Daniel Chao, M.D., Ph.D., joins Surrozen as Vice President of Clinical Development

Surrozen forms Clinical Advisory Board comprised of leading retinal specialists

Data Presentations at Association for Research in Vision and Ophthalmology Annual Meeting and Clinical Trials at the Summit

SOUTH SAN FRANCISCO, Calif., Aug. 08, 2025 (GLOBE NEWSWIRE) -- Surrozen, Inc. ("Surrozen" or the "Company") (Nasdaq: SRZN), a biotechnology company pioneering targeted therapeutics that selectively modulate the Wnt pathway for tissue repair and regeneration, with a focus on severe eye diseases, today announced financial results for the second quarter ended June 30, 2025, and provided a business update.

Business Highlights

Surrozen remains focused on its ophthalmology pipeline, leveraging its Wnt biology expertise and antibody technologies to develop novel treatments for severe eye diseases.

Key events in second quarter 2025

   -- Ophthalmology Pipeline Progress: The company continues to progress its 
      lead candidates, SZN-8141 and SZN-8143 to address retinal diseases.   The 
      company remains on track to submit an Investigational New Drug (IND) 
      application for SZN-8141 in 2026. 
 
   -- Patent Issuance: In May 2025, Surrozen was granted U.S. Patent No. 
      12,297,278 by the U.S. Patent and Trademark Office, covering its SWAP$(TM)$ 
      technology for creating multi-specific Wnt surrogate molecules. This 
      patent strengthens the intellectual property supporting SZN-8141 and 
      SZN-8143. 
 
   -- Key Leadership Appointment: In July 2025, Surrozen appointed Daniel Chao, 
      M.D., Ph.D., as Vice President and Head of Clinical Development. As an 
      accomplished retina specialist and physician-scientist, Dr. Chao brings 
      strong discovery and clinical development expertise in the field of 
      ophthalmology to Surrozen, with over 15 years of experience in ophthalmic 
      research and drug development. He previously held leadership roles at 
      ADARx Pharmaceuticals and Johnson and Johnson, advancing multiple 
      ophthalmology programs from discovery through late-stage development. Dr. 
      Chao completed his MD and PhD in Neurosciences from Stanford University 
      School of Medicine, ophthalmology residency at Bascom Palmer Eye 
      Institute, and vitreoretinal surgery fellowship at University of 
      California San Francisco. He began his career as a faculty member at UC 
      San Diego and currently serves as a Volunteer Assistant Professor at UC 
      San Francisco. 
 
   -- Clinical Advisory Board Formation: Surrozen established a Clinical 
      Advisory Board of leading ophthalmologists and retinal specialists to 
      guide the clinical development of its ophthalmology pipeline [Click Here 
      Link to Biographies]. The board's expertise is expected to accelerate the 
      progression of Surrozen's candidates into clinical trials. 
 
          -- Dr. Jeffrey Heier: Ophthalmic Consultants of Boston 
 
          -- Dr. Arshad Khanani: Sierra Eye Associates, University of Reno, 
             Nevada School of Medicine 
 
          -- Dr. Carl Regillo: Wills Eye Hospital, Thomas Jefferson University 
             School of Medicine 
 
          -- Dr. Charles Wykoff: Retina Consultants of Texas 
 
   -- Scientific Presentations: Surrozen presented preclinical data for 
      SZN-8141 and SZN-8143 at the 2025 Association for Research in Vision and 
      Ophthalmology (ARVO) Annual Meeting and the Clinical Trials Summit $(CTS)$. 
      These presentations highlighted the candidates' ability to promote normal 
      retinal vessel regrowth and suppress pathological vessel growth through 
      Wnt signaling stimulation. 
 
          -- ARVO Poster: SZN-8141, a Norrin mimetic and an anti-VEGF fusion 
             molecule, as a novel candidate for retinopathy therapeutics; 
             Sung-jin Lee, et. al [Click Here for Link] 
 
          -- CTS Presentation: Wnt Mediated Retinal Vascular Repair and 
             Regeneration 2.0; Craig Parker 

"We are encouraged by the continued momentum in our ophthalmology pipeline and the strategic steps we have taken to support their advancement," said Craig Parker, President and Chief Executive Officer of Surrozen. "With the appointment of Dr. Daniel Chao, the formation of our Clinical Advisory Board and the issuance of a key patent supporting our multi-specific approach, we are well positioned to advance SZN-8141 and SZN-8143 toward clinical development and address critical unmet needs in retinal disease."

Second Quarter 2025 Financial Highlights

- Cash Position: Cash and cash equivalents were $90.4 million as of June 30, 2025, compared to $101.6 million as of March 31, 2025.

- Research Service Revenue -- Related Party: 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-<BETA> antibodies.

- Operating Expenses:

   -- Research and Development Expenses: R&D expenses were $6.0 million for the 
      quarter, compared to $5.3 million for the same period in 2024, reflecting 
      the increased manufacturing costs, lab expenses and consulting fees for 
      our ophthalmology programs. 
 
   -- General and Administrative Expenses: G&A expenses were $4.0 million for 
      the quarter, compared to $3.7 million for the same period in 2024, due to 
      the increase in professional service fees. 

- Other Income and Expenses:

   -- Interest Income: Interest income was $1.0 million for the quarter, 
      compared to $0.5 million for the same period in 2024, as a result of an 
      increase in cash and cash equivalents. 
 
   -- Loss on Issuance of Common Stock, Pre-funded Warrants and Warrants in the 
      2024 PIPE: The amount was zero for the quarter, compared to $20.4 million 
      for the same period in 2024, due to the fair value of warrants issued 
      being greater than the proceeds received in a private placement that was 
      closed in April 2024. 
 
   -- Gain on Change in Fair Value of Tranche Liability: Gain on change in fair 
      value of tranche liability was $31.5 million, compared to zero for the 
      same period in 2024, driven by the non-cash change in fair value of 
      tranche liability. 
 
   -- Other Income, Net: Other income, net was $16.2 million, compared to $3.7 
      million for the same period in 2024. The variance is primarily 
      attributable to a $11.0 million non-cash change in fair value of warrant 
      liabilities and $1.5 million related to the transaction costs of the 2024 
      PIPE. 

- Net Income (Loss): Net income was $39.7 million, or $2.55 per share for the quarter, compared to a net loss of $25.3 million, or ($7.99) per share, for the same period in 2024.

Surrozen's Ophthalmology Portfolio

About SZN-8141 for retinal diseases

SZN-8141 combines Frizzled 4 (Fzd4) agonism and Vascular Endothelial Growth Factor (VEGF) antagonism, which has the potential to provide benefits over treatment with single agents for Diabetic Macular Edema (DME) and neovascular Age-Related Macular Degeneration (wet AMD). The current standard of care for diabetic retinopathy (including DME), retinal vein occlusion and wet AMD is intravitreal administration of anti-VEGF monotherapies. In addition, Fzd4 monotherapy has demonstrated proof of concept in DME in clinical trials. We believe SZN-8141 has the potential to treat multiple retinal vascular diseases and be differentiated from existing therapies. Data generated in preclinical models of retinal vascular diseases demonstrated that SZN-8141 stimulated Wnt signaling and induced normal retinal vessel regrowth while suppressing pathological vessel growth.

About SZN-8143 for retinal diseases

SZN-8143 combines Fzd4 agonism, VEGF antagonism, and interleukin-6 (IL-6) antagonism which may have benefits over single agents for treatment of DME/wet AMD/uveitic macular edema (UME). The current standard of care for diabetic retinopathy (including DME), retinal vein occlusion and wet AMD is intravitreal administration of anti-VEGF monotherapies. In addition, Fzd4 monotherapy has demonstrated proof of concept in clinical trials for retinal disease. We believe SZN-8143 has the potential to treat multiple retinal vascular diseases and be differentiated from existing therapies. Data generated in preclinical models of retinal vascular diseases demonstrated that SZN-8143 stimulated Wnt signaling and induced normal retinal vessel regrowth while suppressing pathological vessel growth.

About SZN-413 for Retinal Diseases

SZN-413 is a bi-specific antibody targeting Fzd4-mediated Wnt signaling designed using Surrozen's SWAP(TM) technology. It is currently being developed for the treatment of retinal vascular-associated diseases. Data generated by Surrozen with SZN-413 in preclinical models of retinopathy demonstrated that SZN-413 could potently stimulate Wnt signaling in the eye, induce normal retinal vessel regrowth, suppress pathological vessel growth and reduce vascular leakage. This novel approach could thus potentially allow for regeneration of healthy eye tissue, not only halting retinopathy, but possibly allowing for a full reversal of the patient's disease.

About Surrozen

Surrozen is a biotechnology company developing tissue-specific antibodies to selectively modulate the Wnt pathway, with a current focus on ophthalmology. Its proprietary technologies aim to harness the body's biological repair mechanisms to treat severe diseases. For more information, visit www.surrozen.com.

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