10-K · March 23, 2026
Surrozen positions itself as a pioneer in selective Wnt pathway modulation with a focused ophthalmology strategy and a SWAP antibody platform; it has a collaboration with Boehringer Ingelheim that generated a $10.0…
Earnings analysis · 10-Q
SRZN earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Surrozen, Inc. reported Q4 2026 results showing revenues of $500,000, a significant decline from $655,000 in the previous quarter, resulting in a substantial net loss of $20.13 per share, far exceeding consensus…
Read full summary
Surrozen, Inc. reported Q4 2026 results showing revenues of $500,000, a significant decline from $655,000 in the previous quarter, resulting in a substantial net loss of $20.13 per share, far exceeding consensus estimates of -1.30 EPS. Total operating expenses increased markedly to $15.46 million from $10.53 million year-over-year, primarily driven by rising research and development costs. Cash reserves remained stable at $106.9 million as of March 31, 2026, signaling an ongoing struggle with capital efficiency amid increasing operational burdens.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-20.13
What stood out
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Significant Revenue Decline
Revenue fell to $500,000 from $655,000 in Q4 2025, representing a drop of approximately 24%.
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Dramatic EPS Loss
Reported EPS was -20.13 versus expectations of -1.30, a massive surprise of over 1500%.
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Operating Expenses Surged
Total operating expenses increased to $15.46 million from $10.53 million, a rise of 47%.
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Cash Reserves Stable
Cash and equivalents were reported at $106.9 million, consistent with previous quarter.
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Substantial Operating Loss
Net loss expanded significantly to $127.5 million from $27.0 million year-over-year.
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Collaboration Revenue Increased
Total collaboration and license revenue rose by $5 million year-over-year to $5 million.
What to watch
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Massive Net Loss
Q4 2026 net loss grew to $127.5 million from $27.0 million in Q4 2025.
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High Operating Costs
Total operating expenses escalated to $15.46 million, reflecting increasing capital needs.
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Regulatory and Market Approval Risks
Continued regulatory scrutiny may impact the timeline and success of product approvals.
Management's outlook
No forward guidance provided in MD&A.
Earlier filings 4
10-Q · November 7, 2025
Surrozen reported Q3 2025 revenue of $983,000 and a GAAP net loss of $71.6 million (GAAP EPS -$8.36), driven by $11.9 million of operating expenses and large non-cash fair-value and PIPE-related adjustments. Cash…
10-Q · August 8, 2025
Surrozen reported Q2 2025 revenue of $983,000 and GAAP EPS of $2.55, driven by large non‑cash fair value gains. Cash and cash equivalents increased to $90,390 and stockholders' equity swung to $47,114 at June 30, 2025,…
10-Q · August 9, 2023
Surrozen reported an improved operating run-rate in Q2 2023 with total operating expenses down to $10,275 (three months ended June 30, 2023) from $14,072 a year earlier, and a smaller quarterly net loss of $9,387 versus…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.