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what it is
Surrozen is trying to turn tissue-repair biology into eye drugs, while most of its current revenue still comes from partner payments.
how it gets paid
Last year Surrozen made $11M in revenue. Boehringer milestone revenue was the main engine at $10M, or 91% of sales.
what just happened
Latest quarter revenue was $3M, but the bigger number was the -$8.49 EPS loss.
At a glance
C++ balance sheet — some cracks in the foundation
-$14.72 FY2024 EPS (GAAP · per KPI row)
$11M fy2024 rev est
heavy operating losses — margin % not meaningful
1.2 beta
xvary composite: 39/100 — weak
What they do
Surrozen is trying to turn tissue-repair biology into eye drugs, while most of its current revenue still comes from partner payments.
Its edge is the Wnt pathway platform. Platform → repeatable drug-design system → one biology engine can feed several diseases. You are paying for a small team aiming the same core science at multiple tissues: on this page, SZN-413 is the near-term 2026 IND focus, while SZN-8141 is a separate ophthalmology-facing asset—do not merge the two names into one program.
How they make money
$11M
annual revenue
Boehringer milestone revenue
$10M
up from $0M
research service revenue
$1M
not disclosed
collaboration license revenue ex-milestone
$0M
flat
product sales
$0M
flat
The products that matter
Wnt-activating antibody platform
SWAP™ Platform
platform value driver
it underpins the entire pipeline. With only $11M in revenue and no approved drugs, the platform is the story and the risk.
all-or-nothing science
lead ophthalmology candidate
SZN-413
2026 IND catalyst
this is the lead program. Management expects an IND filing in 2026, and that milestone could trigger a $100M payment if it clears the needed gates.
the number that matters
partner-funded research work
Research Services
$1M revenue
it contributed just $1M of the $11M revenue base. useful for funding, not enough to justify a $216M valuation on its own.
thin support
Key numbers
n/m
operating margin
At ~$11M revenue and deep R&D, use operating loss dollars, not vendor “positive margin %” artifacts. Roughly $2.40+ operating loss per $1 revenue in the 2024 framing from the hook.
$11M
annual revenue
This is the whole top line for 2024, which is tiny against a roughly $216M market cap.
$6M
long-term debt
Debt is just 3% of capital, so your main risk is failed execution, not a balance-sheet squeeze.
-$14.72
2024 EPS
EPS → profit per share → shareholders absorbed a $14.72 loss per share in 2024.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $6M (3% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for SRZN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue was $3M, but the bigger number was the -$8.49 EPS loss.
Revenue grew 200% vs. prior year, but the company still posted a very large per-share loss. That is biotech in one sentence: small revenue, giant expense base.
$3M
qtr revenue
-$8.49
eps (Q)
$11M
2024 revenue
the number that mattered
The key number was -$8.49 EPS because it shows revenue growth is still too small to cover the cost of developing the pipeline.
source: company filings, 2024
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What could go wrong
the #1 risk is an SZN-413 delay or failure before the 2026 IND filing.
high
SZN-413 is carrying the story
The market cap is about $216M, while annual revenue is only $11M. If the lead program disappoints, there isn't an approved product portfolio underneath to catch the valuation.
valuation concentration: very high
high
Cash burn can force dilution
FY2024 EPS printed about -$14.72 (GAAP), the balance sheet grade is C++, and only $10M of revenue came from a milestone payment. That is not self-funding. If development runs long, new capital likely comes at shareholders' expense.
share count risk: real
med
Milestone revenue is lumpy by definition
$10M of the $11M revenue base came from collaboration and license activity. Miss a milestone and revenue can drop faster than operating costs do. That's how biotech income statements go from thin to invisible.
revenue quality: weak
med
Management depth matters more in a two-asset story
The CFO change and board resignation are not thesis-breakers by themselves. In a company this small, though, leadership transitions hit harder because there are fewer buffers between strategy, financing, and execution.
execution risk: elevated
A failed or delayed IND does more than hurt sentiment. It pressures the path to a potential $100M payment while leaving you with a business that generated only $11M in annual revenue and no approved drug sales.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
2026 IND filing for SZN-413
This is the next real inflection point. It matters because management says it could trigger a $100M payment, which is nearly half the current $216M market cap.
financial
Whether milestone cash turns into runway
SRZN booked $10M from collaboration and license revenue. Watch what management says next about cash usage and how long that payment actually funds the pipeline.
management
CFO execution after the leadership change
Andrew Maleki's job is not cosmetic. With FY2024 EPS near -$14.72 per share and a C++ balance sheet, financing discipline is part of the investment case.
street view
Whether analyst optimism spreads beyond one upgrade
Guggenheim's $45 price target is a bold call from a $21.62 stock. What matters next is whether that view gets validated by data or stays a lone vote of confidence.
Analyst rankings
street stance
buy
Guggenheim upgraded SRZN to Buy. in human-speak, at least one analyst is underwriting the 2026 catalyst instead of the current income statement.
named target
$45
Against a $21.62 share price, that implies a large re-rating if execution goes right. It also tells you the debate is about probability, not present fundamentals.
what's missing
thin
Coverage looks limited in this snapshot. Thin analyst coverage cuts both ways: less validation when things go right, less support when they don't.
source: institutional data
Institutional activity
institutional ownership data for SRZN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$22
current price
n/a
target midpoint · n/a from current
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