Surrozen reported third-quarter results and a clinical-development update, highlighted by the first patient treated in its DUET study of SZN-8141 for diabetic macular edema (DME). The company also plans to expand the study’s Phase 2a enrollment and says recent financing has extended its expected cash runway into 2029.
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DUET has begun dosing: The first patient has received treatment in the open-label Phase 1b portion of the study. This stage is intended to assess safety and tolerability, drug exposure, immune response and early signs of biological or clinical activity.
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Phase 2a enrollment is set to increase: Surrozen plans to expand the randomized, double-masked portion of DUET from about 60 to 150 patients. It will evaluate two SZN-8141 dose levels against Vabysmo (faricimab) and include both patients who are new to treatment and those previously treated for DME.
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Clinical milestones remain several years away: Surrozen expects topline results from Phase 1b in the second half of 2027 and from Phase 2a in 2028. The larger Phase 2a is intended to produce a more substantial dataset across doses and a broader group of DME patients.
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October financing added capital: Surrozen received about $95.1 million in gross proceeds from the final tranche of a private placement originally announced in March 2025, before fees and expenses. It also raised about $29.8 million net through its at-the-market share offering and $1.1 million net from warrant exercises.
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Cash position increased after quarter-end: Cash and cash equivalents stood at $100.4 million on September 30, down from $102.0 million on June 30. After the subsequent financing and warrant exercises, Surrozen reported pro forma cash and cash equivalents of about $220.3 million as of September 30. The company expects its cash, cash equivalents and marketable securities to fund operations into 2029, including the expanded DUET study and initial Phase 1b development of SZN-8143.
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Quarterly expenses rose: Research and development expenses were $10.8 million, up from $7.8 million a year earlier. The increase primarily reflected higher research and manufacturing costs for ophthalmology programs and employee-related costs, including stock-based compensation. General and administrative expenses rose to $6.8 million from $4.1 million, mainly because of higher employee-related costs and professional fees, including legal work related to intellectual property.
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Related-party research revenue ended: Surrozen reported no research service revenue from a related party in the quarter, compared with $1.0 million a year earlier. The revenue stopped after the research collaboration with TCGFB ended in November 2025. Interest income was $0.9 million in both periods.
The financing supports a larger clinical trial and extends the company’s stated funding horizon. The announced study changes concern trial size and design; the update does not include evidence of SZN-8141’s effectiveness.