Surrozen, Inc. (SRZN): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that made a hard pivot to ophthalmology, so its business model is now laser-focused on its Wnt pathway technology for eye diseases. As someone who's seen countless pivots in my two decades analyzing this space, Surrozen, Inc.'s current structure is fascinating: it's a classic platform play leaning heavily on a major pharma partner, Boehringer Ingelheim, for its lead asset, SZN-413. Honestly, the near-term story hinges on advancing SZN-8141 toward an expected 2026 IND filing while managing the burn rate-they sat on $81.3 million as of late Q3 2025, which funded Q3 R&D of $7.8 million. If you want to see how they balance that high-cost R&D with nearly $587.0 million in potential future milestones from BI, you need to check out the full canvas below.

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

You're looking at the external relationships Surrozen, Inc. relies on to get its Wnt pathway therapeutics developed and to the clinic. These aren't just casual contacts; they involve significant financial commitments and intellectual property sharing, which is typical for a clinical-stage biotech company.

Boehringer Ingelheim for SZN-413 development and commercialization

This is the cornerstone partnership for the SZN-413 program, targeting retinal vascular-associated diseases. Boehringer Ingelheim (BI) received an exclusive, worldwide license to develop SZN-413 and other Fzd4-specific Wnt-modulating molecules. Surrozen, Inc. received an upfront payment of $12.5 million upon entering the agreement in the fourth quarter of 2022. The potential value is substantial, with Surrozen, Inc. eligible to receive up to $586.5 million in success-based development, regulatory, and commercial milestone payments. On top of that, Surrozen, Inc. is set to receive mid-single digit to low-double digit royalties on sales. A milestone achievement triggered a $10 million payment to Surrozen, Inc. in September 2024. Surrozen, Inc. continues to progress its lead candidates, SZN-8141 and SZN-8143, and remains on track to submit an Investigational New Drug (IND) application for SZN-8141 in 2026.

The financial structure of this key relationship can be summarized:

TCGFB, Inc. for research services on TGF-β antibodies

This strategic research collaboration, announced in November 2024, involved Surrozen, Inc. providing antibody discovery services for up to two years. TCGFB, Inc. will own all the TGF-β product related intellectual property. In exchange, TCGFB, Inc. agreed to pay Surrozen, Inc. up to $6.0 million in aggregate, plus third-party costs. Additionally, Surrozen, Inc. received a warrant exercisable for up to 3,400,000 shares of TCGFB common stock at an exercise price of $0.0001 per share, subject to vesting. As of October 14, 2025, Surrozen, Inc. received notice that TCGFB, Inc. elected to terminate the Collaboration Agreement for convenience, effective November 13, 2025. Research service revenue from this related party was $1.0 million for the first quarter ended March 31, 2025. However, collaboration and license revenue was reported as zero in the third quarter of 2025, compared to $10 million in the same quarter of 2024.

Contract Research Organizations (CROs) for clinical trial execution

The reliance on external clinical execution partners is a known operational factor. Management has noted risks associated with this, such as the potential for delay or failure to reach agreement on acceptable clinical trial agreement terms or protocols with prospective sites or CROs. The terms for these agreements can vary significantly among different CROs.

Key factors related to external clinical execution include:

• Potential for extensive negotiation on clinical trial agreement terms
• Variability in terms among different CROs
• Requirement for Institutional Review Board (IRB) approval at prospective sites

Academic and scientific advisors for Wnt biology expertise

Surrozen, Inc. leverages deep scientific expertise from its founders and advisors, many of whom are pioneers in Wnt biology. The company appointed Daniel Chao, M.D., Ph.D., as Vice President and Head of Clinical Development in July 2025.

Notable Scientific Advisors include:

• Roel Nusse, PhD: Stanford University Professor of Developmental Biology; Surrozen Founder
• Calvin Kuo, MD, PhD: Stanford University Professor; Surrozen Founder
• Harold Varmus, MD: Lewis Thomas University Professor at Weill Cornell Medicine
• Willard H. Dere, MD: University of Utah Health Sciences Center Professor

Finance: review Q4 2025 cash burn rate against the September 30, 2025 cash position of $81.3 million by end of day Monday.

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

You're looking at the core engine of Surrozen, Inc. right now-the things they absolutely must execute on to move their pipeline forward, especially given the recent capital structure changes. Here's the quick math on what's consuming their time and cash as of late 2025.

Research and development of Wnt-modulating antibodies

The primary activity is the deep, focused R&D on their tissue-specific antibodies that selectively modulate the Wnt pathway, now heavily concentrated on ophthalmology. This translates directly into operational spending.

• Research and Development (R&D) Expenses for Q3 2025 were reported at $7.8 million.
• This R&D spend reflects a significant increase from $5.2 million reported for the same period in 2024.
• The increased costs were driven by manufacturing, lab expenses, and consulting fees specifically for their ophthalmology programs.

Advancing SZN-8141 and SZN-8143 toward clinical studies

This is the execution phase for their lead candidates, SZN-8141 and SZN-8143, which target retinal diseases. They are using preclinical data to build the case for human trials.

The company discontinued development of SZN-043 in the first quarter of 2025 due to insufficient early clinical benefit.

Filing Investigational New Drug (IND) applications (SZN-8141 expected 2026)

Hitting regulatory milestones is a critical activity that directly impacts financing. Surrozen, Inc. is actively preparing for the submission of the IND for SZN-8141.

• The company remains on track to submit the Investigational New Drug (IND) application for SZN-8141 in 2026.
• Clearance of this IND application is the trigger for the second tranche of their financing.

Intellectual property protection and patent maintenance (e.g., SWAP™)

Protecting the core technology, the SWAP™ platform, is a non-stop activity for a biotech firm. They recently secured a key grant.

• In May 2025, Surrozen, Inc. was granted U.S. Patent No. 12,297,278 covering the SWAP™ technology.
• This patent is part of a portfolio that includes six issued U.S. patents and 10 patents granted in other countries.
• They also have 11 pending patent families across the U.S. and internationally.

Securing capital through private placements and financing tranches

Fundraising is a defining activity, especially to support the move into clinical studies. They executed a major financing event earlier in 2025.

The private placement announced in March 2025 was structured for up to $175 million in gross proceeds across two tranches.

• The first closing, which occurred around March 26, 2025, yielded approximately $70 million in gross proceeds (or $76.4 million in net proceeds from the first closing).
• The second tranche, contingent on FDA clearance of the SZN-8141 IND, is expected to provide roughly $98.6 million more.
• As of September 30, 2025, cash and cash equivalents stood at $81.3 million.
• To be fair, collaboration revenue for Q3 2025 was zero, down from $10 million in Q3 2024, showing a reliance on non-operational funding.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Surrozen, Inc. is banking on to drive its targeted therapeutics platform forward. These aren't just ideas; they are patented technology and hard cash on the balance sheet.

The most tangible resource right now is the capital base. As of September 30, 2025, Surrozen, Inc. reported holding $81.3 million in cash and equivalents. That number is down from $90.4 million on June 30, 2025, which reflects the burn rate, but it still provides significant runway for their ophthalmology programs.

The intellectual property surrounding their Wnt modulation is the engine. This includes their proprietary platforms:

• Proprietary Wnt signaling platforms: SWAP™ and SWEETS.
• SWAP™ technology is specifically covered by U.S. Patent No. 12,297,278, granted in May 2025.
• The SWEETS platform utilizes a unique targeted protein degradation (TPD) approach for tissue-specific Wnt-signal enhancement.

That patent, U.S. Patent No. 12,297,278, is key. It covers tetravalent, multi-specific Wnt surrogates, which require specific dual binding to Frizzled (Fzd) receptors and LRP5/6 for potent signaling. This IP forms the foundation for candidates like SZN-413, which is being developed with Boehringer Ingelheim.

Here's a snapshot of the intellectual property strength as of the May 2025 patent issuance:

Next, you have the human capital driving the science. You need the right people to translate platform technology into clinical assets. Surrozen, Inc. has been actively strengthening its management to execute on its focused strategy.

The clinical development leadership was recently bolstered. In July 2025, Daniel Chao, M.D., Ph.D., joined as Vice President and Head of Clinical Development. Honestly, his background is what you want to see; he brings over 15 years of experience in ophthalmic research and drug development, having held leadership roles at ADARx Pharmaceuticals and Johnson and Johnson, advancing multiple programs through late-stage development.

The R&D team's output is reflected in their operating costs. For instance, Research and Development Expenses for the third quarter ending September 30, 2025, were $7.8 million. This compares to $6.0 million in the second quarter ending June 30, 2025, indicating increased investment in manufacturing and lab costs for their ophthalmology pipeline.

The key human and financial resource metrics look like this:

• Cash & Equivalents (Sept 30, 2025): $81.3 million.
• Cash & Equivalents (Mar 31, 2025): $101.6 million.
• Clinical Development Head Experience: Over 15 years.
• Q3 2025 R&D Spend: $7.8 million.
• Lead Candidates in Pipeline: SZN-8141 and SZN-8143.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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:

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.