Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
Surrozen, Inc./DE (SRZN)
A forensic read on Surrozen, Inc./DE built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-15.5
Altman Z-score
Clean
Earnings quality
4
Forensic signals
58.2%
ROE
$293M
Market cap
Surrozen, Inc./DE earns a F (Poor — capital at risk) forensic quality grade, and its Altman Z-score is -15.5, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-306%Return on invested capital.Return on invested capital is -306% and slipping from -47% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+74.4%/yrShare-count dilution.Diluted share count changed +223% over the last 3 years to FY2025 (+74.4%/yr). A reversal: the count shrank earlier (net -17.4%/yr since FY2021) but the company has SWUNG to issuing stock — recent holders are now being diluted, not rewarded. That's ~74.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~223%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $3M of buybacks + dividends in FY2022, but ~$0 in FY2023. A halt usually means the company is conserving cash; understand why before reading it as neutral.
110% of revStock-based comp load.Stock-based compensation ran 110% of revenue in FY2025 — about $512.84 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-6960.8%
Free Cash Flow$-30.4M
Latest Revenue$3.5M
Revenue Growth YoY-67.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Surrozen, Inc./DE:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SRZN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown