**Surrozen, Inc. Reports Fiscal Year 2025 Results, Focuses on Ophthalmology**
Surrozen, Inc., a biotechnology company specializing in Wnt pathway modulation for tissue repair, reported its financial results for the fiscal year ended December 31, 2025. The company, which is strategically focused on ophthalmology, posted total revenue of $3.48 million, primarily derived from research service revenue related to a collaboration with TCGFB, Inc. This represents a decrease of $7.18 million compared to the $10.66 million in revenue reported in 2024, which included a $10.0 million milestone payment from Boehringer Ingelheim.
Operating expenses for 2025 totaled $45.57 million, an increase of $9.38 million from the $36.19 million reported in the previous year. Research and development expenses increased by 39% to $29.37 million, driven by higher manufacturing costs, lab expenses, and consulting fees for ophthalmology programs, as well as increased employee-related expenses. This was partially offset by a decrease in clinical expenses due to the discontinuation of SZN-043 development. General and administrative expenses also rose by 8% to $16.20 million, primarily due to increased professional service fees. The company's net loss for 2025 was $242.03 million, a significant increase from the $63.56 million loss in 2024. This increase was primarily due to a $71.08 million loss on the execution of the 2025 PIPE financing, a $104.85 million loss on the change in fair value of tranche liability, and a $26.31 million in other expenses, net.
Key operational developments included the progression of SZN-8141 and SZN-8143, multi-specific antibody-based therapeutics for retinal diseases, towards IND submission in the second half of 2026. Boehringer Ingelheim also achieved a research milestone with SZN-413, triggering a $5.0 million payment to Surrozen. Employee headcount as of March 1, 2026, stood at 44, with 27 in research and development and 17 in general and administrative functions. The company discontinued development of SZN-043 in severe alcohol-associated hepatitis during the first quarter of 2025.
Looking ahead, Surrozen anticipates continued losses as it advances its product candidates through clinical development and regulatory submissions. The company believes its existing cash and cash equivalents of $89.2 million as of December 31, 2025, along with subsequent financing activities, will be sufficient to fund operations for at least the next 12 months. The company is focused on ophthalmology, where it believes its Wnt-modulating therapeutics have the potential to significantly impact patient outcomes in diseases with high unmet medical need.
About Surrozen, Inc./DE
Surrozen is a biotechnology company focused on discovering and developing biologic therapeutics that selectively modulate the Wnt signaling pathway to promote tissue repair and regeneration. Its core platform uses proprietary antibody technologies, including Wnt mimetics, to target diseases across multiple organs, with a primary emphasis on ophthalmology. The company aims to address unmet medical needs in severe diseases such as retinal disorders, corneal dystrophies, and tissue injuries through innovative, tissue-specific Wnt pathway activation.
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