Estados financieros detallados de Surrozen, Inc. (SRZN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 99.4%, margen operativo -385.3%, margen neto -28.9%.
Al precio actual de $16.93, SRZN presenta beneficios negativos (P/E no significativo) y un ROE del 187.62%. La capitalización bursátil es de $127M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | $12.5M | 0 | $10.7M | $3.5M |
| Coste de Ventas | 0 | $2.9M | $3.3M | $3.3M | $27.2M | 0 | $537000 |
| Beneficio Bruto | 0 | -$2.9M | -$3.3M | $9.2M | -$27.2M | $10.7M | $2.9M |
| I+D | $19.6M | $25.7M | $36.9M | $37.0M | $27.2M | $21.1M | $29.4M |
| Generales y Administrativos | $5.5M | $7.1M | $14.2M | $19.8M | $15.8M | $15.1M | $16.2M |
| Gastos Operativos | $24.8M | $29.9M | $51.1M | $53.6M | $18.6M | $36.2M | $45.0M |
| Beneficio Operativo | -$25.1M | -$32.8M | -$54.4M | -$44.3M | -$45.8M | -$25.5M | -$42.1M |
| EBITDA | -$22.8M | -$31.4M | -$51.4M | -$34.0M | -$41.1M | -$62.1M | -$241.5M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$24.4M | -$32.7M | -$54.6M | -$36.0M | -$43.0M | -$63.6M | -$242.0M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$24.4M | -$32.6M | -$52.5M | -$36.0M | -$43.0M | -$63.6M | -$242.0M |
| BPA | $-61.94 | $-41.12 | $-23.40 | $-15.55 | $-21.33 | $-21.67 | $-32.37 |
| BPA Diluido | $-61.94 | $-41.12 | $-23.40 | $-15.55 | $-21.33 | $-21.67 | $-32.37 |
| Acciones en Circulación (Diluidas) | $393311 | $795599 | $2.3M | $2.3M | $2.0M | $2.9M | $7.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $983000 | $528000 | $5.0M | $5.0M |
| Beneficio Bruto | $983000 | $528000 | $4.9M | $5.0M |
| Beneficio Operativo | -$10.9M | -$12.6M | -$10.5M | -$10.4M |
| EBITDA | -$71.6M | -$183.1M | -$127.4M | $50.2M |
| Beneficio Neto | -$71.6M | -$183.2M | -$127.5M | $50.2M |
| BPA | $-8.36 | $-23.87 | $-11.65 | $2.75 |
| BPA Diluido | $-8.36 | $-23.87 | $-11.65 | $-0.41 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $29.1M | $35.0M | $33.1M | $24.7M | $36.0M | $34.6M | $89.2M |
| Inversiones a Corto | 0 | $14.2M | $68.8M | $51.1M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $2.0M | $2.2M | $2.5M | $208000 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $29.4M | $50.2M | $105.2M | $81.3M | $41.1M | $38.9M | $91.6M |
| Inmovilizado Material | $12.6M | $11.4M | $9.4M | $6.9M | $3.9M | $8.4M | $6.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $42.5M | $62.1M | $137.2M | $89.4M | $46.1M | $48.5M | $98.7M |
| Cuentas por Pagar | $972000 | $1.8M | $2.7M | $658000 | $525000 | $306000 | $728000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $3.9M | $7.3M | $13.6M | $9.7M | $7.1M | $7.3M | $9.9M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $13.1M | $14.8M | $27.5M | $13.4M | $8.1M | $69.8M | $286.5M |
| Reservas | -$55.3M | -$88.0M | -$142.6M | -$178.7M | -$221.7M | -$285.3M | -$527.3M |
| Patrimonio Neto | $29.4M | $47.3M | $109.7M | $76.0M | $37.9M | -$21.4M | -$187.8M |
| Deuda Total | $10.7M | $9.6M | $7.8M | $5.6M | $3.4M | $8.5M | $6.6M |
| Deuda Neta | -$18.4M | -$39.6M | -$94.1M | -$70.2M | -$32.7M | -$26.1M | -$82.6M |
| Capital Circulante | $25.5M | $42.9M | $91.6M | $71.6M | $34.0M | $31.6M | $81.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $81.3M | $89.2M | $106.9M | $102.0M |
| Activos Totales | $94.0M | $98.7M | $120.7M | $115.6M |
| Pasivos Totales | $117.6M | $286.5M | $398.9M | $334.3M |
| Patrimonio Neto | -$23.5M | -$187.8M | -$278.1M | -$218.7M |
| Deuda Total | $7.1M | $6.6M | $6.8M | $6.3M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$24.4M | -$32.7M | -$54.6M | -$36.0M | -$43.0M | -$63.6M | -$242.0M |
| Amortizaciones | $2.3M | $1.9M | $2.1M | $2.0M | $1.9M | $1.4M | $537000 |
| Compensación en Acciones | $790000 | $635000 | $2.3M | $4.5M | $4.4M | $4.1M | $3.8M |
| Cambio en Capital Circulante | -$1.1M | $52000 | -$221000 | -$8.4M | -$3.9M | -$836000 | $3.2M |
| Flujo de Caja Operativo | -$21.1M | -$29.1M | -$48.8M | -$44.1M | -$40.4M | -$17.6M | -$30.2M |
| Inversiones (CapEx) | -$1.6M | -$874000 | -$1.3M | -$728000 | -$398000 | -$26000 | -$128000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$13000 | 0 | 0 | -$2.6M | -$4000 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$22.6M | -$30.0M | -$50.1M | -$44.9M | -$40.8M | -$17.7M | -$30.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$9.0M | -$5.8M | -$12.5M | -$7.4M |
| Inversiones (CapEx) | -$24000 | -$59000 | -$120000 | -$19000 |
| Flujo de Caja Libre | -$9.1M | -$5.9M | -$12.6M | -$7.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.0M | $1.0M | $2.1M | $2.9M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | -100.0% | | -67.4% |
| Crecimiento Beneficio Neto (anual) | | -33.9% | -61.0% | +31.4% | -19.5% | -47.7% | -280.8% |
| Crecimiento BPA (anual) | | +33.6% | +43.1% | +33.5% | -37.2% | -1.6% | -49.4% |
| Cambio en Acciones (anual) | | +102.3% | +193.6% | -0.9% | -12.8% | +45.3% | +155.0% |
| Crecimiento FCF (anual) | | -32.5% | -67.1% | +10.4% | +9.2% | +56.7% | -72.0% |
| Margen Bruto | | | | 73.8% | | 100.0% | 84.6% |
| Margen Operativo | | | | -354.7% | | -239.7% | -1210.6% |
| Margen EBITDA | | | | -272.4% | | -583.0% | -6945.3% |
| Margen Neto | | | | -288.0% | | -596.6% | -6960.8% |
| Margen FCF | | | | -359.0% | | -165.7% | -873.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-57.51 | $-37.67 | $-21.44 | $-19.39 | $-20.20 | $-6.02 | $-4.06 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $393311 | $795599 | $2.3M | $2.3M | $2.0M | $2.9M | $7.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 187.62% |
| Rentabilidad sobre capital invertido | -40.84% |
| Rentabilidad sobre activos | -287.29% |
| Margen bruto | 99.44% |
| Margen operativo | -385.28% |
| Margen neto | -2885.33% |
Salud financiera
| Deuda / Patrimonio | -0.03 |
| Ratio corriente | 12.14 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.45 | -3.69 | -4.13 | -0.56 | -0.44 | -0.66 | -0.70 |
| P/VC | 2.03 | 2.55 | 2.06 | 0.27 | 0.50 | -1.97 | -0.90 |
| P/V | 0.00 | 0.00 | 0.00 | 1.62 | 0.00 | 3.95 | 48.61 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 73.8% | 0.0% | 100.0% | 84.6% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | -354.7% | 0.0% | -239.7% | -1210.6% |
| Margen Neto | 0.0% | 0.0% | 0.0% | -288.0% | 0.0% | -596.6% | -6960.8% |