Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Surrozen, Inc./DE files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
12.5
0
10.7
3.48
Research and development
25.7
40.2
37
27.2
21.1
29.4
General and administrative
7.12
14.2
19.8
15.8
15.1
16.2
Operating expenses
32.8
54.4
56.8
45.8
36.2
45.6
Operating income
-32.8
-54.4
-44.3
-45.8
-25.5
-42.1
Interest income
0.09
0.07
0.78
2.34
1.69
3.02
Other non-operating income
0
-0.33
7.55
0.4
-19.3
-26.3
Pre-tax income
-63.6
-242
Income tax
0
0
0
0
0
0
Net income
-32.7
-54.6
-36
-43
-63.6
-242
EBITDA
-30.9
-52.3
-42.4
-43.9
-24.1
-41.6
EPS, basic
-33.06
-15.56
-21.33
-21.67
-32.37
EPS, diluted
-33.07
-15.56
-21.33
-21.67
-32.37
Shares, basic (weighted)
16
0
0
0
0
0.01
Shares, diluted (weighted)
16
0
0
0
0
0.01
Balance sheet
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
35
33.1
24.7
36
34.6
89.2
Short-term investments
14.2
68.8
51.1
0
Receivables
0
1.98
2.15
2.04
0
Other current assets
1.04
3.34
3.49
2.94
1.83
2.11
Total current assets
50.2
105
81.3
41.1
38.9
91.6
Property, plant and equipment
5.84
4.79
3.63
1.97
0.56
0.43
Lease right-of-use assets
5.56
4.58
3.27
1.89
7.8
6
Long-term investments
0
21.7
0
Other non-current assets
0.04
0.55
0.83
0.4
0.33
0.05
Total assets
62.1
137
89.4
46.1
48.5
98.7
Accounts payable
1.78
2.72
0.66
0.53
0.31
0.73
Accrued liabilities
3.39
8.66
6.85
4.13
5.18
7.91
Total current liabilities
7.28
13.6
9.73
7.15
7.32
9.93
Lease liabilities
7.49
5.6
3.38
0.88
6.64
5.35
Total liabilities
14.8
27.5
13.4
8.15
69.8
286
Paid-in capital
135
252
255
260
264
340
Retained earnings
-88
-143
-179
-222
-285
-527
Other comprehensive income
0
-0.12
-0.24
0
Shareholders' equity
47.3
110
76
37.9
-21.4
-188
Total equity
47.3
110
76
37.9
-21.4
-188
Total liabilities and equity
62.1
137
89.4
46.1
48.5
98.7
Shares outstanding
18.3
2.34
2.01
2.06
3.26
9.78
Cash flow statement
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-32.7
-54.6
-36
-43
-63.6
-242
Depreciation and amortization
1.94
2.07
1.96
1.91
1.44
0.54
Stock-based compensation
0.64
2.32
4.52
4.37
4.11
3.84
Change in receivables
0
-1.98
0
0
2.04
Change in payables
0.54
0.86
-2.04
-0.13
-0.23
0.14
Cash from operations
-29.1
-48.8
-44.1
-40.4
-17.6
-30.2
Capital expenditures
-0.87
-1.27
-0.73
-0.4
-0.03
-0.13
Purchases of investments
-14.2
-91.7
-29.6
-28
0
Sales and maturities of investments
0
14.2
68.6
80.2
0
Cash from investing
-15.1
-77.7
38.3
51.7
-0.03
-0.13
Stock issued
0
124
0
0
16
74.7
Share buybacks
0
-2.61
0
Cash from financing
50.1
125
-2.57
0.28
16.2
85.1
Net change in cash
5.88
-1.89
-8.4
11.6
-1.48
54.7
Free cash flow
-30
-50.1
-44.9
-40.8
-17.7
-30.4
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $29.54 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-385.3%
Operating income / revenue.
EBITDA margin
-383.4%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-2,885.0%
Net income / revenue.
FCF margin
-303.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-302.0%
Cash from operations / revenue.
Return on assets (ROA)
-287.3%
Net income / average total assets.
R&D / revenue
300.4%
Research and development expense / revenue.
Stock-based pay / revenue
60.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.9%
Capital expenditures / revenue.
D&A / revenue
1.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-67.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-34.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
103.7%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
3.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
9.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
155.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
47.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
-78.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.1x
Current assets / current liabilities.
Quick ratio
11.9x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
11.3x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.50
Revenue / diluted weighted shares.
FCF per share
-$1.51
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.50
Cash from operations / diluted weighted shares.
Book value per share
-$18.60
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
30.2x
Market cap / revenue.
EV/Sales
21.3x
Enterprise value / revenue.
FCF yield
-10.1%
Free cash flow / market cap.
Earnings yield
-95.7%
Net income / market cap (the inverse of P/E).
What was Surrozen, Inc./DE's revenue in fiscal 2025?
Surrozen, Inc./DE reported revenue of $3.5M for fiscal 2025, 67.4% lower than the year before.
Was Surrozen, Inc./DE profitable in fiscal 2025?
No. It reported a net loss of $242.0M.
How much free cash flow did Surrozen, Inc./DE generate in fiscal 2025?
Cash from operations of $30.2M minus capital expenditures of $128.0K left free cash flow of -$30.4M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.