Surrozen, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.
For the three months ended September 30, 2024, Surrozen recognized collaboration and license revenue of $10,000, a notable increase from $0 in the same period of 2023, attributed to a milestone payment from its collaboration with Boehringer Ingelheim (BI). Total operating expenses decreased to $8.8 million from $11.2 million year-over-year, reflecting a 22% reduction. This led to income from operations of $1.2 million, a substantial improvement from an operating loss of $11.2 million in the prior year. The net loss for the quarter was $1.4 million, down 86% from a net loss of $10.4 million in Q3 2023.
For the nine months ended September 30, 2024, Surrozen reported a net loss of $35.5 million, slightly higher than the $34.1 million loss recorded in the same period of 2023. Total operating expenses for the nine months decreased by 25% to $26.9 million, down from $36.1 million in 2023. Research and development expenses also saw a 25% reduction, totaling $15.8 million compared to $21.1 million in the previous year.
The company’s cash and cash equivalents stood at $31.0 million as of September 30, 2024, down from $36.0 million at the end of 2023. Total current assets increased to $45.3 million, while total liabilities decreased, resulting in total stockholders’ equity dropping significantly to $5.7 million from $37.9 million at the end of 2023. A notable change was the increase in warrant liabilities, which rose to $36.2 million from $115,000 at the end of 2023, reflecting the issuance of new warrants in a private placement.
Strategically, Surrozen has undergone significant workforce reductions, with a 25% cut in January 2023 followed by an additional 38% reduction in July 2023, aimed at aligning resources with clinical development needs. The company also entered into a strategic research collaboration with TCGFB, Inc. in October 2024, which could provide up to $6.0 million in payments.
Looking ahead, Surrozen anticipates continued net losses as it advances its product candidates, particularly SZN-043 and SZN-413, through clinical development. The company has not yet generated revenue from product sales and does not expect to do so until it receives regulatory approvals.
About Surrozen, Inc./DE
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