--- title: "Surrozen closes $95.1 million second tranche of March 2025 private placement" url: "https://aibio.space/news/surrozen-closes-95-1-million-second-tranche-march-2025-private/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-10-20" section: "Financings" tickers: "NASDAQ:SRZN" source: "https://www.sec.gov/Archives/edgar/data/1824893/000119312526426828/srzn-ex99_1.htm" summary: "The second tranche brought in about $95.1 million gross, before placement agent fees, and the company expects cash to last into 2029. The first patient in" --- By the aibio.space news desk. Sources - [Surrozen, Inc. 8-K (2026-10-20)](https://www.sec.gov/Archives/edgar/data/1824893/000119312526426828/srzn-ex99_1.htm) - [Surrozen, Inc. 10-K (2026-03-23): business](https://www.sec.gov/Archives/edgar/data/1824893/000119312526119818/srzn-20251231.htm) - [Surrozen, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1824893/000119312526119818/) [SRZN](https://aibio.space/companies/surrozen/) 2026-10-20 # Surrozen closes $95.1 million second tranche of March 2025 private placement Tickers [SRZN](https://aibio.space/companies/surrozen/) The second tranche brought in about $95.1 million gross, before placement agent fees, and the company expects cash to last into 2029. The first patient in its SZN-8141 trial is not expected to be dosed until the fourth quarter of 2026, after a rival Wnt drug met its primary endpoint in a Phase 2b/3 trial in the same eye disease. ## Key facts - **Company**: Surrozen, Inc. (NASDAQ: SRZN) - **News type**: Financings - **Primary source**: [Surrozen, Inc. 8-K (2026-10-20)](https://www.sec.gov/Archives/edgar/data/1824893/000119312526426828/srzn-ex99_1.htm) *A trading board being updated by hand. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* ## The closing and the new securities Surrozen, Inc. (Nasdaq: [SRZN](https://aibio.space/companies/surrozen/)) said on October 20, 2026 that it closed the second and final tranche of its March 2025 private placement for approximately $95.1 million in gross proceeds, before placement agent fees and other offering expenses. The second closing milestone was FDA clearance of the Investigational New Drug application for SZN-8141, which came on October 2, 2026. The tranche included about 5.7 million shares of common stock, pre-funded warrants for about 2.5 million shares, and Series E common stock warrants for about 4.1 million shares at $11.54 a share. The release does not name the placement agent or the investors. After the closing, Surrozen has about 17.8 million common shares outstanding, 3.8 million shares issuable on pre-funded warrants and 9.1 million shares issuable on common stock warrants. Substantially all of those warrants have an exercise price of $11.54. About 1.8 million are exercisable for cash only and expire in April 2029. The remaining warrants, about 7.3 million, may be exercised on a cash or net exercise basis, with expiration dates from March 2030 to October 2031. Under its registration rights agreement, Surrozen must file a Form S-3 to register the resale of the new shares, the pre-funded warrant shares and the Series E warrant shares no later than 30 calendar days after the closing. ## The drug and the competition SZN-8141 is an intravitreal injection being developed for diabetic macular edema (DME) and neovascular age-related macular degeneration (wet AMD). It combines Frizzled 4 (FZD4)-mediated Wnt agonism with VEGF antagonism. The DUET Phase 1b/2a study starts with an open-label, single-ascending-dose portion in patients with DME, including treatment-naive and previously treated patients. A randomized, double-masked Phase 2a dose-expansion portion then enrolls treatment-naive DME patients. Part 2 is planned to compare two dose levels of SZN-8141 with Vabysmo (faricimab-svoa) in approximately 60 patients, with three monthly doses and a four-month follow-up. Part 1 patients receive a single injection and are followed for approximately three months. First dosing is expected in the fourth quarter of 2026, with initial data in the second half of 2027. The release describes a crowded field. The standard of care for diabetic retinopathy, including DME, retinal vein occlusion and wet AMD, is intravitreal anti-VEGF therapy, including dual-pathway agents that target VEGF and angiopoietin-2. It also says Merck's remigromig, a FZD4 monotherapy, achieved its primary endpoint in a Phase 2b/3 trial in DME. The company presents that result as support for Wnt pathway activation. For Surrozen, it is further along than SZN-8141, which has not yet dosed a patient. The company's 10-K, filed March 23, 2026, said it expected to submit the SZN-8141 IND in the second half of 2026. The IND was cleared on October 2, 2026, inside the second-half window the 10-K gave for submitting it, so the clearance was on the company's own timetable. It does not yet produce any patient data. ## The money The XBRL data show revenue of $3.5 million for 2025, down from $10.7 million for 2024. Research and development expense rose to $29.4 million from $21.1 million. The net loss was $242.0 million for 2025, against $63.6 million for 2024. Cash used in operations was $30.2 million for 2025, against $17.6 million for 2024. The 2025 net loss is far larger than the cash used in operations. The XBRL figures do not explain the difference, and the release does not discuss it. Cash and cash equivalents were $34.6 million at the end of 2024 and $89.2 million at the end of 2025, and $102.0 million at June 30, 2026, according to the company's 10-Q. The company says its cash, cash equivalents and marketable securities will fund operations into 2029, including the DUET study and initial Phase 1b development of SZN-8143. The release gives no budget for that period. ## What comes next The next dated items are DUET first dosing in the fourth quarter of 2026, the Form S-3 due within 30 calendar days after the closing, and initial DUET data in the second half of 2027. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story SRZN Surrozen, Inc. 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Cite as: aibio.space, "Surrozen closes $95.1 million second tranche of March 2025 private placement", 2026-10-20, https://aibio.space/news/surrozen-closes-95-1-million-second-tranche-march-2025-private/