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Surrozen, Inc. filed its quarterly report for the three months ended September 30, 2025, detailing a biotechnology business focused on Wnt‑pathway therapeutics.
Q3 results show total revenue of $983 thousand and a net loss of $(71.6) million, driven largely by non‑cash fair value remeasurements of a tranche liability and warrant liabilities. Cash and cash equivalents were $81.3 million, up from $34.6 million at year‑end, supported by the first tranche of the 2025 private placement, which provided $71.2 million in net proceeds. Operating cash outflow for the nine months was $(24.4) million.
The balance sheet reflects total assets of $94.0 million, total liabilities of $117.6 million (including a tranche liability of $51.7 million and warrant liabilities of $53.5 million), and a stockholders’ deficit of $(23.5) million. An at‑the‑market program to sell up to $50.0 million of common stock was established on August 29, 2025; no sales occurred as of quarter‑end. Shares outstanding were 8,571,421 as of November 5, 2025.
Surrozen (SRZN) appointed Andrew Maleki as Chief Financial Officer, effective November 12, 2025, and furnished a press release with results for the quarter ended September 30, 2025.
Maleki’s offer includes a base salary of $385,000, an annual bonus target of 40% of base salary starting in 2026, and a stock option for 50,000 shares vesting 25% after one year, then monthly in equal installments over the next three years. If terminated without cause, he is eligible for nine months of base salary and benefits. If terminated in connection with a change in control, he is eligible for 12 months of base salary, 100% of target bonus, 12 months of benefits, and full equity vesting.
Charles Williams will cease serving as CFO and continue as Chief Operating Officer and Secretary.
Surrozen, Inc. (SRZN) reported that TCGFB, Inc. elected to terminate their Collaboration Agreement. The notice was delivered on October 14, 2025, with termination effective November 13, 2025, and no termination penalties for either party.
Under the agreement, Surrozen provided antibody discovery services while TCGFB owned all TGF-β product intellectual property. In return, TCGFB agreed to pay Surrozen up to $6.0 million in the aggregate, plus third-party costs, and issued a warrant exercisable for up to 3.4 million TCGFB common shares at an exercise price of $0.0001 per share, subject to vesting conditions.
The arrangement was a related party transaction because entities affiliated with The Column Group hold more than 5% of Surrozen’s common stock and Dr. Kutzkey, a Surrozen director, serves as Managing Partner of The Column Group.