The company's solvency profile appears increasingly precarious, as total liabilities of $398.9 million now significantly outweigh total assets of $120.7 million.
Surrozen, Inc. (SRZN) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 109.4M | 91.56M | 38.93M | 41.13M | 81.31M | 105.19M | 50.22M | 29.41M |
| Cash & Short-Term Investments | 102.04M | 89.25M | 34.56M | 36.04M | 75.84M | 101.85M | 49.18M | 29.1M |
| Cash Only | 102.04M | 89.25M | 34.56M | 36.04M | 24.69M | 33.09M | 34.98M | 29.1M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 51.15M | 68.76M | 14.2M | 0 |
| Accounts Receivable | 5M | 208K | 2.54M | 2.15M | 1.98M | 0 | 0 | 0 |
| Days Sales Outstanding | 101.28 | 21.83 | 87.05 | - | 57.76 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.36M | 2.11M | 671K | 580K | 756K | 0 | 0 | 0 |
| Total Non-Current Assets | 6.21M | 7.17M | 9.54M | 4.95M | 8.13M | 31.98M | 11.84M | 13.07M |
| Property, Plant & Equipment | 5.56M | 6.43M | 8.36M | 3.86M | 6.9M | 9.38M | 11.39M | 12.62M |
| Fixed Asset Turnover | 1.87x | 0.54x | 1.27x | - | 1.81x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.91M | 688K | 0 | 688K | 0 | 21.66M | 0 | 0 |
| Other Non-Current Assets | 650K | 46K | 1.17M | 402K | 1.23M | 954K | 444K | 454K |
| Total Assets | 115.61M | 98.73M | 48.47M | 46.08M | 89.44M | 137.17M | 62.06M | 42.48M |
| Asset Turnover | 0.11x | 0.04x | 0.22x | - | 0.14x | - | - | - |
| Asset Growth % | 217.33% | 103.7% | 5.18% | -48.48% | -34.8% | 121.03% | 46.08% | - |
| Total Current Liabilities | 9.01M | 9.93M | 7.32M | 7.15M | 9.73M | 13.57M | 7.28M | 3.9M |
| Accounts Payable | 1.07M | 728K | 306K | 525K | 658K | 2.72M | 1.78M | 972K |
| Days Payables Outstanding | 4.53K | 494.82 | - | 7.04 | 73.47 | 300.9 | 221.32 | - |
| Short-Term Debt | 1.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.02M | 289K | 191K | 292K | 581K | 589K | 416K | 0 |
| Current Ratio | 12.14x | 9.22x | 5.32x | 5.75x | 8.35x | 7.75x | 6.90x | 7.54x |
| Quick Ratio | 12.14x | 9.22x | 5.32x | 5.75x | 8.35x | 7.75x | 6.90x | 7.54x |
| Cash Conversion Cycle | -4.43K | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 325.26M | 276.56M | 62.53M | 997K | 3.7M | 13.9M | 7.49M | 9.2M |
| Long-Term Debt | 4.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 5.84M | 5.35M | 6.64M | 882K | 3.38M | 5.6M | 7.49M | 9.2M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 320.93M | 271.21M | 55.89M | 115K | 326K | 8.3M | 0 | 0 |
| Total Liabilities | 334.27M | 286.49M | 69.85M | 8.14M | 13.43M | 27.47M | 14.77M | 13.1M |
| Total Debt | 6.32M | 6.64M | 8.47M | 3.38M | 5.6M | 7.79M | 9.6M | 10.7M |
| Net Debt | -95.72M | -82.61M | -26.1M | -32.66M | -19.09M | -25.3M | -25.39M | -18.4M |
| Debt / Equity | -0.03x | - | - | 0.09x | 0.07x | 0.07x | 0.20x | 0.36x |
| Debt / EBITDA | -0.14x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.17x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | -218.66M | -187.76M | -21.38M | 37.94M | 76M | 109.7M | 47.29M | 29.39M |
| Equity Growth % | -6859.41% | -778.21% | -156.36% | -50.09% | -30.72% | 131.96% | 60.94% | - |
| Book Value per Share | -9.45 | -25.11 | -7.29 | 18.80 | 32.83 | 46.97 | 59.44 | 74.71 |
| Total Shareholders' Equity | -218.66M | -187.76M | -21.38M | 37.94M | 76M | 109.7M | 47.29M | 29.39M |
| Common Stock | 1K | 1K | 0 | 0 | 0 | 4K | 2K | 1K |
| Retained Earnings | -604.61M | -527.28M | -285.26M | -221.69M | -178.65M | -142.65M | -88M | -55.28M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -241K | -119K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SRZN stock.
As of 2025, Surrozen, Inc. (SRZN) had total assets of $98.7M including $91.6M in current assets.
Surrozen, Inc. (SRZN) carries total debt of $6.6M, offset by $89.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Surrozen, Inc. (SRZN) has total shareholders' equity (book value) of $-187.8M ($-25.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Surrozen, Inc. (SRZN) reported a current ratio of 9.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Clinical Trial Funding Exhaustion
Metrics are mathematically derived from official filings.
Eroding Equity and Capital Base
As reported in financial statements, Surrozen's equity position has deteriorated significantly, shifting from a positive $37.9 million in 2023Q4 to a deficit of $278.1 million by 2026Q1, reflecting the aggressive consumption of capital to fund ongoing clinical development programs without offsetting commercial revenue.
The rapid transition into a deep equity deficit suggests that the company is effectively operating on borrowed time and external capital injections. This trajectory implies that the business model remains entirely dependent on equity markets, as the current asset base is insufficient to cover the accumulated losses.
Cash Runway and Liquidity Constraints
Based on recent SEC filings, the company's cash position of $106.9 million as of 2026Q1 provides a temporary buffer, yet the high current ratio of 11.91 is somewhat misleading given the massive underlying liabilities that threaten to overwhelm the firm's short-term operational flexibility.
While the current ratio appears robust, the underlying liquidity is strained by the lack of recurring revenue to replenish cash reserves. Investors should monitor the burn rate closely, as the current cash pile may be insufficient to reach critical clinical milestones without further dilutive financing.
Accumulated Deficit and Equity Erosion
According to the balance sheet data, the company's retained earnings have plummeted to a deficit of $654.8 million, a trend that underscores the persistent and substantial value destruction inherent in the current R&D-heavy, pre-revenue business model during this clinical-stage phase.
The persistent growth of the accumulated deficit suggests that the company's platform validation efforts have yet to translate into tangible economic value for shareholders. This trend warrants further investigation into whether future milestones can realistically reverse this deep-seated trend of capital consumption.
Hidden Liabilities and Solvency Risks
As indicated by the balance sheet, total liabilities have surged to $398.9 million in 2026Q1, which significantly outweighs the company's total assets of $120.7 million, creating a precarious solvency profile that makes the firm highly sensitive to any disruption in capital market access.
The disparity between total liabilities and assets suggests that the company is technically insolvent on a book-value basis, relying entirely on the market's willingness to fund future clinical potential. This structural imbalance implies that any negative clinical data could lead to an immediate and severe liquidity crisis.