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Here are 1-2 brief analogies for Surrozen (SRZN):

• Like an early-stage Amgen, but focused on developing drugs for tissue repair and regeneration.
• A smaller, research-focused Regeneron, specializing in treatments that help the body heal itself.

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• SZN-1326: An antibody-drug conjugate in clinical development aimed at promoting the regeneration of damaged intestinal tissue.
• SZN-043: A Wnt mimetic molecule in preclinical development designed to stimulate liver regeneration for severe liver diseases.
• SZN-413: An investigational Wnt mimetic therapy in preclinical development targeting the treatment of degenerative retinal diseases.

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Major Customers of Surrozen (SRZN)

Surrozen (SRZN) is a clinical-stage biotechnology company focused on discovering and developing novel small molecule drugs. As such, the company does not currently sell commercial products directly to individuals or healthcare providers.

Surrozen's primary source of revenue is derived from collaboration agreements with other companies. Based on its SEC filings (e.g., Form 10-K), Surrozen's sole major customer and partner for its technology and research services is:

• Eli Lilly and Company (LLY)

This partnership involves the discovery and development of small molecules targeting the Wnt pathway for various diseases, generating revenue for Surrozen through research services, upfront payments, and potential milestone and royalty payments.

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Craig Parker, Chief Executive Officer

Craig Parker has over 25 years of experience in leadership positions across public and privately-held biopharmaceutical companies, as well as financial organizations. Prior to joining Surrozen, he served as Senior Vice President of Corporate Development at Jazz Pharmaceuticals. He also held senior roles at Geron Corporation and was Senior Vice President of Strategy and Corporate Development at Human Genome Sciences until its acquisition by GlaxoSmithKline. Mr. Parker began his career as a top-ranked biotechnology research analyst on Wall Street. Surrozen, where he serves as CEO, was backed by The Column Group, a private equity firm, at its founding.

Andrew Maleki, Chief Financial Officer

Andrew Maleki joined Surrozen as Chief Financial Officer in November 2025, bringing over a decade of experience in the biotech industry. His expertise includes corporate strategy, business development, and operational leadership, and he has played a key role in raising over $500 million in capital. Most recently, he led corporate development and program leadership at Lassen Therapeutics. Before Lassen, Mr. Maleki held positions of increasing responsibility at Jazz Pharmaceuticals, where he led collaborations, licensing deals, and acquisitions. He also worked at PureTech Health and ClearView Healthcare Partners, where he guided growth-stage biotechnology companies.

Charles Williams, Chief Operating Officer

Charles Williams has 20 years of biopharmaceutical industry experience in strategy, operations, finance, and corporate development. He served as Surrozen's Chief Financial Officer since November 2020 and took on the role of Chief Operating Officer in February 2024. Previously, he headed corporate development at Jazz Pharmaceuticals plc from 2013 to November 2020. Mr. Williams also held various corporate development and finance roles at MAP Pharmaceuticals (acquired by Allergan) and CV Therapeutics (acquired by Gilead).

Yang Li, PhD, Executive Vice President, Research

Dr. Yang Li serves as the Executive Vice President of Research at Surrozen. She contributes to the scientific leadership of the company.

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.

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The key risks to Surrozen's business (SRZN) are primarily associated with the inherent uncertainties of drug development and intellectual property challenges.

1. Clinical Trial and Product Development Risks: As a biotechnology company, Surrozen faces significant risks related to the initiation, cost, timing, progress, and results of its research and development activities, including preclinical and clinical trials. There is no guarantee that its product candidates will successfully complete preclinical and clinical studies, or that they will be approved for commercialization. The company recently discontinued the development of SZN-043 for severe alcohol-associated hepatitis due to insufficient clinical benefit in its Phase 1b trial, underscoring this risk.
2. Intellectual Property Challenges: Surrozen's business is heavily reliant on its intellectual property. The company faces a substantial risk that third parties may challenge its or its licensors' patent rights. Such challenges could lead to expensive and time-consuming legal battles, potentially weakening the company's intellectual property position and severely impairing its competitive edge and future prospects.
3. Ability to Fund Operations and Future Fundraising: Surrozen's continued operations and its ability to advance its product pipeline depend significantly on its capacity to fund its preclinical and clinical trials and development efforts. This requires access to existing funds and the potential for additional fundraising. While the company recently secured $175 million in financing to support its ophthalmology programs, the ongoing capital demands of drug development present a persistent risk.

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Surrozen (SRZN) is a biotechnology company focused on developing Wnt-based therapeutics for tissue repair and regeneration, with a primary focus on severe eye diseases. Their main product candidates, SZN-8141 and SZN-8143, are designed to treat retinal diseases such as wet Age-related Macular Degeneration (wet AMD) and Diabetic Macular Edema (DME).

The addressable market for these main products is substantial. The global market for anti-VEGF therapies, which represent the current standard of care for wet AMD and DME, exceeded $10 billion annually in recent years. Surrozen aims to capture a meaningful share of this global market if its candidates demonstrate superior efficacy or durability.

While Surrozen's pipeline also includes SZN-413 for retinopathies and SZN-113 for Fuchs' Endothelial Corneal Dystrophy and Geographic Atrophy, specific market size estimates for these individual indications in 2025 have not been disclosed by the company.

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1. Advancement of Ophthalmology Pipeline (SZN-8141 and SZN-8143): Surrozen is intensely focused on developing its lead candidates, SZN-8141 and SZN-8143, for retinal diseases. The company is on track to submit an Investigational New Drug (IND) application for SZN-8141 in 2026, which is a critical step toward initiating clinical trials. Future revenue growth will be driven by potential milestone payments from partners and eventually, royalties or sales if these candidates successfully progress through clinical development and gain regulatory approval.
2. Milestone Payments and Royalties from Boehringer Ingelheim Collaboration (SZN-413): Surrozen has a strategic partnership with Boehringer Ingelheim (BI) for the development of SZN-413, a bi-specific antibody for retinal diseases. In September 2024, Surrozen received a $10 million milestone payment as BI announced plans to further develop SZN-413 and prepare it for clinical testing. Surrozen is eligible to receive up to $586.5 million in additional success-based development, regulatory, and commercial milestone payments, along with mid-single digit to low-double digit royalties on future sales. The continued advancement of SZN-413 by Boehringer Ingelheim will be a significant driver of potential revenue through these milestone achievements and eventual royalties.
3. Research Service Revenue from Collaborations (e.g., TCGFB, Inc.): Surrozen has demonstrated an ability to generate revenue through research service agreements. For example, the company recognized $1.0 million in research service revenue in Q3 2025 and Q2 2025 from a collaboration with TCGFB, Inc. for TGF-β antibodies. Expanding such collaborations, leveraging Surrozen's Wnt biology expertise and antibody technologies, could provide a consistent, albeit potentially smaller, revenue stream.

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Capital Allocation Decisions for Surrozen (SRZN) Over the Last 3-5 Years

Share Issuance

• In March 2025, Surrozen announced an oversubscribed private placement totaling up to $175 million to fund its ophthalmology programs. An initial closing yielded approximately $76.4 million in gross proceeds through the issuance of common stock and warrants.
• A second tranche of $105 million is contingent upon FDA clearance of the Investigational New Drug (IND) application for SZN-8141, expected in 2026.
• In September 2025, Surrozen granted inducement stock options to four new non-executive employees, covering 45,710 shares of common stock at an exercise price of $12.32 per share.

Inbound Investments

• Surrozen secured an oversubscribed $175 million private placement in March 2025, led by Venrock Healthcare Capital Partners, with significant participation from The Column Group, Access Biotechnology, RA Capital Management, and Vivo Capital.
• In the fourth quarter of 2022, Surrozen entered into a strategic partnership with Boehringer Ingelheim, receiving an upfront payment of $12.5 million for an exclusive, worldwide license to develop SZN-413 and other Fzd4-specific Wnt-modulating molecules for retinal diseases.
• Surrozen is eligible to receive up to $587.0 million in success-based development, regulatory, and commercial milestone payments, plus royalties, from the Boehringer Ingelheim collaboration.

Capital Expenditures

• The company's capital allocation has been primarily focused on advancing its ophthalmology pipeline, with research and development (R&D) expenses of $7.8 million in Q3 2025 and $6.6 million in Q1 2025.
• The funds raised from the March 2025 private placement are dedicated to advancing multiple ophthalmology programs through initial Phase 1 safety, tolerability, and efficacy studies.
• Surrozen anticipates submitting an Investigational New Drug (IND) application for its lead ophthalmology candidate, SZN-8141, in 2026.