Surrozen, Inc. reported its financial results for the first quarter of 2026, revealing a significant increase in collaboration and license revenue, which reached $5 million compared to no revenue in the same period last year. This revenue was primarily driven by a milestone payment from Boehringer Ingelheim related to their collaboration agreement. However, the company also reported a net loss of $127.5 million for the quarter, a substantial increase from the $27 million loss recorded in the first quarter of 2025. The increase in losses was attributed to higher operating expenses, particularly in research and development, which rose by 42% to $9.3 million, and general and administrative expenses, which increased by 54% to $6.1 million.
In terms of operational developments, Surrozen's total assets increased to $120.7 million as of March 31, 2026, up from $98.7 million at the end of 2025. The company’s cash and cash equivalents also rose to $106.9 million, compared to $89.2 million at the end of the previous fiscal year. The increase in cash was largely due to the issuance of common stock under its at-the-market program, which generated net proceeds of approximately $26.9 million during the quarter. Surrozen's employee headcount has also grown, reflecting its ongoing expansion efforts in research and development.
The company continues to focus on its lead product candidates, SZN-8141 and SZN-8143, which are being developed for the treatment of retinal diseases. Surrozen anticipates submitting an Investigational New Drug (IND) application for SZN-8141 in the second half of 2026. The company is also evaluating additional research-stage programs targeting other ophthalmic indications. However, it acknowledges the need for substantial additional funding to support its ongoing clinical trials and development activities, indicating that it may seek further capital through equity offerings or collaborations.
Looking ahead, Surrozen expects to continue incurring significant operating losses as it advances its product candidates through clinical development. The company has indicated that it believes its existing cash reserves will be sufficient to fund operations for at least the next 12 months, but it also recognizes the potential need for additional capital if its cash burn exceeds current projections. The company’s future performance will depend on its ability to successfully navigate the regulatory landscape, secure additional funding, and achieve favorable outcomes in its clinical trials.
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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