Surrozen, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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~$7.2
Growth cash-flow model
Base case. Range ~$7.2–$7.2. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Surrozen, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $12m, down 8.8% on a year earlier, a smaller fall than the 35.6% decline a quarter earlier. Free-cash-flow margin fell to -303.9% from -148.4% a year earlier. Operating margin narrowed to -385.3% from -205.4%.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months was $12m, down 8.8% on a year earlier, a smaller fall than the 35.6% decline a quarter earlier. Free-cash-flow margin fell to -303.9% from -148.4% a year earlier. Operating margin narrowed to -385.3% from -205.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 2 financial-health checks.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Surrozen, Inc.'s trailing-twelve-month revenue fell 8.8% year on year, with a free-cash-flow margin of -303.9%. Where it lags: net margin of -2885.3% ranks 159 of 180 biotechnology companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 86.8% while net income fell 1889.2%: a 1802pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Surrozen, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$7.2 ~$7.2–$7.3 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$0.4 ~$0.4–$1.5 | Left out: out of range vs price (0.01x) |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$7.2 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Surrozen, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Share price | $96.60 | $8.73 | $9.40 | $14.35 | $22.60 |
| Market value | $158997 | $20201 | $18969 | $42m | $169m |
| + Net debt (− = net cash) | −$33m | −$25m | −$36m | −$35m | −$89m |
| Enterprise value | −$33m | −$25m | −$36m | $8m | $80m |
| Multiples | |||||
| Price / sales | — | 0.0x | — | 4.0x | 48.6x |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$9.14 | — | $11m | +209% |
| Next | −$4.19 | +54% | $2m | −86% |
The consensus EPS forecast for the current fiscal year is −24.4% on 90 days ago. In the last 30 days, 0 analysts raised Surrozen, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$12.09 | −$3.98 |
| 60 days ago | −$9.14 | −$4.58 |
| 30 days ago | −$9.14 | −$4.19 |
| 7 days ago | −$9.14 | −$4.19 |
| Now | −$9.14 | −$4.19 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$1.26 | −$2.10 | −66.8% |
| Mar 2026 | −$0.72 | −$4.63 | −542.5% |
| Dec 2025 | −$1.24 | −$9.62 | −678.8% |
| Sept 2025 | −$1.17 | −$3.60 | −208.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| SRZN | −91% | +8% | +53% | +58% | +28% |
| Industry peers (median) | −56% | −18% | −29% | −5% | −27% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| SRZN | 33% | 58% | 58% | 67% | 36% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| SRZN | −94% | −75% | −58% | −62% | −53% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since January 11, 2021: 97% from September 16, 2021 to November 9, 2023. Getting back needed a 3534% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 20, 2026 | +6.2% | +0.9% | +23.9% | — |
| August 6, 2026 | +16.7% | +0.5% | +8.1% | +3.7% |
| May 6, 2026 | −5.8% | +1.1% | −7.7% | −34.1% |
| March 23, 2026 | −0.6% | +0.7% | +9.1% | +31.3% |
| November 7, 2025 | −5.6% | +1.7% | +3.8% | +76.8% |
| August 8, 2025 | +10.6% | +0.6% | +23.4% | +29.6% |
| May 9, 2025 | −7.9% | +3.2% | −18.3% | +2.9% |
| March 31, 2025 | +1.0% | +1.0% | −11.0% | 0.0% |
| November 6, 2024 | −6.9% | +3.3% | −15.9% | −7.3% |
| August 12, 2024 | −8.3% | +1.7% | +9.1% | +17.3% |
| May 8, 2024 | +2.7% | +0.6% | +1.9% | +11.3% |
| November 8, 2023 | −23.9% | −0.7% | −12.6% | +19.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $0 |
| FY24 Q3 | $10M |
| FY24 Q4 | $10.7M |
| FY25 Q1 | $11.6M |
| FY25 Q2 | $12.6M |
| FY25 Q3 | $3.6M |
| FY25 Q4 | $3.5M |
| FY26 Q1 | $7.5M |
| FY26 Q2 | $11.5M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY25 Q3 | -64.0% |
| FY25 Q4 | -67.4% |
| FY26 Q1 | -35.6% |
| FY26 Q2 | -8.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q3 | -266.7% |
| FY24 Q4 | -239.7% |
| FY25 Q1 | -223.1% |
| FY25 Q2 | -205.4% |
| FY25 Q3 | -1055.6% |
| FY25 Q4 | -1210.6% |
| FY26 Q1 | -573.8% |
| FY26 Q2 | -385.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q3 | -284.3% |
| FY24 Q4 | -165.7% |
| FY25 Q1 | -156.4% |
| FY25 Q2 | -148.4% |
| FY25 Q3 | -583.8% |
| FY25 Q4 | -873.5% |
| FY26 Q1 | -449.4% |
| FY26 Q2 | -303.9% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 0 | 13 | 0 | 11 | 3 | 12 |
| EBITDA | −52 | −42 | −44 | −24 | −42 | −44 |
| Operating income | −54 | −44 | −46 | −26 | −42 | −44 |
| Net income | −55 | −36 | −43 | −64 | −242 | −332 |
| Diluted EPS | −$33.15 | −$15.56 | −$21.33 | −$21.67 | −$32.37 | — |
| Growth (year on year) | ||||||
| Revenue | — | — | −100.0% | — | −67.4% | −8.8% |
| Margins | ||||||
| EBITDA margin | — | −339.1% | — | −226.2% | <−999% | −383.4% |
| Operating margin | — | −354.7% | — | −239.7% | <−999% | −385.3% |
| Net margin | — | −288.0% | — | −596.6% | <−999% | <−999% |
| Free-cash-flow margin | — | −359.0% | — | −165.7% | −873.5% | −303.9% |
| Cash flow | ||||||
| Cash from operations | −49 | −44 | −40 | −18 | −30 | −35 |
| Capital spending | 1 | 1 | 0 | 0 | 0 | 0 |
| Free cash flow | −50 | −45 | −41 | −18 | −30 | −35 |
| Stock-based pay | 2 | 5 | 4 | 4 | 4 | 7 |
| Free cash flow after stock pay | −52 | −49 | −45 | −22 | −34 | −42 |
| Balance sheet | ||||||
| Cash | 33 | 25 | 36 | 35 | 89 | 102 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −33 | −25 | −36 | −35 | −89 | −102 |
| Diluted shares | — | — | — | 3m | 7m | — |
| Returned to shareholders | ||||||
| Buybacks | 0 | 3 | 0 | — | — | — |
| Total returned | 0 | 3 | 0 | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 10 | 1 | 1 | 1 | 1 | 1 | 5 | 5 |
| EBITDA | 2 | −8 | −9 | −9 | −11 | −13 | −10 | −10 |
| Operating income | 1 | −9 | −10 | −9 | −11 | −13 | −10 | −10 |
| Net income | −1 | −28 | −27 | 40 | −72 | −183 | −128 | 50 |
| Diluted EPS | −$0.22 | −$4.55 | −$3.71 | $1.27 | −$4.18 | −$11.94 | −$5.83 | −$0.41 |
| Growth (year on year) | ||||||||
| Revenue | — | — | — | — | −90.2% | −19.4% | +408.6% | +408.6% |
| EBITDA | — | — | — | — | −787.7% | — | — | — |
| Operating income | — | — | — | — | −983.5% | — | — | — |
| Net income | — | — | — | — | — | — | — | +26.2% |
| Diluted EPS | — | — | — | — | — | — | — | −132.2% |
| Margins | ||||||||
| EBITDA margin | 15.7% | <−999% | −941.7% | −903.4% | <−999% | <−999% | −207.8% | −206.4% |
| Operating margin | 12.3% | <−999% | −971.6% | −917.3% | <−999% | <−999% | −209.1% | −207.4% |
| Net margin | −14.3% | <−999% | <−999% | >999% | <−999% | <−999% | <−999% | >999% |
| Free-cash-flow margin | −67.5% | 528.5% | −946.7% | −623.7% | −922.1% | <−999% | −252.3% | −148.7% |
| Cash flow | ||||||||
| Cash from operations | −7 | 3 | −9 | −6 | −9 | −6 | −12 | −7 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −7 | 3 | −9 | −6 | −9 | −6 | −13 | −7 |
| Stock-based pay | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 |
| Free cash flow after stock pay | −8 | 3 | −10 | −7 | −10 | −7 | −15 | −10 |
| Last 12 months unless stated | SRZN | HYFT | RLAY | LCTX | CRBU | IRD | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $12m | $11m | $10m | $13m | $10m | $10m | $56m |
| Revenue growth, last 12 months | −8.8% | 47.8% | 23.9% | 19.9% | 10.0% | −36.1% | 12.6% |
| Revenue growth, 3-year average | — | — | 122.3% | 7.5% | −11.0% | −39.8% | 13.7% |
| Revenue growth, latest quarter | 408.6% | — | −48.3% | −61.3% | −43.8% | −73.8% | 10.2% |
| Gross margin | — | 58.8% | — | 97.2% | — | — | 82.9% |
| Operating margin | −385.3% | — | <−999% | −205.2% | <−999% | −513.5% | −189.4% |
| Operating margin, 3-year average | — | — | <−999% | −313.9% | <−999% | −341.9% | −363.5% |
| Net margin | <−999% | −89.7% | <−999% | −246.6% | <−999% | <−999% | −169.8% |
| Cash from operations / revenue | −302.0% | −80.1% | <−999% | −182.0% | −954.5% | −412.6% | −168.0% |
| Free-cash-flow margin | −303.9% | −82.7% | <−999% | −186.4% | −954.2% | −413.1% | −162.4% |
| Free-cash-flow margin, 3-year average | — | — | <−999% | −253.2% | −946.0% | −229.8% | −310.0% |
| Stock pay / revenue | 60.9% | 8.2% | 466.8% | 38.8% | 104.7% | 45.3% | 20.0% |
| Change in share count | — | 38.9% | 12.4% | 11.9% | 4.7% | 127.5% | 8.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -8.8% | 12.6% | 118 of 172 |
| Change in growth rate Growth | +26.8pp | -0.1pp | 37 of 172 |
| Operating margin Profitability | -385.3% | -189.4% | 114 of 175 |
| Net margin Profitability | -2885.3% | -157.3% | 159 of 180 |
| Free-cash-flow margin Cash generation | -303.9% | -145.4% | 113 of 176 |
| Stock pay as % of revenue Cash generation | 60.9% | 19.2% | 121 of 179 |
| Days sales outstanding Balance sheet | 159 days | 75 days | 88 of 100 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Research Service Revenue | $3.5M | 100.0% | ▲ 430.8% |
| Collaboration and License Revenue | $0 | 0.0% | ▼ 100.0% |
From Surrozen, Inc.'s 10-K filed March 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Tcg Crossover Management, LLC | $38.2M | 1.5M | 13.9% | 0.0% |
| Boxer Capital Management, LLC | $27M | 1.1M | 9.8% | ▲ 44.3% |
| Kalehua Capital Management LLC | $20M | 770K | 7.3% | 0.0% |
| Millennium Management LLC | $17.7M | 683K | 6.5% | ▼ 6.6% |
| Point72 Asset Management, L.P. | $17.2M | 664K | 6.3% | New |
| Venrock Adviser, LLC | $16.4M | 633K | 6.0% | 0.0% |
| Stempoint Capital LP | $13.8M | 603K | 5.0% | ▼ 16.5% |
| Perceptive Advisors LLC | $13.1M | 504K | 4.8% | ▲ 119.7% |
| Spruce Street Capital LP | $11.2M | 432K | 4.1% | 0.0% |
| Blackrock, Inc. | $10.2M | 395K | 3.7% | ▲ 1317.8% |
| Vanguard Capital Management LLC | $10.2M | 393K | 3.7% | ▲ 132.2% |
| Braidwell LP | $10.1M | 391K | 3.7% | ▼ 1.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Surrozen, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Yu Chen-Ming 10% owner | July 22, 2026 | Sell | 162,500 | $21.25 | $3.5M |
| Parker Craig C Chief Executive Officer | May 4, 2026 | Sell | 4,524 | $33.33 | $150,785 |
| Williams Charles O Chief Operating Officer | May 4, 2026 | Sell | 2,036 | $33.33 | $67,860 |
| Li Yang Exec. Vice President, Research | May 4, 2026 | Sell | 1,584 | $33.33 | $52,795 |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 24, 2026 | Buy | 53,329 | $24.69 | $1.3M |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 23, 2026 | Buy | 7,611 | $24.90 | $189,514 |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 23, 2026 | Buy | 7,612 | $24.90 | $189,539 |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 16, 2026 | Buy | 595 | $24.99 | $14,869 |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 13, 2026 | Buy | 17,716 | $24.88 | $440,774 |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 13, 2026 | Buy | 17,717 | $24.88 | $440,799 |
| Tcg Crossover Fund Ii, L.P. 10% owner | March 12, 2026 | Buy | 6,187 | $24.99 | $154,613 |
| Tcg Crossover Fund Ii, L.P. 10% owner | February 12, 2026 | Buy | 547 | $23.86 | $13,051 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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