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Surrozen (SRZN) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 6, 2026 · Surrozen (SRZN) Q2 2026 earnings results →
Q2 2026 Revenue up 409% year over year to $5.0M · operating margin -207.4%
Surrozen made $5.0M in Q2 2026 (+409% Y/Y). Operating margin -207.4%, net earnings $50.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $5.0M in Q2 2026, up 409% year over year and roughly flat from the previous quarter.
Operating costs exceeded revenue by $10.4M, an operating margin of -207.4%. Total costs grew 54% against revenue growth of 409%. The fastest-growing cost line was General & admin (+74%). Net earnings were $50.2M, up 26% year over year. The effective tax rate was 0.0%. Non-operating items added $60.5M, 121% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$7.4M. Non-cash charges added back $51K of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $60.5M. Capital expenditures of $19K exceeded it, leaving free cash flow of −$7.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 6, 2026 | $5.0M | +409% | -207.4% | $50.2M | −$7.4M |
| Q1 2026 | 10-Q | May 6, 2026 | $5.0M | +409% | -209.1% | −$128M | −$12.5M |
| Q4 2025 | 10-K | Mar 23, 2026 | $528K | -19% | n/m | −$183M | −$5.8M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $983K | -90% | n/m | −$71.6M | −$9.0M |
| Q2 2025 | 10-Q | Aug 8, 2025 | $983K | — | -917.3% | $39.7M | −$6.1M |
| Q1 2025 | 10-Q | May 9, 2025 | $983K | — | -971.6% | −$27.0M | −$9.3M |
| Q4 2024 | 10-K | Mar 31, 2025 | $655K | — | n/m | −$28.0M | $3.5M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Surrozen
We are a biotechnology company committed to discovering and developing product candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair. Our current strategic focus is ophthalmology, where Wnt signaling plays a central role in retinal vascular integrity, barrier function, and tissue maintenance. We are located in South San Francisco, California. Our mission is to transform the treatment of serious ophthalmic disease by fully exploiting the Wnt pathway. 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 in a tissue-selective manner.
In its own words, from its 10-K, filed Mar 23, 2026.
Surrozen against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +409% against the peers' median +29%. Operating margin: -207.4% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SRZN Surrozen | Q2 2026 | $5.0M | +409% | -207.4% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Surrozen 10-Q on SEC EDGAR · CIK 1824893 · Biological Products, (No Diagnostic Substances)
13F: who owns SRZN and who is buying
More on SRZN
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results