SRZN earnings analysis
What we found in SRZN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Decline
- Revenue fell to $500,000 from $655,000 in Q4 2025, representing a drop of approximately 24%.
- Dramatic EPS Loss
- Reported EPS was -20.13 versus expectations of -1.30, a massive surprise of over 1500%.
- Operating Expenses Surged
- Total operating expenses increased to $15.46 million from $10.53 million, a rise of 47%.
- Cash Reserves Stable
- Cash and equivalents were reported at $106.9 million, consistent with previous quarter.
- Substantial Operating Loss
- Net loss expanded significantly to $127.5 million from $27.0 million year-over-year.
- Collaboration Revenue Increased
- Total collaboration and license revenue rose by $5 million year-over-year to $5 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Massive Net Loss
- Q4 2026 net loss grew to $127.5 million from $27.0 million in Q4 2025.
- High Operating Costs
- Total operating expenses escalated to $15.46 million, reflecting increasing capital needs.
- Regulatory and Market Approval Risks
- Continued regulatory scrutiny may impact the timeline and success of product approvals.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-20.13
What they said about what is next.
No forward guidance provided in MD&A.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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