<span item_type="fundamental" item_id="bbc65233c2c2322260aee3fc73f61198" counter_id="ST/US/SRZN" env="prod"></span><span item_type="announcement" item_id="514291029616172289" env="prod"></span><p>Revenue: As of FY2025 Q1, the actual value is USD 983 K.</p><p>EPS: As of FY2025 Q1, the actual value is USD -7.43.</p><p></p><h3>Cash Position</h3><p>Cash and cash equivalents were $101.6 million as of March 31, 2025, compared to $34.6 million as of December 31, 2024, bolstered by $76.4 million in gross proceeds from the first closing of a $175 million private placement in March 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></p><h3>Research Service Revenue</h3><p>Research service revenue from a related party was $1.0 million for the quarter, compared to zero for the same period in 2024, driven by the collaboration with TCGFB, Inc. for TGF-β antibodies.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></p><h3>Operating Expenses</h3><ul><li><strong>Research and Development Expenses</strong>: R&amp;D expenses were $6.6 million, compared to $5.2 million for the same period in 2024, reflecting the manufacturing costs of drug product for SZN-043 in January 2025 and increased consulting fees following the prioritization of ophthalmology programs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li><li><strong>General and Administrative Expenses</strong>: G&amp;A expenses were $4.0 million, comparable to $3.9 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li></ul><h3>Other Income and Expenses</h3><ul><li><strong>Interest Income</strong>: Interest income was $0.3 million, comparable to $0.4 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li><li><strong>Loss on Amendment and Cancellation of Warrants</strong>: Loss on amendment and cancellation of warrants was - $2.1 million due to the non-cash change in fair value of warrant liabilities as a result of the amendment and cancellation of warrants in March 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li><li><strong>Loss on Execution of the 2025 PIPE</strong>: Loss on execution of the 2025 PIPE was - $71.1 million, reflecting the non-cash loss recognized upon the execution of the private placement in March 2025 as the fair value of the tranche liability recognized was greater than the committed proceeds from the first tranche of the private placement.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li><li><strong>Gain on Change in Fair Value of Tranche Liability</strong>: Gain on change in fair value of tranche liability was $16.3 million, driven by the non-cash change in fair value of tranche liability.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li><li><strong>Gain on Settlement of Tranche Liability</strong>: Gain on settlement of tranche liability was $1.1 million related to the difference in fair value of tranche liability and the fair value of the issued units in excess of proceeds.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li><li><strong>Other Income (Expense), Net</strong>: Other income (expense), net was a net other income of $38.0 million, compared to a net other expense of $0.1 million for the same period in 2024. The variance is attributable to a $40.7 million non-cash change in fair value of warrant liabilities for all outstanding warrants, offset by the financing costs of $2.7 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></li></ul><h3>Net Loss</h3><p>Net loss was - $27.0 million, or ($7.43) per share, compared to a net loss of - $8.8 million, or ($4.24) per share, for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></p><h3>Outlook / Guidance</h3><p>Surrozen expects to file an Investigational New Drug (IND) application and commence clinical studies for SZN-8141 in 2026. The FDA clearance of this IND application would trigger funding of the $98.6 million private placement tranche, expected to fund operations through efficacy, safety, and tolerability studies for SZN-8141 and SZN-8143.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1824893/000095017025068011/srzn-ex99_1.htm"></span></p>

Surrozen | 8-K: FY2025 Q1 Revenue: USD 983 K