Surrozen Reports Second Quarter 2025 Financial Results and Provides Business Update
Surrozen (NASDAQ:SRZN), a biotechnology company focused on Wnt pathway therapeutics for eye diseases, reported Q2 2025 financial results and significant organizational developments. The company ended Q2 with $90.4 million in cash, down from $101.6 million in Q1, and posted net income of $39.7 million ($2.55 per share).
Key developments include the appointment of Dr. Daniel Chao as VP of Clinical Development, formation of a Clinical Advisory Board with leading retinal specialists, and receipt of a U.S. patent for their SWAP™ technology. The company's lead candidates, SZN-8141 and SZN-8143, continue progressing, with an IND submission for SZN-8141 planned for 2026.
Research revenue was $1.0 million, while R&D expenses increased to $6.0 million from $5.3 million year-over-year. The significant net income was primarily driven by non-cash gains from changes in fair value of tranche liability and warrant liabilities.
Surrozen (NASDAQ:SRZN), azienda biotecnologica focalizzata su terapie della via Wnt per le malattie oculari, ha comunicato i risultati finanziari del Q2 2025 e rilevanti sviluppi organizzativi. La società ha chiuso il trimestre con $90.4 million in cash, in calo rispetto ai $101.6 million del Q1, e ha registrato un utile netto di $39.7 million ($2.55 per azione).
Tra i principali sviluppi figurano la nomina del Dott. Daniel Chao a VP of Clinical Development, la costituzione di un Clinical Advisory Board con esperti di retina e il rilascio di un brevetto statunitense per la tecnologia SWAP™. I candidati di punta, SZN-8141 e SZN-8143, proseguono il loro avanzamento; la presentazione dell'IND per SZN-8141 è prevista per il 2026.
I ricavi da ricerca sono stati di $1.0 million, mentre le spese di R&S sono aumentate a $6.0 million rispetto a $5.3 million su base annua. L'utile netto significativo è stato principalmente determinato da guadagni non monetari derivanti dalla variazione del fair value delle passività legate alle tranche e delle passività da warrant.
Surrozen (NASDAQ:SRZN), compañía biotecnológica centrada en terapias de la vía Wnt para enfermedades oculares, informó los resultados financieros del 2T 2025 y importantes cambios organizativos. La empresa cerró el trimestre con $90.4 million in cash, frente a $101.6 million en el 1T, y registró un beneficio neto de $39.7 million ($2.55 por acción).
Entre los hitos destacan el nombramiento del Dr. Daniel Chao como VP of Clinical Development, la creación de un Clinical Advisory Board con especialistas en retina y la concesión de una patente estadounidense para la tecnología SWAP™. Los candidatos principales, SZN-8141 y SZN-8143, siguen avanzando; la presentación del IND para SZN-8141 está prevista para 2026.
Los ingresos por investigación fueron de $1.0 million, mientras que los gastos de I+D aumentaron a $6.0 million desde $5.3 million interanual. El notable beneficio neto se explicó principalmente por ganancias no monetarias derivadas de cambios en el valor razonable de las obligaciones por tramos y de las obligaciones por warrants.
Surrozen (NASDAQ:SRZN), 안구 질환을 위한 Wnt 경로 치료제를 개발하는 바이오테크 기업이 2025년 2분기 실적 및 주요 조직 변동을 발표했습니다. 회사는 2분기 말에 $90.4 million in cash을 보유해 1분기의 $101.6 million에서 감소했으며, 순이익 $39.7 million ($2.55 주당)을 기록했습니다.
주요 사항으로는 임상개발 부문 부사장(VP of Clinical Development)으로 Daniel Chao 박사 영입, 망막 분야 주요 전문가들로 구성된 Clinical Advisory Board 구성, 그리고 SWAP™ 기술에 대한 미국 특허 취득이 포함됩니다. 주력 후보물질인 SZN-8141과 SZN-8143은 계속 진전 중이며, SZN-8141의 IND 제출은 2026년 예정입니다.
연구수익은 $1.0 million이었고, 연구개발비는 전년 동기 $5.3 million에서 $6.0 million으로 증가했습니다. 큰 폭의 순이익은 주로 트랜치 부채 및 워런트 부채의 공정가치 변동에서 발생한 비현금 이익에 기인합니다.
Surrozen (NASDAQ:SRZN), société biotechnologique spécialisée dans des thérapeutiques ciblant la voie Wnt pour les maladies oculaires, a publié ses résultats financiers du T2 2025 et annoncé des évolutions organisationnelles importantes. La société a clôturé le trimestre avec $90.4 million in cash, en baisse par rapport à $101.6 million au T1, et a dégagé un résultat net de $39.7 million ($2.55 par action).
Parmi les faits marquants figurent la nomination du Dr Daniel Chao au poste de VP of Clinical Development, la création d'un Clinical Advisory Board composé de spécialistes rétiniens de premier plan, et l'obtention d'un brevet américain pour la technologie SWAP™. Les candidats principaux, SZN-8141 et SZN-8143, progressent; le dépôt de l'IND pour SZN-8141 est prévu pour 2026.
Les revenus de recherche se sont élevés à $1.0 million, tandis que les dépenses R&D ont augmenté à $6.0 million contre $5.3 million sur un an. Le résultat net important s'explique principalement par des gains non monétaires liés aux variations de la juste valeur des passifs associés aux tranches et des passifs de warrants.
Surrozen (NASDAQ:SRZN), ein Biotechnologieunternehmen mit Fokus auf Wnt-Weg-Therapeutika für Augenkrankheiten, veröffentlichte die Finanzergebnisse für Q2 2025 und bedeutende organisatorische Entwicklungen. Das Unternehmen schloss das zweite Quartal mit $90.4 million in cash ab (gegenüber $101.6 million im Q1) und verzeichnete einen Nettoertrag von $39.7 million ($2.55 pro Aktie).
Wesentliche Entwicklungen sind die Ernennung von Dr. Daniel Chao zum VP of Clinical Development, die Bildung eines Clinical Advisory Board mit führenden Netzhautspezialisten sowie die Erteilung eines US-Patents für die SWAP™-Technologie. Die Leitkandidaten SZN-8141 und SZN-8143 machen weiterhin Fortschritte; die IND-Einreichung für SZN-8141 ist für 2026 geplant.
Die Forschungserlöse beliefen sich auf $1.0 million, während die F&E-Ausgaben von $5.3 million im Vorjahr auf $6.0 million stiegen. Der erhebliche Nettoertrag wurde hauptsächlich durch nicht zahlungswirksame Gewinne aus Änderungen des beizulegenden Zeitwerts der Tranchenverbindlichkeit und der Warrant-Verbindlichkeiten verursacht.
- Strengthened leadership with appointment of experienced retinal specialist Dr. Daniel Chao as VP of Clinical Development
- Formation of Clinical Advisory Board with leading ophthalmology experts
- Secured key U.S. Patent No. 12,297,278 for SWAP™ technology
- Strong cash position of $90.4 million
- Net income of $39.7 million, compared to net loss of $25.3 million in Q2 2024
- Generated $1.0 million in research service revenue vs zero in prior year
- Cash position decreased from $101.6M to $90.4M quarter-over-quarter
- Increased R&D expenses to $6.0M from $5.3M year-over-year
- Higher G&A expenses at $4.0M compared to $3.7M in prior year
- Net income largely driven by non-cash accounting gains rather than operational performance
Insights
Surrozen posted strong Q2 results with $39.7M net income, driven by non-cash gains while advancing ophthalmology candidates toward clinical stages.
Surrozen's Q2 2025 results reveal a company strategically positioning itself in the ophthalmology space while demonstrating financial improvement. The $39.7 million net income (
The core financials show cash burn of approximately
R&D expenses increased
The company's progress toward an IND filing for SZN-8141 in 2026 indicates a deliberate clinical development timeline. The strategic appointments of Daniel Chao as VP of Clinical Development and formation of an advisory board featuring prominent retinal specialists suggest Surrozen is preparing thoroughly for clinical trials, though investors should note that revenue-generating products remain years away.
Surrozen strengthens its retinal disease pipeline with key opinion leader appointments and progress toward 2026 IND filing for Wnt pathway modulators.
Surrozen's ophthalmology pipeline is advancing strategically with the appointment of Dr. Daniel Chao as VP of Clinical Development – a significant addition given his dual expertise as both a practicing retina specialist and experienced drug developer. His background at ADARx and Johnson & Johnson, combined with his clinical training at premier institutions (Bascom Palmer, UCSF), brings crucial translational medicine expertise at a pivotal development stage.
The newly formed Clinical Advisory Board represents another strategic move, comprising recognized thought leaders in retinal disease. Drs. Heier, Khanani, Regillo, and Wykoff collectively bring expertise from the nation's top retina practices and research centers, which will be instrumental in designing clinically relevant trials.
Scientifically, Surrozen's approach targeting the Wnt signaling pathway differs meaningfully from dominant anti-VEGF therapies. Their data presentations at ARVO and the Clinical Trials Summit suggest their compounds (SZN-8141 and SZN-8143) may address both pathological vessel suppression and normal vessel regrowth – a potential advantage over current therapies that primarily address the former but not the latter.
The patent issuance for their SWAP™ technology (US Patent 12,297,278) protecting multi-specific Wnt surrogates strengthens their intellectual property position in this novel approach. While the 2026 IND timeline for SZN-8141 indicates clinical data remains distant, the foundational elements for clinical development are being methodically assembled. The ophthalmology focus represents a strategic narrowing from Surrozen's earlier broader regenerative medicine platform, potentially allowing for more efficient resource allocation.
Daniel Chao, M.D., Ph.D., joins Surrozen as Vice President of Clinical Development
Surrozen forms Clinical Advisory Board comprised of leading retinal specialists
Data Presentations at Association for Research in Vision and Ophthalmology Annual Meeting and Clinical Trials at the Summit
SOUTH SAN FRANCISCO, Calif., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Surrozen, Inc. (“Surrozen” or the “Company”) (Nasdaq: SRZN), a biotechnology company pioneering targeted therapeutics that selectively modulate the Wnt pathway for tissue repair and regeneration, with a focus on severe eye diseases, today announced financial results for the second quarter ended June 30, 2025, and provided a business update.
Business Highlights
Surrozen remains focused on its ophthalmology pipeline, leveraging its Wnt biology expertise and antibody technologies to develop novel treatments for severe eye diseases.
Key events in second quarter 2025
- Ophthalmology Pipeline Progress: The company continues to progress its lead candidates, SZN-8141 and SZN-8143 to address retinal diseases. The company remains on track to submit an Investigational New Drug (IND) application for SZN-8141 in 2026.
- Patent Issuance: In May 2025, Surrozen was granted U.S. Patent No. 12,297,278 by the U.S. Patent and Trademark Office, covering its SWAP™ technology for creating multi-specific Wnt surrogate molecules. This patent strengthens the intellectual property supporting SZN-8141 and SZN-8143.
- Key Leadership Appointment: In July 2025, Surrozen appointed Daniel Chao, M.D., Ph.D., as Vice President and Head of Clinical Development. As an accomplished retina specialist and physician-scientist, Dr. Chao brings strong discovery and clinical development expertise in the field of ophthalmology to Surrozen, with over 15 years of experience in ophthalmic research and drug development. He previously held leadership roles at ADARx Pharmaceuticals and Johnson and Johnson, advancing multiple ophthalmology programs from discovery through late-stage development. Dr. Chao completed his MD and PhD in Neurosciences from Stanford University School of Medicine, ophthalmology residency at Bascom Palmer Eye Institute, and vitreoretinal surgery fellowship at University of California San Francisco. He began his career as a faculty member at UC San Diego and currently serves as a Volunteer Assistant Professor at UC San Francisco.
- Clinical Advisory Board Formation: Surrozen established a Clinical Advisory Board of leading ophthalmologists and retinal specialists to guide the clinical development of its ophthalmology pipeline [Click Here Link to Biographies]. The board’s expertise is expected to accelerate the progression of Surrozen’s candidates into clinical trials.
- Dr. Jeffrey Heier: Ophthalmic Consultants of Boston
- Dr. Arshad Khanani: Sierra Eye Associates, University of Reno, Nevada School of Medicine
- Dr. Carl Regillo: Wills Eye Hospital, Thomas Jefferson University School of Medicine
- Dr. Charles Wykoff: Retina Consultants of Texas
- Scientific Presentations: Surrozen presented preclinical data for SZN-8141 and SZN-8143 at the 2025 Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting and the Clinical Trials Summit (CTS). These presentations highlighted the candidates’ ability to promote normal retinal vessel regrowth and suppress pathological vessel growth through Wnt signaling stimulation.
- ARVO Poster: SZN-8141, a Norrin mimetic and an anti-VEGF fusion molecule, as a novel candidate for retinopathy therapeutics; Sung-jin Lee, et. al [Click Here for Link]
- CTS Presentation: Wnt Mediated Retinal Vascular Repair and Regeneration 2.0; Craig Parker
“We are encouraged by the continued momentum in our ophthalmology pipeline and the strategic steps we have taken to support their advancement,” said Craig Parker, President and Chief Executive Officer of Surrozen. “With the appointment of Dr. Daniel Chao, the formation of our Clinical Advisory Board and the issuance of a key patent supporting our multi-specific approach, we are well positioned to advance SZN-8141 and SZN-8143 toward clinical development and address critical unmet needs in retinal disease.”
Second Quarter 2025 Financial Highlights
- Cash Position: Cash and cash equivalents were
- Research Service Revenue – Related Party: Research service revenue from a related party was
- Operating Expenses:
- Research and Development Expenses: R&D expenses were
$6.0 million for the quarter, compared to$5.3 million for the same period in 2024, reflecting the increased manufacturing costs, lab expenses and consulting fees for our ophthalmology programs. - General and Administrative Expenses: G&A expenses were
$4.0 million for the quarter, compared to$3.7 million for the same period in 2024, due to the increase in professional service fees.
- Other Income and Expenses:
- Interest Income: Interest income was
$1.0 million for the quarter, compared to$0.5 million for the same period in 2024, as a result of an increase in cash and cash equivalents. - Loss on Issuance of Common Stock, Pre-funded Warrants and Warrants in the 2024 PIPE: The amount was zero for the quarter, compared to
$20.4 million for the same period in 2024, due to the fair value of warrants issued being greater than the proceeds received in a private placement that was closed in April 2024. - Gain on Change in Fair Value of Tranche Liability: Gain on change in fair value of tranche liability was
$31.5 million , compared to zero for the same period in 2024, driven by the non-cash change in fair value of tranche liability. - Other Income, Net: Other income, net was
$16.2 million , compared to$3.7 million for the same period in 2024. The variance is primarily attributable to a$11.0 million non-cash change in fair value of warrant liabilities and$1.5 million related to the transaction costs of the 2024 PIPE.
- Net Income (Loss): Net income was
Surrozen’s Ophthalmology Portfolio
About SZN-8141 for retinal diseases
SZN-8141 combines Frizzled 4 (Fzd4) agonism and Vascular Endothelial Growth Factor (VEGF) antagonism, which has the potential to provide benefits over treatment with single agents for Diabetic Macular Edema (DME) and neovascular Age-Related Macular Degeneration (wet AMD). The current standard of care for diabetic retinopathy (including DME), retinal vein occlusion and wet AMD is intravitreal administration of anti-VEGF monotherapies. In addition, Fzd4 monotherapy has demonstrated proof of concept in DME in clinical trials. We believe SZN-8141 has the potential to treat multiple retinal vascular diseases and be differentiated from existing therapies. Data generated in preclinical models of retinal vascular diseases demonstrated that SZN-8141 stimulated Wnt signaling and induced normal retinal vessel regrowth while suppressing pathological vessel growth.
About SZN-8143 for retinal diseases
SZN-8143 combines Fzd4 agonism, VEGF antagonism, and interleukin-6 (IL-6) antagonism which may have benefits over single agents for treatment of DME/wet AMD/uveitic macular edema (UME). The current standard of care for diabetic retinopathy (including DME), retinal vein occlusion and wet AMD is intravitreal administration of anti-VEGF monotherapies. In addition, Fzd4 monotherapy has demonstrated proof of concept in clinical trials for retinal disease. We believe SZN-8143 has the potential to treat multiple retinal vascular diseases and be differentiated from existing therapies. Data generated in preclinical models of retinal vascular diseases demonstrated that SZN-8143 stimulated Wnt signaling and induced normal retinal vessel regrowth while suppressing pathological vessel growth.
About SZN-413 for Retinal Diseases
SZN-413 is a bi-specific antibody targeting Fzd4-mediated Wnt signaling designed using Surrozen’s SWAP™ technology. It is currently being developed for the treatment of retinal vascular-associated diseases. Data generated by Surrozen with SZN-413 in preclinical models of retinopathy demonstrated that SZN-413 could potently stimulate Wnt signaling in the eye, induce normal retinal vessel regrowth, suppress pathological vessel growth and reduce vascular leakage. This novel approach could thus potentially allow for regeneration of healthy eye tissue, not only halting retinopathy, but possibly allowing for a full reversal of the patient’s disease.
About Surrozen
Surrozen is a biotechnology company developing tissue-specific antibodies to selectively modulate the Wnt pathway, with a current focus on ophthalmology. Its proprietary technologies aim to harness the body’s biological repair mechanisms to treat severe diseases. For more information, visit www.surrozen.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “will,” “plan,” “intend,” “potential,” “expect,” “could,” or the negative of these words and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Surrozen’s discovery, research and development activities, in particular its development plans for its product candidates (including anticipated clinical development plans and timelines, the availability of data, the potential for such product candidates to be used to treat human disease or address unmet needs in serious eye diseases, as well as the potential benefits and potential differentiation from existing therapies of such product candidates). These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Surrozen and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Surrozen. These forward-looking statements are subject to a number of risks and uncertainties, including the initiation, cost, timing, progress and results of research and development activities, preclinical and clinical trials with respect to its product candidates and potential future drug candidates; the Company’s ability to fund its preclinical and clinical trials and development efforts, whether with existing funds or through additional fundraising; Surrozen’s ability to identify, develop and commercialize drug candidates; Surrozen’s ability to successfully complete preclinical and clinical studies for its product candidates; the effects that arise from volatility in global economic, political, regulatory and market conditions; and all other factors discussed in Surrozen’s Annual Report on Form 10-K for the year ended December 31, 2024 filed, and Surrozen’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 to be filed with the Securities and Exchange Commission (“SEC”) under the heading “Risk Factors,” and other documents Surrozen has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Surrozen presently does not know, or that Surrozen currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Surrozen’s expectations, plans, or forecasts of future events and views as of the date of this press release. Surrozen anticipates that subsequent events and developments will cause its assessments to change. However, while Surrozen may elect to update these forward-looking statements at some point in the future, Surrozen specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Surrozen’s assessments of any date after the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Investor/Media Contact:
Email: Investorinfo@surrozen.com
| SURROZEN, INC. Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Research service revenue – related party | $ | 983 | $ | — | $ | 1,966 | $ | — | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 6,042 | 5,335 | 12,600 | 10,582 | ||||||||||||
| General and administrative | 3,958 | 3,714 | 7,934 | 7,597 | ||||||||||||
| Total operating expenses | 10,000 | 9,049 | 20,534 | 18,179 | ||||||||||||
| Loss from operations | (9,017 | ) | (9,049 | ) | (18,568 | ) | (18,179 | ) | ||||||||
| Interest income | 1,025 | 490 | 1,321 | 875 | ||||||||||||
| Loss on issuance of common stock, pre-funded warrants and warrants in the 2024 PIPE | — | (20,397 | ) | — | (20,397 | ) | ||||||||||
| Loss on amendment and cancellation of warrants | — | — | (2,073 | ) | — | |||||||||||
| Loss on execution of the 2025 PIPE | — | — | (71,084 | ) | — | |||||||||||
| Gain on change in fair value of tranche liability | 31,520 | — | 47,860 | — | ||||||||||||
| Gain on settlement of tranche liability | — | — | 1,117 | — | ||||||||||||
| Other income, net | 16,218 | 3,695 | 54,203 | 3,610 | ||||||||||||
| Net income (loss) | $ | 39,746 | $ | (25,261 | ) | $ | 12,776 | $ | (34,091 | ) | ||||||
| Net income (loss) available to (attributable to) common stockholders, basic and diluted | $ | 21,808 | $ | (25,261 | ) | $ | 5,210 | $ | (34,091 | ) | ||||||
| Net income (loss) per share available to (attributable to) common stockholders, basic and diluted | $ | 2.55 | $ | (7.99 | ) | $ | 0.85 | $ | (13.00 | ) | ||||||
| Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, basic and diluted | 8,541 | 3,162 | 6,098 | 2,622 | ||||||||||||
| SURROZEN, INC. Condensed Consolidated Balance Sheets (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024(1) | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 90,390 | $ | 34,565 | ||||
| Accounts receivable | 2,317 | 2,039 | ||||||
| Accounts receivable – related party | 252 | 502 | ||||||
| Prepaid expenses and other current assets | 1,276 | 1,826 | ||||||
| Total current assets | 94,235 | 38,932 | ||||||
| Property and equipment, net | 176 | 562 | ||||||
| Operating lease right-of-use assets | 6,900 | 7,801 | ||||||
| Restricted cash | 688 | 688 | ||||||
| Warrant asset | 615 | 153 | ||||||
| Other assets | 82 | 331 | ||||||
| Total assets | $ | 102,696 | $ | 48,467 | ||||
| Liabilities and stockholders’ equity (deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 354 | $ | 306 | ||||
| Accrued and other liabilities | 4,191 | 5,180 | ||||||
| Lease liabilities, current portion | 1,198 | 1,829 | ||||||
| Total current liabilities | 5,743 | 7,315 | ||||||
| Lease liabilities, noncurrent portion | 6,316 | 6,640 | ||||||
| Tranche liability | 10,903 | — | ||||||
| Warrant liabilities | 32,620 | 55,892 | ||||||
| Total liabilities | 55,582 | 69,847 | ||||||
| Stockholders’ equity (deficit): | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 1 | — | ||||||
| Additional paid-in-capital | 319,596 | 263,879 | ||||||
| Accumulated deficit | (272,483 | ) | (285,259 | ) | ||||
| Total stockholders’ equity (deficit) | 47,114 | (21,380 | ) | |||||
| Total liabilities and stockholders’ equity | $ | 102,696 | $ | 48,467 | ||||
(1) Derived from the audited consolidated financial statements, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
FAQ
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