Surrozen, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2025. The biotechnology company, focused on developing drug candidates to modulate the Wnt pathway, recorded total revenue of $983,000 for the third quarter, a sharp decline of 90% compared to $10 million in the same period last year. This decrease was primarily attributed to the absence of collaboration and license revenue, which had included a $10 million milestone payment from Boehringer Ingelheim in September 2024. For the nine months ended September 30, 2025, total revenue was $2.95 million, down from $10 million in the prior year.
The company's operating expenses also increased, totaling $11.87 million for the third quarter, a 35% rise from $8.77 million in the same quarter of 2024. Research and development expenses surged by 50% to $7.77 million, driven by higher manufacturing costs and consulting fees related to ongoing ophthalmology programs. Surrozen's net loss for the third quarter was $71.64 million, compared to a loss of $1.43 million in the same quarter of the previous year. The nine-month net loss was $58.87 million, up from $35.53 million in 2024, reflecting the company's ongoing investment in its product pipeline.
In terms of strategic developments, Surrozen has been actively pursuing its clinical programs, particularly SZN-8141 and SZN-8143, which are aimed at treating retinal diseases. The company plans to file an Investigational New Drug application for SZN-8141 in 2026. However, it also faced setbacks, including the discontinuation of the SZN-043 program due to insufficient clinical benefit signals. Additionally, Surrozen's collaboration with TCGFB, Inc. is set to terminate in November 2025, which may impact future revenue from research services.
As of September 30, 2025, Surrozen had cash and cash equivalents of $81.34 million, a significant increase from $34.57 million at the end of 2024, primarily due to proceeds from a private placement completed in March 2025. The company anticipates that its existing cash will be sufficient to fund operations for at least the next 12 months, although it may need to raise additional capital to support ongoing clinical trials and operational expenses. Surrozen's management remains focused on advancing its product candidates while navigating the complexities of regulatory approvals and market conditions.
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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