Surrozen, Inc.

What they do

Surrozen is focused on discovering and developing multi-specific, antibody-based product candidates that modulate the Wnt signaling pathway, a critical mediator of tissue repair, with a current strategic focus on ophthalmology. Its lead candidates, SZN-8141 and SZN-8143, are being developed for diabetic macular edema (DME), neovascular age-related macular degeneration (wet AMD), and uveitic macular edema. SZN-8141 combines Frizzled 4 agonism and VEGF antagonism; SZN-8143 adds IL-6 antagonism. The company also has research-stage programs in corneal endothelial disease.

Revenue drivers

• Collaboration and license revenue (Boehringer Ingelheim) — Revenue from a collaboration and license agreement with Boehringer Ingelheim for SZN-413; a milestone was achieved in June 2026 following initiation of a Phase 1 study.
• Research service revenue (related party) — Provides research services under a collaboration with TCGFB, Inc.; this agreement was terminated effective November 2025, reducing this revenue to zero in 2026.

Recent performance

In Q2 2026, Surrozen reported total revenue of $5.0 million, all from a Boehringer Ingelheim milestone, compared to no collaboration revenue in Q2 2025. Research service revenue was zero in Q2 2026, down from $1.0 million in Q2 2025. Cash and cash equivalents were $102.0 million as of June 30, 2026, down from $106.9 million at March 31, 2026. The company has a history of net losses, with 2025 net income of $-242.0 million and diluted EPS of $-32.37.

Strategy

Surrozen is focused on building an ophthalmology franchise centered on Wnt biology, with plans to advance SZN-8141 into clinical development. The company expects to submit an IND for SZN-8141 by the end of Q3 2026 and initiate the DUET Phase 1b/2a trial in DME by year-end 2026. It is also developing SZN-8143 and evaluating additional ophthalmic indications. The company plans to develop SZN-8141 in wet AMD and is evaluating other retinal vascular diseases.

Risks

• No approved products — Surrozen has no product candidates that have received regulatory approval, and its ability to achieve profitability depends on obtaining approvals and successfully commercializing candidates.
• History of losses and need for funding — The company has a history of significant losses and expects to continue incurring losses; it will need substantial additional funds to advance its development programs.
• Clinical development uncertainties — SZN-8141 is not yet in clinical trials; failure to demonstrate safety and efficacy in the planned Phase 1b/2a study would materially harm the company.
• Reliance on collaboration revenue — A portion of revenue depends on collaboration agreements, such as the Boehringer Ingelheim license, and the termination of the TCGFB research collaboration has already reduced revenue.

Outlook

Management expects to submit the IND for SZN-8141 by the end of Q3 2026 and to initiate the DUET Phase 1b/2a study in DME by year-end 2026, with initial data anticipated in the second half of 2027. The company also plans to develop SZN-8141 in wet AMD and is evaluating other retinal vascular diseases. Additionally, a development milestone under the Boehringer Ingelheim agreement was achieved in June 2026.