Surrozen, Inc.
SRZNHealthcare|Biotechnology|US
$31.00
+2.00 (+6.90%)
DCF Value
$11.35
Cash / Share
$8.75
Financials
Financial Snapshot
Market Cap
$231.8M
Enterprise Value
$136.1M
Revenue (TTM)
$11.5M
Net Income (TTM)
-$332.1M
Cash & Investments
$102.0M
Net Cash
$95.7M
Free Cash Flow (TTM)
-$35.0M
Operating CF (TTM)
-$34.8M
Debt/Equity
-0.03
Cash Runway & Burn Rate
Cash on Hand
$102.0M
Quarterly Burn
$8.7M
Monthly Burn
$2.9M
Est. Runway
~11.7 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $29.1M | $49.2M | $101.9M | $75.8M | $36.0M | $34.6M | $89.2M | $102.0M | |
| Operating Cash Flow | -$21.1M | -$29.1M | -$48.8M | -$44.1M | -$40.4M | -$17.6M | -$30.2M | -$34.8M | |
| Free Cash Flow | -$22.6M | -$30.0M | -$50.1M | -$44.9M | -$40.8M | -$17.7M | -$30.4M | -$35.0M | |
| Capital Expenditure | -$1.6M | -$874.0K | -$1.3M | -$728.0K | -$398.0K | -$26.0K | -$128.0K | -$222.0K | |
| Financing Cash Flow | $28.9M | $50.1M | $124.6M | -$2.6M | $276.0K | $16.2M | $85.1M | $46.6M |
R&D Spending
R&D (TTM)
$34.6M
R&D Intensity
300.4%
R&D Growth vs Prior
+17.7%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $12.5M | $0.00 | $10.7M | $3.5M | $11.5M | |
| R&D Expense | $19.6M | $25.7M | $36.9M | $37.0M | $27.2M | $21.1M | $29.4M | $34.6M | |
| R&D % of Revenue | — | — | — | 296.1% | — | 198.3% | 844.5% | 300.4% | |
| SG&A | $5.5M | $7.1M | $14.2M | $19.8M | $15.8M | $15.1M | $16.2M | $21.3M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $12.5M | $0.00 | $10.7M | $3.5M | $11.5M | |
| Cost of Revenue | $0.00 | $2.9M | $3.3M | $3.3M | $27.2M | $0.00 | $537.0K | $65.0K | |
| Gross Profit | $0.00 | -$2.9M | -$3.3M | $9.2M | -$27.2M | $10.7M | $2.9M | $11.4M | |
| R&D | $19.6M | $25.7M | $36.9M | $37.0M | $27.2M | $21.1M | $29.4M | $34.6M | |
| SG&A | $5.5M | $7.1M | $14.2M | $19.8M | $15.8M | $15.1M | $16.2M | $21.3M | |
| Operating Income | -$25.1M | -$32.8M | -$54.4M | -$44.3M | -$45.8M | -$25.5M | -$42.1M | -$44.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$24.4M | -$32.7M | -$54.6M | -$36.0M | -$43.0M | -$63.6M | -$242.0M | -$332.1M | |
| Net Income | -$24.4M | -$32.6M | -$52.5M | -$36.0M | -$43.0M | -$63.6M | -$242.0M | -$332.1M | |
| EPS (Diluted) | -61.94 | -41.12 | -23.40 | -15.55 | -21.33 | -21.67 | -32.37 | -44.29 | |
| EBITDA | -$22.8M | -$32.4M | -$52.6M | -$34.0M | -$41.1M | -$62.1M | -$241.5M | -$332.0M | |
| Shares Out. (M) | 0.39 | 0.80 | 2.34 | 2.31 | 2.02 | 2.93 | 7.48 | 23.15 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29.1M | $35.0M | $33.1M | $24.7M | $36.0M | $34.6M | $89.2M | $102.0M | |
| Short-Term Investments | $0.00 | $14.2M | $68.8M | $51.1M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $29.4M | $50.2M | $105.2M | $81.3M | $41.1M | $38.9M | $91.6M | $109.4M | |
| Total Assets | $42.5M | $62.1M | $137.2M | $89.4M | $46.1M | $48.5M | $98.7M | $115.6M | |
| Total Current Liabilities | $3.9M | $7.3M | $13.6M | $9.7M | $7.1M | $7.3M | $9.9M | $9.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $13.1M | $14.8M | $27.5M | $13.4M | $8.1M | $69.8M | $286.5M | $334.3M | |
| Stockholders' Equity | $29.4M | $47.3M | $109.7M | $76.0M | $37.9M | -$21.4M | -$187.8M | -$218.7M | |
| Retained Earnings | -$55.3M | -$88.0M | -$142.6M | -$178.7M | -$221.7M | -$285.3M | -$527.3M | -$604.6M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.1M | -$29.1M | -$48.8M | -$44.1M | -$40.4M | -$17.6M | -$30.2M | -$34.8M | |
| Capital Expenditure | -$1.6M | -$874.0K | -$1.3M | -$728.0K | -$398.0K | -$26.0K | -$128.0K | -$222.0K | |
| Free Cash Flow | -$22.6M | -$30.0M | -$50.1M | -$44.9M | -$40.8M | -$17.7M | -$30.4M | -$35.0M | |
| Investing Cash Flow | -$1.6M | -$15.1M | -$77.7M | $38.3M | $51.7M | -$26.0K | -$128.0K | -$222.0K | |
| Financing Cash Flow | $28.9M | $50.1M | $124.6M | -$2.6M | $276.0K | $16.2M | $85.1M | $46.6M | |
| Issuance of Stock | $0.00 | $0.00 | $124.2M | $42.0K | $280.0K | $16.0M | $85.1M | $46.4M | |
| Repurchase of Stock | -$13.0K | $0.00 | $0.00 | -$2.6M | -$4.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $790.0K | $635.0K | $2.3M | $4.5M | $4.4M | $4.1M | $3.8M | $7.0M | |
| Net Change in Cash | $29.5M | $5.9M | -$1.9M | -$8.4M | $11.6M | -$1.5M | $54.7M | $11.6M |
Dilution Tracker
Shares outstanding grew 839.9% over 5 years — significant dilution
Shares Outstanding
7M
5-Year Share Growth
+839.9%
Stock Issuance (TTM)
$46.4M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.39 | 0.80 | 2.34 | 2.31 | 2.02 | 2.93 | 7.48 | 23.15 | |
| Change vs Prior % | — | 102.3% | 193.6% | -0.9% | -12.8% | 45.3% | 155.0% | 209.5% | |
| Stock Issuance | $0.00 | $0.00 | $124.2M | $42.0K | $280.0K | $16.0M | $85.1M | $46.4M | |
| Stock Repurchase | -$13.0K | $0.00 | $0.00 | -$2.6M | -$4.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $790.0K | $635.0K | $2.3M | $4.5M | $4.4M | $4.1M | $3.8M | $7.0M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | 73.8% | — | 100.0% | 84.6% | 99.4% | |
| Operating Margin % | — | — | — | -354.7% | — | -239.7% | -1210.6% | -385.3% | |
| Net Margin % | — | — | — | -288.0% | — | -596.6% | -6960.8% | -2885.3% | |
| EBITDA Margin % | — | — | — | -272.4% | — | -583.0% | -6945.3% | -2883.8% | |
| FCF Margin % | — | — | — | -359.0% | — | -165.7% | -873.5% | -303.9% | |
| ROE % | -82.9% | -69.0% | -47.9% | -47.4% | -113.5% | 297.3% | 128.9% | 187.6% | |
| ROA % | -57.3% | -52.6% | -38.3% | -40.3% | -93.4% | -131.1% | -245.1% | -287.3% | |
| ROIC % | -62.6% | -57.7% | -43.2% | -54.1% | -110.5% | -59.4% | -46.7% | -40.8% | |
| R&D / Revenue % | — | — | — | 296.1% | — | 198.3% | 844.5% | 300.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | -67.4% | |
| Gross Profit | 0.0% | 0.0% | -12.6% | 380.0% | -395.0% | 139.1% | -72.4% | |
| Operating Income | 0.0% | -30.7% | -65.8% | 18.5% | -3.2% | 44.2% | -64.8% | |
| Net Income | 0.0% | -33.9% | -61.0% | 31.4% | -19.5% | -47.7% | -280.8% | |
| EPS (Diluted) | 0.0% | 33.6% | 43.1% | 33.5% | -37.2% | -1.6% | -49.4% | |
| Operating Cash Flow | 0.0% | -38.2% | -67.7% | 9.6% | 8.6% | 56.3% | -71.6% | |
| Free Cash Flow | 0.0% | -32.5% | -67.1% | 10.4% | 9.2% | 56.7% | -72.0% | |
| R&D Expense | 0.0% | 31.0% | 43.6% | 0.4% | -26.4% | -22.4% | 39.0% | |
| SG&A Expense | 0.0% | 29.4% | 99.6% | 39.5% | -20.3% | -4.7% | 7.6% | |
| Total Assets | 0.0% | 46.1% | 121.0% | -34.8% | -48.5% | 5.2% | 103.7% | |
| Book Value / Share | 0.0% | -20.4% | -21.0% | -30.1% | -42.7% | -138.8% | -244.5% | |
| Debt | 0.0% | -10.3% | -18.8% | -28.1% | -39.7% | 150.6% | -21.6% | |
| Diluted Shares | 0.0% | 102.3% | 193.6% | -0.9% | -12.8% | 45.3% | 155.0% |
Valuation
P/E (TTM)At Loss
P/S20.14
10Y Low / Med / High1.62 / 3.95 / 48.61
P/B-1.65
10Y Low / Med / High0.27 / 2.03 / 2.55
EV/EBITDAAt Loss
EV/Revenue11.82
10Y Low / Med / High0.09 / 1.50 / 24.85
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$11.35
Cash / Share
$8.75
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.45 | -3.69 | -4.13 | -0.56 | -0.44 | -0.66 | -0.70 | -0.75 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 1.62 | 0.00 | 3.95 | 48.61 | 20.14 | |
| P/B Ratio | 2.03 | 2.55 | 2.06 | 0.27 | 0.50 | -1.97 | -0.90 | -1.65 | |
| EV/EBITDA | -1.81 | -2.94 | -3.81 | -0.03 | 0.33 | -0.26 | -0.36 | -0.41 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.09 | 0.00 | 1.50 | 24.85 | 11.82 |
Analyst Estimates & Quality
Altman Z-Score
-15.25
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $10.7M | $1.5M | $869.3K |
| Net Income | -$53.3M | -$27.1M | -$29.1M |
| EPS | $-7.01 | $-3.61 | $-3.65 |
| # Analysts (EPS) | 3 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Collaboration and license revenue | $10.0M | — |
By Geography
| Segment | 2024 | 2025 |
|---|---|---|
| GERMANY | $10.0M | — |
| UNITED STATES | $700.0K | $3.5M |