Surrozen, Inc. (SRZN) 10-Year Financial Performance & Capital Metrics

SRZN • • Industrial / General

HealthcareBiotechnologyPlatform & Technology CompaniesAntibody Discovery Platforms

AboutSurrozen, 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.Show more

Revenue $11M
EBITDA -$24M +45.1%
Net Income -$64M -47.7%
EPS (Diluted) -21.67 -1.6%
Gross Margin 100%
EBITDA Margin -226.16%
Operating Margin -239.69%
Net Margin -596.57%
ROE -767.91% -916.4%
ROIC -
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 91 (top 9%)

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Shares diluted 45.3% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM-63.96%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-95.57%

EPS CAGR

10Y-

5Y-

3Y-

TTM-30.9%

ROCE

10Y Avg-63.48%

5Y Avg-63.17%

3Y Avg-61.53%

Latest-63.78%

Peer Comparison

Antibody Discovery Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NAGENiagen Bioscience Inc	503.58M	6.31	57.36	19.18%	16.38%	28.91%	2.37%	0.06
BTXBlackRock Technology and Private Equity Term Trust	808.8M	6.93	40.76	-81.13%	87.75%	1.87%	34.27%
HALOHalozyme Therapeutics, Inc.	8.45B	71.82	20.94	22.44%	47.91%	118.17%	5.55%	4.14
RPRXRoyalty Pharma plc	16.97B	39.72	20.80	-3.86%	32.55%	7.95%	16.32%	0.74
REGNRegeneron Pharmaceuticals, Inc.	76.63B	741.92	19.35	8.27%	32.13%	14.79%	4.78%	0.09
GMABGenmab A/S	20.85B	33.85	2.79	30.67%	46.8%	114.25%	36.37%	0.03
DNAGinkgo Bioworks Holdings, Inc.	464.86M	9.58	-0.91	-9.71%	-188%	-60.66%		0.65
PRMEPrime Medicine, Inc.	720.24M	3.99	-2.42		-33.02%	-121.95%		0.27

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	0	0	0	12.5M	0	10.65M
Revenue Growth %	-	-	-	-	-1%	-
Cost of Goods Sold+	0	2.93M	3.3M	3.27M	27.23M	0
COGS % of Revenue	-	-	-	0.26%	-	-
Gross Profit+	0	-2.93M	-3.3M	9.23M	-27.23M	10.65M
Gross Margin %	-	-	-	0.74%	-	1%
Gross Profit Growth %	-	-	-0.13%	3.8%	-3.95%	1.39%
Operating Expenses+	24.81M	29.88M	51.09M	53.57M	18.55M	36.19M
OpEx % of Revenue	-	-	-	4.29%	-	3.4%
Selling, General & Admin	5.5M	7.12M	14.21M	19.83M	15.8M	15.06M
SG&A % of Revenue	-	-	-	1.59%	-	1.41%
Research & Development	19.6M	25.68M	36.88M	37.01M	27.23M	21.13M
R&D % of Revenue	-	-	-	2.96%	-	1.98%
Other Operating Expenses	-300K	-2.93M	0	-3.27M	-24.48M	0
Operating Income+	-25.11M	-32.81M	-54.39M	-44.34M	-45.78M	-25.54M
Operating Margin %	-	-	-	-3.55%	-	-2.4%
Operating Income Growth %	-	-0.31%	-0.66%	0.18%	-0.03%	0.44%
EBITDA+	-22.82M	-29.88M	-51.09M	-42.38M	-43.87M	-24.1M
EBITDA Margin %	-	-	-	-3.39%	-	-2.26%
EBITDA Growth %	-	-0.31%	-0.71%	0.17%	-0.04%	0.45%
D&A (Non-Cash Add-back)	2.28M	2.93M	3.3M	1.96M	1.91M	1.44M
EBIT	-25.11M	-34.3M	-54.65M	-44.34M	-43.04M	-25.54M
Net Interest Income+	444K	91K	72K	781K	2.34M	1.69M
Interest Income	444K	91K	72K	781K	2.34M	1.69M
Interest Expense	0	0	0	0	0	0
Other Income/Expense	744K	91K	-257K	8.34M	2.74M	-38.02M
Pretax Income+	-24.36M	-32.72M	-54.65M	-36M	-43.04M	-63.56M
Pretax Margin %	-	-	-	-2.88%	-	-5.97%
Income Tax+	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	0.96%	1%	1%	1%
Net Income+	-24.36M	-32.63M	-52.51M	-36M	-43.04M	-63.56M
Net Margin %	-	-	-	-2.88%	-	-5.97%
Net Income Growth %	-	-0.34%	-0.61%	0.31%	-0.2%	-0.48%
Net Income (Continuing)	-24.36M	-32.72M	-54.65M	-36M	-43.04M	-63.56M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-61.94	-41.12	-23.40	-15.55	-21.33	-21.67
EPS Growth %	-	0.34%	0.43%	0.34%	-0.37%	-0.02%
EPS (Basic)	-61.94	-41.12	-23.40	-15.55	-21.33	-21.67
Diluted Shares Outstanding	393.31K	795.6K	2.34M	2.31M	2.02M	2.93M
Basic Shares Outstanding	393.31K	795.6K	2.34M	2.31M	2.02M	2.93M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	29.41M	50.22M	105.19M	81.31M	41.13M	38.93M
Cash & Short-Term Investments	29.1M	49.18M	101.85M	75.84M	36.04M	34.56M
Cash Only	29.1M	34.98M	33.09M	24.69M	36.04M	34.56M
Short-Term Investments	0	14.2M	68.76M	51.15M	0	0
Accounts Receivable	0	0	0	1.98M	2.15M	2.54M
Days Sales Outstanding	-	-	-	57.76	-	87.05
Inventory	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-
Other Current Assets	0	0	0	756K	580K	671K
Total Non-Current Assets+	13.07M	11.84M	31.98M	8.13M	4.95M	9.54M
Property, Plant & Equipment	12.62M	11.39M	9.38M	6.9M	3.86M	8.36M
Fixed Asset Turnover	-	-	-	1.81x	-	1.27x
Goodwill	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0
Long-Term Investments	0	0	21.66M	0	688K	0
Other Non-Current Assets	454K	444K	954K	1.23M	402K	1.17M
Total Assets+	42.48M	62.06M	137.17M	89.44M	46.08M	48.47M
Asset Turnover	-	-	-	0.14x	-	0.22x
Asset Growth %	-	0.46%	1.21%	-0.35%	-0.48%	0.05%
Total Current Liabilities+	3.9M	7.28M	13.57M	9.73M	7.15M	7.32M
Accounts Payable	972K	1.78M	2.72M	658K	525K	306K
Days Payables Outstanding	-	221.32	300.9	73.47	7.04	-
Short-Term Debt	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0
Other Current Liabilities	0	416K	589K	581K	292K	191K
Current Ratio	7.54x	6.90x	7.75x	8.35x	5.75x	5.32x
Quick Ratio	7.54x	6.90x	7.75x	8.35x	5.75x	5.32x
Cash Conversion Cycle	-	-	-	-	-	-
Total Non-Current Liabilities+	9.2M	7.49M	13.9M	3.7M	997K	62.53M
Long-Term Debt	0	0	0	0	0	0
Capital Lease Obligations	9.2M	7.49M	5.6M	3.38M	882K	6.64M
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	8.3M	326K	115K	55.89M
Total Liabilities	13.1M	14.77M	27.47M	13.43M	8.14M	69.85M
Total Debt+	10.7M	9.6M	7.79M	5.6M	3.38M	8.47M
Net Debt	-18.4M	-25.39M	-25.3M	-19.09M	-32.66M	-26.1M
Debt / Equity	0.36x	0.20x	0.07x	0.07x	0.09x	-
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-
Total Equity+	29.39M	47.29M	109.7M	76M	37.94M	-21.38M
Equity Growth %	-	0.61%	1.32%	-0.31%	-0.5%	-1.56%
Book Value per Share	74.71	59.44	46.97	32.83	18.80	-7.29
Total Shareholders' Equity	29.39M	47.29M	109.7M	76M	37.94M	-21.38M
Common Stock	1K	2K	4K	0	0	0
Retained Earnings	-55.28M	-88M	-142.65M	-178.65M	-221.69M	-285.26M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	0	0	-119K	-241K	0	0
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-21.06M	-29.1M	-48.81M	-44.15M	-40.36M	-17.63M
Operating CF Margin %	-	-	-	-3.53%	-	-1.65%
Operating CF Growth %	-	-0.38%	-0.68%	0.1%	0.09%	0.56%
Net Income	-24.36M	-32.72M	-54.65M	-36M	-43.04M	-63.56M
Depreciation & Amortization	2.28M	1.94M	2.07M	1.96M	1.91M	1.44M
Stock-Based Compensation	790K	635K	2.32M	4.52M	4.37M	4.11M
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	1.3M	993K	1.67M	-6.2M	325K	41.22M
Working Capital Changes	-1.07M	52K	-221K	-8.42M	-3.93M	-836K
Change in Receivables	0	0	0	-1.98M	0	-502K
Change in Inventory	0	0	0	0	0	0
Change in Payables	0	537K	857K	-2.04M	-133K	-228K
Cash from Investing+	-1.56M	-15.07M	-77.71M	38.31M	51.72M	-26K
Capital Expenditures	-1.56M	-874K	-1.27M	-728K	-398K	-26K
CapEx % of Revenue	-	-	-	0.06%	-	0%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	0	0	0	39.04M	0	0
Cash from Financing+	28.9M	50.05M	124.63M	-2.56M	276K	16.18M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	28.92M	166K	410K	-85K	280K	133K
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-22.62M	-29.97M	-50.08M	-44.87M	-40.76M	-17.65M
FCF Margin %	-	-	-	-3.59%	-	-1.66%
FCF Growth %	-	-0.33%	-0.67%	0.1%	0.09%	0.57%
FCF per Share	-57.51	-37.67	-21.44	-19.39	-20.20	-6.02
FCF Conversion (FCF/Net Income)	0.86x	0.89x	0.93x	1.23x	0.94x	0.28x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-82.9%	-85.09%	-66.89%	-38.78%	-75.55%	-767.91%
Return on Invested Capital (ROIC)	-	-149.62%	-76.74%	-47.06%	-110.43%	-
Gross Margin	-	-	-	73.85%	-	100%
Net Margin	-	-	-	-288.03%	-	-596.57%
Debt / Equity	0.36x	0.20x	0.07x	0.07x	0.09x	-
FCF Conversion	0.86x	0.89x	0.93x	1.23x	0.94x	0.28x
Revenue Growth	-	-	-	-	-100%	-

Revenue by Segment

	2024
Collaboration and license revenue	10M
Collaboration and license revenue Growth	-

Revenue by Geography

	2024
GERMANY	10M
GERMANY Growth	-
UNITED STATES	700K
UNITED STATES Growth	-

Frequently Asked Questions

Growth & Financials

Surrozen, Inc. (SRZN) reported $3.6M in revenue for fiscal year 2024.

Surrozen, Inc. (SRZN) grew revenue by 0.0% over the past year. Growth has been modest.

Surrozen, Inc. (SRZN) reported a net loss of $86.9M for fiscal year 2024.

Dividend & Returns

Surrozen, Inc. (SRZN) has a return on equity (ROE) of -767.9%. Negative ROE indicates the company is unprofitable.

Surrozen, Inc. (SRZN) had negative free cash flow of $21.0M in fiscal year 2024, likely due to heavy capital investments.

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