“Surrozen’s significant achievements in 2021 have prepared us to transition to a clinical-stage biotechnology company as we drive toward multiple key milestones in 2022,” said
Fourth Quarter 2021 & Recent Highlights
Lead Product Candidates
SZN-1326 for Moderate to Severe Ulcerative Colitis and SZN-043 for Severe Alcoholic Hepatis
- SZN-1326 is the first development candidate designed using Surrozen’s SWAP™ technology and targets the Wnt-signaling pathway in the intestinal epithelium. In preclinical animal models of acute and chronic colitis, SZN-1326 has been shown to activate Wnt signaling in the diseased intestine, stimulate intestinal epithelial regeneration, reduce inflammation and reduce disease activity with no treatment related adverse effects observed in pharmacokinetic (PK) and toxicology evaluation in non-human primates (NHPs).
Surrozen is initially developing SZN-1326 for moderate to severe ulcerative colitis in inflammatory bowel disease. - SZN-043 is the first development candidate designed using Surrozen’s SWEETS™ technology. In multiple preclinical animal models of liver injury and fibrosis, SZN-043 has been shown to selectively activate Wnt signaling in the liver, stimulate transient hepatocyte proliferation, improve liver function and reduce fibrosis with no treatment-related adverse effects observed in PK and toxicology evaluation in NHPs.
Surrozen is developing SZN-043 for severe liver diseases, initially focused on severe alcoholic hepatitis. - Following recent completion of IND-enabling GLP tox studies,
Surrozen expects to initiate Phase 1 clinical trials of both SZN-1326 and SZN-043 in healthy volunteers in the third quarter of 2022. - In 2021, the company presented a broad spectrum of key pre-clinical studies that support the lead candidates and our SWAP™ and SWEETS™ technologies. The data included results from multiple disease models and species and were presented through 26 posters and oral presentations at 5 major medical meetings in 2021.
Research Pipeline
SZN-413 for Vascular-associated Retinopathies, Including Wet AMD and Diabetic Retinopathy
Surrozen recently nominated SZN-413, a Fzd4 bi-specific antibody, as a development candidate for the treatment of retinal vascular associated diseases including wet AMD and diabetic retinopathies.- Fzd4 mediated Wnt signaling is known to play a critical role in retinal vascular integrity and function. Data with Fzd4 specific Surrozen Wnt modulating tool molecules has shown that selectively activating Wnt signaling can rescue a disease phenotype in a norrin knockout model. Recent data generated with SZN-413 in preclinical models of retinopathy demonstrated:
- Stimulated Wnt signaling in the retinal vascular endothelial cells
- Increased tight junction protein expression in retinal vascular endothelial cells
Lacrimal Gland
- Tear-producing glands rely on Wnt signaling for maintenance of function. Restoration of gland function through activation of Wnt signaling is a potential therapeutic approach to treat dry eye including dry eye associated with Sjogren’s Disease. Preclinical data demonstrated that Surrozen Wnt modulating molecules:
- Stimulated Wnt signaling in the lacrimal gland
- Increased tear production within 2 days in a mouse IL-1a lacrimal gland injury model
Lung
- Recent discoveries of Wnt responsive progenitor cells in the lung suggest a potential role for Wnt in diseases such as Idiopathic Pulmonary Fibrosis and COPD. Preclinical data demonstrated that Surrozen Wnt modulating molecules:
- Stimulated Wnt signaling in the lung
- Expands Alveolar AT2 cell organoids
- Reduced injury and improved fibrosis in an acute bleomycin mouse model
About Wnt Signaling
Wnt signaling plays key roles in the control of development, homeostasis, and regeneration of many essential organs and tissues, including liver, intestine, lung, kidney, retina, central nervous system, cochlea, bone and others. Modulation of Wnt signaling pathways has potential for treatment of degenerative diseases and tissue injuries. Surrozen’s platform and proprietary technologies have the potential to overcome the limitations in pursuing the Wnt pathway as a therapeutic strategy.
About
Financial Results for the Fourth Quarter Ended
Cash Position: Cash, cash equivalents and marketable securities were
Research and Development Expenses: Research and development expenses for the three and twelve months ended
General and Administrative Expenses: General and administrative expenses for the three and twelve months ended
Other Expense, net: Other expense, net for the three and twelve months ended
Net Loss: Net loss for the three and twelve months ended
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “will,” “continue,” “plan,” “potential,” “expect,” “advance,” or the negative of these words and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Surrozen’s discovery, research and development activities, in particular its development plans for its product candidates SZN-1326 and SXN-043, including anticipated clinical development timelines, and the potential for such product candidates to be used to treat human disease. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of
Media Contact:
CanaleComm
Tel.: (619) 518-3518
Email: ian.stone@canalecomm.com
Investor Contact:
Email: Investorinfo@surrozen.com
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
Year Ended |
||||||||
2021 | 2020 | |||||||
Operating expenses: | ||||||||
Research and development | $ | 40,177 | $ | 25,684 | ||||
General and administrative | 14,214 | 7,123 | ||||||
Total operating expenses | 54,391 | 32,807 | ||||||
Loss from operations | (54,391 | ) | (32,807 | ) | ||||
Interest income | 72 | 91 | ||||||
Other expense, net | (329 | ) | — | |||||
Net loss | $ | (54,648 | ) | $ | (32,716 | ) | ||
Net loss per share attributable to common stockholders, basic and diluted |
$ | (2.21 | ) | $ | (2.05 | ) | ||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
24,689,339 | 15,972,348 |
Consolidated Balance Sheet Data
(In thousands)
2021 | 2020 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 33,091 | $ | 34,982 | |||||
Short-term marketable securities | 68,760 | 14,200 | |||||||
Prepaid expenses and other current assets | 3,338 | 1,042 | |||||||
Total current assets | 105,189 | 50,224 | |||||||
Property and equipment, net | 4,794 | 5,836 | |||||||
Operating lease right-of-use assets | 4,582 | 5,556 | |||||||
Long-term marketable securities | 21,655 | — | |||||||
Restricted cash | 405 | 405 | |||||||
Other assets | 549 | 39 | |||||||
Total assets | $ | 137,174 | $ | 62,060 | |||||
Liabilities and stockholders’ equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 2,718 | $ | 1,776 | |||||
Accrued and other liabilities | 8,662 | 3,394 | |||||||
Lease liabilities, current portion | 2,193 | 2,108 | |||||||
Total current liabilities | 13,573 | 7,278 | |||||||
Lease liabilities, noncurrent portion | 5,600 | 7,489 | |||||||
Warrant liabilities | 8,301 | — | |||||||
Total liabilities | 27,474 | 14,767 | |||||||
Stockholders’ equity: | |||||||||
Preferred stock | — | — | |||||||
Common stock | 4 | 2 | |||||||
Additional paid-in-capital | 252,464 | 135,292 | |||||||
Accumulated other comprehensive loss | (119 | ) | — | ||||||
Accumulated deficit | (142,649 | ) | (88,001 | ) | |||||
Total stockholders’ equity | 109,700 | 47,293 | |||||||
Total liabilities and stockholders’ equity | $ | 137,174 | $ | 62,060 |
Source: Surrozen, Inc.