Surrozen (SRZN) AI Stock Analysis

• Market Cap: $189.43M
• Dividend Yield: N/A
• Average Volume (3M): 25.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.18
• Revenue Growth: -63.96%
• EPS Growth: -28.50%
• Country: US
• Employees: 40
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -8.36
• Shares Outstanding: 8,571,421
• 10 Day Avg. Volume: 29,706
• 30 Day Avg. Volume: 25,240
• PEG Ratio: -0.42
• Price to Book (P/B): -1.97
• Price to Sales (P/S): 3.95
• P/FCF Ratio: -2.38
• Enterprise Value/Market Cap: 0.65
• Enterprise Value/Revenue: 34.29
• Enterprise Value/Gross Profit: 34.29
• Enterprise Value/Ebitda: -1.26
• 1Y Price Target: $36.67
• Price Target Upside: 58.88% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $19.00 ▼(-17.68% Downside)

The score is held down primarily by weak financial performance (sharp revenue contraction, deep ongoing losses, persistent cash burn, and negative equity). Technicals provide the main offset with a strong uptrend and supportive momentum, while valuation remains constrained by loss-making fundamentals and no dividend yield data.

Positive Factors

Focused Wnt-signaling platform

Surrozen’s platform targets Wnt signaling to promote tissue repair, a specialized biological approach with high scientific barriers and broad applicability. A durable platform focus supports multi-indication R&D, potential licensing partnerships, and long-term value creation independent of short-term market moves.

Advancing lead candidates toward IND

A planned IND submission for SZN-8141 and ongoing development of retinal candidates signal progression from discovery to clinical development. This structural execution reduces scientific uncertainty over time and creates clear program milestones that can materially de-risk assets and enable strategic partnerships or milestone-based financing.

Experienced CFO hire bolsters funding capability

Adding a CFO with proven capital-raising and BD experience improves the company’s long-term ability to secure financing and execute dealmaking. Strengthened financial leadership can meaningfully reduce refinancing execution risk and improve strategic portfolio prioritization over the coming funding cycles.

Negative Factors

Sharp revenue contraction

A ~71% TTM revenue decline indicates materially reduced commercial scale and weak near-term revenue runway. Persistently shrinking top-line undermines economies of scale, leaves fixed R&D and G&A costs unsupported, and makes sustainable margin recovery and self-funding of development programs unlikely without external capital.

Persistent negative operating cash flow

Consistent negative operating and free cash flow reflect structural cash burn typical of R&D-stage biotech, but they necessitate repeated external financing. Over months this increases dilution risk, constrains strategic optionality, and could force prioritization or delays across development programs if capital access tightens.

Negative stockholders' equity weakens balance sheet

Eroded shareholders’ equity reduces financial flexibility and can complicate future financings or partnership terms. Even with modest headline debt, negative equity signals accumulated losses and elevates risk that future funding will be dilutive or costly, impacting long-term ability to sustain development programs.

Surrozen Business Overview & Revenue Model

Company Description

Surrozen, Inc., a biotechnology company, discovers and develops drug candidates to selectively modulate the Wnt pathway for tissue repair and regeneration. It is developing tissue-specific antibodies with application across various disease areas, including diseases of the intestine, liver, retina, cornea, lung, kidney, cochlea, skin, pancreas, and central nervous system. Its products in pipeline include SZN-043 a tissue-specific R-spondin mimetic for the treatment of severe liver disease; and SZN-1326, a bi-specific full-length human antibody that directly modulates Wnt signaling in target tissue by binding to particular Frizzled and LRP receptors that are expressed in intestinal crypts. Surrozen, Inc. was founded in 2015 and is headquartered in South San Francisco, California.

How the Company Makes Money

Surrozen makes money primarily through the development and commercialization of its proprietary therapeutic candidates. The company's revenue model includes potential income from licensing agreements, collaborations, and partnerships with other pharmaceutical companies. These partnerships can provide upfront payments, milestone payments based on the achievement of specific development goals, and royalties from product sales if the therapeutics are successfully brought to market. Additionally, Surrozen may secure funding through grants and research collaborations that support its ongoing research and development efforts.

Surrozen Financial Statement Overview

Summary

Income statement and cash flow quality are weak: TTM revenue fell ~71% and losses remain very large, while operating cash flow and free cash flow are consistently negative (ongoing cash burn). Balance sheet flexibility is pressured by negative stockholders’ equity despite relatively low stated debt, increasing financing/dilution risk.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined sharply (down ~71%), signaling weakening scale and limited commercial traction. While reported gross profit is positive, the company remains deeply unprofitable with very large operating and net losses in both TTM (Trailing-Twelve-Months) and prior annual periods, indicating a cost structure that is not supported by the current revenue base. Overall, earnings quality and profitability are weak, with losses persisting across the full history provided.

Balance Sheet

Leverage appears modest in absolute dollars (total debt is relatively low), but the balance sheet is pressured by negative stockholders’ equity in the latest two periods, which meaningfully weakens financial flexibility and raises refinancing/dilution risk. Total assets are sizable relative to debt, yet ongoing losses have eroded the equity base versus earlier years when equity was positive. Returns to shareholders are unfavorable given the continued net losses.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are consistently negative across all periods, reflecting ongoing cash burn typical of R&D-heavy biotech but still a material funding risk. TTM (Trailing-Twelve-Months) cash burn improved versus 2023 (free cash flow less negative), but cash outflows remain significant and still require external capital to sustain operations. Free cash flow broadly tracks reported losses, offering limited evidence of near-term self-funding capability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.60M	10.65M	0.00	12.50M	0.00	0.00
Gross Profit	3.60M	10.65M	-27.23M	9.23M	-3.30M	-2.93M
EBITDA	-97.99M	-24.10M	-41.13M	-42.38M	-51.35M	-31.37M
Net Income	-86.91M	-63.56M	-43.04M	-36.00M	-52.51M	-32.63M
Balance Sheet
Total Assets	94.05M	48.47M	46.08M	89.44M	137.17M	62.06M
Cash, Cash Equivalents and Short-Term Investments	81.33M	34.56M	36.04M	75.84M	101.85M	49.18M
Total Debt	7.08M	8.47M	3.38M	5.60M	7.79M	9.60M
Total Liabilities	117.56M	69.85M	8.14M	13.43M	27.47M	14.77M
Stockholders Equity	-23.52M	-21.38M	37.94M	76.00M	109.70M	47.29M
Cash Flow
Free Cash Flow	-21.04M	-17.65M	-40.76M	-44.87M	-50.08M	-29.97M
Operating Cash Flow	-20.95M	-17.63M	-40.36M	-44.15M	-48.81M	-29.10M
Investing Cash Flow	-88.00K	-26.00K	51.72M	38.31M	-77.71M	-15.07M
Financing Cash Flow	71.36M	16.18M	276.00K	-2.56M	124.63M	50.05M

Surrozen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SRZN, the sentiment is Positive. The current price of 23.08 is above the 20-day moving average (MA) of 20.32, above the 50-day MA of 20.04, and above the 200-day MA of 12.99, indicating a bullish trend. The MACD of 0.66 indicates Negative momentum. The RSI at 60.21 is Neutral, neither overbought nor oversold. The STOCH value of 67.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SRZN.

Surrozen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STTK	53 Neutral	$243.63M	-3.82	-57.84%	―	-84.46%	33.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRZN	50 Neutral	$189.43M	-1.06	―	―	-63.96%	-28.50%
BMEA	50 Neutral	$77.77M	-0.46	-209.00%	―	―	40.22%
IRD	49 Neutral	$160.00M	-1.40	-338.75%	―	74.60%	-58.14%
OVID	47 Neutral	$196.58M	-3.03	-60.06%	―	946.61%	-11.30%
SPRB	45 Neutral	$83.48M	-0.98	-167.93%	―	-90.18%	-17.93%

Surrozen Corporate Events

Surrozen announces routine board resignation with no disputes

On January 26, 2026, Surrozen, Inc. announced that board member Shao-Lee Lin, M.D., Ph.D., resigned from its Board of Directors with immediate effect. The company stated that her departure did not stem from any disagreement over operations, policies or practices, and publicly expressed appreciation for her service and commitment to its mission, signaling a routine governance change with no indicated operational dispute or disruption for stakeholders.

The most recent analyst rating on (SRZN) stock is a Hold with a $22.00 price target. To see the full list of analyst forecasts on Surrozen stock, see the SRZN Stock Forecast page.

Surrozen Appoints Andrew Maleki as New CFO

On November 6, 2025, Surrozen appointed Andrew Maleki as Chief Financial Officer, effective November 12, 2025. Maleki, with a strong background in corporate development and program leadership in the biotech industry, is expected to enhance Surrozen’s strategic capabilities and support its long-term growth. The company also reported its third-quarter financial results, highlighting a net loss of $71.6 million, increased research and development expenses, and a focus on advancing its ophthalmology pipeline. Surrozen continues to progress its lead candidates, SZN-8141 and SZN-8143, in retinal diseases, aiming to submit an IND application for SZN-8141 in 2026.

The most recent analyst rating on (SRZN) stock is a Buy with a $32.00 price target. To see the full list of analyst forecasts on Surrozen stock, see the SRZN Stock Forecast page.