Surrozen, Inc. reported a significant increase in its financial losses for the first quarter of 2025, with a net loss of $26.97 million compared to a loss of $8.83 million in the same period of 2024. The company's operating expenses rose to $10.53 million, up from $9.13 million year-over-year, driven primarily by a 25% increase in research and development costs, which totaled $6.56 million. The company generated $983,000 in research service revenue from a related party, marking its first revenue since inception. The increase in losses was also influenced by a $71.08 million loss related to the execution of a private investment in public equity (PIPE) transaction.
In terms of strategic developments, Surrozen completed the first tranche of its 2025 PIPE on March 26, 2025, raising approximately $71.3 million. This funding is intended to support multiple ophthalmology programs, including the development of its lead product candidates, SZN-8141 and SZN-8143. The company has also made organizational changes, increasing its employee headcount to 8,495 shares of common stock outstanding as of March 31, 2025, up from 3,262 shares at the end of 2024.
Operationally, Surrozen is focused on advancing its pipeline of drug candidates targeting the Wnt pathway, which is critical for tissue repair. The company is currently preparing for clinical trials for SZN-8141, with an Investigational New Drug application expected to be filed in 2026. The company’s cash and cash equivalents increased significantly to $101.65 million as of March 31, 2025, compared to $34.57 million at the end of 2024, providing a stronger liquidity position to support ongoing research and development activities.
Looking ahead, Surrozen anticipates continued significant operating expenses as it advances its clinical programs and prepares for regulatory submissions. The company expects to incur additional losses in the near term as it expands its pipeline and invests in the development of its product candidates. Management believes that the existing cash reserves will be sufficient to fund operations for at least the next 12 months, although they acknowledge the need for additional capital to support long-term growth and development initiatives.
About Surrozen, Inc./DE
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