Fri, May 9, 8:20 PM (38 days ago)
**Surrozen, Inc. (SRZN) Q1 2025 Financial Summary** **Financial Health:** - **Cash Position:** Surrozen ended Q1 2025 with $101.6 million in cash and cash equivalents, up from $34.6 million in Q1 2024. - **Accumulated Deficit:** The company reported an accumulated deficit of $312.2 million as of March 31, 2025. - **Cash Flow:** Surrozen used $9.3 million in cash for operations in Q1 2025, compared to $8.7 million in Q1 2024. **Revenue and Profit Margins:** - **Revenue:** Surrozen reported $983,000 in research service revenue for Q1 2025, all from related party services. - **Net Loss:** The company incurred a net loss of $27.0 million in Q1 2025, compared to a net loss of $8.8 million in Q1 2024. **Earnings Changes:** - **Operating Expenses:** Operating expenses increased by $1.4 million, or 15%, to $10.5 million in Q1 2025. - **Research and Development:** R&D expenses rose by $1.3 million, or 25%, to $6.6 million in Q1 2025. - **General and Administrative:** G&A expenses remained flat at $3.9 million. - **Interest Income:** Interest income was flat at $296,000. - **Other Income (Expense):** Other income (expense) increased by $38.1 million to $38.0 million in Q1 2025, primarily due to a $40.7 million non-cash change in fair value of warrant liabilities. **Quarterly Performance Discussion:** - **Product Candidates:** Surrozen's lead product candidates include SZN-8141, SZN-8143, SZN-113, and SZN-413, focusing on ophthalmology and retinal diseases. - **Clinical Trials:** The company expects to file an Investigational New Drug (IND) application and commence clinical studies for SZN-8141 in 2026. - **Funding:** Surrozen raised $175.0 million in a two-tranche private placement (2025 PIPE) to fund ophthalmology programs through initial Phase 1 safety, tolerability, and efficacy studies. **Trends and Uncertainties:** - **Market Risks:** Surrozen faces competition, regulatory uncertainties, and the need for substantial additional capital to advance product candidates. - **Intellectual Property:** The company relies on patents and other intellectual property rights to protect its product candidates and technologies. - **Regulatory Approval:** Surrozen must navigate extensive preclinical studies, clinical trials, and regulatory approval processes, which are costly, time-consuming, and uncertain. **Future Operations Impact:** - **Cash Position:** Surrozen believes its existing cash and cash equivalents are sufficient to fund operations for at least the next 12 months. - **Funding Requirements:** The company expects to need additional capital through public or private equity offerings, debt financings, or other capital sources. - **Product Revenue:** Surrozen does not expect to generate revenue from product sales for the foreseeable future and anticipates continued losses. **Note:** This summary is based on the provided text and does not include all details from the original document. For a complete understanding, please refer to the full text.