Financial Performance - For the three months ended June 30, 2024, the net loss increased to 9.4 million for the same period in 2023[90]. - The company had an accumulated deficit of 37.8 million as of June 30, 2024[85]. - The company expects to continue incurring net losses due to increased expenses related to research and development activities[102]. - The company has not generated revenue from product sales and relies on collaboration and license revenue[107]. Research and Development - Research and development expenses for the three months ended June 30, 2024, were 6.9 million in the same period of 2023[90]. - The company completed the Phase 1a study of SZN-043 in February 2024, demonstrating acceptable safety and tolerability, and has initiated enrollment in the Phase 1b clinical trial[82]. - SZN-043 program expenses increased by 4.4 million, or 30%, to 15.0 million for the same period in 2023[97]. - The company anticipates proof-of-concept data from the Phase 1b clinical trial in the first half of 2025[82]. Operating Expenses - The total operating expenses for the six months ended June 30, 2024, were 24.9 million in the same period of 2023[96]. - General and administrative expenses decreased by 3.4 million, primarily due to a 3.6 million for the six months ended June 30, 2024, primarily due to a 16.1 million for the six months ended June 30, 2024, primarily from a private placement[112]. - The company entered into a private placement in April 2024, raising approximately 175.5 million if warrants are fully exercised[105]. Economic Conditions - Inflation has increased and is expected to continue to rise, impacting labor costs and research expenses[118]. - The company does not believe inflation has materially affected its financial condition during the reported periods, but future costs may increase[118]. - Greater uncertainty in economic conditions and stock price volatility may arise due to inflation[118].
Surrozen(SRZN) - 2024 Q2 - Quarterly Report