Surrozen Provides Fourth Quarter and Full Year 2024 Financial Results and Business Updates

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].