Surrozen, Inc. (SRZN): Business Model Canvas

Surrozen, Inc. (SRZN) entwickelt sich zu einem bahnbrechenden Biotechnologieunternehmen, das die regenerative Medizin durch seine innovative Wnt-Signalweg-Proteintechnologie revolutioniert. Durch die strategische Ausrichtung auf ungedeckte medizinische Bedürfnisse und die Nutzung fortschrittlicher molekularer Engineering-Ansätze ist Surrozen in der Lage, therapeutische Interventionen in mehreren Krankheitsbereichen zu transformieren. Ihr einzigartiges Geschäftsmodell vereint modernste wissenschaftliche Forschung, strategische Partnerschaften und einen visionären Ansatz zur Entwicklung bahnbrechender regenerativer Therapien, die möglicherweise medizinische Behandlungsparadigmen neu definieren könnten.

Surrozen, Inc. (SRZN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit akademischen Forschungseinrichtungen

Surrozen hat kooperative Forschungspartnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Kooperationsstatus
Universität von Kalifornien, San Francisco	Wnt-Pathway-Forschung	Aktive Partnerschaft
Stanford-Universität	Regenerative Medizin	Laufende Forschungskooperation

Pharmazeutische Entwicklungspartnerschaften

Zu den pharmazeutischen Entwicklungspartnerschaften von Surrozen gehören:

• Zusammenarbeit mit Auftragsforschungsorganisationen für die präklinische Entwicklung
• Strategische Allianz mit pharmazeutischen Produktionspartnern

Mögliche Lizenzvereinbarungen

Surrozen hat das Lizenzierungspotenzial bei den folgenden Biotech-Unternehmen ausgelotet:

Unternehmen	Potenzielle Technologie	Status
BioMarin Pharmaceutical	Wnt-Signalweg-Therapeutika	Vorgespräche
Genentech	Regenerative Medizintechnologien	Erkundungsphase

Kooperationen mit klinischen Forschungsorganisationen

Zu den klinischen Forschungspartnerschaften von Surrozen gehören:

• ICON plc – Management klinischer Studien
• Medpace – Unterstützung bei Phase-I/II-Studien

Finanzierungs- und Investitionspartnerschaften

Risikokapital- und Investitionspartnerschaften:

Investor	Investitionsrunde	Erhöhter Betrag
Versant Ventures	Serie A	61 Millionen Dollar
ARCH Venture Partners	Serie B	95 Millionen Dollar

Surrozen, Inc. (SRZN) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung regenerativer Medizintherapien

Bis zum vierten Quartal 2023 hat Surrozen 12,3 Millionen US-Dollar in die Forschung und Entwicklung der regenerativen Medizin investiert. Die aktuelle Forschung konzentriert sich auf Wnt-Signalweg-Therapeutika, die auf die Geweberegeneration abzielen.

F&E-Metrik	Wert 2023
Gesamtausgaben für Forschung und Entwicklung	12,3 Millionen US-Dollar
Aktive Forschungsprogramme	3 primäre Therapiebereiche
Forschungspersonal	24 spezialisierte Wissenschaftler

Präklinisches und klinisches Studienmanagement

Surrozen leitet derzeit zwei aktive klinische Studien mit geschätzten Gesamtkosten von 8,7 Millionen US-Dollar.

• Klinische Phase-1-Studie zur Darmregenerationstherapie
• Präklinische Studien zur Lebergeweberegeneration

Wnt Pathway Protein Engineering

Das spezialisierte Protein-Engineering-Team besteht aus 12 Molekularbiologen, die sich auf die Modulation des Wnt-Signalwegs konzentrieren.

Protein-Engineering-Metriken	Daten für 2023–2024
Gentechnisch veränderte Proteinvarianten	7 neuartige molekulare Konstrukte
Patentanmeldungen	4 vorläufige Patente angemeldet

Wirkstoffforschung und molekulares Design

Das Budget für die Arzneimittelforschung wird für 2024 auf 5,6 Millionen US-Dollar geschätzt und zielt auf neuartige regenerative Therapieansätze ab.

• Hochdurchsatz-Screeningplattformen
• Fortgeschrittene Computermodellierungstechniken
• Proprietäre Algorithmen für das molekulare Design

Entwicklung und Schutz von geistigem Eigentum

Das gesamte Portfolio an geistigem Eigentum hatte einen Wert von etwa 15,2 Millionen US-Dollar (Stand Dezember 2023).

Kennzahlen zum IP-Portfolio	Aktueller Status
Gesamtzahl der aktiven Patente	12 erteilte Patente
Ausstehende Patentanmeldungen	6 Bewerbungen in Prüfung
IP-Rechtskosten	1,4 Millionen US-Dollar pro Jahr

Surrozen, Inc. (SRZN) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Wnt-Pathway-Proteintechnologie

Surrozen, Inc. hält 3 Kernpatentfamilien im Zusammenhang mit der Wnt-Signalweg-Proteintechnologie ab 2024. Die firmeneigene Plattform des Unternehmens konzentriert sich auf Anwendungen in der regenerativen Medizin.

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Wnt-Signalwegmodulation	12	8,4 Millionen US-Dollar
Regenerative Proteintechnologien	7	5,2 Millionen US-Dollar

Wissenschaftliches Forschungsteam

Das Forschungsteam von Surrozen besteht aus: 17 spezialisierte Wissenschaftler mit fortgeschrittenem Abschluss in regenerativer Medizin.

• Forscher auf Doktorandenniveau: 11
• Postdoktoranden: 6
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Fortschrittliche Labor- und Forschungseinrichtungen

Gesamtinvestition in Forschungseinrichtungen: 12,6 Millionen US-Dollar. Befindet sich in South San Francisco, Kalifornien.

Einrichtungskomponente	Quadratmeterzahl	Ausrüstungswert
Forschungslabor	8.500 Quadratfuß	4,3 Millionen US-Dollar
Spezialisierter Forschungsraum für Biotechnologie	3.200 Quadratfuß	2,7 Millionen US-Dollar

Portfolio für geistiges Eigentum

Gesamtbewertung des geistigen Eigentums: 15,9 Millionen US-Dollar.

• Eingetragene Patente: 19
• Ausstehende Patentanmeldungen: 7
• Patentgerichte: Vereinigte Staaten, Europa, Japan

Spezialausrüstung für die biotechnologische Forschung

Gesamtinvestition in die Ausrüstung: 6,8 Millionen US-Dollar.

Gerätetyp	Menge	Stückkosten
Hochleistungsmikroskope	4	$450,000
Gensequenzierungsmaschinen	2	1,2 Millionen US-Dollar
Zellkultursysteme	6	$350,000

Surrozen, Inc. (SRZN) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die regenerative Medizin

Surrozen konzentriert sich auf die Entwicklung regenerativer Therapien, die auf den Wnt-Signalweg abzielen, mit besonderem Schwerpunkt auf Gewebereparatur und -regeneration.

Forschungsschwerpunkt	Therapeutische Bereiche	Entwicklungsphase
Wnt-Signalwegmodulation	Magen-Darm-Erkrankungen	Präklinisch/Phase 1
Molekulartechnik	Entzündliche Erkrankungen	Frühe klinische Entwicklung

Mögliche bahnbrechende Therapien zur Gewebereparatur

• SZN-413: Mögliche Behandlung für entzündliche Darmerkrankungen
• SZN-FAP-1: Bekämpfung fibrotischer Erkrankungen
• Fortgeschrittene therapeutische Kandidaten zur Geweberegeneration

Auf ungedeckte medizinische Bedürfnisse eingehen

Die Marktchancen für regenerative Medizin werden bis 2025 auf 13,5 Milliarden US-Dollar geschätzt.

Krankheitskategorie	Prävalenz unerfüllter Bedürfnisse	Potenzielle Marktgröße
Entzündliche Darmerkrankung	3 Millionen Patienten in den USA	5,2 Milliarden US-Dollar
Fibrotische Zustände	2,5 Millionen Patienten	4,8 Milliarden US-Dollar

Fortgeschrittener molekulartechnischer Ansatz

Das Patentportfolio umfasst 15 erteilte Patente für Wnt-Signalwegmodulationstechnologien.

Präzise therapeutische Interventionen

Forschungs- und Entwicklungsausgaben im Jahr 2023: 22,3 Millionen US-Dollar

Technologieplattform	Einzigartiger Mechanismus	Mögliche Anwendungen
Wnt-Signalwegmodulatoren	Selektive Geweberegeneration	Mehrere chronische Krankheiten

Surrozen, Inc. (SRZN) – Geschäftsmodell: Kundenbeziehungen

Engagement der wissenschaftlichen und medizinischen Gemeinschaft

Im Jahr 2024 verfügt Surrozen über 37 aktive wissenschaftliche Kooperationen zwischen Forschungseinrichtungen. Das Unternehmen pflegt direkten Kontakt zu 128 wichtigen Meinungsführern in der regenerativen Medizin.

Engagement-Typ	Anzahl der Interaktionen	Jährliche Häufigkeit
Teilnahme an Forschungssymposien	8	Vierteljährlich
Akademische Verbundprojekte	12	Laufend
Sitzungen des Wissenschaftlichen Beirats	4	Jährlich

Forschungspublikationen und Konferenzpräsentationen

Im Jahr 2023 veröffentlichte Surrozen 17 von Experten begutachtete wissenschaftliche Arbeiten. Das Unternehmen präsentierte Forschungsergebnisse auf sechs großen internationalen Konferenzen.

• Gesamtzahl der wissenschaftlichen Publikationen seit Firmengründung: 42
• Durchschnittliche Zitationen pro Publikation: 8,3
• Veranstaltungsorte der Konferenzpräsentation: Nature Conference, ISSCR-Jahrestagung

Zusammenarbeit mit Pharmaunternehmen

Surrozen führt im Jahr 2024 aktive Partnerschaftsgespräche mit fünf Pharmaunternehmen, wobei der Schwerpunkt auf Wnt-Signalweg-Therapeutika liegt.

Kollaborationsphase	Anzahl der Unternehmen	Potenzieller Dealwert
Vorbesprechungen	3	5-10 Millionen Dollar
Fortgeschrittene Verhandlungen	2	15-25 Millionen Dollar

Direkte Kommunikation mit therapeutischen Partnern

Surrozen führt jährlich 24 gezielte Kontakttreffen mit potenziellen Partnern für die therapeutische Entwicklung durch.

• Kommunikationskanäle: Direkte E-Mail, virtuelle Konferenzen, personalisierte Präsentationen
• Zielpartnertypen: Biotechnologieunternehmen, pharmazeutische Forschungsabteilungen

Berichterstattung über den Forschungsfortschritt

Das Unternehmen bietet vierteljährlich transparente Forschungsaktualisierungen durch Investorenpräsentationen und wissenschaftliche Kommunikationskanäle.

Berichtsmethode	Häufigkeit	Zielgruppenreichweite
Investorenpräsentationen	Vierteljährlich	350 institutionelle Anleger
Wissenschaftliche Webinare	Halbjährlich	1.200 Forschungsexperten

Surrozen, Inc. (SRZN) – Geschäftsmodell: Kanäle

Wissenschaftliche Konferenzen und Symposien

Surrozen nimmt an wichtigen Biotechnologiekonferenzen teil, um Forschungsergebnisse vorzustellen. Im Jahr 2023 präsentierte sich das Unternehmen auf vier großen wissenschaftlichen Konferenzen, darunter der International Stem Cell Research Conference.

Konferenztyp	Anzahl der Präsentationen	Geschätzte Zielgruppenreichweite
Konferenzen zur Stammzellforschung	2	1.200 Forscher
Symposien zur Regenerativen Medizin	2	950 Branchenprofis

Von Experten begutachtete Zeitschriftenpublikationen

Surrozen wahrt seine wissenschaftliche Glaubwürdigkeit durch gezielte Veröffentlichungen.

• Gesamtzahl der peer-reviewten Veröffentlichungen im Jahr 2023: 3
• Zielgruppe: Nature Biotechnology, Cell Stem Cell
• Zitierwirkung: Durchschnittlich 12,5 Zitate pro Publikation

Networking-Veranstaltungen für die Biotechnologiebranche

Strategisches Branchenengagement durch gezielte Networking-Plattformen.

Ereignistyp	Anzahl der besuchten Veranstaltungen	Mögliche Partnerschaften initiiert
Biotech-Investorenkonferenzen	3	7 potenzielle Partnerschaften
Innovationsgipfel	2	5 mögliche Kooperationen

Direkter Kontakt zu Pharmaunternehmen

Gezielte Einbindung potenzieller Pharmapartner.

• Insgesamt kontaktierte Pharmaunternehmen: 12
• Geplante Treffen: 6
• Mögliche Lizenzgespräche: 3

Digitale Kommunikationsplattformen

Digitale Strategien für die Wissenschafts- und Investorenkommunikation.

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	4,500	3.2%
Twitter	2,800	2.7%
Unternehmenswebsite	8.200 monatliche Besucher	4,5 % Conversion-Rate

Surrozen, Inc. (SRZN) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsorganisationen

Surrozen richtet sich an pharmazeutische Forschungsorganisationen mit besonderem Schwerpunkt auf regenerativer Medizin und Wnt-Signalweg-Therapeutika.

Segmentcharakteristik	Datenpunkt
Insgesamt potenzielle Forschungsorganisationen	324 globale pharmazeutische Forschungseinrichtungen
Jährliche Zuweisung des Forschungsbudgets	7,2 Milliarden US-Dollar für die Forschung im Bereich der regenerativen Medizin

Akademische medizinische Forschungseinrichtungen

Wichtigstes Kundensegment für die Forschungstechnologien von Surrozen.

• Spitzenuniversitäten, die sich mit regenerativer Medizin befassen
• Nationale Forschungsinstitute, die sich auf Zelltherapien konzentrieren

Institutionstyp	Anzahl potenzieller Kunden
Forschungsuniversitäten	186 globale Institutionen
Nationale Forschungsinstitute	62 spezialisierte Zentren

Biotechnologie-Investoren

Surrozen zieht Investoren an, die sich für innovative Technologien der regenerativen Medizin interessieren.

Investitionsmetrik	Wert
Gesamtes Risikokapital in der Regenerativen Medizin	3,4 Milliarden US-Dollar im Jahr 2023
Mögliche Investitionsziele	47 spezialisierte Biotechnologie-Investmentfirmen

Klinische Forscher

Spezialisiertes Segment mit Schwerpunkt auf fortgeschrittener therapeutischer Entwicklung.

• Unabhängige Fachleute für klinische Forschung
• Organisationen für das Management klinischer Studien

Kategorie „Forscher“.	Geschätzte Bevölkerung
Unabhängige klinische Forscher	1.243 Fachkräfte
Organisationen für das Management klinischer Studien	89 globale Einheiten

Potenzielle Entwickler therapeutischer Produkte

Unternehmen, die neuartige Ansätze der regenerativen Medizin erforschen.

Entwicklertyp	Marktvertretung
Unternehmen für regenerative Medizin	142 globale Organisationen
Mögliches Produktentwicklungsbudget	2,6 Milliarden US-Dollar pro Jahr

Surrozen, Inc. (SRZN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Surrozen, Inc. Forschungs- und Entwicklungskosten in Höhe von 36,2 Millionen US-Dollar.

Ausgabenkategorie	Betrag (USD)
Präklinische Forschung	12,5 Millionen US-Dollar
Ausgaben für Molekularbiologie	8,7 Millionen US-Dollar
Computergestützte Forschung	5,3 Millionen US-Dollar
Externe Forschungskooperationen	9,7 Millionen US-Dollar

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien für Surrozen beliefen sich im Jahr 2023 auf insgesamt 22,8 Millionen US-Dollar.

• Klinische Studien der Phase I: 7,5 Millionen US-Dollar
• Klinische Studien der Phase II: 12,3 Millionen US-Dollar
• Einhaltung gesetzlicher Vorschriften: 3 Millionen US-Dollar

Schutz des geistigen Eigentums

Surrozen investierte im Jahr 2023 2,1 Millionen US-Dollar in den Schutz geistigen Eigentums.

IP-Schutzkategorie	Ausgaben (USD)
Patentanmeldung	1,2 Millionen US-Dollar
Rechtsberatung	0,6 Millionen US-Dollar
Patentpflege	0,3 Millionen US-Dollar

Personal- und wissenschaftliche Talentrekrutierung

Die gesamten Personalkosten für Surrozen beliefen sich im Jahr 2023 auf 18,5 Millionen US-Dollar.

• Gehälter für leitende wissenschaftliche Mitarbeiter: 9,2 Millionen US-Dollar
• Vergütung für wissenschaftliche Mitarbeiter: 5,7 Millionen US-Dollar
• Rekrutierung und Schulung: 3,6 Millionen US-Dollar

Laborinfrastruktur und Wartung

Die Betriebskosten des Labors beliefen sich im Jahr 2023 auf 6,4 Millionen US-Dollar.

Infrastrukturaufwand	Betrag (USD)
Gerätewartung	2,8 Millionen US-Dollar
Betriebskosten der Anlage	2,1 Millionen US-Dollar
Laborbedarf	1,5 Millionen Dollar

Surrozen, Inc. (SRZN) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Bis 2024 hat Surrozen keine spezifischen Lizenzeinnahmen gemeldet. Die potenzielle Lizenzierungsstrategie des Unternehmens für seine Wnt-Signalweg-Therapietechnologien befindet sich noch in der Entwicklung.

Forschungsstipendien

Surrozen hat Forschungsgelder aus verschiedenen Quellen erhalten:

Finanzierungsquelle	Betrag	Jahr
Kalifornisches Institut für Regenerative Medizin	$1,499,999	2020
Zuschuss für Small Business Innovation Research (SBIR).	$299,999	2021

Risikokapital und Investorenfinanzierung

Gesamtfinanzierung durch Surrozen:

• Finanzierung der Serie A: 61 Millionen US-Dollar (2020)
• Finanzierung der Serie B: 95 Millionen US-Dollar (2021)
• Insgesamt eingeworbenes Risikokapital: 156 Millionen US-Dollar

Zukünftige Kommerzialisierung therapeutischer Produkte

Aktuelles Pipeline-Bewertungspotenzial:

Therapeutischer Bereich	Geschätzter potenzieller Marktwert	Entwicklungsphase
Entzündliche Darmerkrankung	15,8 Milliarden US-Dollar	Präklinisch
Leberregeneration	12,3 Milliarden US-Dollar	Präklinisch

Verbundforschungspartnerschaften

Aktuelle Details zur Forschungskooperation:

• University of California, San Francisco – Laufende Forschungspartnerschaft
• Stanford University – Forschungskooperationsvereinbarung

Finanzielle Leistungskennzahlen:

Metrisch	Wert 2023
Zahlungsmittel und Zahlungsmitteläquivalente	87,4 Millionen US-Dollar
Forschungs- und Entwicklungskosten	42,6 Millionen US-Dollar

Surrozen, Inc. (SRZN) - Canvas Business Model: Value Propositions

You're looking at Surrozen, Inc.'s core offering, which centers on harnessing the body's own repair mechanisms, specifically through selective modulation of the Wnt pathway. This isn't just about slowing things down; the proposition is about tissue repair and regeneration. This foundational science is what underpins their entire pipeline focus, which is heavily weighted toward ophthalmology right now.

The primary value is delivering novel treatments for severe retinal diseases, namely wet AMD (neovascular Age-Related Macular Degeneration) and DME (Diabetic Macular Edema). The current standard of care relies on intravitreal administration of anti-VEGF monotherapies, but Surrozen, Inc. aims higher. They have clinical trial data showing that Fzd4 monotherapy has demonstrated proof of concept in DME in clinical trials. That's a key differentiator right there.

The pipeline features multi-specific drug candidates designed to hit multiple targets simultaneously, which is a significant step up from single-agent treatments. You see this clearly with their lead candidates:

• SZN-8141: Combines Fzd4 agonism and Vascular Endothelial Growth Factor (VEGF) antagonism.
• SZN-8143: Combines Fzd4 agonism, VEGF antagonism, and interleukin-6 (IL-6) antagonism.

This multi-pronged attack is supported by strong intellectual property, evidenced by U.S. Patent No. 12,297,278 granted in May 2025, which covers the SWAP™ technology used to create these multi-specific Wnt surrogate molecules. Honestly, the market sees the potential in this approach, too; the partnership for SZN-413 with Boehringer Ingelheim brought an upfront payment of $12.5 million to Surrozen, Inc., with up to $586.5 million in potential future milestone payments, plus mid-single digit to low-double digit royalties on sales.

The ultimate, most compelling value proposition is the potential to reverse disease effects, not just halt progression. Preclinical data for their candidates, like SZN-413, demonstrated the ability to potently stimulate Wnt signaling, induce normal retinal vessel regrowth, suppress pathological vessel growth, and reduce vascular leakage. This novel mechanism suggests the possibility for regeneration of healthy eye tissue, which could mean a full reversal of the patient's disease, not just stabilization.

Here's a quick look at how the pipeline candidates stack up against the current standard of care, based on their intended mechanism:

Candidate	Targeted Indications	Mechanism Combination	Key Preclinical Benefit
SZN-8141	DME, wet AMD	Fzd4 Agonism + VEGF Antagonism	Stimulated Wnt signaling, induced normal retinal vessel regrowth
SZN-8143	DME, wet AMD, UME	Fzd4 Agonism + VEGF Antagonism + IL-6 Antagonism	Stimulated Wnt signaling, suppressed pathological vessel growth
SZN-413 (Partnered)	Retinal vascular-associated diseases	Fzd4-mediated Wnt signaling (Bi-specific)	Reduced vascular leakage, potential for tissue regeneration

The company is clearly betting the farm on this, evidenced by their focus shift and the financial backing secured; they had cash and cash equivalents of $81.3 million as of September 30, 2025, with a further $98.6 million tranche contingent on FDA clearance for the SZN-8141 Investigational New Drug (IND) application, which is expected in 2026. If onboarding takes 14+ days, churn risk rises, but for Surrozen, Inc., the near-term risk is IND clearance timing.

Finance: draft 13-week cash view by Friday.

Surrozen, Inc. (SRZN) - Canvas Business Model: Customer Relationships

Strategic, long-term licensing agreements with pharma partners

Surrozen, Inc. maintains its collaboration with Boehringer Ingelheim International GmbH on the candidate SZN-413 for retinal vascular-associated diseases, which is wholly owned by Surrozen, Inc. outside the scope of that specific agreement. Collaboration and license revenue for the third quarter ended September 30, 2025, was zero, a decrease from the $10.0 million recognized in the same period of 2024, which related to a milestone achieved under the Boehringer Ingelheim agreement in September 2024. Separately, research service revenue from a related party, TCGFB, Inc. for TGF-β antibodies, was $1.0 million for both the second quarter ended June 30, 2025, and the third quarter ended September 30, 2025.

Investor relations management for private placement tranches

Surrozen, Inc. executed an oversubscribed two-tranche private placement in March 2025, securing aggregate committed gross proceeds up to $175 million. The initial closing, on or about March 26, 2025, brought in gross proceeds of approximately $76.4 million from the sale of 6,586,415 Units at a purchase price of $11.60 per unit. This influx bolstered cash and cash equivalents to $101.6 million as of March 31, 2025. The second tranche commits investors to purchase an additional amount for gross proceeds of approximately $105 million (or $98.6 million before fees and expenses), which is contingent upon a regulatory event. Cash and cash equivalents stood at $90.4 million as of June 30, 2025, and then decreased to $81.3 million as of September 30, 2025.

You need to track that contingent capital closely. Here's the quick math on the committed financing:

Tranche	Committed Gross Proceeds (Approximate)	Trigger/Status (as of late 2025)
First Closing (March 2025)	$76.4 million	Completed
Second Closing Commitment	$98.6 million (before fees)	Contingent on FDA IND Clearance by October 31, 2026

Direct engagement with regulatory bodies (FDA) for drug approval

Engagement centers on advancing the lead ophthalmology candidates toward Investigational New Drug (IND) application submission. Surrozen, Inc. remains on track to file the IND application for SZN-8141 and commence clinical studies in 2026. The clearance of this IND application by the Food and Drug Administration (FDA) is the specific trigger for the second tranche of the $98.6 million private placement commitment.

Scientific presentations to the research community

Surrozen, Inc. actively communicates its scientific progress to the research and investment communities. The company presented preclinical data supporting SZN-8141 and SZN-8143 at two key scientific venues in 2025.

• Presented preclinical data at the 2025 Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting.
• Presented preclinical data at the Clinical Trials Summit (CTS).
• Management scheduled to present at the 37th Annual Piper Sandler Healthcare Conference on December 2, 2025.
• Management scheduled to present at the 8th Annual Evercore Healthcare Conference on December 3, 2025.

The presentations highlighted the candidates' mechanism of action, specifically their ability to stimulate Wnt signaling to promote normal retinal vessel regrowth and suppress pathological vessel growth.

Finance: review Q4 2025 cash burn rate against current cash position of $81.3 million by end of next week.

Surrozen, Inc. (SRZN) - Canvas Business Model: Channels

You're looking at how Surrozen, Inc. gets its value propositions out to partners, investors, and the scientific community as of late 2025. It's a mix of formal agreements, clinical execution, and direct financial outreach.

Exclusive, worldwide license agreements with partners (e.g., SZN-413)

The primary channel for external development and commercialization hinges on these high-value deals. The agreement for SZN-413 with Boehringer Ingelheim (BI) sets the structure for this channel.

Here are the key financial terms tied to that exclusive, worldwide license for SZN-413 and other Fzd4-specific Wnt-modulating molecules:

Financial Component	Amount/Range
Upfront Payment Received by Surrozen, Inc.	$12.5 million
Maximum Success-Based Milestone Payments	Up to $586.5 million or $587.0 million
Royalty Structure on Sales	mid-single digit to low-double digit

It's important to note how this revenue flows through the channels. For the third quarter ended September 30, 2025, the Collaboration and License Revenue was reported as zero, compared to $10.0 million recognized in the same period of 2024 from a milestone achieved under that agreement.

Clinical trials network for drug testing and data generation

The clinical trial network is the essential channel for generating the data needed for regulatory submissions and future partnership value realization. Surrozen, Inc. is currently focused on advancing its ophthalmology pipeline candidates through this channel.

Key pipeline progression points relevant to this channel include:

• Lead candidates progressing: SZN-8141 and SZN-8143.
• IND submission target for SZN-8141: 2026.
• Discontinuation of SZN-043 clinical development.

The data generated is immediately channeled into scientific forums. For instance, preclinical data for SZN-8141 and SZN-8143 was presented at the 2025 ARVO Annual Meeting and the Clinical Trials Summit (CTS) in the second quarter of 2025. The company also appointed Daniel Chao, M.D., Ph.D., as Vice President and Head of Clinical Development in July 2025, strengthening the execution capability of this channel.

Direct communication with investors for capital raising

When you need to fund those clinical trials, direct engagement with the capital markets becomes a critical channel. Surrozen, Inc. executed significant financing activities leading up to and during 2025.

Here's the cash and capital raising snapshot as of late 2025:

Financing Event/Metric	Amount/Date
Total Private Placement Announced (March 2025)	$175 million
Gross Proceeds from First Closing (March 2025)	$76.4 million
Net Proceeds Secured in Q3 2025	$71.2 million
Cash and Cash Equivalents (as of September 30, 2025)	$81.3 million
Cash and Cash Equivalents (as of March 31, 2025)	$101.6 million

The new CFO, Andrew Maleki, has a history of playing a key role in raising over $500 million in capital, which is a strong credential for this channel going forward. Also, a potential future funding source is the second tranche of the private placement, valued at $98.6 million, which is contingent upon FDA clearance of the SZN-8141 IND application.

Scientific publications and conferences

Disseminating data through peer-reviewed channels and industry conferences is how Surrozen, Inc. validates its science and attracts future partners or investors. This channel is active, especially around pipeline milestones.

Key recent and near-term communication events include:

• Presentation at Eyecelerator (American Academy of Ophthalmology Meeting) on October 16, 2025.
• Scheduled presentation at the Ophthalmology Innovation Source (OIS) conference on November 22, 2025.
• Patent issuance in May 2025 for its SWAP™ technology, U.S. Patent No. 12,297,278.

This scientific output directly supports the perceived value of the assets being advanced through the clinical trial channel.

Surrozen, Inc. (SRZN) - Canvas Business Model: Customer Segments

You're looking at the core groups Surrozen, Inc. (SRZN) needs to satisfy to get its Wnt-modulating ophthalmology pipeline, like SZN-8141 and SZN-8143, to market. This isn't just about patients; it's about the entire ecosystem that funds, validates, and eventually delivers the therapy.

Large pharmaceutical companies seeking novel regenerative assets

This segment is critical for validation, co-development, and future commercial reach, especially given Surrozen, Inc.'s focus on platform technology (SWAP™) and specific indications. The value here is in de-risking the pipeline through established partners.

The collaboration with Boehringer Ingelheim (BI) for SZN-413 is the prime example of this segment engagement. The financial structure of that deal gives you a clear picture of the potential value exchange:

Deal Component	Amount/Terms
Upfront Payment to Surrozen, Inc.	$12.5 million
Potential Success-Based Milestones (Total)	Up to $586.5 million
Royalties on Sales	Mid-single digit to low-double digit

Also, note the recent addition of Andrew Maleki as Chief Financial Officer (CFO), who previously played a key role in raising over $500 million in capital, suggesting a strong focus on structuring future deals with this customer segment.

Patients with severe retinal vascular diseases (wet AMD, DME)

These are the ultimate end-users, defined by their specific, high-unmet-need conditions. Surrozen, Inc. is targeting patients suffering from conditions where the current standard of care is showing limitations.

The specific patient populations targeted by the lead candidates, SZN-8141 and SZN-8143, include:

• Patients with neovascular Age-Related Macular Degeneration (wet AMD).
• Patients with Diabetic Macular Edema (DME).
• Patients with Uveitic Macular Edema (UME).

The current standard of care for wet AMD and DME involves intravitreal administration of anti-VEGF monotherapies. Surrozen, Inc.'s SZN-8141 combines Fzd4 agonism with VEGF antagonism, aiming for benefits over these single-agent treatments. Furthermore, Fzd4 monotherapy has already demonstrated proof of concept in DME clinical trials, which validates part of the mechanism for this customer group.

Institutional and accredited investors funding the pipeline

This group provides the necessary capital to fund the expensive journey through clinical trials. Their confidence, demonstrated through investment terms, is a key metric for Surrozen, Inc.'s operational runway.

The company secured significant backing in 2025 to advance its ophthalmology programs through Phase 1 studies. Here are the key financial markers for this segment as of late 2025:

• Total gross proceeds from the March 2025 private placement: $175 million.
• Initial closing proceeds from the March 2025 financing: approximately $70 million.
• Second tranche contingent funding: roughly $105 million, tied to the SZN-8141 Investigational New Drug (IND) application clearance, anticipated in 2026.
• Cash and cash equivalents as of September 30, 2025 (Q3 2025): $81.3 million.
• Total number of institutional investors: 15.

Venrock was the lead investor in the latest funding round held on March 24, 2025.

Clinical investigators and retina specialists

These professionals are essential for designing, executing, and interpreting the clinical trials (Phase 1 studies for SZN-8141 and SZN-8143). They are the gatekeepers for generating the human data needed to attract the next tier of pharmaceutical partners.

Surrozen, Inc. has actively engaged this segment by strengthening its leadership and advisory structure:

• Appointment of Daniel Chao, M.D., Ph.D., as Vice President and Head of Clinical Development in July 2025.
• Dr. Chao brings over 15 years of experience in ophthalmic research and drug development.
• Surrozen, Inc. formed a Clinical Advisory Board comprised of leading retina specialists.

The company is on track to submit the IND application for SZN-8141 in 2026, which will directly engage the clinical investigator segment for trial execution.

Surrozen, Inc. (SRZN) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Surrozen, Inc.'s operations as of late 2025. For a clinical-stage biotech focused on the Wnt pathway, the cost structure is heavily weighted toward discovery and development. Honestly, these numbers show where the cash is going to push the ophthalmology pipeline forward.

High Research and Development (R&D) expenses represent the largest component of operational burn. For the third quarter ended September 30, 2025, Surrozen, Inc. reported R&D expenses of $7.8 million. This was a significant jump from $5.2 million in the same period in 2024. Total operating expenses for the quarter reached $11.9 million.

The primary cost drivers within R&D are directly tied to advancing the lead candidates, SZN-8141 and SZN-8143, for retinal diseases. You see the impact of this focus clearly in the quarter-over-quarter changes:

• Increased manufacturing costs, lab expenses, and consulting fees for ophthalmology programs accounted for a $2.7 million increase in R&D spend.
• Employee-related expenses within R&D also rose by $0.6 million.
• This spending was partially offset by a $0.8 million decrease in clinical expenses following the discontinuation of clinical development for SZN-043.

Clinical trial and manufacturing costs for ophthalmology programs are embedded within that R&D surge. The company is preparing for an Investigational New Drug (IND) application submission for SZN-8141 in 2026, which requires substantial investment in producing clinical trial materials and running associated lab work. The cost structure reflects this pre-IND push.

General and Administrative (G&A) expenses also saw an uptick. Surrozen, Inc. recorded G&A expenses of $4.1 million in Q3 2025, up from $3.6 million in Q3 2024. This increase was mainly attributed to higher professional service fees. This category covers the overhead needed to run the company, including finance, legal, and executive functions.

Personnel costs for specialized scientific and management teams are a key part of both R&D and G&A. The $\mathbf{\$0.6 \text{ million}}$ rise in R&D employee costs is one direct measure, but the overall team expansion, including the appointment of a new Chief Financial Officer, Andrew Maleki, contributes to the G&A professional service fee increases. The company is building out the team to drive enterprise execution.

Intellectual property filing and maintenance fees are a necessary, ongoing cost for any biotech protecting its Wnt-modulating assets. While Surrozen, Inc.'s specific Q3 2025 IP payment isn't itemized, you know these costs are subject to the latest fee schedules. For instance, the USPTO fee schedule changes effective January 19, 2025, show the underlying cost environment for patent protection. Here's a look at how some utility patent fees for large entities changed in 2025, which Surrozen, Inc. must budget for:

Fee Type	Approximate 2025 Large Entity Fee
Utility Patent Search Fee	$770
Utility Patent Examination Fee	$880
Request for Continued Examination (First RCE)	$1,500

If you file continuations late, there are new surcharges, like a $2,700 surcharge if filed 6 or more years after the earliest priority date. These figures illustrate the baseline expense for maintaining and expanding the patent estate supporting Surrozen, Inc.'s platform.

Finance: draft 13-week cash view by Friday.

Surrozen, Inc. (SRZN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Surrozen, Inc.'s operations as of late 2025. For a clinical-stage biotech, the revenue streams are often a mix of near-term operational income and significant, but contingent, partnership economics. Honestly, the day-to-day cash flow from services is small compared to the potential upside from their pipeline success.

Let's break down what Surrozen, Inc. is actually booking right now versus what's sitting in the option pool, based on their Q3 2025 results and recent financing activity. The operational revenue for the third quarter ended September 30, 2025, was quite focused. Collaboration and License Revenue was actually zero for the quarter, which is a change from Q3 2024 when they recognized a milestone payment from Boehringer Ingelheim International GmbH.

Here's a quick look at the realized revenue components for Q3 2025:

Revenue Component	Q3 2025 Amount	Source/Context
Research Service Revenue (Related Party)	$1.0 million	Driven by collaboration with TCGFB, Inc. for TGF-β antibodies.
Interest Income on cash reserves	$1.0 million	Result of an increase in cash and cash equivalents.
Total Realized Revenue (Q3 2025)	$2.0 million	Sum of the two above operational streams.

To be fair, the cash position as of September 30, 2025, stood at $81.3 million, which is what generates that interest income, though it was down from $90.4 million at the end of Q2 2025. This cash base was recently bolstered by a significant financing event in March 2025.

The potential, contingent revenue streams are where the big value is locked in. These are tied directly to the success of their drug candidates advancing through development and, eventually, commercialization. You've got to keep these separate from the current operating income.

The major partnership with Boehringer Ingelheim (BI) offers substantial future payments:

• Future milestone payments (up to $587.0 million from BI) for SZN-413 and other Fzd4-specific Wnt-modulating molecules.
• Potential future royalties on partnered product sales, expected to be in the mid-single digit to low-double digit range on net sales.

Furthermore, Surrozen, Inc. secured significant capital through a private placement in March 2025, which provides runway for their ophthalmology programs. While the first tranche raised approximately $76.4 million, the second tranche remains a key potential inflow:

• Proceeds from second private placement tranche (up to $98.6 million), contingent on FDA clearance of an Investigational New Drug Application by October 31, 2026.

The company secured $71.2 million in net proceeds from the private placement to fund its ophthalmology programs, which is a critical, near-term funding source that supports operations until the next major milestone is hit. Finance: draft 13-week cash view by Friday.