Financial Performance - Cash and cash equivalents as of December 31, 2024, were $34.6 million, an increase from $31.0 million as of September 30, 2024, but a decrease from $36.0 million as of December 31, 2023[5]. - Net loss for the full year 2024 was $63.6 million, compared to a net loss of $43.0 million for the same period in 2023[15]. - Total operating expenses for the full year 2024 were $36.2 million, down from $45.8 million in 2023[25]. - Surrozen's total assets as of December 31, 2024, were $48.5 million, an increase from $46.1 million in 2023[27]. Revenue Generation - Collaboration and license revenue for the full year 2024 was $10.0 million, compared to zero for the same period in 2023, due to a milestone achieved under a collaboration agreement[6][7]. - Research service revenue from related parties for the full year 2024 was $0.7 million, compared to zero in 2023, related to services provided to TCGFB, Inc.[8]. Expenses Management - Research and development expenses for the full year 2024 were $21.1 million, down from $27.2 million in 2023, primarily due to a restructuring executed in 2023[9]. - General and administrative expenses for the full year 2024 were $15.1 million, slightly down from $15.8 million in 2023, reflecting the impact of the restructuring[10]. Strategic Focus - The company is focusing on its ophthalmology pipeline, particularly for severe eye diseases, leveraging its expertise in Wnt signal modulation[2][4]. - The company completed a financing round with gross proceeds of approximately $76.4 million in March 2025 to fund multiple ophthalmology programs[5][3].

Core Viewpoint - Surrozen, Inc. reported its fourth quarter and full year 2024 financial results, highlighting advancements in its ophthalmology pipeline and a focus on targeted therapeutics for severe eye diseases [1]. Research and Development Pipeline Highlights - The company is prioritizing its ophthalmology pipeline programs aimed at providing new treatment options for severe eye diseases, particularly retinopathies [2]. - Surrozen is leveraging its expertise in Wnt biology and antibody technologies to develop these treatment options [2]. Other Business Highlights - Surrozen completed the first closing of a two-tranche financing, raising $175 million in total gross proceeds to fund multiple ophthalmology programs through Phase 1 studies [3][4]. Financial Results for the Fourth Quarter and Full Year 2024 - Cash and cash equivalents stood at $34.6 million as of December 31, 2024, an increase from $31.0 million as of September 30, 2024, but a decrease from $36.0 million as of December 31, 2023 [5]. - Collaboration and license revenue for the full year 2024 was $10.0 million, compared to zero in 2023, attributed to a milestone achieved under a collaboration agreement [6]. - Research service revenue from related parties was $0.7 million for both the fourth quarter and full year 2024, compared to zero in 2023 [7]. - Research and development expenses decreased to $21.1 million for the full year 2024 from $27.2 million in 2023, primarily due to restructuring efforts [8]. - General and administrative expenses were $15.1 million for the full year 2024, slightly down from $15.8 million in 2023 [9]. - The net loss for the full year 2024 was $63.6 million, compared to a net loss of $43.0 million in 2023 [14]. Balance Sheet Overview - Total assets as of December 31, 2024, were $48.5 million, an increase from $46.1 million in 2023 [25]. - Current liabilities were $7.3 million, slightly up from $7.1 million in 2023 [25]. - The accumulated deficit increased to $285.3 million as of December 31, 2024, from $221.7 million in 2023 [25].

Company Focus and Strategy - The company is prioritizing its ophthalmology pipeline programs, aiming to provide new or improved treatment options for severe eye diseases [1][4] - Surrozen will focus its expertise in Wnt biology and modulation antibody technologies on ophthalmology, particularly for retinopathies [1][4] - The company has announced an oversubscribed financing of $175 million to fund multiple ophthalmology programs through Phase 1 studies [1][7] Product Development - The lead candidates for treating retinopathies are SZN-8141 and SZN-8143, which target Frizzled 4 (Fzd4) and Vascular Endothelial Growth Factor (VEGF) pathways [2][5] - SZN-8141 combines Fzd4 agonism and VEGF antagonism, while SZN-8143 adds interleukin-6 (IL-6) antagonism, potentially offering advantages over existing treatments [5][6] - Preclinical data indicate that both SZN-8141 and SZN-8143 can stimulate Wnt signaling, promote normal retinal vessel regrowth, and suppress pathological growth [6] Discontinuation of Other Programs - The company has decided to discontinue the development of SZN-043 for severe alcohol-associated hepatitis due to insufficient early signals of clinical benefit [3][4] Financing Details - The financing consists of two tranches: the first closing will issue approximately 6 million units for gross proceeds of about $70 million, and the second closing will issue about 9 million units for approximately $105 million [8][9] - The private placement was priced at $11.60 per unit, which includes common stock and warrants [8][9] - The financing was led by Venrock Healthcare Capital Partners and includes participation from various life sciences investors [10] Collaboration and Future Prospects - Surrozen has a strategic partnership with Boehringer Ingelheim for the development of SZN-413, which targets retinal diseases [15] - The partnership includes an upfront payment of $12.5 million and potential milestone payments totaling up to $587 million [15]

Core Viewpoint - Surrozen, Inc. is prioritizing its ophthalmology pipeline programs, focusing on developing new treatment options for severe eye diseases, while announcing an oversubscribed financing of $175 million to support these initiatives [1][4]. Financing Overview - The company has secured a private placement of up to $175 million in gross proceeds, structured in two tranches to fund multiple ophthalmology programs through Phase 1 studies [1][7]. - The initial closing is expected to yield approximately $70 million from the issuance of 6,034,494 units at a purchase price of $11.60 per unit [8]. - The second closing is anticipated to generate an additional $105 million, contingent upon FDA clearance for SZN-8141, with investors committing to purchase 9,051,742 units at the same price [9][10]. Ophthalmology Pipeline - Surrozen is focusing on its Wnt biology expertise to develop treatments for various retinopathies, with lead candidates SZN-8141 and SZN-8143 targeting multiple eye diseases [2][4]. - SZN-8141 combines Frizzled 4 (Fzd4) agonism and Vascular Endothelial Growth Factor (VEGF) antagonism, while SZN-8143 adds interleukin-6 (IL-6) antagonism, potentially offering advantages over existing single-agent therapies [5][6]. - The company believes these candidates can stimulate Wnt signaling, promote normal retinal vessel regrowth, and suppress pathological growth, differentiating them from current treatments [6]. Discontinuation of Other Programs - Surrozen has decided to discontinue the development of SZN-043 for severe alcohol-associated hepatitis due to insufficient early signals of clinical benefit despite initial safety and tolerability [3][4]. Strategic Partnerships - The company has a strategic partnership with Boehringer Ingelheim for the development of SZN-413, which targets retinal diseases, with potential milestone payments and royalties for Surrozen [15]. Company Overview - Surrozen is a biotechnology firm focused on discovering and developing drug candidates that selectively modulate the Wnt pathway, with a current emphasis on ophthalmology [16].

Company Overview - Surrozen, Inc. is a clinical stage biotechnology company focused on discovering and developing drug candidates that selectively modulate the Wnt pathway for tissue repair and regeneration [2] - The company is currently concentrating on developing tissue-specific antibodies aimed at treating severe liver and eye diseases [2] Upcoming Events - Craig Parker, President and CEO of Surrozen, will present at two healthcare investor conferences: - Guggenheim's Inaugural Healthcare Innovation Conference on November 13, 2024, at 3:00 PM ET [1] - Stifel 2024 Healthcare Conference on November 19, 2024, at 2:25 PM ET [1] - Live audio webcasts for these conferences will be accessible via the Investors section of the Surrozen website, with replays archived afterward [1]

Financial Performance - Collaboration and license revenue increased by $10.0 million for the three months ended September 30, 2024, due to the recognition of a milestone achieved under the collaboration and licensing agreement in September 2024 [114]. - Total operating expenses decreased by 22% to $8.8 million for the three months ended September 30, 2024, compared to $11.2 million in the same period of 2023 [113]. - The net loss for the three months ended September 30, 2024, was $1.4 million, an improvement of 86% compared to a net loss of $10.4 million in the same period of 2023 [113]. - Loss from operations improved by $19.1 million, or 53%, to $(16.9) million for the nine months ended September 30, 2024, compared to $(36.1) million for the same period in 2023 [120]. - The net loss for the nine months ended September 30, 2024, was $(35.5) million, compared to $(34.1) million for the same period in 2023, representing an increase of $1.4 million, or 4% [120]. Research and Development - Research and development expenses decreased by 15% to $5.2 million for the three months ended September 30, 2024, compared to $6.1 million in the same period of 2023 [113]. - Research and development expenses for SZN-1326 decreased by $3.2 million, or 71%, to $1.3 million for the nine months ended September 30, 2024, due to workforce reductions and discontinuation of clinical development [122]. - The Phase 1a study of SZN-043 was completed in February 2024, demonstrating acceptable safety and tolerability, with plans to initiate enrollment in the Phase 1b study [102]. - Anticipated proof-of-concept data from the Phase 1b clinical trial of SZN-043 is expected in the first half of 2025 [102]. Cash and Capital - The company had an accumulated deficit of $257.2 million and cash and cash equivalents of $31.0 million as of September 30, 2024 [109]. - The company received approximately $16.0 million in net proceeds from a private placement in April 2024, with potential additional gross proceeds of approximately $175.5 million if warrants are exercised in full [130]. - The net cash used in operating activities for the nine months ended September 30, 2024, was $21.1 million, compared to $33.1 million for the same period in 2023 [137]. - Cash provided by financing activities for the nine months ended September 30, 2024, was $16.1 million, primarily from the issuance and sale of common stock [139]. - The company expects to require substantial additional capital to fund operations and product development in the foreseeable future [134]. Expenses and Cost Management - Total research and development expenses decreased by $0.9 million, or 15%, to $5.2 million for the three months ended September 30, 2024, compared to $6.1 million for the same period in 2023 [115]. - General and administrative expenses decreased by $1.0 million, or 9%, to $11.2 million for the nine months ended September 30, 2024, compared to $12.2 million for the same period in 2023 [123]. - The company expects to incur increased expenses as it expands its pipeline and advances product candidates through clinical development [110]. Strategic Collaborations - A strategic research collaboration with TCGFB, Inc. was established in October 2024, with potential payments of up to $6.0 million for antibody discovery services [111]. - SZN-413, a bi-specific antibody for retinal vascular-associated diseases, received a $10.0 million milestone payment from Boehringer Ingelheim in September 2024 [105]. Future Outlook and Risks - The company anticipates continued net losses due to increased costs related to research and development activities and compliance with public company requirements [127]. - The company has not generated revenue from product sales and relies on partnerships and milestone payments for funding [134]. - The company anticipates that future financing through equity sales may lead to stockholder dilution [135]. - The company is subject to risks associated with obtaining regulatory approvals for product candidates, which may impact future funding requirements [134]. - Inflation is expected to increase costs related to labor, research, and clinical trials, potentially affecting the company's financial condition [144]. - The company remains classified as an emerging growth company, allowing it to take advantage of reduced reporting requirements under the JOBS Act [141].

Core Insights - Surrozen, Inc. is making significant progress in its clinical trials, particularly with SZN-043 for severe alcohol-associated hepatitis, with proof-of-concept data expected in the first half of 2025 [1][3][17] - The company has also expanded its research pipeline with new preclinical ophthalmology product candidates and received a $10 million milestone payment from Boehringer Ingelheim for the development of SZN-413 [1][9][10] Research and Development Pipeline Highlights - SZN-043 is currently in a Phase 1b trial for severe alcohol-associated hepatitis, with enrollment ongoing across nine sites in five countries [3][17] - Initial results from the first cohort of the Phase 1b trial showed no serious adverse events and potential clinical benefits, including reductions in bilirubin and MELD scores [4][5][17] - Surrozen has nominated a portfolio of novel ophthalmology candidates targeting Fzd4, leveraging its expertise in antibody engineering [5][9] Financial Performance - As of September 30, 2024, Surrozen reported cash and cash equivalents of $31.0 million, down from $37.8 million as of June 30, 2024 [11] - Collaboration and license revenue for Q3 2024 was $10 million, a significant increase from zero in the same period of 2023, attributed to the milestone payment from Boehringer Ingelheim [12] - Research and development expenses decreased to $5.2 million in Q3 2024 from $6.1 million in Q3 2023, reflecting a restructuring to focus on clinical programs [13] Corporate Updates - Surrozen entered a strategic partnership with Boehringer Ingelheim in Q4 2022 for the development of SZN-413, which has now progressed to further development and clinical testing [9][19] - A new research collaboration with TCGFB was announced to discover antibody therapeutics targeting TGF-β, with potential payments to Surrozen of up to $6 million [10]

Core Viewpoint - Surrozen, Inc. has announced a strategic research collaboration with TCGFB, Inc. to develop antibody therapeutics targeting TGF-β for the treatment of idiopathic pulmonary fibrosis (IPF) [1][4]. Group 1: Collaboration Details - Surrozen will provide antibody discovery services for up to two years, with TCGFB owning all related intellectual property [2]. - TCGFB will compensate Surrozen with up to $6 million and issue warrants for up to 3,380,000 shares of TCGFB common stock at an exercise price of $0.0001 per share, contingent on certain vesting conditions [2]. Group 2: Company Background - Surrozen is a clinical-stage biotechnology company focused on discovering and developing drug candidates that selectively modulate the Wnt pathway, with a current emphasis on severe liver and eye diseases [3]. - TCGFB is a biotechnology company founded by The Column Group, concentrating on novel antibodies targeting TGF-β for IPF treatment [4]. Group 3: Leadership Statement - Craig Parker, President and CEO of Surrozen, expressed enthusiasm for the collaboration, highlighting the potential of targeting TGF-β as a novel therapeutic approach for IPF [3].

Core Insights - Boehringer Ingelheim is advancing the development of SZN-413, a bi-specific antibody targeting Frizzled Class Receptor 4 (Fzd4) for potential clinical testing [1][3] - SZN-413 aims to restore retinal function in patients with retinal vascular diseases, which affect nearly 150 million people globally [2][4] - The partnership between Surrozen and Boehringer Ingelheim includes a $10 million payment to Surrozen as part of the agreement [1][4] Company Overview - Surrozen is a clinical-stage biotechnology company focused on discovering and developing drug candidates that selectively modulate the Wnt pathway, particularly for severe liver and eye diseases [6] - The company utilizes its proprietary SWAP™ technology to create targeted therapeutics aimed at tissue repair and regeneration [1][5] Partnership Details - The strategic partnership with Boehringer Ingelheim was established in Q4 2022, granting Boehringer an exclusive worldwide license to develop SZN-413 and other related molecules [4] - The agreement includes an upfront payment of $12.5 million and potential success-based milestone payments totaling up to $586.5 million, along with royalties on sales [4] Scientific Background - Wnt signaling is crucial for the development and regeneration of various organs, including the retina, and has potential therapeutic applications for degenerative diseases [5] - Preclinical data suggest that SZN-413 may stimulate Wnt signaling in the eye, promoting normal retinal vessel regrowth and reducing pathological vessel growth [2][5]

Core Insights - Surrozen is advancing targeted protein degradation (TPD) technologies to enhance Wnt-signal activation for treating liver diseases, specifically through the development of ASGR-targeted bispecific antibodies [1][7][10] - The company has initiated a Phase 1b clinical trial for SZN-043, focusing on severe alcohol-associated hepatitis, with proof-of-concept data expected in the first half of 2025 [3][9] Group 1: TPD Technologies and Research - The publication highlights the development of two new ASGR-targeted SWEETS bispecific antibodies that activate Wnt signaling through a unique TPD platform, enhancing liver function in mouse models [1][8] - A review article published in iScience summarizes the progress in Wnt activating platforms, emphasizing the potential of Wnt agonists in treating tissue degenerative diseases [2] Group 2: Clinical Development - SZN-043 is the first candidate utilizing Surrozen's SWEETS technology, having completed a Phase 1a clinical trial demonstrating safety and target engagement [3][9] - The Phase 1b clinical trial for SZN-043 began enrollment in Q2 2024, with expectations for proof-of-concept data in early 2025 [9] Group 3: Company Overview - Surrozen is a clinical-stage biotechnology company focused on discovering and developing drug candidates that selectively modulate the Wnt pathway, targeting severe liver and eye diseases [5][10] - The company's proprietary technologies aim to overcome limitations in pursuing the Wnt pathway as a therapeutic strategy, with a focus on tissue-specific antibodies [10]