Surrozen Inc. (SRZN) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, Surrozen Inc. scores 38 out of 100 with a letter grade of D-, labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine: 8 / 20. Per the Roarable RQD rating, ROIC is -35% and FCF yield is -5.79%. For a prospective investor, this indicates the business is not currently generating returns on invested capital or positive free cash flow, so valuation rests on future outcomes rather than current earnings power.
• Whale 13F Flow: 14 / 20. Per the Roarable RQD rating, this pillar reflects institutional accumulation and options positioning. This is the strongest pillar and suggests some institutional interest, though the underlying 13F holder detail is not itemized in the source data.
• Insider Conviction: 3 / 20. Per the Roarable RQD rating, this pillar reflects SEC Form 4 and Congressional PTR cluster flow. The low score indicates weak insider conviction signals in the data.
• Macro Regime Fit: 8 / 20. Per the Roarable RQD rating, beta is 1.0 and the pillar reflects sector sensitivity. A beta of 1.0 means the stock is expected to move roughly with the market, with no defensive cushion indicated.
• Forensic Balance Sheet: 5 / 20. Per the Roarable RQD rating, Altman Z is 2.5, Piotroski F is 2/9, and Debt/Equity is 0.5. These readings point to meaningful balance sheet and financial-quality concerns.

Investor implications: the upside case depends on the institutional-flow pillar and on whether the company's cash reserves can bridge losses long enough for operating performance to improve. Valuation is hard to anchor because P/E and EV/EBITDA are not available in source data, and EPS is not available either. The weak forensic and insider scores are the main reasons the rating is in the sell range. This is an educational reading of the rating, not personalized advice.

Surrozen Inc. is a NASDAQ-listed company in the Health Care sector, within the Biotechnology: Biological Products (No Diagnostic Substances) industry, per the profile. Per the market data, its gross margin is 0%. The source data does not describe specific products, customers, or revenue model. Per the SEC financials, FY 2025 revenue was $3.5M, indicating minimal current commercial revenue.

Per the SEC financials and market data, operating margin and net margin are both -60%, and ROIC is -35%. Per the Roarable RQD rating, Altman Z is 2.5 and Piotroski F is 2/9, with Debt/Equity at 0.5. Reported cash rose from $34.6M in FY 2024 to $89.2M in FY 2025 even as FY 2025 net loss was $-242.0M. Debt is not available in source data for any period.

Per the recent news wire, five items are listed, all tagged to SRZN:

• CATALYST (green): A Stock Titan item reporting a 5.56% move to $25.07 and an MA crossover. The item is labeled as a catalyst, but the source does not detail the cause of the move.
• RISK WATCH (red): A report on Q2 2026 earnings describing a narrower-than-expected loss alongside a muted market response, tagged "negative surprise momentum." The headline mixes a favorable loss comparison with a negative market reaction.
• MARKET WIRE (yellow): Items covering a 2026-10-14 decline of -5.05% on elevated volume, a director and a venture investor reporting the same stake, and a biotech stock list that includes SRZN.

The Butterfly Supply-Chain Graph lists supply chain as "NONE," with no butterfly links and no proprietary signals.

• What specific programs or products generate the FY 2025 revenue of $3.5M, and what drove the net loss of $-242.0M relative to operating loss of $-42.1M?
• What is the company's debt position, since debt is listed as N/A across all periods?
• What is the EPS, and what would P/E and EV/EBITDA look like once those metrics are available?
• What caused the 5.56% move to $25.07 and the -5.05% decline on elevated volume noted in the news wire?
• Who are the institutional and insider holders behind the whale-flow and Form 4 signals in the RQD rating?