Revenue remains highly erratic with a 67.37% year-over-year decline in recent periods, while quarterly R&D expenditures consistently exceed $6 million, underscoring a structural inability to achieve operational profitability.
Surrozen, Inc. (SRZN) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 11.51M | 3.48M | 10.65M | 0 | 12.5M | 0 | 0 | 0 |
| Revenue Growth % | -8.79% | -67.37% | - | -100% | - | - | - | - |
| Cost of Goods Sold | 65K | 537K | 0 | 27.23M | 3.27M | 3.3M | 2.93M | 0 |
| COGS % of Revenue | - | 15.44% | - | - | 26.15% | - | - | - |
| Gross Profit | 11.45M | 2.94M | 10.65M | -27.23M | 9.23M | -3.3M | -2.93M | 0 |
| Gross Margin % | 99.44% | 84.56% | 100% | - | 73.85% | - | - | - |
| Gross Profit Growth % | - | -72.41% | 139.13% | -394.98% | 379.98% | -12.56% | - | - |
| Operating Expenses | 55.8M | 45.03M | 36.19M | 18.55M | 53.57M | 51.09M | 29.88M | 24.81M |
| OpEx % of Revenue | - | 1295.14% | 339.69% | - | 428.56% | - | - | - |
| Selling, General & Admin | 21.28M | 16.2M | 15.06M | 15.8M | 19.83M | 14.21M | 7.12M | 5.5M |
| SG&A % of Revenue | - | 466.03% | 141.36% | - | 158.61% | - | - | - |
| Research & Development | 34.58M | 29.36M | 21.13M | 27.23M | 37.01M | 36.88M | 25.68M | 19.6M |
| R&D % of Revenue | - | 844.55% | 198.33% | - | 296.1% | - | - | - |
| Other Operating Expenses | 0 | -537K | 0 | -24.48M | -3.27M | 0 | -2.93M | -300K |
| Operating Income | -44.35M | -42.09M | -25.54M | -45.78M | -44.34M | -54.39M | -32.81M | -25.11M |
| Operating Margin % | -385.28% | -1210.58% | -239.69% | - | -354.71% | - | - | - |
| Operating Income Growth % | - | -64.81% | 44.21% | -3.25% | 18.48% | -65.79% | -30.67% | - |
| EBITDA | -44.06M | -41.55M | -24.1M | -43.87M | -42.38M | -51.09M | -29.88M | -22.82M |
| EBITDA Margin % | -382.79% | -1195.14% | -226.16% | - | -339.07% | - | - | - |
| EBITDA Growth % | -77.44% | -72.45% | 45.07% | -3.5% | 17.05% | -71.01% | -30.91% | - |
| D&A (Non-Cash Add-back) | 287K | 537K | 1.44M | 1.91M | 1.96M | 3.3M | 2.93M | 2.28M |
| EBIT | -332.13M | -242.03M | -63.56M | -43.04M | -36M | -54.65M | -34.3M | -25.11M |
| Net Interest Income | 3.55M | 3.02M | 1.69M | 2.34M | 781K | 72K | 91K | 444K |
| Interest Income | 3.55M | 3.02M | 1.69M | 2.34M | 781K | 72K | 91K | 444K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -287.78M | -199.93M | -38.02M | 2.74M | 8.34M | -257K | 91K | 744K |
| Pretax Income | -332.13M | -242.03M | -63.56M | -43.04M | -36M | -54.65M | -32.72M | -24.36M |
| Pretax Margin % | -2885.33% | -6960.77% | -596.57% | - | -288.03% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -332.13M | -242.03M | -63.56M | -43.04M | -36M | -52.51M | -32.63M | -24.36M |
| Net Margin % | -2885.33% | -6960.77% | -596.57% | - | -288.03% | - | - | - |
| Net Income Growth % | -1889.16% | -280.76% | -47.68% | -19.55% | 31.43% | -60.95% | -33.92% | - |
| Net Income (Continuing) | -332.13M | -242.03M | -63.56M | -43.04M | -36M | -54.65M | -32.72M | -24.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -14.35 | -32.37 | -21.67 | -21.33 | -15.55 | -23.40 | -41.12 | -61.94 |
| EPS Growth % | -218.18% | -49.38% | -1.59% | -37.17% | 33.55% | 43.09% | 33.61% | - |
| EPS (Basic) | - | -32.37 | -21.67 | -21.33 | -15.55 | -23.40 | -41.12 | -61.94 |
| Diluted Shares Outstanding | 23.15M | 7.48M | 2.93M | 2.02M | 2.31M | 2.34M | 795.6K | 393.31K |
| Basic Shares Outstanding | 11.66M | 7.48M | 2.93M | 2.02M | 2.31M | 2.34M | 795.6K | 393.31K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SRZN stock.
For fiscal year 2025, Surrozen, Inc. (SRZN) reported total revenue of $3.5M.
Surrozen, Inc. (SRZN) reported a net loss of $242.0M for the fiscal year ending 2025.
Surrozen, Inc. (SRZN) reported an operating income of $-42.1M, resulting in an operating profit margin of -1210.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Surrozen, Inc. (SRZN) generated $2.9M in gross profit for the year, representing a gross profit margin of 84.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical Trial Funding Exhaustion
Metrics are mathematically derived from official filings.
Erratic Revenue Milestone Dependence
As reported in financial statements, Surrozen's revenue trajectory remains highly volatile, characterized by a 67.37% year-over-year decline in recent periods, which underscores the company's total reliance on non-recurring, project-based milestone payments rather than a sustainable, volume-driven commercial product sales model for its bi-specific antibody platform.
The revenue profile is entirely dependent on the timing of collaboration milestones, which creates significant quarter-to-quarter instability. Investors should interpret the recent $5.0 million revenue figure not as a trend of growth, but as a lumpy recognition event that masks the underlying lack of recurring commercial income.
Fixed Overhead Outpacing Revenue
Based on the company's reported figures, R&D expenditures consistently dwarf collaboration income, with quarterly research costs frequently exceeding $6 million, reflecting a high-burn operational structure that necessitates constant capital market access to sustain the development of the SZN-043 and SZN-1326 clinical programs.
The cost structure is heavily weighted toward specialized laboratory personnel and clinical trial overhead, which are fixed in nature. This creates a high operating leverage risk where the company must continue to fund these expenses regardless of whether milestone payments are triggered, leading to persistent and deep operating losses.
Distorted Net Income Volatility
According to recent SEC filings, the company's net income is subject to extreme fluctuations, including a notable $39.7 million profit in 2025Q2 followed by significant losses, suggesting that reported earnings are heavily influenced by non-operating items and accounting adjustments rather than core operational performance.
The erratic nature of the bottom line makes traditional EPS analysis largely irrelevant for assessing the company's health. Analysts should focus on the net burn rate, as the reported net income figures are frequently decoupled from the actual cash consumption required to maintain the firm's R&D pipeline.
Existential Risk of Capital Depletion
As indicated by the income statement's persistent negative operating margins, the primary risk to the investment thesis is the potential for a liquidity crisis, as the company's cash reserves are being rapidly depleted to fund clinical trials without a clear path to self-sustaining revenue.
Short-term survival is contingent upon either securing new partnerships or dilutive equity raises, both of which are subject to market sentiment and clinical data readouts. The lack of a commercial product means that any delay in trial enrollment or failure to meet technical milestones could lead to an immediate and severe funding shortfall.