Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 12, 2026

Surrozen, Inc. (SRZN)

A forensic read on Surrozen, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-13.8

Distress distance

Clean

Earnings quality

Forensic signals

-0.6

P / E (ttm)

$294M

Market cap

0.00%

Dividend yield

-67.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Surrozen, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -13.8, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by stock-based comp load.

What the filings flag

110% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 110% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 16.3% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.

stopped

FY2022→FY2023

Shareholder 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.

107d DSO

FY2024→FY2025

Receivables vs revenue. Days sales outstanding moved from 72 to 107 days FY2024→FY2025 (receivables -100% vs revenue -67%). Receivables are creeping up relative to sales.

n/m (stock split)

FY2022–FY2025

Share count (stock split). Diluted share count changed +223% over the last 3 years to FY2025, but that includes a large one-time change around FY2025 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +47.8%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$3.5M

Revenue Growth YoY-67.4%

Revenue CAGR (3yr)-34.7%

Net Margin-6960.8%

Free Cash Flow-$30.4M

The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Surrozen, Inc.'s actual 10-K/10-Q/8-K filings?

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.