$SRZN

Surrozen, Inc./DE

CIK:0001824893|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Research service revenue - related party	$ 5,000	$ 983	$ 10,000	$ 1,966
Total revenue	5,000	983	10,000	1,966
Operating expenses:
Research and development	8,484	6,042	17,812	12,600
General and administrative	6,886	3,958	13,014	7,934
Total operating expenses	15,370	10,000	30,826	20,534
Loss from operations	(10,370)	(9,017)	(20,826)	(18,568)
Interest income	938	1,025	1,850	1,321
Loss on amendment and cancellation of warrants	0	0	0	(2,073)
Loss on execution of the 2025 PIPE	0	0	0	(71,084)
Gain (loss) on change in fair value of tranche liability	39,248	31,520	(37,607)	47,860
Gain on settlement of tranche liability	0	0	0	1,117
Other income (expense), net (Note 3)	20,361	16,218	(20,745)	54,203
Net income (loss) and comprehensive income (loss)	50,177	39,746	(77,328)	12,776
Net income (loss) available to (attributable to) common stockholders, basic	32,038	21,808	(77,328)	5,210
Net income (loss) available to (attributable to) common stockholders, Diluted	$ (9,395)	$ 21,808	$ (77,328)	$ 5,210
Net income (loss) per share available to (attributable to) common stockholders, Basic	$ 2.75	$ 2.55	$ (6.84)	$ 0.85
Net income (loss) per share available to (attributable to) common stockholders, Diluted	$ (0.41)	$ 2.55	$ (6.84)	$ 0.85
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, Basic	11,663	8,541	11,308	6,098
Weighted-average shares used in computing net income (loss) per share available to (attributable to) common stockholders, Diluted	23,146	8,541	11,308	6,098
Collaboration and license revenue [Member]
Research service revenue - related party	$ 5,000	$ 0	$ 10,000	$ 0
Research service revenue [Member]
Research service revenue - related party	$ 0	$ 983	$ 0	$ 1,966

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net (loss) income	$ 50,177	$ 39,746	$ (77,328)	$ 12,776
Adjustments to reconcile net (loss) to net cash used in operating activities:
Depreciation and amortization			116	431
Stock-based compensation			4,998	1,828
Non-cash operating lease expense			900	901
Loss on amendment and cancellation of warrants	0	0	0	2,073
Loss on execution of the 2025 PIPE	0	0	0	71,084
Transaction costs allocated to pre-funded warrants and warrants issued in connection with the 2025 PIPE			0	2,777
Change in fair value of tranche liability			37,607	(47,860)
Change in fair value of warrant liabilities			20,753	(56,698)
Gain on settlement of tranche liability	0	0	0	(1,117)
Non-cash consideration received in connection with research service revenue			0	(462)
Gain on foreign currency remeasurement			0	(278)
Changes in operating assets and liabilities:
Accounts receivable			(5,000)	0
Accounts receivable -related party			208	250
Prepaid expenses and other current assets			(255)	763
Other assets			31	36
Accounts payable			345	48
Accrued and other liabilities			(1,962)	(989)
Operating Lease liabilities			(323)	(955)
Net cash used in operating activities			(19,910)	(15,392)
Investing activities:
Purchases of property and equipment			(139)	(45)
Net cash used in investing activities			(139)	(45)
Financing activities:
Proceeds from issuance of common stock under the ATM program, net of issuance costs			26,858	0
Proceeds from issuance of common stock upon exercise of warrants			5,535	0
Proceeds from issuance of common stock, pre-funded warrants and warrants in the 2025 PIPE, net of transaction costs			0	71,201
Proceeds from issuance of common stock upon exercise of options			183	0
Proceeds from issuance of common stock upon employee stock plan purchases			214	61
Net cash provided by financing activities			32,790	71,262
Net increase in cash, cash equivalents and restricted cash			12,741	55,825
Cash, cash equivalents and restricted cash at beginning of period			89,933	35,253
Cash, cash equivalents and restricted cash at end of period	102,674	91,078	102,674	91,078
Supplemental disclosure of noncash investing and financing activities:
Issuance of common stock upon exercise of pre-funded warrants			0	677
Reconciliation Of Cash Cash Equivalents And Restricted Cash To Consolidated Balance Sheets Abstract
Cash and cash equivalents	102,039	90,390	102,039	90,390
Restricted cash	635	688	635	688
Cash, cash equivalents and restricted cash	$ 102,674	$ 91,078	$ 102,674	$ 91,078

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 102,039	$ 89,245
Accounts receivable	5,000	0
Accounts receivable - related party	0	208
Prepaid expenses and other current assets	2,361	2,106
Total current assets	109,400	91,559
Property and equipment, net	456	433
Operating lease right-of-use assets	5,100	6,000
Restricted cash	635	688
Other assets	15	46
Total assets	115,606	98,726
Current liabilities:
Accounts payable	1,073	728
Accrued and other liabilities	5,950	7,912
Lease liabilities, current portion	1,988	1,290
Total current liabilities	9,011	9,930
Lease liabilities, noncurrent portion	4,328	5,349
Tranche liability	196,269	158,662
Warrant liabilities	124,663	112,547
Total liabilities	334,271	286,488
Commitments and contingencies (Note 7)
Stockholders' deficit:
Preferred stock, $0.0001 par value, 10,000 shares authorized; no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value, 500,000 shares authorized as of June 30, 2026 and December 31, 2025; 11,754 and 9,775 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in-capital	385,947	339,522
Accumulated deficit	(604,613)	(527,285)
Total stockholders' deficit	(218,665)	(187,762)
Total liabilities and stockholders' deficit	$ 115,606	$ 98,726