UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39635 Surrozen, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | | 30-1374889 | | --- | --- | --- | | ( S ...

Surrozen Reports First Quarter 2025 Financial Results and Provides Business Update SOUTH SAN FRANCISCO, Calif., May 9, 2025 (GLOBE NEWSWIRE) -- Surrozen, Inc. ("Surrozen" or the "Company") (Nasdaq: SRZN), a biotechnology company pioneering targeted therapeutics that selectively modulate the Wnt pathway for tissue repair and regeneration, with a focus on severe eye diseases, today announced financial results for the first quarter ended March 31, 2025, and provided a business update. Business Highlights Surro ...

SOUTH SAN FRANCISCO, Calif., May 09, 2025 (GLOBE NEWSWIRE) -- Surrozen, Inc. (“Surrozen” or the “Company”) (Nasdaq: SRZN), a biotechnology company pioneering targeted therapeutics that selectively modulate the Wnt pathway for tissue repair and regeneration, with a focus on severe eye diseases, today announced financial results for the first quarter ended March 31, 2025, and provided a business update. Business Highlights Surrozen has pivoted its focus to its ophthalmology pipeline, leveraging its Wnt biolog ...

Exhibit 99.1 Surrozen Provides Fourth Quarter and Full Year 2024 Financial Results and Business Updates SOUTH SAN FRANCISCO, Calif., March 31, 2025 (GLOBE NEWSWIRE) -- Surrozen, Inc. ("Surrozen" or the "Company") (Nasdaq: SRZN), a company pioneering targeted therapeutics that selectively activate the Wnt pathway for tissue repair and regeneration, with a focus on severe eye diseases, today provided fourth quarter and full year 2024 financial results and business updates. Research and Development Pipeline Hi ...

The company also completed the first closing of a two-tranche financing of $175 in aggregate gross proceeds which funds multiple ophthalmology programs through Phase 1 safety, tolerability and efficacy studies. "In 2024, we continued to leverage our research capabilities and significant expertise in antibody engineering technologies focused on Wnt signal modulation. We received notification that Boehringer planned to further develop SZN-413 to advance the compound and prepare it for clinical testing, nomina ...

Company Focus and Strategy - The company is prioritizing its ophthalmology pipeline programs, aiming to provide new or improved treatment options for severe eye diseases [1][4] - Surrozen will focus its expertise in Wnt biology and modulation antibody technologies on ophthalmology, particularly for retinopathies [1][4] - The company has announced an oversubscribed financing of $175 million to fund multiple ophthalmology programs through Phase 1 studies [1][7] Product Development - The lead candidates for treating retinopathies are SZN-8141 and SZN-8143, which target Frizzled 4 (Fzd4) and Vascular Endothelial Growth Factor (VEGF) pathways [2][5] - SZN-8141 combines Fzd4 agonism and VEGF antagonism, while SZN-8143 adds interleukin-6 (IL-6) antagonism, potentially offering advantages over existing treatments [5][6] - Preclinical data indicate that both SZN-8141 and SZN-8143 can stimulate Wnt signaling, promote normal retinal vessel regrowth, and suppress pathological growth [6] Discontinuation of Other Programs - The company has decided to discontinue the development of SZN-043 for severe alcohol-associated hepatitis due to insufficient early signals of clinical benefit [3][4] Financing Details - The financing consists of two tranches: the first closing will issue approximately 6 million units for gross proceeds of about $70 million, and the second closing will issue about 9 million units for approximately $105 million [8][9] - The private placement was priced at $11.60 per unit, which includes common stock and warrants [8][9] - The financing was led by Venrock Healthcare Capital Partners and includes participation from various life sciences investors [10] Collaboration and Future Prospects - Surrozen has a strategic partnership with Boehringer Ingelheim for the development of SZN-413, which targets retinal diseases [15] - The partnership includes an upfront payment of $12.5 million and potential milestone payments totaling up to $587 million [15]

Company prioritizes ophthalmology pipeline programs with potential to provide new or improved treatment options in multiple severe and disabling eye diseases Announces an oversubscribed financing of $175 million in gross proceeds, which funds multiple ophthalmology programs through phase 1 safety, tolerability and efficacy studies Company discontinues clinical development of SZN-043 in severe alcohol associated hepatitis SOUTH SAN FRANCISCO, Calif., March 24, 2025 (GLOBE NEWSWIRE) -- Surrozen, Inc. (“Surr ...

Company Overview - Surrozen, Inc. is a clinical stage biotechnology company focused on discovering and developing drug candidates that selectively modulate the Wnt pathway for tissue repair and regeneration [2] - The company is currently concentrating on developing tissue-specific antibodies aimed at treating severe liver and eye diseases [2] Upcoming Events - Craig Parker, President and CEO of Surrozen, will present at two healthcare investor conferences: - Guggenheim's Inaugural Healthcare Innovation Conference on November 13, 2024, at 3:00 PM ET [1] - Stifel 2024 Healthcare Conference on November 19, 2024, at 2:25 PM ET [1] - Live audio webcasts for these conferences will be accessible via the Investors section of the Surrozen website, with replays archived afterward [1]

Financial Performance - Collaboration and license revenue increased by $10.0 million for the three months ended September 30, 2024, due to the recognition of a milestone achieved under the collaboration and licensing agreement in September 2024 [114]. - Total operating expenses decreased by 22% to $8.8 million for the three months ended September 30, 2024, compared to $11.2 million in the same period of 2023 [113]. - The net loss for the three months ended September 30, 2024, was $1.4 million, an improvement of 86% compared to a net loss of $10.4 million in the same period of 2023 [113]. - Loss from operations improved by $19.1 million, or 53%, to $(16.9) million for the nine months ended September 30, 2024, compared to $(36.1) million for the same period in 2023 [120]. - The net loss for the nine months ended September 30, 2024, was $(35.5) million, compared to $(34.1) million for the same period in 2023, representing an increase of $1.4 million, or 4% [120]. Research and Development - Research and development expenses decreased by 15% to $5.2 million for the three months ended September 30, 2024, compared to $6.1 million in the same period of 2023 [113]. - Research and development expenses for SZN-1326 decreased by $3.2 million, or 71%, to $1.3 million for the nine months ended September 30, 2024, due to workforce reductions and discontinuation of clinical development [122]. - The Phase 1a study of SZN-043 was completed in February 2024, demonstrating acceptable safety and tolerability, with plans to initiate enrollment in the Phase 1b study [102]. - Anticipated proof-of-concept data from the Phase 1b clinical trial of SZN-043 is expected in the first half of 2025 [102]. Cash and Capital - The company had an accumulated deficit of $257.2 million and cash and cash equivalents of $31.0 million as of September 30, 2024 [109]. - The company received approximately $16.0 million in net proceeds from a private placement in April 2024, with potential additional gross proceeds of approximately $175.5 million if warrants are exercised in full [130]. - The net cash used in operating activities for the nine months ended September 30, 2024, was $21.1 million, compared to $33.1 million for the same period in 2023 [137]. - Cash provided by financing activities for the nine months ended September 30, 2024, was $16.1 million, primarily from the issuance and sale of common stock [139]. - The company expects to require substantial additional capital to fund operations and product development in the foreseeable future [134]. Expenses and Cost Management - Total research and development expenses decreased by $0.9 million, or 15%, to $5.2 million for the three months ended September 30, 2024, compared to $6.1 million for the same period in 2023 [115]. - General and administrative expenses decreased by $1.0 million, or 9%, to $11.2 million for the nine months ended September 30, 2024, compared to $12.2 million for the same period in 2023 [123]. - The company expects to incur increased expenses as it expands its pipeline and advances product candidates through clinical development [110]. Strategic Collaborations - A strategic research collaboration with TCGFB, Inc. was established in October 2024, with potential payments of up to $6.0 million for antibody discovery services [111]. - SZN-413, a bi-specific antibody for retinal vascular-associated diseases, received a $10.0 million milestone payment from Boehringer Ingelheim in September 2024 [105]. Future Outlook and Risks - The company anticipates continued net losses due to increased costs related to research and development activities and compliance with public company requirements [127]. - The company has not generated revenue from product sales and relies on partnerships and milestone payments for funding [134]. - The company anticipates that future financing through equity sales may lead to stockholder dilution [135]. - The company is subject to risks associated with obtaining regulatory approvals for product candidates, which may impact future funding requirements [134]. - Inflation is expected to increase costs related to labor, research, and clinical trials, potentially affecting the company's financial condition [144]. - The company remains classified as an emerging growth company, allowing it to take advantage of reduced reporting requirements under the JOBS Act [141].

Substantial enrollment progress in Phase 1b trial of SZN-043 in severe alcohol-associated hepatitis patients with proof-of-concept data expected in the first half of 2025 Nominated novel portfolio of preclinical ophthalmology product candidates to R&D pipeline Received $10 million milestone payment from Boehringer Ingelheim strategic collaboration on SZN-413 in retinal vascular associated diseases SOUTH SAN FRANCISCO, Calif., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Surrozen, Inc. (“Surrozen” or the “Company”) (Na ...