Surrozen, Inc. (SRZN): Business Model Canvas [Jan-2025 Mis à jour]

Surrozen, Inc. (SRZN) émerge comme une entreprise de biotechnologie révolutionnaire révolutionnant la médecine régénérative par le biais de sa technologie innovante de protéines de voie WNT. En ciblant stratégiquement les besoins médicaux non satisfaits et en tirant parti des approches de génie moléculaire avancées, Surrozen est sur le point de transformer les interventions thérapeutiques dans plusieurs zones de maladie. Leur modèle commercial unique mélange la recherche scientifique de pointe, les partenariats stratégiques et une approche visionnaire pour développer des thérapies régénératives révolutionnaires qui pourraient potentiellement redéfinir les paradigmes de traitement médical.

Surrozen, Inc. (SRZN) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Surrozen a établi des partenariats de recherche collaborative avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Californie, San Francisco	Recherche de voie WNT	Partenariat actif
Université de Stanford	Médecine régénérative	Collaboration de recherche en cours

Partenariats de développement pharmaceutique

Les partenariats de développement pharmaceutique de Surrozen comprennent:

• Collaboration avec des organisations de recherche contractuelle pour le développement préclinique
• Alliance stratégique avec des partenaires de fabrication pharmaceutique

Accords de licence potentiels

Surrozen a exploré le potentiel de licence avec les sociétés de biotechnologie suivantes:

Entreprise	Technologie potentielle	Statut
Biomarine pharmaceutique	Wnt Pathway Therapeutics	Discussions préliminaires
Genentech	Technologies de médecine régénérative	Stade exploratoire

Collaborations de l'organisation de recherche clinique

Les partenariats de recherche clinique de Surrozen comprennent:

• Icon PLC - Gestion des essais cliniques
• MEDPACE - Soutenir l'essai de phase I / II

Partenariats de financement et d'investissement

Capital de capital-risque et partenariats d'investissement:

Investisseur	Tournée d'investissement	Montant recueilli
Versant Ventures	Série A	61 millions de dollars
Arch Venture Partners	Série B	95 millions de dollars

Surrozen, Inc. (SRZN) - Modèle d'entreprise: Activités clés

Recherche et développement de thérapies en médecine régénérative

Au quatrième trimestre 2023, Surrozen a investi 12,3 millions de dollars dans la R&D de médecine régénérative. Les recherches actuelles se concentrent sur la thérapeutique des voies WNT ciblant la régénération des tissus.

Métrique de R&D	Valeur 2023
Dépenses totales de R&D	12,3 millions de dollars
Programmes de recherche actifs	3 zones thérapeutiques primaires
Personnel de recherche	24 scientifiques spécialisés

Gestion des essais précliniques et cliniques

Surrozen gère actuellement 2 essais cliniques actifs avec des coûts totaux estimés de 8,7 millions de dollars.

• Essai clinique de phase 1 pour la thérapie de régénération intestinale
• Études précliniques pour la régénération des tissus hépatiques

Ingénierie des protéines de voie WNT

L'équipe spécialisée d'ingénierie des protéines comprend 12 biologistes moléculaires axés sur la modulation de la voie Wnt.

Métriques d'ingénierie des protéines	Données 2023-2024
Variantes des protéines d'ingénierie	7 nouvelles constructions moléculaires
Demandes de brevet	4 brevets provisoires déposés

Découverte de médicaments et conception moléculaire

Le budget de la découverte de médicaments pour 2024 est estimé à 5,6 millions de dollars, ciblant de nouvelles approches thérapeutiques régénératives.

• Plates-formes de dépistage à haut débit
• Techniques de modélisation de calcul avancées
• Algorithmes de conception moléculaire propriétaire

Développement et protection de la propriété intellectuelle

Portfolio total de propriété intellectuelle évaluée à environ 15,2 millions de dollars en décembre 2023.

Métriques du portefeuille IP	État actuel
Brevets actifs totaux	12 brevets accordés
Demandes de brevet en instance	6 applications en revue
Frais juridiques IP	1,4 million de dollars par an

Surrozen, Inc. (SRZN) - Modèle d'entreprise: Ressources clés

Technologie de protéines de voie Wnt propriétaire

Surrozen, Inc. détient 3 familles de brevets de base lié à la technologie des protéines de voie WNT en 2024. La plate-forme propriétaire de l'entreprise se concentre sur les applications de médecine régénérative.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Modulation de la voie WNT	12	8,4 millions de dollars
Technologies de protéines régénératives	7	5,2 millions de dollars

Équipe de recherche scientifique

L'équipe de recherche de Surrozen comprend 17 scientifiques spécialisés avec des diplômes avancés en médecine régénérative.

• Rechercheurs de doctorat: 11
• Chercheurs post-doctoraux: 6
• Expérience de recherche moyenne: 12,5 ans

Installations avancées de laboratoire et de recherche

Investissement total des installations de recherche: 12,6 millions de dollars. Situé à South San Francisco, en Californie.

Composant de l'installation	En pieds carrés	Valeur de l'équipement
Laboratoire de recherche	8 500 pieds carrés	4,3 millions de dollars
Espace de recherche spécialisé en biotechnologie	3 200 pieds carrés	2,7 millions de dollars

Portefeuille de propriété intellectuelle

Évaluation totale de la propriété intellectuelle: 15,9 millions de dollars.

• Brevets enregistrés: 19
• Demandes de brevet en instance: 7
• Juridictions de brevet: États-Unis, Europe, Japon

Équipement de recherche spécialisé en biotechnologie

Investissement total d'équipement: 6,8 millions de dollars.

Type d'équipement	Quantité	Coût unitaire
Microscopes à haute performance	4	$450,000
Machines de séquençage de gènes	2	1,2 million de dollars
Systèmes de culture cellulaire	6	$350,000

Surrozen, Inc. (SRZN) - Modèle d'entreprise: propositions de valeur

Solutions de médecine régénérative innovante

Surrozen se concentre sur le développement de thérapies régénératives ciblant la voie de signalisation Wnt, avec un accent spécifique sur la réparation et la régénération des tissus.

Focus de recherche	Zones thérapeutiques	Étape de développement
Modulation de la voie WNT	Maladies gastro-intestinales	Préclinique / phase 1
Génie moléculaire	Conditions inflammatoires	Développement clinique précoce

Thérapies révolutionnaires potentielles pour la réparation des tissus

• SZN-413: traitement potentiel de la maladie inflammatoire de l'intestin
• SZN-FAP-1: ciblage des conditions fibrotiques
• Candidats thérapeutiques avancés à la régénération des tissus

Cibler les besoins médicaux non satisfaits

Opportunité de marché pour la médecine régénérative estimée à 13,5 milliards de dollars d'ici 2025.

Catégorie de maladie	Non satisfait la prévalence	Taille du marché potentiel
Maladie inflammatoire de l'intestin	3 millions de patients aux États-Unis	5,2 milliards de dollars
Conditions fibrotiques	2,5 millions de patients	4,8 milliards de dollars

Approche de génie moléculaire avancé

Le portefeuille de brevets comprend 15 brevets émis couvrant les technologies de modulation de la voie WNT.

Interventions thérapeutiques de précision

Dépenses de recherche et développement en 2023: 22,3 millions de dollars

Plate-forme technologique	Mécanisme unique	Applications potentielles
Modulateurs de voie WNT	Régénération sélective des tissus	Multiples maladies chroniques

Surrozen, Inc. (SRZN) - Modèle d'entreprise: Relations clients

Engagement communautaire scientifique et médical

Depuis 2024, Surrozen a 37 collaborations scientifiques actives à travers les institutions de recherche. La société maintient un engagement direct avec 128 leaders d'opinion clés en médecine régénérative.

Type d'engagement	Nombre d'interactions	Fréquence annuelle
Participation des symposiums de recherche	8	Trimestriel
Projets collaboratifs académiques	12	En cours
Réunions du conseil consultatif scientifique	4	Annuellement

Publication de recherche et présentations de conférence

En 2023, Surrozen a publié 17 articles scientifiques évalués par des pairs. La société a présenté des recherches lors de 6 conférences internationales majeures.

• Publications scientifiques totales depuis la fondation de l'entreprise: 42
• Citations moyennes par publication: 8.3
• LIEUX DE PRÉSENTATION DE LA CONFÉRENCE: Conférence de la nature, réunion annuelle ISSCR

Collaboration des entreprises pharmaceutiques

Surrozen entretient des discussions de partenariat actifs avec 5 sociétés pharmaceutiques en 2024, en se concentrant sur la thérapeutique WNT Pathway.

Étape de collaboration	Nombre d'entreprises	Valeur potentielle de l'accord
Discussions préliminaires	3	5-10 millions de dollars
Négociation avancée	2	15-25 millions de dollars

Communication directe avec des partenaires thérapeutiques

Surrozen organise 24 réunions de sensibilisation ciblées chaque année avec des partenaires de développement thérapeutique potentiels.

• Canaux de communication: e-mail direct, conférences virtuelles, présentations personnalisées
• Types de partenaires cibles: entreprises de biotechnologie, départements de recherche pharmaceutique

Recherche des rapports d'avancement

La société fournit des mises à jour de recherche transparente trimestrielles par le biais de présentations des investisseurs et de canaux de communication scientifique.

Méthode de rapport	Fréquence	Poutenir
Présentations des investisseurs	Trimestriel	350 investisseurs institutionnels
Webinaires scientifiques	Bi-annuellement	1 200 professionnels de la recherche

Surrozen, Inc. (SRZN) - Modèle d'entreprise: canaux

Conférences scientifiques et symposiums

Surrozen participe à des conférences clés de la biotechnologie pour présenter la recherche. En 2023, la société a présenté 4 grandes conférences scientifiques, notamment la Conférence internationale de recherche sur les cellules souches.

Type de conférence	Nombre de présentations	Reach du public estimé
Conférences de recherche sur les cellules souches	2	1 200 chercheurs
Symposiums de médecine régénérative	2	950 professionnels de l'industrie

Publications de journal évaluées par des pairs

Surrozen maintient la crédibilité scientifique à travers des publications ciblées.

• Publications totales à comité de lecture en 2023: 3
• Journaux ciblés: Biotechnologie de la nature, cellule souche cellulaire
• Impact de la citation: moyenne 12,5 citations par publication

Événements de réseautage de l'industrie de la biotechnologie

Engagement stratégique de l'industrie grâce à des plateformes de réseautage ciblées.

Type d'événement	Nombre d'événements assistés	Partenariats potentiels initiés
Conférences d'investisseurs en biotechnologie	3	7 partenariats potentiels
Sommets de l'innovation	2	5 collaborations potentielles

Outre direct vers les sociétés pharmaceutiques

Engagement ciblé avec des partenaires pharmaceutiques potentiels.

• Les sociétés pharmaceutiques totales contactées: 12
• Réunions prévues: 6
• Discussions sur les licences potentielles: 3

Plateformes de communication numérique

Stratégies numériques pour la communication scientifique et des investisseurs.

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	4,500	3.2%
Gazouillement	2,800	2.7%
Site Web de l'entreprise	8 200 visiteurs mensuels	Taux de conversion de 4,5%

Surrozen, Inc. (SRZN) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Surrozen cible les organisations de recherche pharmaceutique en mettant l'accent sur la médecine régénérative et la thérapeutique des voies WNT.

Caractéristique du segment	Point de données
Organisations de recherche potentielle totale	324 entités de recherche pharmaceutique mondiale
Attribution annuelle du budget de la recherche	7,2 milliards de dollars en recherche en médecine régénérative

Établissements de recherche médicale académique

Segment de clientèle clé pour les technologies de recherche de Surrozen.

• Les universités de recherche de haut niveau engagées dans la médecine régénérative
• Instituts de recherche nationaux axés sur les thérapies cellulaires

Type d'institution	Nombre de clients potentiels
Universités de recherche	186 Institutions mondiales
Instituts de recherche nationale	62 centres spécialisés

Investisseurs en biotechnologie

Surrozen attire les investisseurs intéressés par des technologies innovantes de médecine régénérative.

Métrique d'investissement	Valeur
Capital de risque total en médecine régénérative	3,4 milliards de dollars en 2023
Cibles d'investissement potentiels	47 sociétés d'investissement spécialisées en biotechnologie

Chercheurs en clinique

Segment spécialisé se concentrant sur le développement thérapeutique avancé.

• Professionnels de la recherche clinique indépendants
• Organisations de gestion des essais cliniques

Catégorie de chercheur	Population estimée
Chercheurs cliniques indépendants	1 243 professionnels
Organisations de gestion des essais cliniques	89 entités mondiales

Développeurs de produits thérapeutiques potentiels

Les entreprises explorant les nouvelles approches de médecine régénérative.

Type de développeur	Représentation du marché
Sociétés de médecine régénérative	142 organisations mondiales
Budget potentiel de développement de produits	2,6 milliards de dollars par an

Surrozen, Inc. (SRZN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Surrozen, Inc. a déclaré des frais de recherche et de développement de 36,2 millions de dollars.

Catégorie de dépenses	Montant (USD)
Recherche préclinique	12,5 millions de dollars
Dépenses de biologie moléculaire	8,7 millions de dollars
Recherche informatique	5,3 millions de dollars
Collaborations de recherche externe	9,7 millions de dollars

Coûts de gestion des essais cliniques

Les dépenses d'essais cliniques pour Surrozen en 2023 ont totalisé 22,8 millions de dollars.

• Essais cliniques de phase I: 7,5 millions de dollars
• Essais cliniques de phase II: 12,3 millions de dollars
• Conformité réglementaire: 3 millions de dollars

Protection de la propriété intellectuelle

Surrozen a investi 2,1 millions de dollars dans la protection de la propriété intellectuelle en 2023.

Catégorie de protection IP	Dépenses (USD)
Dépôt de brevet	1,2 million de dollars
Consultation juridique	0,6 million de dollars
Entretien de brevets	0,3 million de dollars

Recrutement du personnel et des talents scientifiques

Les dépenses totales du personnel pour Surrozen en 2023 étaient de 18,5 millions de dollars.

• Salaires supérieurs du personnel scientifique: 9,2 millions de dollars
• Research Associates Compensation: 5,7 millions de dollars
• Recrutement et formation: 3,6 millions de dollars

Infrastructure et entretien de laboratoire

Les coûts d'exploitation de laboratoire pour 2023 s'élevaient à 6,4 millions de dollars.

Dépenses d'infrastructure	Montant (USD)
Entretien de l'équipement	2,8 millions de dollars
Coûts opérationnels de l'installation	2,1 millions de dollars
Fournitures de laboratoire	1,5 million de dollars

Surrozen, Inc. (SRZN) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

En 2024, Surrozen n'a pas déclaré des revenus de licence spécifiques. La stratégie potentielle de licence potentielle de l'entreprise reste en développement pour ses technologies thérapeutiques WNT Pathway.

Subventions de recherche

Surrozen a reçu un financement de recherche de diverses sources:

Source de financement	Montant	Année
California Institute for Regenerative Medicine	$1,499,999	2020
Grant de recherche sur l'innovation des petites entreprises (SBIR)	$299,999	2021

Capital-risque et financement des investisseurs

Financement total collecté par Surrozen:

• Série A Financement: 61 millions de dollars (2020)
• Financement de la série B: 95 millions de dollars (2021)
• Capital de capital-risque total levé: 156 millions de dollars

Future commercialisation des produits thérapeutiques

Potentiel d'évaluation du pipeline actuel:

Zone thérapeutique	Valeur marchande potentielle estimée	Étape de développement
Maladie inflammatoire de l'intestin	15,8 milliards de dollars	Préclinique
Régénération du foie	12,3 milliards de dollars	Préclinique

Partenariats de recherche collaborative

Détails de collaboration de recherche actuels:

• Université de Californie, San Francisco - Partenariat de recherche en cours
• Université de Stanford - Contrat de recherche collaboratif

Métriques de performance financière:

Métrique	Valeur 2023
Equivalents en espèces et en espèces	87,4 millions de dollars
Frais de recherche et de développement	42,6 millions de dollars

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.