Surrozen, Inc. (SRZN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Surrozen, Inc. (SRZN) emerge como una empresa de biotecnología innovadora que revoluciona la medicina regenerativa a través de su innovadora tecnología de proteínas de la vía Wnt. Al atacar estratégicamente las necesidades médicas no satisfechas y aprovechar los enfoques avanzados de ingeniería molecular, Surrozen está listo para transformar las intervenciones terapéuticas en múltiples áreas de enfermedades. Su modelo de negocio único combina la investigación científica de vanguardia, las asociaciones estratégicas y un enfoque visionario para desarrollar terapias regenerativas innovadoras que podrían redefinir los paradigmas de tratamiento médico.

Surrozen, Inc. (SRZN) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Surrozen ha establecido asociaciones de investigación colaborativa con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Universidad de California, San Francisco	Investigación de la vía Wnt	Asociación activa
Universidad de Stanford	Medicina regenerativa	Colaboración de investigación en curso

Asociaciones de desarrollo farmacéutico

Las asociaciones de desarrollo farmacéutico de Surrozen incluyen:

• Colaboración con organizaciones de investigación de contratos para el desarrollo preclínico
• Alianza estratégica con socios de fabricación farmacéutica

Posibles acuerdos de licencia

Surrozen ha explorado el potencial de licencia con las siguientes compañías de biotecnología:

Compañía	Tecnología potencial	Estado
Biomarina farmacéutica	Terapéutica de la ruta Wnt	Discusiones preliminares
Genentech	Tecnologías de medicina regenerativa	Etapa exploratoria

Colaboraciones de la Organización de Investigación Clínica

Las asociaciones de investigación clínica de Surrozen incluyen:

• Icon PLC - Gestión de ensayos clínicos
• Medpace - Soporte de prueba de fase I/II

Asociaciones de financiación e inversión

Capital de riesgo e asociaciones de inversión:

Inversor	Ronda de inversión	Cantidad recaudada
Versant Ventures	Serie A	$ 61 millones
Arch Venture Partners	Serie B	$ 95 millones

Surrozen, Inc. (SRZN) - Modelo de negocio: actividades clave

Investigación y desarrollo de terapias de medicina regenerativa

A partir del cuarto trimestre de 2023, Surrozen ha invertido $ 12.3 millones en I + D de medicina regenerativa. La investigación actual se centra en la terapéutica de la vía Wnt dirigida a la regeneración de tejidos.

I + D Métrica	Valor 2023
Gastos totales de I + D	$ 12.3 millones
Programas de investigación activos	3 áreas terapéuticas primarias
Personal de investigación	24 científicos especializados

Gestión de ensayos preclínicos y clínicos

Surrozen actualmente está administrando 2 ensayos clínicos activos con costos estimados totales de $ 8.7 millones.

• Ensayo clínico de fase 1 para la terapia de regeneración intestinal
• Estudios preclínicos para la regeneración del tejido hepático

Ingeniería de proteínas de la vía Wnt

El equipo especializado de ingeniería de proteínas comprende 12 biólogos moleculares que se centran en la modulación de la vía Wnt.

Métricas de ingeniería de proteínas	Datos 2023-2024
Variantes de proteínas diseñadas	7 nuevas construcciones moleculares
Solicitudes de patentes	4 Patentes provisionales presentadas

Descubrimiento de drogas y diseño molecular

El presupuesto de descubrimiento de drogas para 2024 se estima en $ 5.6 millones, dirigido a nuevos enfoques terapéuticos regenerativos.

• Plataformas de detección de alto rendimiento
• Técnicas avanzadas de modelado computacional
• Algoritmos de diseño molecular

Desarrollo y protección de la propiedad intelectual

Cartera total de propiedad intelectual valorada en aproximadamente $ 15.2 millones a diciembre de 2023.

Métricas de cartera de IP	Estado actual
Patentes activas totales	12 patentes otorgadas
Aplicaciones de patentes pendientes	6 solicitudes en revisión
Gastos legales de IP	$ 1.4 millones anuales

Surrozen, Inc. (SRZN) - Modelo de negocio: recursos clave

Tecnología de proteínas de la vía Wnt patentada

Surrozen, Inc. sostiene 3 familias de patentes centrales relacionado con la tecnología de proteínas de la vía Wnt a partir de 2024. La plataforma patentada de la compañía se centra en aplicaciones de medicina regenerativa.

Categoría de patente	Número de patentes	Valor estimado
Modulación de la vía Wnt	12	$ 8.4 millones
Tecnologías de proteínas regenerativas	7	$ 5.2 millones

Equipo de investigación científica

El equipo de investigación de Surrozen comprende 17 científicos especializados con grados avanzados en medicina regenerativa.

• Investigadores a nivel de doctorado: 11
• Investigadores postdoctorales: 6
• Experiencia de investigación promedio: 12.5 años

Instalaciones avanzadas de laboratorio e investigación

Inversión total de la instalación de investigación: $ 12.6 millones. Ubicado en el sur de San Francisco, California.

Componente de la instalación	Pies cuadrados	Valor del equipo
Laboratorio de investigación	8,500 pies cuadrados	$ 4.3 millones
Espacio de investigación de biotecnología especializada	3,200 pies cuadrados	$ 2.7 millones

Cartera de propiedades intelectuales

Valoración total de propiedad intelectual: $ 15.9 millones.

• Patentes registradas: 19
• Aplicaciones de patentes pendientes: 7
• Jurisdicciones de patentes: Estados Unidos, Europa, Japón

Equipo de investigación de biotecnología especializada

Inversión total de equipos: $ 6.8 millones.

Tipo de equipo	Cantidad	Costo unitario
Microscopios de alto rendimiento	4	$450,000
Máquinas de secuenciación de genes	2	$ 1.2 millones
Sistemas de cultivo celular	6	$350,000

Surrozen, Inc. (SRZN) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de medicina regenerativa

Surrozen se centra en desarrollar terapias regenerativas dirigidas a la vía de señalización de Wnt, con un énfasis específico en la reparación y la regeneración de los tejidos.

Enfoque de investigación	Áreas terapéuticas	Etapa de desarrollo
Modulación de la vía Wnt	Enfermedades gastrointestinales	Preclínico/fase 1
Ingeniería molecular	Condiciones inflamatorias	Desarrollo clínico temprano

Terapias potenciales de avance para la reparación de tejidos

• SZN-413: tratamiento potencial para la enfermedad inflamatoria intestinal
• SZN-FAP-1: dirigirse a condiciones fibróticas
• Candidatos terapéuticos avanzados que abordan la regeneración de tejidos

Dirigirse a las necesidades médicas no satisfechas

Oportunidad de mercado para la medicina regenerativa estimada en $ 13.5 mil millones para 2025.

Categoría de enfermedades	Necesidad insatisfecha de prevalencia	Tamaño potencial del mercado
Enfermedad inflamatoria intestinal	3 millones de pacientes en EE. UU.	$ 5.2 mil millones
Condiciones fibróticas	2.5 millones de pacientes	$ 4.8 mil millones

Enfoque avanzado de ingeniería molecular

La cartera de patentes incluye 15 patentes emitidas que cubren las tecnologías de modulación de la vía Wnt.

Intervenciones terapéuticas de precisión

Gastos de investigación y desarrollo en 2023: $ 22.3 millones

Plataforma tecnológica	Mecanismo único	Aplicaciones potenciales
Moduladores de la ruta Wnt	Regeneración de tejido selectivo	Múltiples enfermedades crónicas

Surrozen, Inc. (SRZN) - Modelo de negocios: relaciones con los clientes

Compromiso de la comunidad científica y médica

A partir de 2024, Surrozen tiene 37 colaboraciones científicas activas en las instituciones de investigación. La compañía mantiene un compromiso directo con 128 líderes de opinión clave en medicina regenerativa.

Tipo de compromiso	Número de interacciones	Frecuencia anual
Participación de los simposios de investigación	8	Trimestral
Proyectos de colaboración académica	12	En curso
Reuniones de la junta asesora científica	4	Anualmente

Publicación de investigación y presentaciones de conferencias

En 2023, Surrozen publicó 17 artículos científicos revisados ​​por pares. La compañía presentó investigación en 6 principales conferencias internacionales.

• Publicaciones científicas totales desde la fundación de la empresa: 42
• Citas promedio por publicación: 8.3
• Lugares de presentación de la conferencia: Conferencia Natural, Reunión Anual de ISSCR

Colaboración de la compañía farmacéutica

Surrozen mantiene las discusiones de asociación activa con 5 compañías farmacéuticas en 2024, centrándose en la terapéutica de la vía Wnt.

Etapa de colaboración	Número de empresas	Valor potencial de acuerdo
Discusiones preliminares	3	$ 5-10 millones
Negociación avanzada	2	$ 15-25 millones

Comunicación directa con socios terapéuticos

Surrozen realiza 24 reuniones de divulgación específicas anualmente con posibles socios de desarrollo terapéutico.

• Canales de comunicación: correo electrónico directo, conferencias virtuales, presentaciones personalizadas
• Tipos de socios objetivo: firmas de biotecnología, departamentos de investigación farmacéutica

Informes de progreso de la investigación

La compañía proporciona actualizaciones de investigación transparentes trimestrales a través de presentaciones de inversores y canales de comunicación científica.

Método de informes	Frecuencia	Alcance de la audiencia
Presentaciones de inversores	Trimestral	350 inversores institucionales
Seminarios web científicos	By-anualmente	1.200 profesionales de investigación

Surrozen, Inc. (SRZN) - Modelo de negocios: canales

Conferencias y simposios científicos

Surrozen participa en conferencias de biotecnología clave para mostrar la investigación. En 2023, la compañía presentó en 4 conferencias científicas principales, incluida la Conferencia Internacional de Investigación de Células STEM.

Tipo de conferencia	Número de presentaciones	Alcance de audiencia estimado
Conferencias de investigación de células madre	2	1.200 investigadores
Simposios de medicina regenerativa	2	950 profesionales de la industria

Publicaciones de revistas revisadas por pares

Surrozen mantiene la credibilidad científica a través de publicaciones específicas.

• Publicaciones totales revisadas por pares en 2023: 3
• Revistas dirigidas: Nature Biotechnology, células madre de células
• Impacto de la cita: promedio de 12.5 citas por publicación

Eventos de redes de la industria de biotecnología

Participación estratégica de la industria a través de plataformas de redes específicas.

Tipo de evento	Número de eventos atendidos	Posibles asociaciones iniciadas
Conferencias de inversores de biotecnología	3	7 posibles asociaciones
Cumbres de innovación	2	5 colaboraciones potenciales

Extensión directa a las compañías farmacéuticas

Compromiso dirigido con posibles socios farmacéuticos.

• Compañías farmacéuticas totales contactadas: 12
• Reuniones programadas: 6
• Discusiones potenciales de licencia: 3

Plataformas de comunicación digital

Estrategias digitales para la comunicación científica y de los inversores.

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	4,500	3.2%
Gorjeo	2,800	2.7%
Sitio web de la empresa	8.200 visitantes mensuales	Tasa de conversión de 4.5%

Surrozen, Inc. (SRZN) - Modelo de negocios: segmentos de clientes

Organizaciones de investigación farmacéutica

Surrozen apunta a las organizaciones de investigación farmacéutica con enfoque específico en la medicina regenerativa y la terapéutica de la vía Wnt.

Característica de segmento	Punto de datos
Organizaciones de investigación potenciales totales	324 Entidades de investigación farmacéutica global
Asignación anual de presupuesto de investigación	$ 7.2 mil millones en investigación de medicina regenerativa

Instituciones de investigación médica académica

Segmento clave de clientes para las tecnologías de investigación de Surrozen.

• Universidades de investigación de primer nivel dedicadas a la medicina regenerativa
• Institutos Nacionales de Investigación que se centran en las terapias celulares

Tipo de institución	Número de clientes potenciales
Universidades de investigación	186 instituciones globales
Institutos Nacionales de Investigación	62 centros especializados

Inversores de biotecnología

Surrozen atrae a inversores interesados ​​en tecnologías innovadoras de medicina regenerativa.

Métrico de inversión	Valor
Capital de riesgo total en medicina regenerativa	$ 3.4 mil millones en 2023
Posibles objetivos de inversión	47 empresas de inversión de biotecnología especializadas

Investigadores clínicos

Segmento especializado centrado en el desarrollo terapéutico avanzado.

• Profesionales de investigación clínica independientes
• Organizaciones de gestión de ensayos clínicos

Categoría de investigador	Población estimada
Investigadores clínicos independientes	1.243 profesionales
Organizaciones de gestión de ensayos clínicos	89 entidades globales

Desarrolladores de productos terapéuticos potenciales

Empresas que exploran nuevos enfoques de medicina regenerativa.

Tipo de desarrollador	Representación de mercado
Compañías de medicina regenerativa	142 organizaciones globales
Presupuesto potencial de desarrollo de productos	$ 2.6 mil millones anualmente

Surrozen, Inc. (SRZN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Surrozen, Inc. reportó gastos de investigación y desarrollo de $ 36.2 millones.

Categoría de gastos	Cantidad (USD)
Investigación preclínica	$ 12.5 millones
Gastos de biología molecular	$ 8.7 millones
Investigación computacional	$ 5.3 millones
Colaboraciones de investigación externas	$ 9.7 millones

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para Surrozen en 2023 totalizaron $ 22.8 millones.

• Ensayos clínicos de fase I: $ 7.5 millones
• Ensayos clínicos de fase II: $ 12.3 millones
• Cumplimiento regulatorio: $ 3 millones

Protección de propiedad intelectual

Surrozen invirtió $ 2.1 millones en protección de la propiedad intelectual durante 2023.

Categoría de protección de IP	Gastos (USD)
Presentación de patentes	$ 1.2 millones
Consulta legal	$ 0.6 millones
Mantenimiento de patentes	$ 0.3 millones

Personal y reclutamiento de talento científico

Los gastos totales de personal para Surrozen en 2023 fueron de $ 18.5 millones.

• Salarios de personal científico senior: $ 9.2 millones
• Research Associates Compensation: $ 5.7 millones
• Reclutamiento y capacitación: $ 3.6 millones

Infraestructura y mantenimiento de laboratorio

Los costos operativos de laboratorio para 2023 ascendieron a $ 6.4 millones.

Gasto de infraestructura	Cantidad (USD)
Mantenimiento del equipo	$ 2.8 millones
Costos operativos de la instalación	$ 2.1 millones
Suministros de laboratorio	$ 1.5 millones

Surrozen, Inc. (SRZN) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir de 2024, Surrozen no ha reportado ingresos específicos de licencia. La posible estrategia de licencia de la compañía sigue en desarrollo para sus tecnologías terapéuticas de la vía Wnt.

Subvenciones de investigación

Surrozen ha recibido fondos de investigación de varias fuentes:

Fuente de financiación	Cantidad	Año
Instituto de Medicina Regenerativa de California	$1,499,999	2020
Subvención de Investigación de Innovación de Pequeñas Empresas (SBIR)	$299,999	2021

Capital de riesgo y financiación de inversores

Financiación total recaudada por Surrozen:

• Financiación de la Serie A: $ 61 millones (2020)
• Financiación de la Serie B: $ 95 millones (2021)
• Capital de riesgo total recaudado: $ 156 millones

Comercialización de productos terapéuticos futuros

Potencial de valoración de la tubería actual:

Área terapéutica	Valor de mercado potencial estimado	Etapa de desarrollo
Enfermedad inflamatoria intestinal	$ 15.8 mil millones	Preclínico
Regeneración hepática	$ 12.3 mil millones	Preclínico

Asociaciones de investigación colaborativa

Detalles de la colaboración de investigación actual:

• Universidad de California, San Francisco - Asociación de investigación en curso
• Universidad de Stanford - Acuerdo de investigación colaborativa

Métricas de desempeño financiero:

Métrico	Valor 2023
Equivalentes de efectivo y efectivo	$ 87.4 millones
Gastos de investigación y desarrollo	$ 42.6 millones

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.