Surrozen, Inc. reported a net loss of $63.6 million for the year ended December 31, 2024, compared to a net loss of $43.0 million in 2023. The company's total revenue for 2024 was $10.65 million, a significant increase from zero revenue in 2023. This increase is primarily attributed to a $10 million milestone payment received from Boehringer Ingelheim (BI) in September 2024, following BI's decision to advance the development of SZN-413, and an additional $0.7 million in research service revenue from a related party, TCGFB, Inc. Operating expenses decreased by $9.6 million to $36.2 million in 2024, primarily due to a reduction in research and development expenses and general and administrative expenses resulting from workforce reductions implemented in 2023.
Research and development expenses decreased by $6.1 million to $21.1 million in 2024, reflecting a decrease in spending on the SZN-1326 and SZN-043 programs, as well as a reduction in discovery and preclinical stage program expenses. General and administrative expenses decreased by $0.7 million to $15.1 million, primarily due to lower employee-related expenses and consulting fees. The company also reported a $20.4 million loss on the issuance of common stock, pre-funded warrants, and warrants in 2024, related to a private placement. Interest income decreased to $1.7 million in 2024 from $2.3 million in 2023 due to lower cash and cash equivalents.
During the year, Surrozen nominated SZN-8141 and SZN-8143 as development candidates for retinal diseases. These candidates combine Frizzled 4 agonism with VEGF and IL-6 antagonism, respectively. The company also continued development of SZN-113 for Fuchs’ Endothelial Corneal Dystrophy and Geographic Atrophy. In the first quarter of 2025, Surrozen discontinued development of SZN-043 for severe alcohol-associated hepatitis due to insufficient early signals of clinical benefit. The company's employee count was 41 as of March 3, 2025, with 26 employees in research and development and 15 in general and administrative functions.
In March 2025, Surrozen completed a two-tranche private placement, raising approximately $175 million to fund multiple ophthalmology programs. The first tranche closed on March 26, 2025, generating gross proceeds of approximately $76.4 million. The second tranche is contingent upon FDA clearance of the Investigational New Drug Application for SZN-8141 by October 31, 2026. The company also amended its lease agreement in October 2024, extending the lease term to April 2029 with options for further extension or early termination. Surrozen anticipates continued losses for the foreseeable future due to ongoing research and development expenses and expects to require additional capital to fund operations. The company stated that its existing cash and proceeds from the March 2025 private placement are expected to fund operations for at least the next 12 months.
About Surrozen, Inc./DE
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