Surrozen, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Surrozen, Inc. has filed its 2023 10-K report, detailing its operations and financial standing for the fiscal year ending December 31, 2023.</b>

AI Summary

Surrozen, Inc./DE (SRZNW) filed a Annual Report (10-K) with the SEC on April 10, 2024. Surrozen, Inc. filed its 2023 Form 10-K on April 10, 2024. The company was formerly known as Consonance-HFW Acquisition Corp. and changed its name on September 15, 2020. Surrozen operates in the Biological Products sector (SIC 2836). The filing covers the fiscal year ending December 31, 2023. Key dates mentioned include various events and financial reporting periods from 2020 to April 2024.

Why It Matters

For investors and stakeholders tracking Surrozen, Inc./DE, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Surrozen's business, financial condition, and results of operations for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The report includes details on various financial instruments, stock issuances, and agreements, offering insights into the company's capital structure and strategic partnerships.

Risk Assessment

Risk Level: medium — Surrozen, Inc./DE shows moderate risk based on this filing. The company operates in the biotechnology sector, which is inherently risky due to long development cycles, high R&D costs, and regulatory hurdles, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Surrozen's financial health and operational challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-10 — Filing Date (Date of submission)
• 0000950170-24-043399 — Accession Number (Unique identifier for the filing)
• 001-39635 — SEC File Number (SEC's file number for the company)
• 24836291 — Film Number (SEC's film number for the filing)
• 3,198,786 — Number of Years (Duration related to financial data)
• 2836 — SIC Code (Standard Industrial Classification for Biological Products)
• 1934 Act — SEC Act (Legislation under which the filing is made)

Key Players & Entities

• Surrozen, Inc. (company) — Filer name
• Consonance-HFW Acquisition Corp. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-10 (date) — Filing date
• South San Francisco, CA (location) — Business address
• 650-475-2820 (phone) — Business phone number
• 0000950170-24-043399 (filing_id) — Accession number
• 2836 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Risks [medium — regulatory]: The company is subject to extensive government regulation, including the Federal Food, Drug, and Cosmetic Act, and may face challenges in obtaining regulatory approvals for its products.
• Need for Additional Funding [high — financial]: The company has a history of operating losses and may require significant additional capital to fund its ongoing operations and research and development activities.
• Dependence on Key Personnel [medium — operational]: The success of the company depends on the continued service of its key scientific and management personnel.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share SRZN The Nasdaq
• $8.2496 — 30, 2023, based on the closing price of $8.2496 for shares of the Registrant's common s
• $10.0 million — andidate in 2024, which would trigger a $10.0 million milestone payment to us. SZN-1326 W

Filing Documents

• srzn-20231231.htm (10-K) — 3036KB
• srzn-ex10_2.htm (EX-10.2) — 299KB
• srzn-ex10_3.htm (EX-10.3) — 274KB
• srzn-ex10_5.htm (EX-10.5) — 146KB
• srzn-ex23_1.htm (EX-23.1) — 6KB
• srzn-ex31_1.htm (EX-31.1) — 15KB
• srzn-ex31_2.htm (EX-31.2) — 15KB
• srzn-ex32_1.htm (EX-32.1) — 8KB
• srzn-ex32_2.htm (EX-32.2) — 9KB
• srzn-ex97_1.htm (EX-97.1) — 51KB
• img199804024_0.jpg (GRAPHIC) — 106KB
• img199804024_1.jpg (GRAPHIC) — 70KB
• img199804024_2.jpg (GRAPHIC) — 42KB
• img199804024_3.jpg (GRAPHIC) — 76KB
• img199804024_4.jpg (GRAPHIC) — 59KB
• img199804024_5.jpg (GRAPHIC) — 73KB
• img199804024_6.jpg (GRAPHIC) — 69KB
• img199804024_7.jpg (GRAPHIC) — 101KB
• img199804024_8.jpg (GRAPHIC) — 69KB
• img199804024_9.jpg (GRAPHIC) — 77KB
• img199804024_10.jpg (GRAPHIC) — 87KB
• img199804024_11.jpg (GRAPHIC) — 61KB
• img199804024_12.jpg (GRAPHIC) — 20KB
• img199804024_13.jpg (GRAPHIC) — 42KB
• 0000950170-24-043399.txt (&nbsp;) — 13614KB
• srzn-20231231.xsd (EX-101.SCH) — 1581KB
• srzn-20231231_htm.xml (XML) — 1629KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 80 Item 1C. Cybersecurity 80 Item 2.

Properties

Properties 80 Item 3.

Legal Proceedings

Legal Proceedings 80 Item 4. Mine Safety Disclosures 81 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 82 Item 6. [Reserved] 82 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 83 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 83 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 93 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 118 Item 9A.

Controls and Procedures

Controls and Procedures 118 Item 9B. Other Information 118 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 118 PART III Item 10. Directors, Executive Officers and Corporate Governance 119 Item 11.

Executive Compensation

Executive Compensation 119 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 129 Item 13. Certain Relationships and Related Transactions, and Director Independence 131 Item 14. Principal Accounting Fees and Services 133 PART IV Item 15. Exhibits, Financial Statement Schedules 135 Item 16 Form 10-K Summary 136 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the statements contained in this Annual Report on Form 10-K for the year ended December 31, 2023, or the Annual Report, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements include statements about future financial and operating results of Surrozen; statements about the plans, strategies and objectives of management for future operations of Surrozen; and statements regarding future performance. In some cases, you can identify these forward-looking statements by the use of terminology such as "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words or phrases. The forward-looking statements contained in this Annual Report reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. There are no guarantees that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set for

Business

Item 1. Business. Overview We are a clinical stage biotechnology company committed to discovering and developing drug candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair, in a broad range of organs and tissues. We are located in South San Francisco, California. Our mission is to transform the treatment of serious disease by fully exploiting the Wnt pathway. We are discovering and developing biologic drug candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair, in a broad range of organs and tissues, for human diseases. Building upon the seminal work of our founders and scientific advisors who discovered the Wnt gene and key regulators of the Wnt pathway, we have made breakthrough discoveries that we believe will overcome previous limitations in harnessing the potential of Wnt biology. These breakthroughs enable us to rapidly and flexibly design tissue-targeted therapeutics that modulate Wnt signaling. As a result of our discoveries, we are pioneering the selective activation of Wnt signaling, designing and engineering Wnt pathway mimetics, and advancing tissue-selective Wnt candidates. Our lead product candidates are multi-specific, antibody-based therapeutics that mimic the roles of naturally occurring Wnt or R-spondin proteins, which are involved in activation and enhancement of the Wnt pathway, respectively. Given Wnt signaling is essential in tissue maintenance and regeneration throughout the body, we have the potential to target a wide variety of severe diseases, including certain diseases that afflict the intestine, liver, retina, cornea, lung, kidney, cochlea, skin, pancreas and central nervous system. In each of these areas, we believe our approach has the potential to change the treatment paradigm for the disease and substantially impact patient outcomes. Our strategy is to exploit the full potential of Wnt signaling by identifying disease states responsive to Wnt modulation, de

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View this 10-K filing on SEC EDGAR