Surrozen, Inc./DE
For the period ended Dec 31, 2025. Filed Mar 23, 2026.
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FY2025 · Filed Mar 23, 2026
SRZN$32.64+2.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities: | ||
| Net loss | $(242,026) | $(63,564) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 537 | 1,442 |
| Stock-based compensation | 3,835 | 4,114 |
| Non-cash operating lease expense | 1,801 | 1,522 |
| Loss on execution of the 2025 PIPE | 71,084 | — |
| Loss on issuance of common stock, pre-funded warrants and warrants in the 2024 PIPE | — | 20,397 |
| Transaction costs allocated to pre-funded warrants and warrants in connection with the 2025 PIPE and 2024 PIPE | 2,834 | 1,507 |
| Change in fair value of tranche liability | 104,847 | — |
| Change in fair value of warrant liabilities | 22,827 | 17,830 |
| Loss on amendment and cancellation of warrants | 2,073 | — |
| Gain on settlement of tranche liability | (1,362) | — |
| Loss on foreign currency remeasurement | — | 113 |
| Non-cash consideration received in connection with research service revenue | (769) | (153) |
| Non-cash impairment of warrant asset | 922 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 2,039 | — |
| Accounts receivable - related party | 294 | (502) |
| Prepaid expenses and other current assets | (67) | 1,111 |
| Other assets | 72 | 71 |
| Accounts payable | 142 | (228) |
| Accrued and other liabilities | 2,503 | 1,056 |
| Operating lease liabilities | (1,830) | (2,344) |
| Net cash used in operating activities | (30,244) | (17,628) |
| Investing activities: | ||
| Purchases of property and equipment | (128) | (26) |
| Net cash used in investing activities | (128) | (26) |
| Financing activities: | ||
| Proceeds from issuance of common stock, pre-funded warrants and warrants in the 2025 PIPE and 2024 PIPE, net of transaction costs | 74,702 | 16,043 |
| Proceeds from issuance of common stock under the ATM program, net of transaction costs | 9,078 | — |
| Proceeds from issuance of common stock upon exercise of warrants | 987 | — |
| Proceeds from issuance of common stock upon employee stock plan purchases | 198 | 94 |
| Proceeds from issuance of common stock upon exercise of stock options | 87 | 39 |
| Net cash provided by financing activities | 85,052 | 16,176 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 54,680 | (1,478) |
| Cash, cash equivalents and restricted cash at beginning of year | 35,253 | 36,731 |
| Cash, cash equivalents and restricted cash at end of year | $89,933 | $35,253 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Increase in right-of-use assets and lease liabilities due to a lease modification | $— | $7,434 |
| Transaction costs for the 2025 PIPE included in accrued and other liabilities | $229 | $— |
| Purchases of equipment included in accounts payable | $280 | $9 |
| Vesting of early exercises of stock options | $— | $2 |
The following table presents a reconciliation of the Company’s cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets:
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash and cash equivalents | $89,245 | $34,565 |
| Restricted cash | 688 | 688 |
| Cash, cash equivalents and restricted cash | $89,933 | $35,253 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.