Surrozen (SRZN)


Market Price (11/12/2026): $31.82 | Market Cap: $606.5 MilSector: Health Care | Industry: Biotechnology

Surrozen (SRZN)


Market Price (11/12/2026): $31.82
Market Cap: $606.5 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Regenerative Medicine, and Targeted Therapies.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -44 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -385%

Stock price has recently run up significantly
12M Rtn12 month market price return is 163%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 61%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -302%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -304%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94%

High stock price volatility
Vol 12M is 136%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28%

Key risks
SRZN key risks include [1] the failure of its product candidates in clinical trials, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
1 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Regenerative Medicine, and Targeted Therapies.
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -44 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -385%
3 Stock price has recently run up significantly
12M Rtn12 month market price return is 163%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%
5 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 61%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -302%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -304%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94%
8 High stock price volatility
Vol 12M is 136%
9 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28%
10 Key risks
SRZN key risks include [1] the failure of its product candidates in clinical trials, Show more.

SRZN in ETFs

Weight = SRZN's share of each fund

VTI0.00%
IWM0.01%
IWO0.02%
VTWO0.01%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/11/2026

Nov 6: up 6.9% in one day (S&P 500 up 0.3%)
The stock gained without specific company news. The broader market also saw a slight increase.

Up 39.2% from its Oct 16 low to Nov 10 (S&P 500 down 1.7%)
The stock experienced a significant increase over the period without specific company news. Major gains on October 26 and 27 contributed to the rally, alongside November 6.

Nov 10: up 2.0% the day after its Nov 9 earnings report (S&P 500 down 0.4%)
The stock rose following its Third Quarter 2026 Financial Results and Business Update. The company announced the first patient dosed in the DUET Phase 1b study and expanded Phase 2a enrollment.

Show more
Prices as of 11/11/2026

Nov 6: up 6.9% in one day (S&P 500 up 0.3%)
The stock gained without specific company news. The broader market also saw a slight increase.

Up 39.2% from its Oct 16 low to Nov 10 (S&P 500 down 1.7%)
The stock experienced a significant increase over the period without specific company news. Major gains on October 26 and 27 contributed to the rally, alongside November 6.

Nov 10: up 2.0% the day after its Nov 9 earnings report (S&P 500 down 0.4%)
The stock rose following its Third Quarter 2026 Financial Results and Business Update. The company announced the first patient dosed in the DUET Phase 1b study and expanded Phase 2a enrollment.

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Stock Movement Drivers

Fundamental Drivers

The 43.5% change in SRZN stock from 7/31/2026 to 11/11/2026 was primarily driven by a 53.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611112026Change
Stock Price ($)22.2131.8843.5%
Change Contribution By: 
Total Revenues ($ Mil)71253.6%
P/S Multiple32.432.3-0.5%
Shares Outstanding (Mil)1112-6.1%
Cumulative Contribution43.5%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/11/2026
ReturnCorrelation
SRZN43.5% 
Market (SPY)1.7%8.7%
Sector (XLV)16.2%13.7%

Fundamental Drivers

The -4.6% change in SRZN stock from 4/30/2026 to 11/11/2026 was primarily driven by a -63.1% change in the company's P/S Multiple.
(LTM values as of)430202611112026Change
Stock Price ($)33.4031.88-4.6%
Change Contribution By: 
Total Revenues ($ Mil)312231.1%
P/S Multiple87.632.3-63.1%
Shares Outstanding (Mil)912-21.8%
Cumulative Contribution-4.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/11/2026
ReturnCorrelation
SRZN-4.6% 
Market (SPY)6.0%10.9%
Sector (XLV)30.0%10.4%

Fundamental Drivers

The 127.7% change in SRZN stock from 10/31/2025 to 11/11/2026 was primarily driven by a 240.9% change in the company's P/S Multiple.
(LTM values as of)1031202511112026Change
Stock Price ($)14.0031.88127.7%
Change Contribution By: 
Total Revenues ($ Mil)1312-8.8%
P/S Multiple9.532.3240.9%
Shares Outstanding (Mil)912-26.8%
Cumulative Contribution127.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/11/2026
ReturnCorrelation
SRZN127.7% 
Market (SPY)12.3%15.2%
Sector (XLV)32.7%12.5%

Fundamental Drivers

The 456.4% change in SRZN stock from 10/31/2023 to 11/11/2026 was primarily driven by a 3416.2% change in the company's P/S Multiple.
(LTM values as of)1031202311112026Change
Stock Price ($)5.7331.88456.4%
Change Contribution By: 
Total Revenues ($ Mil)1212-7.9%
P/S Multiple0.932.33416.2%
Shares Outstanding (Mil)212-82.8%
Cumulative Contribution456.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/11/2026
ReturnCorrelation
SRZN456.4% 
Market (SPY)87.9%10.6%
Sector (XLV)58.9%15.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SRZN Return-37%-91%8%53%57%41%-79%
Peers Return30%-46%-24%28%115%42%107%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
SRZN Win Rate20%33%58%58%67%45% 
Peers Win Rate48%38%42%42%63%47% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
SRZN Max Drawdown--93%-75%-58%-62%-53% 
Peers Max Drawdown-46%-60%-53%-63%-49%-50% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LCTX, KOD, RGNX, OCGN, REGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/11/2026 (YTD)

How Low Can It Go

EventSRZNS&P 500
2025 US Tariff Shock
  % Loss-45.8%-18.8%
  % Gain to Breakeven84.6%23.1%
  Time to Breakeven107 days79 days
2024 Yen Carry Trade Unwind
  % Loss-32.5%-7.8%
  % Gain to Breakeven48.1%8.5%
  Time to Breakeven15 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-58.6%-9.5%
  % Gain to Breakeven141.7%10.5%
  Time to Breakeven103 days24 days
2023 SVB Regional Banking Crisis
  % Loss-58.4%-6.7%
  % Gain to Breakeven140.6%7.1%
  Time to Breakeven934 days31 days

Compare to LCTX, KOD, RGNX, OCGN, REGN

In The Past

Surrozen's stock fell -45.8% during the 2025 US Tariff Shock. Such a loss loss requires a 84.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSRZNS&P 500
2025 US Tariff Shock
  % Loss-45.8%-18.8%
  % Gain to Breakeven84.6%23.1%
  Time to Breakeven107 days79 days
2024 Yen Carry Trade Unwind
  % Loss-32.5%-7.8%
  % Gain to Breakeven48.1%8.5%
  Time to Breakeven15 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-58.6%-9.5%
  % Gain to Breakeven141.7%10.5%
  Time to Breakeven103 days24 days
2023 SVB Regional Banking Crisis
  % Loss-58.4%-6.7%
  % Gain to Breakeven140.6%7.1%
  Time to Breakeven934 days31 days

Compare to LCTX, KOD, RGNX, OCGN, REGN

In The Past

Surrozen's stock fell -45.8% during the 2025 US Tariff Shock. Such a loss loss requires a 84.6% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Surrozen (SRZN)

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Surrozen Inc. is a biotechnology company dedicated to the discovery and development of drug candidates for tissue repair and regeneration. Their core scientific focus is on selectively modulating the Wnt pathway, a fundamental biological signaling system, using innovative approaches. The company aims to create highly specific antibodies that can target and influence Wnt signaling in particular tissues, thereby promoting their healing and restoration across a variety of disease states.

The company's pipeline currently features two main investigational drug candidates. SZN-043 is a tissue-specific R-spondin mimetic being developed for the treatment of severe liver disease, with the goal of facilitating liver regeneration. Additionally, SZN-1326 is a bi-specific full-length human antibody designed to directly modulate Wnt signaling specifically within intestinal crypts, addressing conditions affecting the gut.

Surrozen's innovative platform has broad potential applications across numerous organ systems and disease areas. Beyond liver and intestinal diseases, their research targets conditions impacting the retina, cornea, lung, kidney, cochlea, skin, pancreas, and central nervous system. Ultimately, Surrozen's market comprises patients suffering from these diverse diseases that involve tissue damage or degeneration, positioning the company as a developer of novel regenerative therapies within the pharmaceutical sector.

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AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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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.

AI Analysis | Feedback

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.

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Surrozen (SRZN) Addressable Markets

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.

AI Analysis | Feedback

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.

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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.

Peer Outperformance in Biotechnology

SRZN has outperformed 53% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 9th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that SRZN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
93%
of 450 industry peers · 163.1% return
3Y
93%
of 396 industry peers · 497.7% return
5Y
53%
of 363 industry peers · -77.6% return
No Biotechnology peer with a comparable growth profile has beaten SRZN by more than 20pp over 5Y.
Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is SRZN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 23.7%107.0%103.1% CAH 516% · MCK 396% · COR 193%
Health Care Services 20 31.7%27.6%12.4% HIMS 170% · RDNT 147% · DGX 92%
Managed Health Care 8 65.8%-1.7%0.8% OSCR 157% · HQY 49% · ELV 7%
Health Care Facilities 26 24.0%20.4%-5.7% THC 269% · NHC 227% · EHC 193%
Health Care Equipment 50 4.3%19.7%-11.9% GKOS 382% · UFPT 363% · TMDX 241%
Pharmaceuticals 60 -13.9%19.0%-38.7% LQDA 968% · XERS 694% · KNSA 623%
Health Care Supplies 11 24.5%17.4%-38.7% LNTH 239% · HAE 104% · MMSI 30%
Life Sciences Tools & Services 109 -9.4%-4.9%-75.0% AXGN 361% · MEDP 201% · NTRA 183%
Biotechnology ← 364 -25.0%-29.2%-80.8% ELVN 1284% · TRVI 1156% · DNTH 1102%
Health Care Technology 22 -19.9%-45.0%-82.6% VEEV -3% · DOCS -57%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SRZNLCTXKODRGNXOCGNREGNMedian
NameSurrozen Lineage .Kodiak S.RegenxbioOcugen Regenero. 
Mkt Price31.821.12109.138.450.96959.4120.13
Mkt Cap0.40.36.80.60.397.60.5
Rev LTM12130154516,89612
Op Inc LTM-44-27-246-185-695,134-57
FCF LTM-35-24-160-155-643,628-49
FCF 3Y Avg-29-23-145-149-563,609-42
CFO LTM-35-24-159-152-644,846-49
CFO 3Y Avg-28-23-135-146-534,721-41

Growth & Margins

SRZNLCTXKODRGNXOCGNREGNMedian
NameSurrozen Lineage .Kodiak S.RegenxbioOcugen Regenero. 
Rev Chg LTM-8.8%19.9%--4.6%-11.0%18.6%-4.6%
Rev Chg 3Y Avg-18.4%-23.9%-10.2%9.1%13.7%
Rev Chg Q408.6%-61.3%--69.2%11.4%36.3%11.4%
QoQ Delta Rev Chg LTM53.6%-11.5%--11.8%4.3%8.8%4.3%
Op Inc Chg LTM-71.1%-31.6%-18.8%-19.6%-15.5%34.8%-19.2%
Op Inc Chg 3Y Avg-11.8%-6.7%5.2%7.9%2.3%6.9%3.7%
Op Mgn LTM-385.3%-205.2%--120.4%-1,444.5%30.4%-205.2%
Op Mgn 3Y Avg--268.6%--168.5%-1,224.4%28.9%-218.6%
QoQ Delta Op Mgn LTM188.5%-50.5%--26.3%60.0%3.5%3.5%
CFO/Rev LTM-302.0%-182.0%--98.8%-1,332.7%28.7%-182.0%
CFO/Rev 3Y Avg--248.2%--126.3%-1,081.0%31.6%-187.3%
FCF/Rev LTM-303.9%-186.4%--100.6%-1,337.2%21.5%-186.4%
FCF/Rev 3Y Avg--253.2%--128.5%-1,126.8%24.2%-190.8%

Valuation

SRZNLCTXKODRGNXOCGNREGNMedian
NameSurrozen Lineage .Kodiak S.RegenxbioOcugen Regenero. 
Mkt Cap0.40.36.80.60.397.60.5
P/S32.221.4-3.668.05.821.4
P/Op Inc-8.4-10.4-27.7-3.0-4.719.0-6.5
P/EBIT-8.4-10.4-28.2-4.0-5.917.0-7.1
P/E-1.1-8.7-28.2-3.1-5.020.3-4.1
P/CFO-10.7-11.7-43.1-3.6-5.120.1-7.9
Total Yield-89.3%-11.6%-3.5%-31.7%-20.1%5.3%-15.9%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.4%0.0%
FCF Yield 3Y Avg-42.7%-10.2%-64.7%-29.2%-15.6%4.8%-22.4%
D/E0.00.00.00.10.30.00.0
Net D/E-0.3-0.2-0.0-0.30.0-0.1-0.1

Returns

SRZNLCTXKODRGNXOCGNREGNMedian
NameSurrozen Lineage .Kodiak S.RegenxbioOcugen Regenero. 
1M Rtn28.5%17.4%9.9%8.8%1.2%25.8%13.7%
3M Rtn31.5%1.8%151.4%-22.5%-31.6%20.4%11.1%
6M Rtn5.6%-12.5%175.5%-15.8%-34.8%33.6%-3.5%
12M Rtn162.6%-38.5%455.9%-26.8%-28.0%43.0%8.1%
3Y Rtn496.6%7.7%6,244.8%-52.6%166.2%21.2%93.7%
1M Excs Rtn39.0%27.0%22.7%20.0%11.8%31.0%24.9%
3M Excs Rtn37.7%9.3%176.5%-17.2%-25.5%22.7%16.0%
6M Excs Rtn4.5%-13.5%174.5%-16.9%-35.9%32.6%-4.5%
12M Excs Rtn159.6%-48.3%480.2%-33.4%-39.1%37.2%1.9%
3Y Excs Rtn336.5%-69.2%5,177.4%-118.6%81.4%-55.9%12.7%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Research service revenue - related party4   
Research and development of product candidates to selectively modulate the Wnt pathway for tissue 110 
Single Segment   12
Total411012


Net Income by Segment
$ Mil20242023
Research and development of product candidates to selectively modulate the Wnt pathway for tissue-64-43
Total-64-43


Assets by Segment
$ Mil2024202320212020
Research and development of product candidates to selectively modulate the Wnt pathway for tissue48   
Single Segment 4613762
Total484613762


Price Behavior

Price Behavior
Market Price$31.88 
Market Cap ($ Bil)0.4 
First Trading Date08/12/2021 
Distance from 52W High-6.6% 
   50 Days200 Days
DMA Price$25.54$25.54
DMA Trendupup
Distance from DMA24.8%24.8%
 3M1YR
Volatility232.4%135.7%
Downside Capture-57.3147.80
Upside Capture110.29162.06
Correlation (S&P 500)10.3%16.7%
SRZN Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.450.870.921.121.450.69
Up Beta3.16-0.73-0.342.591.910.08
Down Beta-3.5911.018.083.662.961.10
Up Capture298%22%86%9%169%179%
Bmk +ve Days12182862130427
Stock +ve Days11202854126374
Down Capture358%-234%-78%57%66%92%
Bmk -ve Days10253664121325
Stock -ve Days11233672123371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SRZN
SRZN171.2%135.7%1.20-
Sector ETF (XLV)30.1%17.0%1.3712.8%
Equity (SPY)12.5%13.7%0.6015.6%
Gold (GLD)-3.5%28.8%-0.1310.1%
Commodities (DBC)33.0%21.3%1.24-2.5%
Real Estate (VNQ)11.7%14.2%0.535.6%
Bitcoin (BTCUSD)-30.9%43.5%-0.738.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SRZN
SRZN-21.1%109.0%0.25-
Sector ETF (XLV)8.6%15.4%0.3612.3%
Equity (SPY)11.8%17.3%0.5111.6%
Gold (GLD)17.1%19.2%0.721.9%
Commodities (DBC)7.9%19.6%0.29-1.6%
Real Estate (VNQ)1.3%18.9%-0.0412.9%
Bitcoin (BTCUSD)3.1%51.5%0.245.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SRZN
SRZN-12.9%109.5%0.23-
Sector ETF (XLV)12.8%16.8%0.6311.7%
Equity (SPY)15.5%18.0%0.7311.2%
Gold (GLD)11.5%16.6%0.571.1%
Commodities (DBC)7.4%18.2%0.33-2.1%
Real Estate (VNQ)6.1%20.7%0.2512.4%
Bitcoin (BTCUSD)58.6%66.3%0.993.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity3.2 Mil
Short Interest: % Change Since 101520263.3%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest8.5 days
Basic Shares Quantity11.7 Mil
Short % of Basic Shares27.7%

Earnings Returns History

Updated 11/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/9/20262.0%  
8/6/202618.4%9.7%5.2%
5/6/2026-9.9%-11.7%-36.9%
11/7/2025-3.3%6.4%96.3%
8/8/20254.4%16.5%22.4%
5/9/2025-4.2%-15.0%7.1%
11/6/2024-5.1%-9.6%-2.4%
8/12/2024-10.1%6.8%14.9%
...
SUMMARY STATS   
# Positive558
# Negative13129
Median Positive2.0%6.8%11.8%
Median Negative-8.7%-11.8%-24.4%
Max Positive18.4%16.5%96.3%
Max Negative-32.2%-38.5%-61.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/9/20262.0%  
8/6/202618.4%9.7%5.2%
5/6/2026-9.9%-11.7%-36.9%
11/7/2025-3.3%6.4%96.3%
8/8/20254.4%16.5%22.4%
5/9/2025-4.2%-15.0%7.1%
11/6/2024-5.1%-9.6%-2.4%
8/12/2024-10.1%6.8%14.9%
5/8/20240.3%-0.5%8.7%
11/8/2023-21.2%-9.4%23.8%
8/9/2023-32.2%-31.3%-41.2%
5/10/2023-9.4%-11.8%-3.5%
3/22/2023-22.5%-38.5%-31.9%
11/16/2022-0.8%-32.4%-61.6%
8/11/2022-3.3%-9.7%-9.0%
5/11/2022-8.7%0.4%6.1%
3/24/2022-6.0%-14.7%-14.4%
11/15/20210.1%-4.0%-24.4%
SUMMARY STATS   
# Positive558
# Negative13129
Median Positive2.0%6.8%11.8%
Median Negative-8.7%-11.8%-24.4%
Max Positive18.4%16.5%96.3%
Max Negative-32.2%-38.5%-61.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/06/202610-Q
12/31/202503/23/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/31/202510-K
09/30/202411/06/202410-Q
06/30/202408/12/202410-Q
03/31/202405/08/202410-Q
12/31/202304/10/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/06/202610-Q
12/31/202503/23/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/31/202510-K
09/30/202411/06/202410-Q
06/30/202408/12/202410-Q
03/31/202405/08/202410-Q
12/31/202304/10/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
06/30/202208/11/202210-Q
03/31/202205/11/202210-Q
12/31/202103/28/202210-K
09/30/202111/15/202110-Q

Recent Forward Guidance

Updated 11/10/2026

Latest: Q3 2026 Earnings Reported 11/9/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2029 Cash RunwayReported     AffirmedGuidance: 0 for 2029
2028 DUET Phase 2a Patient EnrollmentReported 150    

null

Insider Activity

Updated 10/22/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Tcg, Crossover GP Ii, Llc See footnoteSell724202621.25325,0006,906,25012,198,499Form
2Li, YangExec. Vice President, ResearchDirectSell505202633.331,58452,799573,857Form
3Williams, Charles OChief Operating OfficerDirectSell505202633.332,03667,866552,358Form
4Parker, Craig CChief Executive OfficerDirectSell505202633.334,524150,798551,758Form
5Tcg, Crossover GP Ii, Llc See footnoteBuy325202624.69106,6582,633,71718,187,802Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Tcg, Crossover GP Ii, Llc See footnoteSell724202621.25325,0006,906,25012,198,499Form
2Li, YangExec. Vice President, ResearchDirectSell505202633.331,58452,799573,857Form
3Williams, Charles OChief Operating OfficerDirectSell505202633.332,03667,866552,358Form
4Parker, Craig CChief Executive OfficerDirectSell505202633.334,524150,798551,758Form
5Tcg, Crossover GP Ii, Llc See footnoteBuy325202624.69106,6582,633,71718,187,802Form
6Tcg, Crossover GP Ii, Llc See footnoteBuy325202624.9015,223379,05117,012,234Form
7Tcg, Crossover GP Ii, Llc See footnoteBuy316202624.991,19029,73316,880,664Form
8Tcg, Crossover GP Ii, Llc See footnoteBuy316202624.8835,433881,46316,792,355Form
9Tcg, Crossover GP Ii, Llc See footnoteBuy316202624.9912,374309,16616,422,731Form
10Tcg, Crossover GP Ii, Llc See footnoteBuy213202623.861,09326,08215,537,208Form
11Tcg, Crossover GP Ii, Llc See footnoteBuy213202623.5717,763418,76315,337,117Form
12Tcg, Crossover GP Ii, Llc See footnoteBuy203202621.944,35595,54914,078,569Form
13Tcg, Crossover GP Ii, Llc See footnoteBuy203202621.3873115,62913,672,660Form
14Tcg, Crossover GP Ii, Llc See footnoteBuy203202621.394,27191,35713,671,226Form
15Column, Group Iii Gp, LP The Column Group III, LPBuy120202619.608,484166,28617,645,633Form
16Column, Group Iii Gp, LP The Column Group III-A, LPBuy120202619.609,568187,53219,926,395Form
17Kutzkey, Tim The Column Group III, LPBuy120202619.608,484166,28617,645,633Form
18Kutzkey, Tim The Column Group III-A, LPBuy120202619.609,568187,53219,926,395Form
19Column, Group Iii Gp, LP The Column Group III, LPBuy120202620.001,20424,08017,836,160Form
20Column, Group Iii Gp, LP The Column Group III-A, LPBuy120202620.001,35827,16020,141,800Form
21Kutzkey, Tim The Column Group III, LPBuy120202620.001,20424,08017,836,160Form
22Kutzkey, Tim The Column Group III-A, LPBuy120202620.001,35827,16020,141,800Form
23Column, Group Iii Gp, LP The Column Group III, LPBuy120202619.895,590111,18017,713,223Form
24Column, Group Iii Gp, LP The Column Group III-A, LPBuy120202619.896,303125,36020,003,004Form
25Kutzkey, Tim The Column Group III, LPBuy120202619.895,590111,18017,713,223Form
26Kutzkey, Tim The Column Group III-A, LPBuy120202619.896,303125,36020,003,004Form
27Kutzkey, Tim The Column Group III, LPBuy115202619.992,59651,89017,689,925Form
28Kutzkey, Tim The Column Group III-A, LPBuy115202619.992,92758,50619,976,887Form
29Column, Group Iii Gp, LP The Column Group III, LPBuy115202619.992,59651,89017,689,925Form
30Column, Group Iii Gp, LP The Column Group III-A, LPBuy115202619.992,92758,50619,976,887Form
31Kutzkey, Tim The Column Group III, LPBuy115202619.805,861116,07217,475,494Form
32Kutzkey, Tim The Column Group III-A, LPBuy115202619.806,609130,88519,734,825Form
33Column, Group Iii Gp, LP The Column Group III, LPBuy115202619.805,861116,07217,475,494Form
34Column, Group Iii Gp, LP The Column Group III-A, LPBuy115202619.806,609130,88519,734,825Form
35Li, YangExec. Vice President, ResearchDirectSell106202619.871,11822,209319,651Form
36Williams, Charles OChief Operating OfficerDirectSell106202619.871,56631,109257,890Form
37Kutzkey, Tim The Column Group III, LPBuy1208202519.5414,503283,40216,990,031Form
38Kutzkey, Tim The Column Group III-A, LPBuy1208202519.5416,381320,09919,187,014Form
39Column, Group Iii Gp, LP The Column Group III, LPBuy1208202519.5414,503283,40216,990,031Form
40Column, Group Iii Gp, LP The Column Group III-A, LPBuy1208202519.5416,381320,09919,187,014Form
41Kutzkey, Tim The Column Group III, LPBuy1208202517.352,47542,93414,830,939Form
42Kutzkey, Tim The Column Group III-A, LPBuy1208202517.352,79148,41516,748,685Form
43Column, Group Iii Gp, LP The Column Group III, LPBuy1208202517.352,47542,93414,830,939Form
44Column, Group Iii Gp, LP The Column Group III-A, LPBuy1208202517.352,79148,41516,748,685Form
45Kutzkey, Tim The Column Group III, LPBuy1202202512.65148,1501,874,09810,783,897Form
46Kutzkey, Tim The Column Group III-A, LPBuy1202202512.65167,3072,116,43412,178,383Form
47Column, Group Iii Gp, LP The Column Group III, LPBuy1117202512.65148,1501,874,09810,783,897Form
48Column, Group Iii Gp, LP The Column Group III-A, LPBuy1117202512.65167,3072,116,43412,178,383Form

Investor Activity (13F)

Updated Nov 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
5AM Venture Management, LLC$11.3 Mil3.1%20Hold13F
Spruce Street Capital LP$12.6 Mil3.0%28Hold13F
TCG Crossover Management, LLC$42.9 Mil1.2%49New13F
Venrock Adviser, LLC$18.4 Mil0.7%33Hold13F
Vivo Capital, LLC$7.6 Mil0.6%46Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
TCG Crossover Management, LLC$42.9 Mil1.2%49New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
TCG Crossover Management, LLC$42.9 Mil1.2%49New13F
Venrock Adviser, LLC$18.4 Mil0.7%33Hold13F
Spruce Street Capital LP$12.6 Mil3.0%28Hold13F
5AM Venture Management, LLC$11.3 Mil3.1%20Hold13F
Vivo Capital, LLC$7.6 Mil0.6%46Hold13F
Core Cache Last Updated: 11/11/2026