | 528.5% | -67.5% |
Not reported in any period shown, so not listed: Gross Margin, Debt-to-Equity.
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 the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Surrozen, Inc. Warrant SRZNW | FY2025 | $3.5M | -$242.0M | N/A | N/A | 43/100 |
| Blue Acquisition Corp. BACC | FY2025 | N/A | $2.5M | N/A | $292.8M | — |
| EUDA Health Holdings Limited Warrant EUDAW | FY2025 | $6.8M | -$2.8M | -40.6% | N/A | 42/100 |
| Spyre Therapeutics, Inc. SYRE | FY2025 | $0 | -$155.2M | N/A | $9.2B | — |
| Alkermes Inc. plc ALKS | FY2025 | $1.5B | $241.7M | 16.4% | $7.5B | 73/100 |
| Iovance Biotherapeutics, Inc. IOVA | FY2025 | $263.5M | -$391.0M | N/A | $3.5B | 62/100 |
Where Surrozen, Inc. Warrant Ranks
Frequently Asked Questions
Surrozen, Inc. Warrant (SRZNW) 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.
Surrozen, Inc. Warrant (SRZNW) revenue declined by 67.4% year-over-year, from $10.7M to $3.5M in fiscal year 2025.
No, Surrozen, Inc. Warrant (SRZNW) reported a net loss of $332.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $242.0M.
Surrozen, Inc. Warrant (SRZNW) had EBITDA of -$41.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
Surrozen, Inc. Warrant (SRZNW) recorded an outflow of $30.4M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Surrozen, Inc. Warrant (SRZNW) recorded an outflow of $30.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
Surrozen, Inc. Warrant (SRZNW) had $98.7M in total assets as of fiscal year 2025, including both current and long-term assets.
Surrozen, Inc. Warrant (SRZNW) invested $128K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Surrozen, Inc. Warrant (SRZNW) invested $29.4M in research and development during fiscal year 2025.
Surrozen, Inc. Warrant (SRZNW) had a current ratio of 9.22 as of fiscal year 2025, which is generally considered healthy.
Surrozen, Inc. Warrant (SRZNW) had a return on assets of -245.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
At the end of fiscal year 2025, Surrozen, Inc. Warrant (SRZNW) 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.
Surrozen, Inc. Warrant (SRZNW) has negative shareholder equity of -$187.8M as of fiscal year 2025, so no debt-to-equity or liabilities-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.
Surrozen, Inc. Warrant (SRZNW) 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.
Surrozen, Inc. Warrant (SRZNW) 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.
Surrozen, Inc. Warrant (SRZNW) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average 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.