SRZN Stock — Surrozen Inc.: Cash, EV, Pipeline

What they do

We are a biotechnology company committed to discovering and developing product candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair. Our current strategic focus is ophthalmology, where Wnt signaling plays a central role in retinal vascular integrity, barrier function, and tissue maintenance.

Source: 10-K FY2025 via SEC EDGAR

Share price

$32.41

Market cap

$610.0M

Cash

$102.0M

Enterprise value

$508.0M

Balance sheet

Cash	$102.0M
Debt	$0.0M
Net cash	$102.0M
Enterprise value	$508.0M
Basic shares	11.8M shares
Fully diluted shares	36.6M shares
Fully diluted market cap	$1,186.7M
Cash per share	$8.68
Quarterly burn	$7.4M
Cash runway	13.8 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-11.

Share structure

Common

11.8M

Pre-funded warrants

1.3M

Options

2.0M

RSUs

0.8M

Warrants

20.7M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.1M

FDSO

36.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

SZN-8141 for Injection · Oct 12 - Nov 23 in 11 mo · Phase 1 · Diabetic Macular Edema (DME)

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 12 - Nov 23 in 11 mo	SZN-8141 for Injection	Phase 1	Diabetic Macular Edema (DME)	H2 2027 (initial data) Est. Oct 12, 2027 · PCD + 6 wks (Sep 28-Oct 26)

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

SZN-8141

Preclinical · Active Modality: antibody (Wnt signaling agonist)

Target Wnt pathway

Indications

diabetic macular edema (DME) (Phase 1)

Catalysts

— Q3 2026
— end of 2026

Status note Stimulated Wnt signaling and induced normal retinal vessel regrowth while suppressing pathological vessel growth in preclinical retinopathy models. DUET trial: open-label Phase 1b single-ascending-dose portion (Part 1, treatment-naive and previously treated DME) followed by randomized double-masked Phase 2a dose expansion (Part 2, treatment-naive DME).

Fzd4 program (Boehringer Ingelheim collaboration)

Phase 1 · Active Modality: antibody (bispecific)

Target Fzd4

Partnerships Boehringer Ingelheim (collaboration and license agreement, Oct 2022; research, develop, commercialize Fzd4 bi-specific antibodies)

Status note Boehringer Ingelheim initiated a Phase 1 study in June 2026, triggering a $5.0 million milestone payment to Surrozen. Indication not stated in excerpts.

SZN-043

Stage not disclosed · Terminated Modality: antibody

Status note Clinical development discontinued in Q1 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	SZN-8141 for Injection
Lead indication	Diabetic Macular Edema (DME)
Lead phase	Phase 1
Active trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07817121	Phase 1	Not yet recruiting	Sponsor	SRZN	—	Diabetic Macular Edema (DME)	H2 2027 (initial data) Est. Oct 12, 2027 · PCD + 6 wks (Sep 28-Oct 26)

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 1 active trials for Surrozen Operating, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Boxer Capital	1,172,349	+339,365	2.03%	2026-08-14
Perceptive Advisors	670,651	+274,592	0.20%	2026-08-14
Braidwell LP	390,753	-5,347	0.38%	2026-08-14
Vivo Capital	260,000	no change	0.62%	2026-08-14
Deerfield Management	166,666	no change	0.00%	2026-08-14
EcoR1 Capital	4,444	no change	0.01%	2026-08-14
ADAR1 Capital Management	0	-12,000	0.00%	2026-08-14
Ikarian Capital	0	-173,107	0.00%	2026-08-14
Stonepine Capital	0	-33,005	0.00%	2026-08-17

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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SRZN — Surrozen Inc. ☆