Surrozen Inc (NASDAQ: SRZN) is a clinical-stage biopharmaceutical company focused on drug discovery and development. The company has generated no product revenue as of the 10-K filed March 23, 2026, and funds operations through equity and debt financing, including a two-tranche private placement (the 2025 PIPE) completed during the year ended December 31, 2025. The tranche liability associated with unissued securities in the second tranche of the 2025 PIPE was $159 million as of December 31, 2025. Cash is consumed entirely by operating and investing activities, with financing activities as the sole source of inflows. The company operates at a net loss and has disclosed that an inability to raise additional capital could require it to delay, reduce, or terminate development programs and clinical trials, or license out rights to product candidates. Craig Parker serves as President and Chief Executive Officer, as of the filing date of March 23, 2026.

Revenue model

No product revenue is disclosed in the filing excerpts. The company raises capital through private placements of common stock, pre-funded warrants, and warrants, as reflected in the 2025 PIPE transaction described in the 10-K filed March 23, 2026.

Products and services

The filing references drug discovery programs and clinical-stage product candidates but does not name specific products or pipeline assets in the provided excerpts.

Customers and end markets

No customer or commercial end-market data is disclosed in the provided filing excerpts. The company operates in the healthcare and biopharmaceutical sector and is subject to HIPAA and related health information privacy regulations.

Value-chain role

Pre-commercial drug developer conducting preclinical and clinical trials, subject to FDA regulation and federal and state healthcare fraud and abuse laws.

Geographic exposure

U.S.-based operations with exposure to EU and UK data protection regulations (GDPR, UK data protection law) and cross-border data transfer restrictions, as disclosed in the 10-K filed March 23, 2026.

Source: SEC 10-K, filed 2026-03-23

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