One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Surrozen, Inc.
SRZN · NCM · Healthcare · Biotechnology
Current price
$29.54
52-week range
$11.39 - $37.83
Market cap
$347.20M
Balance sheet
Healthy
-13.94x Concerning
Net cash $95.72M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
View details ↓What this company does
Surrozen, Inc.
Surrozen is a biotechnology company developing new medicines that help the body repair its own damaged tissues, with a focus on treating serious eye diseases. Since its drugs are still in the testing phase and not yet for sale, the company makes money through collaboration agreements (partnerships where larger drug companies pay for the rights to help develop and sell Surrozen's potential future drugs). The company's success depends on these potential treatments passing clinical trials and getting government approval to be sold to patients.
How the company got here
Surrozen was founded in 2015 by scientists from Stanford University who are experts in how the body repairs itself. [4, 11] They focused on a natural process called the Wnt pathway, which acts like a master switch for tissue healing and regeneration. [1] After starting with private funding, the company became publicly traded in 2021 through a SPAC merger (a way for a private company to be listed on the stock market more quickly than a traditional IPO). [12] While they initially explored treatments for various conditions, the company has since sharpened its focus primarily on developing medicines for serious eye diseases. [18, 20]
What it actually does
Surrozen is a biotechnology company working on a new class of medicines designed to help the body heal itself from injury or disease. [1, 5] Their work centers on activating the body's own repair system, known as the Wnt pathway, which is crucial for regenerating tissues. [1] They are creating highly specific potential drugs, called antibody therapeutics, that are engineered to target and activate this healing process. [15] Currently, their main effort is aimed at treating sight-threatening conditions affecting the retina, the light-sensitive layer at the back of the eye. [1, 20]
Developing In-House Drug Candidates
This is the company's main business; it discovers and develops its own potential medicines, which are not yet for sale. Their most advanced drug candidates (potential drugs in the testing phase) are SZN-8141 and SZN-8143, both designed to treat common causes of blindness like diabetic macular edema. [17, 21] This part of the company spends significant money on research and clinical trials (the multi-step process of testing new drugs on people for safety and effectiveness) and does not yet generate revenue (money from sales). The goal is to eventually get these drugs approved by regulators like the FDA so they can be sold to patients.
Partnership and Licensing Agreements
Surrozen also generates money by partnering with larger, more established pharmaceutical companies. For example, they have a collaboration and license agreement with Boehringer Ingelheim for a drug candidate known as SZN-413, which also targets retinal diseases. [3, 6] In this type of deal, the partner pays Surrozen for the rights to develop and sell the drug, providing upfront cash. This business line generates revenue through milestone payments (money received when specific research and development goals are met) and will earn royalties (a percentage of sales) if the drug is ever approved and sold. [6]
What management is betting on now
The company's current strategy is heavily focused on becoming a leader in treatments for eye diseases. [23] Their biggest bet is on their lead drug candidate, SZN-8141, which they believe can work better than existing therapies because it combines two actions in one molecule: activating the body's natural healing pathways while also blocking a signal that causes damage in the eye. [13, 14] A major immediate goal is advancing this drug through the clinical trial process, having recently submitted an Investigational New Drug (IND) application to the FDA, a critical step before testing in humans can begin. [13] Management believes this specialized focus on ophthalmology offers the clearest path to getting a drug approved and building a successful business. [23]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-6.75M
FY2024 Q4
$3.46M
FY2025 Q1
$-9.31M
FY2025 Q2
$-6.13M
FY2025 Q3
$-9.06M
FY2025 Q4
$-5.87M
FY2026 Q1
$-12.62M
FY2026 Q2
$-7.43M
Revenue
$5.00M
Net income
$50.18M
Diluted EPS
-0.41
Operating cash flow
$-7.42M
Free cash flow
$-7.43M
Fetching…
Sources
Revenue
$5.00M
Net income
$-127.50M
Diluted EPS
-11.65
Operating cash flow
$-12.49M
Free cash flow
$-12.62M
Fetching…
Sources
Revenue
$528.00K
Net income
$-183.16M
Diluted EPS
-19.13
Operating cash flow
$-5.81M
Free cash flow
$-5.87M
Fetching…
Sources
Revenue
$983.00K
Net income
$-71.64M
Diluted EPS
-8.36
Operating cash flow
$-9.04M
Free cash flow
$-9.06M
Fetching…
Sources
Revenue
$983.00K
Net income
$39.75M
Diluted EPS
2.55
Operating cash flow
$-6.11M
Free cash flow
$-6.13M
Fetching…
Sources
Revenue
$983.00K
Net income
$-26.97M
Diluted EPS
-7.43
Operating cash flow
$-9.28M
Free cash flow
$-9.31M
Fetching…
Sources
Revenue
$10.65M
Net income
$-28.04M
Diluted EPS
-9.00
Operating cash flow
$3.48M
Free cash flow
$3.46M
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Sources
Revenue
$10.00M
Net income
$-1.43M
Diluted EPS
-0.44
Operating cash flow
$-6.75M
Free cash flow
$-6.75M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $29.54
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $95.7M - more cash than debt. Interest coverage -13.9x.
Net debt
$-95.72M
Interest coverage
-13.94x
Surrozen, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
SRZN
BASELINE
Surrozen, Inc.
Total debt $6.32M Interest coverage -13.94x This is the baseline the peer rows are being compared against.
Total debt $2.30M Interest coverage -12.88x Neither company has much profit cushion over interest right now.
Total debt $91.05M Interest coverage -35.51x Neither company has much profit cushion over interest right now.
Total debt $250.46M Interest coverage -3.58x Neither company has much profit cushion over interest right now.
Total debt $17.21M Interest coverage 63.51x This peer still has a real interest-payment cushion, while SRZN does not.
What you should know
The case for and against SRZN
1 Reward
1 Risk
Rewards
-
Revenue grew 231.1% last year.
Risks
-
Insider ownership is only 3.1% (peer median: 5.7%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-7.06x
P/B
-1.59x
P/S
30.16x
EV/EBITDA
-5.70x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
-200.4%
Operating margin
-207.4%
Net margin
0.0%
ROE
—
ROA
-25.4%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
12.14x
Quick ratio
11.88x
Total debt
$6.32M
Total cash
$102.04M
Growth
How the business has been compounding
Revenue TTM
$11.51M
Revenue 5Y CAGR
-67.4%
EPS TTM
-40.06
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-34.76M
Free CF TTM
$-30.37M
FCF margin
-263.9%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—