Detailed financial statements for Surrozen, Inc. (SRZN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Surrozen, Inc., a biotechnology company, discovers and develops drug candidates to selectively modulate the Wnt pathway for tissue repair. Its lead product candidates are antibody-based therapeutics that target various disease areas, including diseases of the intestine, liver, retina, cornea, lung, kidney, cochlea, skin, pancreas, and central nervous system.
Analysis Summary
Trailing-twelve-month margins: gross margin 99.4%, operating margin -385.3%, net margin -28.9%.
At the current price of $16.93, SRZN has negative trailing earnings (P/E not meaningful) and an ROE of 187.62%. Market capitalisation stands at $127M.
Balance sheet quality for SRZN: current ratio of 9.2, net cash position of $82.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | $12.5M | 0 | $10.7M | $3.5M |
| Cost of Revenue | 0 | $2.9M | $3.3M | $3.3M | $27.2M | 0 | $537000 |
| Gross Profit | 0 | -$2.9M | -$3.3M | $9.2M | -$27.2M | $10.7M | $2.9M |
| Research & Development | $19.6M | $25.7M | $36.9M | $37.0M | $27.2M | $21.1M | $29.4M |
| Selling, General & Admin | $5.5M | $7.1M | $14.2M | $19.8M | $15.8M | $15.1M | $16.2M |
| Operating Expenses | $24.8M | $29.9M | $51.1M | $53.6M | $18.6M | $36.2M | $45.0M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$24.4M | -$32.7M | -$54.6M | -$36.0M | -$43.0M | -$63.6M | -$242.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$24.4M | -$32.6M | -$52.5M | -$36.0M | -$43.0M | -$63.6M | -$242.0M |
| EPS | $-61.94 | $-41.12 | $-23.40 | $-15.55 | $-21.33 | $-21.67 | $-32.37 |
| EPS (Diluted) | $-61.94 | $-41.12 | $-23.40 | $-15.55 | $-21.33 | $-21.67 | $-32.37 |
| Shares Outstanding (Diluted) | $393311 | $795599 | $2.3M | $2.3M | $2.0M | $2.9M | $7.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $983000 | $528000 | $5.0M | $5.0M |
| Gross Profit | $983000 | $528000 | $4.9M | $5.0M |
| Operating Income | -$10.9M | -$12.6M | -$10.5M | -$10.4M |
| EBITDA | -$71.6M | -$183.1M | -$127.4M | $50.2M |
| Net Income | -$71.6M | -$183.2M | -$127.5M | $50.2M |
| EPS | $-8.36 | $-23.87 | $-11.65 | $2.75 |
| EPS (Diluted) | $-8.36 | $-23.87 | $-11.65 | $-0.41 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $29.1M | $35.0M | $33.1M | $24.7M | $36.0M | $34.6M | $89.2M |
| Short-term Investments | 0 | $14.2M | $68.8M | $51.1M | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | $2.0M | $2.2M | $2.5M | $208000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $29.4M | $50.2M | $105.2M | $81.3M | $41.1M | $38.9M | $91.6M |
| Property, Plant & Equipment | $12.6M | $11.4M | $9.4M | $6.9M | $3.9M | $8.4M | $6.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $42.5M | $62.1M | $137.2M | $89.4M | $46.1M | $48.5M | $98.7M |
| Accounts Payable | $972000 | $1.8M | $2.7M | $658000 | $525000 | $306000 | $728000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $3.9M | $7.3M | $13.6M | $9.7M | $7.1M | $7.3M | $9.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $13.1M | $14.8M | $27.5M | $13.4M | $8.1M | $69.8M | $286.5M |
| Retained Earnings | -$55.3M | -$88.0M | -$142.6M | -$178.7M | -$221.7M | -$285.3M | -$527.3M |
| Total Equity | $29.4M | $47.3M | $109.7M | $76.0M | $37.9M | -$21.4M | -$187.8M |
| Total Debt | $10.7M | $9.6M | $7.8M | $5.6M | $3.4M | $8.5M | $6.6M |
| Net Debt | -$18.4M | -$39.6M | -$94.1M | -$70.2M | -$32.7M | -$26.1M | -$82.6M |
| Working Capital | $25.5M | $42.9M | $91.6M | $71.6M | $34.0M | $31.6M | $81.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $81.3M | $89.2M | $106.9M | $102.0M |
| Total Assets | $94.0M | $98.7M | $120.7M | $115.6M |
| Total Liabilities | $117.6M | $286.5M | $398.9M | $334.3M |
| Total Equity | -$23.5M | -$187.8M | -$278.1M | -$218.7M |
| Total Debt | $7.1M | $6.6M | $6.8M | $6.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$24.4M | -$32.7M | -$54.6M | -$36.0M | -$43.0M | -$63.6M | -$242.0M |
| Depreciation & Amortization | $2.3M | $1.9M | $2.1M | $2.0M | $1.9M | $1.4M | $537000 |
| Stock-based Compensation | $790000 | $635000 | $2.3M | $4.5M | $4.4M | $4.1M | $3.8M |
| Change in Working Capital | -$1.1M | $52000 | -$221000 | -$8.4M | -$3.9M | -$836000 | $3.2M |
| Operating Cash Flow | -$21.1M | -$29.1M | -$48.8M | -$44.1M | -$40.4M | -$17.6M | -$30.2M |
| Capital Expenditure | -$1.6M | -$874000 | -$1.3M | -$728000 | -$398000 | -$26000 | -$128000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$13000 | 0 | 0 | -$2.6M | -$4000 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$22.6M | -$30.0M | -$50.1M | -$44.9M | -$40.8M | -$17.7M | -$30.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$9.0M | -$5.8M | -$12.5M | -$7.4M |
| Capital Expenditure | -$24000 | -$59000 | -$120000 | -$19000 |
| Free Cash Flow | -$9.1M | -$5.9M | -$12.6M | -$7.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.0M | $1.0M | $2.1M | $2.9M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | -100.0% | | -67.4% |
| Net Income Growth (YoY) | | -33.9% | -61.0% | +31.4% | -19.5% | -47.7% | -280.8% |
| EPS Growth (YoY) | | +33.6% | +43.1% | +33.5% | -37.2% | -1.6% | -49.4% |
| Shares Change (YoY) | | +102.3% | +193.6% | -0.9% | -12.8% | +45.3% | +155.0% |
| FCF Growth (YoY) | | -32.5% | -67.1% | +10.4% | +9.2% | +56.7% | -72.0% |
| Gross Margin | | | | 73.8% | | 100.0% | 84.6% |
| Operating Margin | | | | -354.7% | | -239.7% | -1210.6% |
| EBITDA Margin | | | | -272.4% | | -583.0% | -6945.3% |
| Net Margin | | | | -288.0% | | -596.6% | -6960.8% |
| FCF Margin | | | | -359.0% | | -165.7% | -873.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-57.51 | $-37.67 | $-21.44 | $-19.39 | $-20.20 | $-6.02 | $-4.06 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $393311 | $795599 | $2.3M | $2.3M | $2.0M | $2.9M | $7.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 187.62% |
| Return on Invested Capital | -40.84% |
| Return on Assets | -287.29% |
| Gross Margin | 99.44% |
| Operating Margin | -385.28% |
| Net Margin | -2885.33% |
Financial Health
| Debt / Equity | -0.03 |
| Current Ratio | 12.14 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.45 | -3.69 | -4.13 | -0.56 | -0.44 | -0.66 | -0.70 |
| P/B | 2.03 | 2.55 | 2.06 | 0.27 | 0.50 | -1.97 | -0.90 |
| P/S | 0.00 | 0.00 | 0.00 | 1.62 | 0.00 | 3.95 | 48.61 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 73.8% | 0.0% | 100.0% | 84.6% |
| Operating Margin | 0.0% | 0.0% | 0.0% | -354.7% | 0.0% | -239.7% | -1210.6% |
| Net Margin | 0.0% | 0.0% | 0.0% | -288.0% | 0.0% | -596.6% | -6960.8% |