Here are 1-3 brief analogies for Surrozen (SRZN):

• Surrozen is like an early-stage Moderna focused on tissue repair and regeneration, using specialized antibodies to activate the body's own healing pathways.
• Surrozen is like an early-stage Regeneron Pharmaceuticals for organ regeneration, singularly focused on using antibodies to activate the body's Wnt signaling pathway.

• SZN-043: A tissue-specific R-spondin mimetic designed for the treatment of severe liver disease.
• SZN-1326: A bi-specific full-length human antibody intended to directly modulate Wnt signaling in target tissue by binding to specific Frizzled and LRP receptors in intestinal crypts.

Surrozen (SRZN) is a biotechnology company primarily focused on the discovery and development of drug candidates for tissue repair and regeneration. As the company's product candidates (SZN-043, SZN-1326) are currently in its pipeline and are not yet commercialized, Surrozen does not have major customers in the traditional sense of selling finished products to other companies or individuals. Its business activities are centered on research, development, and clinical trials aimed at bringing these potential treatments to market in the future.

Craig Parker, Chief Executive Officer

Craig Parker was appointed CEO in March 2018. He brings over 25 years of science and business experience from leadership positions in both public and privately-held biopharmaceutical companies, as well as financial organizations. Most recently, he served as Senior Vice President of Corporate Development at Jazz Pharmaceuticals. Prior to that, he was Executive Vice President of Corporate Development and Scientific Affairs at Geron Corporation and Senior Vice President of Strategy and Corporate Development at Human Genome Sciences, which was acquired by GlaxoSmithKline. He began his career on Wall Street as a top-ranked biotechnology research analyst.

Andrew Maleki, Chief Financial Officer

Andrew Maleki joined Surrozen as Chief Financial Officer, effective November 12, 2025. He brings over a decade of experience in the biotech industry, encompassing corporate strategy, business development, and operational leadership, and has played a key role in raising over $500 million in capital. Most recently, Mr. Maleki led corporate development and program leadership at Lassen Therapeutics. Before Lassen Therapeutics, he held increasing responsibilities at Jazz Pharmaceuticals, where he managed collaborations, licensing deals, and acquisitions. Earlier in his career, he worked at PureTech Health and ClearView Healthcare Partners, guiding growth-stage biotechnology companies through critical phases.

Charles Williams, Chief Operating Officer

Charles Williams transitioned to solely serve as Chief Operating Officer in November 2025, having previously held the dual role of COO and CFO. In his dedicated capacity, Mr. Williams focuses on strategic initiatives, corporate development, and enterprise execution for Surrozen.

Yang Li, PhD, Executive Vice President, Research

Dr. Yang Li serves as the Executive Vice President, Research at Surrozen.

Dan Chao, MD, PhD, Vice President and Head of Clinical Development

Dr. Dan Chao is the Vice President and Head of Clinical Development at Surrozen. In October 2025, he presented an overview of Next Generation Wnt Therapeutics in Retinal Diseases at the Eyecelerator (American Academy of Ophthalmology) Meeting.

The key risks for Surrozen (SRZN) are primarily associated with the inherent challenges of drug development in the biotechnology industry, coupled with financial considerations and intellectual property concerns.

1. Clinical Development and Pipeline Dependence: As a clinical-stage biotechnology company, Surrozen faces significant risks related to the successful development and regulatory approval of its drug candidates. The company has recently discontinued the development of SZN-043 for severe alcohol-associated hepatitis due to an insufficient early signal of clinical benefit and SZN-1326 for inflammatory bowel disease (IBD) due to challenges in determining a safe and effective dosage and observed liver enzyme elevations. This highlights the high attrition rate in drug development. Surrozen has now shifted its strategic focus to an ophthalmology pipeline, and the success of the business is highly dependent on these new candidates demonstrating efficacy and safety in clinical trials.
2. Financial Stability and Need for Funding: Surrozen has reported substantial net losses, indicating financial strain. Developing drug candidates through preclinical and clinical trials is a costly and lengthy process, requiring significant capital. While the company recently secured $175 million in financing, ongoing operations and future program development will continue to necessitate substantial financial resources. The ability to secure additional funding, especially if clinical trials are delayed or unsuccessful, presents a significant risk to the company's sustainability.
3. Intellectual Property Challenges: The biotechnology industry is heavily reliant on intellectual property. Surrozen faces the risk that third parties may challenge its patent rights or those of its licensors. Such challenges could lead to expensive and time-consuming litigation, divert critical resources, and, if successful, could severely impair the company's competitive edge and future prospects.

Surrozen (SRZN) is now focusing its development efforts on ophthalmology assets, following the discontinuation of its previous pipeline candidates, SZN-043 and SZN-1326. The company's current main products under development, SZN-413, SZN-8141, and SZN-8143, target retinal diseases.

The addressable market for Age-related Macular Degeneration (AMD) across the seven major markets (7MM), which include the U.S., France, Germany, Italy, Spain, the U.K., and Japan, is estimated to reach $27.5 billion by 2031.

The addressable market for Diabetic Macular Edema (DME) across the same seven major markets (7MM) is projected to reach $9.6 billion by 2031.

Surrozen (SRZN) is focusing its efforts on advancing its pipeline of Wnt pathway modulators, primarily within ophthalmology, and leveraging existing collaborations to drive future revenue growth over the next 2-3 years.

1. Milestone Payments from the SZN-413 Partnership with Boehringer Ingelheim: Surrozen entered a strategic partnership with Boehringer Ingelheim in the fourth quarter of 2022, granting an exclusive, worldwide license for SZN-413 and other Fzd4-specific Wnt-modulating molecules for retinal diseases. Surrozen received an upfront payment of $12.5 million and is eligible for up to $587 million (or $500M-$600M) in potential milestone payments, plus royalties on future sales. The continued development of SZN-413 by Boehringer Ingelheim, preparing it for clinical testing, represents a significant source of potential future revenue through these milestone payments.

2. Advancement of the Ophthalmology Pipeline (SZN-8141 and SZN-8143) through IND and Early Clinical Development: Surrozen has pivoted its primary focus to its ophthalmology pipeline, with lead candidates SZN-8141 and SZN-8143 for retinal diseases. An Investigational New Drug (IND) application for SZN-8141, a multivalent antibody combining Wnt and VEGF inhibition for diabetic macular edema and wet AMD, is anticipated in 2026. The progression of these candidates through early clinical stages could unlock further collaboration and licensing opportunities, similar to the SZN-413 deal, generating upfront payments and future milestone revenues. The company also secured a $175 million PIPE financing in March 2025, with a $100 million tranche due upon IND clearance for SZN-8141 in 2026, which will fund initial clinical proof-of-concept studies for both SZN-8141 and SZN-8143.

3. Growth in Research Service Revenue from Collaborations: Surrozen has demonstrated its capability to generate revenue through research collaborations, such as the one with TCGFB, Inc. for TGF-β antibodies. This collaboration generated $1.0 million in research service revenue in Q3 2025 and $0.7 million for Q4 and the full year 2024. As Surrozen continues to leverage its Wnt biology expertise and antibody development capabilities, securing additional research service agreements or expanding existing ones could provide a growing, albeit smaller, revenue stream over the next 2-3 years.

Share Issuance

• Surrozen completed a private placement in March 2025, raising approximately $76.4 million in gross proceeds as part of a two-tranche financing totaling $175 million, with the first tranche providing $71.2 million in net proceeds.
• For the full year ended December 31, 2024, Surrozen reported a $20.4 million loss on the issuance of common stock, pre-funded warrants, and warrants.
• Shareholders experienced substantial dilution in the past year, with total shares outstanding increasing by 186.9%.

Inbound Investments

• In September 2024, Surrozen received a $10.0 million milestone payment from Boehringer Ingelheim, triggered by the advancement of SZN-413 development.
• A two-tranche financing, aggregating $175 million in gross proceeds, was completed in March 2025, with an additional $100 million contingent on an Investigational New Drug (IND) opening for new programs.

Capital Expenditures

• Capital expenditures for Surrozen were $26K in fiscal year 2024.
• In Q3 2025, Surrozen invested $24K in capital expenditures.
• Capital expenditures were $398K in 2023 and $728K in 2022.