The milestone-driven revenue beat is a positive but one-time event. Monitor for future BI milestones and IND progress for SZN-8141. Dilution risk persists from outstanding warrants and tranche liability (total liabilities $398.9M).
Price Chart
Executive Summary
Surrozen reported Q1 2026 revenue of $5.0M, beating consensus estimate of $4.0M, driven by a $5M milestone payment from Boehringer Ingelheim. Net loss widened to $127.5M ($11.65 per share) from $27.0M ($7.43 per share) in the prior year, largely due to non-cash losses on tranche liability and warrant liabilities. Cash position improved to $106.9M, and the company remains on track to file an IND for SZN-8141 in H2 2026.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue: $5.0M (vs consensus $4.0M)
- Collaboration and license revenue of $5.0M from Boehringer Ingelheim milestone
- Net loss per share: ($11.65), widened from ($7.43) in Q1 2025
- Cash and cash equivalents: $106.9M, up from $89.2M at Dec 31, 2025
- IND submission for SZN-8141 on track for H2 2026
- Operating loss: $10.5M vs $9.6M in Q1 2025
- Non-cash loss on change in fair value of tranche liability: $76.9M
- Non-cash other expense, net: $41.1M, primarily from warrant liabilities
Financial Impact
Revenue beat of $1.0M (25% above consensus) but operating loss increased $0.9M; non-cash items inflated net loss by ~$118M.
Risk Factors
- No product revenue; dependent on partnership milestones and financing
- Significant non-cash losses may obscure underlying operational burn
- Dilution from PIPE warrants and common stock sales (ATM program)
- Clinical/regulatory risk for SZN-8141 IND and subsequent trials
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-208999 |
| Document: srzn-20260506.htm | 0001193125-26-208999 |
| Document: 0001193125-26-208999-index-headers.html | 0001193125-26-208999 |
| Document: 0001193125-26-208999-index.html | 0001193125-26-208999 |
| Document: 0001193125-26-208999.txt | 0001193125-26-208999 |
| 8-K Data (Synthetic) | 0001193125-26-208999 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 6, 2026 24w ago | 8-K | $0.0170 | awaiting T+60 | — | — |
Apr 1, 2026 29w ago | DEFA14A | $0.0170 $0.0165 | ▼ −2.94% | ▼ −17.10% | — |
Mar 31, 2026 30w ago | EFFECT | $0.0170 $0.0170 | · 0.00% | ▲ +13.20% | — |
US Market Status
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