Surrozen Holds $106.9M Cash After $5M Boehringer Milestone in Q1
Surrozen ended Q1 2026 with $106.9 million in cash, up from $89.2 million at Q4 2025, and booked a $5.0 million Boehringer Ingelheim milestone payment. The company incurred $9.3 million in R&D costs and is on track to file an IND for SZN-8141 in H2 2026.
1. Q1 2026 Financial Highlights
Surrozen ended the quarter with $106.9 million in cash and cash equivalents, up from $89.2 million at year-end 2025, and recognized $5.0 million in milestone revenue from Boehringer Ingelheim. Collaboration revenue totaled $5.0 million, research service revenue was zero, R&D expenses reached $9.3 million, G&A expenses were $6.1 million, and interest income rose to $0.9 million.
2. Pipeline Progress and Milestones
The company continues advancing its lead ophthalmology candidates SZN-8141 and SZN-8143, presenting preclinical data showing that SZN-8141’s bifunctional Wnt activation and VEGF inhibition outperforms standard anti-VEGF monotherapies. In March 2026, SZN-413 achieved a GLP toxicology milestone under collaboration, triggering a $5.0 million payment.
3. IND Submission Outlook
Surrozen remains on schedule to submit an Investigational New Drug application for SZN-8141 in the second half of 2026, aiming to initiate clinical development in sight-threatening retinal diseases. The company’s Wnt pathway antibody platform underpins its strategy to address unmet needs in ophthalmic therapeutics.