SRZN Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2020βFY2025
Surrozen, Inc./DE had $3.5M of revenue in fiscal 2025, down 67.4% on the year before.
Last close Β· Oct 23, 2026
$25.48
1.0%Hi! I read Surrozen, Inc./DEβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β67.4%
No. Sales fell 67.4% last year.
Does it make a profit?
β6,960.8%
No. It lost money last year.
Does profit turn into cash?
β873.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 7
Weak. It passes 2 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Surrozen, Inc./DE did it, and the next one. Share prices often move a lot on those days.
Next results
November 6, 2026
Friday Β· in 11 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Oct 20, 2026 | Period ended Sep 30, 2026 | After the market closes | 8-K β |
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 6, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 23, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 7, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 8, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 9, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 31, 2025 | Q4 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Surrozen, Inc./DE had $3.5M of revenue in fiscal 2025, down 67.4% on the year before. Its operating margin was β1,210.6%, down 970.9Β pts: of every 100 in sales, about β1,211 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Surrozen, Inc./DE lost $242M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$30.4M in fiscal 2025, β873.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $15.4M and sold $3.8M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$15.4M
6 insiders
Sold, 12 months
$3.8M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Chen-Ming Yu10% owner | Sold | 162,500 | $21.25 | $3.5M | Form 4 |
| May 4, 2026 | Charles O WilliamsChief Operating Officer | Sold | 2,036 | $33.33 | $0.1M | Form 4 |
| May 4, 2026 | Yang LiExec. Vice President, Research | Sold | 1,584 | $33.33 | $0.1M | Form 4 |
| May 4, 2026 | Craig C ParkerChief Executive Officer, Director | Sold | 4,524 | $33.33 | $0.2M | Form 4 |
| Mar 24, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 53,329 | $24.69 | $1.3M | Form 4 |
| Mar 23, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 15,223 | $24.90 | $0.4M | Form 4 |
| Mar 16, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 595 | $24.99 | $0.0M | Form 4 |
| Mar 13, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 35,433 | $24.88 | $0.9M | Form 4 |
| Mar 12, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 6,187 | $24.99 | $0.2M | Form 4 |
| Feb 12, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 1,093 | $23.86 | $0.0M | Form 4 |
| Feb 11, 2026 | TCG Crossover Fund II, L.P.10% owner | Bought | 17,763 | $23.58 | $0.4M | Form 4 |
| Feb 3, 2026 | TCG Crossover GP III, LLC10% owner | Bought | 4,355 | $21.94 | $0.1M | Form 4 |
| Feb 2, 2026 | TCG Crossover GP III, LLC10% owner | Bought | 731 | $21.38 | $0.0M | Form 4 |
| Jan 30, 2026 | TCG Crossover GP III, LLC10% owner | Bought | 4,271 | $21.39 | $0.1M | Form 4 |
| Jan 20, 2026 | Tim KutzkeyDirector, 10% owner | Bought | 18,052 | $19.60 | $0.4M | Form 4 |
| Jan 20, 2026 | Column Group Opportunity III GP, LP10% owner | Bought | 18,052 | $19.60 | $0.4M | Form 4 |
| Jan 16, 2026 | Column Group Opportunity III GP, LP10% owner | Bought | 2,562 | $20.00 | $0.1M | Form 4 |
| Jan 16, 2026 | Tim KutzkeyDirector, 10% owner | Bought | 2,562 | $20.00 | $0.1M | Form 4 |
| Jan 15, 2026 | Column Group Opportunity III GP, LP10% owner | Bought | 11,893 | $19.89 | $0.2M | Form 4 |
| Jan 15, 2026 | Tim KutzkeyDirector, 10% owner | Bought | 11,893 | $19.89 | $0.2M | Form 4 |
| Jan 14, 2026 | TCG Opportunity III GP, LLC10% owner | Bought | 5,523 | $19.99 | $0.1M | Form 4 |
| Jan 14, 2026 | Tim KutzkeyDirector, 10% owner | Bought | 5,523 | $19.99 | $0.1M | Form 4 |
| Jan 13, 2026 | Tim KutzkeyDirector, 10% owner | Bought | 12,470 | $19.80 | $0.2M | Form 4 |
| Jan 13, 2026 | TCG Opportunity III GP, LLC10% owner | Bought | 12,470 | $19.80 | $0.2M | Form 4 |
| Jan 6, 2026 | Column Group III GP, LP10% owner | Bought | 15,100 | $19.89 | $0.3M | Form 4 |
| Jan 6, 2026 | Tim KutzkeyDirector, 10% owner | Bought | 15,100 | $19.89 | $0.3M | Form 4 |
| Jan 5, 2026 | Yang LiExec. Vice President, Research | Sold | 1,118 | $19.87 | $0.0M | Form 4 |
| Jan 5, 2026 | Charles O WilliamsChief Operating Officer | Sold | 1,566 | $19.87 | $0.0M | Form 4 |
| Dec 5, 2025 | Tim KutzkeyDirector, 10% owner | Bought | 30,884 | $19.54 | $0.6M | Form 4 |
| Dec 5, 2025 | Column Group III GP, LP10% owner | Bought | 30,884 | $19.54 | $0.6M | Form 4 |
| Dec 4, 2025 | Tim KutzkeyDirector, 10% owner | Bought | 5,266 | $17.35 | $0.1M | Form 4 |
| Dec 4, 2025 | Column Group III GP, LP10% owner | Bought | 5,266 | $17.35 | $0.1M | Form 4 |
| Nov 13, 2025 | Tim KutzkeyDirector, 10% owner | Bought | 315,457 | $12.65 | $4.0M | Form 4 |
| Nov 13, 2025 | Column Group III GP, LP10% owner | Bought | 315,457 | $12.65 | $4.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Surrozen, Inc./DE can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $102M | $75.8M | $36.0M | $34.6M | $89.2M |
| Current ratio | 7.7x | 8.4x | 5.8x | 5.3x | 9.2x |
| Quick ratio | 7.7x | 8.4x | 5.8x | 5.3x | 9.2x |
| Total assets | $137M | $89.4M | $46.1M | $48.5M | $98.7M |
| Total liabilities | $27.5M | $13.4M | $8.1M | $69.8M | $286M |
| Shareholders' equity | $110M | $76.0M | $37.9M | β$21.4M | β$188M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Surrozen, Inc./DE passes 2 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 3 / 7 | 2 / 7 | 2 / 7 | 2 / 7 |
| Accruals ratio | β5.8% | β5.9% | 7.2% | β4.0% | β97.2% | β287.8% |
| Altman Z'' | β0.27 | 2.52 | 1.35 | β12.63 | β18.77 | β15.54 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | β | $0.0M | $12.5M | $0.0M | $10.7M | $3.5M |
| Research and development | $25.7M | $40.2M | $37.0M | $27.2M | $21.1M | $29.4M |
| Operating income | β$32.8M | β$54.4M | β$44.3M | β$45.8M | β$25.5M | β$42.1M |
| Pretax income | β | β | β | β | β$63.6M | β$242M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$32.7M | β$54.6M | β$36.0M | β$43.0M | β$63.6M | β$242M |
| Diluted EPS | β | β$2.21 | β$15.56 | β$21.33 | β$21.67 | β$32.37 |
| Diluted shares | 0.02B | 0.00B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||
| Cash from operations | β$29.1M | β$48.8M | β$44.1M | β$40.4M | β$17.6M | β$30.2M |
| Capital expenditure | $0.9M | $1.3M | $0.7M | $0.4M | $0.0M | $0.1M |
| Free cash flow | β$30.0M | β$50.1M | β$44.9M | β$40.8M | β$17.7M | β$30.4M |
| Depreciation and amortization | $1.9M | $2.1M | $2.0M | $1.9M | $1.4M | $0.5M |
| Stock-based compensation | $0.6M | $2.3M | $4.5M | $4.4M | $4.1M | $3.8M |
| Share buybacks | β | $0.0M | $2.6M | $0.0M | β | β |
| Dividends and buybacks | β | $0.0M | $2.6M | $0.0M | β | β |
| Balance sheet | ||||||
| Cash and short-term investments | $49.2M | $102M | $75.8M | $36.0M | $34.6M | $89.2M |
| Current assets | $50.2M | $105M | $81.3M | $41.1M | $38.9M | $91.6M |
| Current liabilities | $7.3M | $13.6M | $9.7M | $7.1M | $7.3M | $9.9M |
| Property and equipment, net | $5.8M | $4.8M | $3.6M | $2.0M | $0.6M | $0.4M |
| Total assets | $62.1M | $137M | $89.4M | $46.1M | $48.5M | $98.7M |
| Total liabilities | $14.8M | $27.5M | $13.4M | $8.1M | $69.8M | $286M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $47.3M | $110M | $76.0M | $37.9M | β$21.4M | β$188M |
| Margins | ||||||
| Operating margin | β | β | β354.7% | β | β239.7% | β1,210.6% |
| EBITDA margin | β | β | β339.1% | β | β226.2% | β1,195.1% |
| Net margin | β | β | β288.0% | β | β596.6% | β6,960.8% |
| FCF margin | β | β | β359.0% | β | β165.7% | β873.5% |
| Returns | ||||||
| Return on capital employed | β59.9% | β44.0% | β55.6% | β117.6% | β62.1% | β47.4% |
| Return on equity | β69.2% | β69.6% | β38.8% | β75.6% | β767.9% | β |
| Return on assets | β52.7% | β54.9% | β31.8% | β63.5% | β134.5% | β328.9% |
| Return on tangible equity | β69.2% | β49.8% | β47.4% | β113.5% | β | β |
| Growth | ||||||
| Revenue growth | β | β | β | β100.0% | β | β67.4% |
| Share count change | β | β99.8% | β90.7% | β13.0% | 45.0% | 158.6% |
| Financial health | ||||||
| Current ratio | 6.9x | 7.7x | 8.4x | 5.8x | 5.3x | 9.2x |
| Quick ratio | 6.9x | 7.7x | 8.4x | 5.8x | 5.3x | 9.2x |
| Capital allocation | ||||||
| Capex / revenue | β | β | 5.8% | β | 0.2% | 3.7% |
| Stock comp / revenue | β | β | 36.1% | β | 38.6% | 110.3% |
| Quality scores | ||||||
| Piotroski F-score | β | β | 3.0 | 2.0 | 2.0 | 2.0 |
| Altman Z'' | β0.3 | 2.5 | 1.3 | β12.6 | β18.8 | β15.5 |
| Accruals ratio | β5.8% | β5.9% | 7.2% | β4.0% | β97.2% | β287.8% |
Source: SEC EDGAR XBRL filings (CIK 0001824893). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
