Summary of Surrozen (SRZN) FY Conference - August 13, 2025 Company Overview - Surrozen is a biotechnology company focused on modulating the Wnt pathway, which is clinically validated for large markets in ophthalmology [1][2] Core Industry Insights - The Wnt pathway has garnered significant interest from major pharmaceutical companies such as Merck, Roche, and Boehringer Ingelheim due to its potential in treating diabetic macular edema and improving visual acuity outcomes [2] - Surrozen has developed a broad pipeline of ophthalmology development candidates targeting prevalent retinal and corneal diseases with significant unmet needs [2][5] Key Developments and Innovations - Surrozen's approach involves using bispecific and multispecific antibody technologies to activate Wnt signaling, which was previously considered undruggable [4] - The company has established a strong intellectual property position in activating Wnt signaling with antibodies, with their patent cited as prior art in a withdrawn Merck patent [2] - The most advanced candidate, SCN413, targets Frizzled four and has shown superior effects in preclinical models compared to existing treatments like Eylea [12][13] Clinical Data and Pipeline - SCN413 demonstrated a compelling treatment effect in rabbit and rodent models, significantly reducing vessel leakage and normalizing retinal vascular anatomy [12][13] - Surrozen is advancing additional molecules, including SCN8141 and SCN8143, which incorporate VEGF and IL-6 inhibition, aiming to improve treatment efficacy and reduce the frequency of injections [15][16] - The company is also exploring treatments for Fuchs endothelial dystrophy, showing promising results in improving corneal clarity and thickness in preclinical models [17][19] Market Opportunities - The market for treating Fuchs endothelial dystrophy is significant, with a high unmet need for effective therapies beyond current transplant options [17] - Dry AMD and geographic atrophy represent another area of focus, with current therapies being limited and a strong need for new mechanisms to preserve vision [20][21] Future Outlook - Surrozen aims to report progress and clinical outcomes in 2025 and 2026, highlighting its commitment to addressing high-need areas in ophthalmology [23]

Core Viewpoint - Surrozen, Inc. is advancing its ophthalmology pipeline with a focus on developing novel treatments for severe eye diseases, supported by key leadership appointments and patent issuances [1][4][5]. Business Highlights - The company is leveraging its expertise in Wnt biology and antibody technologies to develop treatments for retinal diseases [2]. - Surrozen's lead candidates, SZN-8141 and SZN-8143, are progressing towards clinical development, with an IND application for SZN-8141 expected in 2026 [5]. Key Events in Second Quarter 2025 - The appointment of Dr. Daniel Chao as Vice President of Clinical Development is expected to enhance the company's clinical capabilities [4]. - The formation of a Clinical Advisory Board consisting of leading retinal specialists aims to guide the clinical development of the ophthalmology pipeline [5]. - Surrozen presented preclinical data for SZN-8141 and SZN-8143 at major conferences, showcasing their potential in promoting retinal vessel regrowth [5]. Financial Highlights - As of June 30, 2025, Surrozen reported cash and cash equivalents of $90.4 million, down from $101.6 million as of March 31, 2025 [6]. - The company achieved a net income of $39.7 million, or $2.55 per share, for the quarter, a significant improvement from a net loss of $25.3 million, or ($7.99) per share, for the same period in 2024 [8]. - Research and development expenses increased to $6.0 million from $5.3 million year-over-year, reflecting higher manufacturing and lab costs [11]. Ophthalmology Pipeline - SZN-8141 is designed to treat diabetic macular edema (DME) and wet age-related macular degeneration (AMD) by combining Frizzled 4 (Fzd4) agonism and VEGF antagonism [9]. - SZN-8143 targets DME, wet AMD, and uveitic macular edema (UME) through a combination of Fzd4 agonism, VEGF antagonism, and interleukin-6 (IL-6) antagonism [10]. - SZN-413, another candidate, is being developed for retinal vascular-associated diseases and has shown promise in preclinical models [12].

Core Viewpoint - Surrozen, Inc. is focusing on its ophthalmology pipeline, particularly targeting severe eye diseases, and has announced its financial results for Q1 2025, highlighting a strategic pivot and financial updates [1][4]. Business Highlights - The company has shifted its focus to developing treatments for severe eye diseases such as age-related macular degeneration (AMD) and diabetic retinopathy, discontinuing the development of SZN-043 for severe alcohol-associated hepatitis due to insufficient clinical benefits [2][3]. - Surrozen is advancing its lead ophthalmology candidates, SZN-8141 and SZN-8143, towards clinical studies, with SZN-8141 expected to file an Investigational New Drug (IND) application in 2026 [3]. - The company has a collaboration with Boehringer Ingelheim for SZN-413, aimed at retinal vascular-associated diseases [3]. Financial Highlights - As of March 31, 2025, Surrozen's cash and cash equivalents were $101.6 million, a significant increase from $34.6 million as of December 31, 2024, due to $76.4 million raised from a private placement [5]. - Research service revenue from a related party was $1.0 million for the quarter, compared to zero in the same period of 2024, attributed to collaboration with TCGFB, Inc. [6]. - Research and development expenses increased to $6.6 million from $5.2 million in Q1 2024, reflecting costs associated with prioritizing ophthalmology programs [8]. - The net loss for Q1 2025 was $27.0 million, or ($7.43) per share, compared to a net loss of $8.8 million, or ($4.24) per share, for the same period in 2024 [10]. Ophthalmology Portfolio - SZN-8141 combines Frizzled 4 (Fzd4) agonism and Vascular Endothelial Growth Factor (VEGF) antagonism, potentially offering advantages over existing treatments for diabetic macular edema (DME) and wet AMD [11]. - SZN-8143 incorporates Fzd4 agonism, VEGF antagonism, and interleukin-6 (IL-6) antagonism, which may provide benefits over single-agent therapies for DME, wet AMD, and uveitic macular edema [12]. - SZN-413 is a bi-specific antibody targeting Fzd4-mediated Wnt signaling, showing promise in preclinical models for retinal vascular-associated diseases [13]. Company Overview - Surrozen is a biotechnology company focused on developing tissue-specific antibodies to modulate the Wnt pathway, with a current emphasis on ophthalmology and addressing severe diseases [14].