Surrozen ended 2025 with cash and cash equivalents of $89.2 million, up from $34.6 million a year earlier, bolstered by $26.9 million raised through its ATM program and $3.3 million from warrant exercises. The company reported zero collaboration revenue for 2025, research service revenue of $3.5 million, and a non-cash loss of $20.4 million related to warrant issuances.

Surrozen plans to submit an investigational new drug application for SZN-8141 in the second half of 2026 and will present preclinical Wnt signaling data at the ARVO Annual Meeting on May 4, 2026. In March 2026, the company received a $5.0 million milestone payment from Boehringer Ingelheim for achieving a research milestone on SZN-413.

R&D expenses rose to $29.4 million for the year ended December 31, 2025, compared with $21.1 million in 2024, reflecting increased manufacturing, lab and consulting costs for ophthalmology programs, offset by lower clinical expenses following the discontinuation of SZN-043. G&A expenses increased to $16.2 million, driven by higher professional service fees, while interest income grew to $3.0 million due to a larger cash balance.