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Surrozen Inc. (SRZN+6.89%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Surrozen's focus on developing biologic drug candidates to modulate the Wnt pathway, essential for tissue repair, with a current focus in ophthalmology.
Surrozen reported a net loss of $63.6 million for 2024, compared to a net loss of $43.0 million in 2023. The increase in net loss is attributed to a $20.4 million loss on issuance of common stock, pre-funded warrants, and warrants.
The company recognized $10.0 million in collaboration and license revenue from a milestone payment under its agreement with Boehringer Ingelheim for the development of SZN-413.
Research and development expenses decreased by $6.1 million to $21.1 million in 2024, primarily due to workforce reductions and the discontinuation of the SZN-1326 program.
General and administrative expenses decreased slightly to $15.1 million in 2024, reflecting reduced employee-related expenses and lower consulting fees.
Surrozen completed a private placement in March 2025, raising approximately $76.4 million to fund its ophthalmology programs.
The company had cash and cash equivalents of $34.6 million as of December 31, 2024, and anticipates needing additional capital to continue its operations.
Surrozen's strategy involves leveraging its Wnt therapeutics platform to develop a portfolio of product candidates targeting severe diseases with high unmet needs.
The filing also outlines risks related to its business operations, intellectual property, and regulatory environment, emphasizing the uncertainties inherent in drug development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Surrozen Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.