SRZN · Surrozen, Inc.

Surrozen's Q1 2026 results reflect a heavily impacted bottom line from non-cash accounting charges, particularly a $76.9 million loss on the change in fair value of tranche liability tied to the 2025 PIPE, reversing a prior period gain and contributing to the $127.5 million net loss, or ($11.65) per share. Absent these volatile items, operational loss from operations was $10.5 million, wider than the prior year's $9.6 million due to elevated R&D spend of $9.3 million (up 42% YoY) driven by $2.4 million more in manufacturing, lab, and consulting for ophthalmology programs like SZN-8141 and SZN-8143, plus $1.2 million in personnel costs, partially offset by lower clinical expenses post-SZN-043 discontinuation. G&A rose 54% to $6.1 million on personnel and professional fees. Revenue of $5.0 million stemmed entirely from a Boehringer Ingelheim milestone for SZN-413's positive GLP tox study, with payment received in April; related party research revenue ended after TCGFB collaboration termination. Cash grew to $106.9 million from $89.2 million at year-end, providing a solid runway. Business progress includes preclinical efficacy data for SZN-8141 at ARVO 2026, demonstrating Wnt activation and VEGF inhibition synergy superior to monotherapies in retinal models for DME and wet AMD, with IND on track for H2 2026. The Boehringer partnership underscores Wnt platform validation, with potential for further milestones up to $586.5 million plus royalties.