Surrozen, Inc. Q4 FY2022 earnings call

• Surrozen is an innovator in using the Wnt pathway for tissue regeneration with proprietary technologies.
• Focused on 2 key clinical areas: SZN-043 for severe alcoholic hepatitis and SZN-1326 for inflammatory bowel disease.
• Updates on clinical trials: SZN-043 has enrolled first patient in chronic liver disease study, SZN-1326 to progress with modified dosing strategy.
• Partnership with Boehringer Ingelheim, with potential milestone by year-end 2023.
• Research programs for cornea, lacrimal gland, and ophthalmologic indications like dry eye.

No specific product segment financial performance with revenue contribution % discussed in detail

• Cash runway into second half of 2024.
• SZN-043 expected to have data from Phase I single ascending dose in chronic liver disease patients by year-end 2023, Phase Ib in 2024.
• SZN-1326 expected to have data by year-end 2023, Phase Ib in 2024.
• Boehringer Ingelheim partnership to nominate candidate by year-end 2023, triggering $10M milestone.

• Transaminase elevations observed in clinical trials, not fully understood mechanistically.
• Uncertainties in translating preclinical data to human responses, especially in hepatically-impaired patients.
• Potential challenges in mitigating liver-related adverse events in more hepatically-impaired patients.

Q: Clarification on SZN-043 study plans, change in target population from early cirrhotic to chronic liver disease, and strategy to mitigate transaminase observations in hepatically-impaired patients.

A: SZN-043 target population includes chronic liver disease patients with fibrosis, not necessarily frank cirrhosis. No specific mechanistic strategy to mitigate yet, but damaged tissue may be more sensitive.

Q: Half-life of SZN-1326 and expected dosing regimens for multiple ascending dose study.

A: Half-life of SZN-1326 is about 5 days. Dosing regimen not finalized, but could be every other week or less.

Q: Target engagement for SZN-043 and SZN-1326, dose response, and confidence in 0.5 dose for biological activity.

A: For SZN-043, target engagement confirmed via ALP elevation, 0.5 dose in range for potential therapeutic activity. For SZN-1326, target engagement to be confirmed by Axin2 assay in UC patient biopsies.