Surrozen

Q2 FY2026 EarningsQ2 FY26 results significantly beat top-line expectations with revenue of $5.00M vs. $0.47M consensus, driven by unexpected Boehringer Ingelheim milestones. Despite the revenue beat, GAAP EPS was $2.75 compared to an expected loss of -$1.29, primarily due to massive non-cash gains from warrant and tranche liability remeasurements totaling $59.6M. Operational loss of -$10.37M was wider than the prior year as R&D and G&A expenses scaled ahead of SZN-8141 clinical trials, though better than the consensus EBIT expectation of -$14.97M.