Surrozen, Inc. ( (SRZN) ) has released its Q3 earnings. Here is a breakdown of the information Surrozen, Inc. presented to its investors.
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Surrozen, Inc. is a clinical-stage biotechnology company focused on the development of drug candidates that selectively modulate the Wnt pathway for tissue repair. Based in South San Francisco, California, Surrozen operates within the biotechnology sector and leverages its proprietary technology to address various organ and tissue disorders.
In its latest earnings report for the quarter ending September 30, 2024, Surrozen highlighted several key developments, including a milestone payment from a collaboration and a strategic focus on advancing its clinical programs. The report reflects the company’s ongoing efforts in drug discovery and development despite facing financial challenges.
The company reported collaboration and license revenue of $10 million for the quarter, marking a significant achievement as Boehringer Ingelheim decided to proceed with the development of SZN-413. However, Surrozen continues to operate at a net loss, with $1.4 million in losses for the quarter and $35.5 million in losses for the nine months ended September 30, 2024. The company’s operating expenses have decreased compared to the previous year, primarily due to reduced research and development costs.
Surrozen’s financial position shows total assets of $48 million and liabilities amounting to $42.3 million, with a notable increase in warrant liabilities. The company has $31 million in cash and cash equivalents, which management believes will support operations for at least the next 12 months. Surrozen aims to maintain its strategic partnerships and continue advancing its clinical trials, necessitating additional capital to support long-term goals.
Looking ahead, Surrozen’s management remains focused on its clinical programs and strategic partnerships to drive growth and innovation. The company anticipates ongoing expenses as it progresses through clinical development stages, with a clear intention to secure additional funding to support its ambitious plans.
