When you start looking at Surrozen, a biotech company working on Wnt pathway–based therapies, you’ll quickly see two different tickers floating around: SRZN and SRZNW. At first glance, it’s confusing—are they the same thing? Not quite. Let’s break it down in simple terms.
SRZN – The Common Stock
SRZN is the actual stock of Surrozen.
- When you buy SRZN, you’re buying a small ownership stake in the company.
- You get the usual rights of shareholders: voting on company matters, exposure to potential dividends (unlikely for a pre-revenue biotech), and most importantly, the ability to benefit directly if the company’s value grows.
- If Surrozen’s drug pipeline succeeds and the company’s market cap expands, SRZN shares should reflect that growth.
So in short: SRZN = the real deal. It’s the equity itself.
SRZNW – The Public Warrants
Now here’s where things get trickier. SRZNW represents Surrozen’s public warrants. Think of a warrant like a long-dated option:
- It gives you the right (but not the obligation) to buy Surrozen shares at a fixed price (the “exercise” or “strike” price) before it expires.
- After a reverse stock split in December 2023, each SRZNW converts into 1/15th of a Surrozen share, and the effective strike price is $172.50 per share.
- These warrants expire on August 11, 2026. If the stock doesn’t trade well above that strike before then, they’ll likely expire worthless.
So: SRZNW = a high-risk, leveraged bet on Surrozen’s stock skyrocketing within a limited timeframe.
Why the Split Changed Everything
Before the reverse split, warrants were a quirky but sometimes valuable way to speculate. After the 1-for-15 split, the math got harsh:
- Surrozen’s stock currently trades in the teens (2025 levels).
- To make SRZNW “in the money,” Surrozen would need to climb over 10× from here—quickly—before August 2026.
That’s a huge ask in biotech, especially since Surrozen’s key ophthalmology programs won’t even hit early human trials until 2026.
Which One Makes Sense?
- SRZN (stock): If you believe in Surrozen’s science and want to hold for the long run, the stock is the rational choice. It’s risky—like any early-stage biotech—but it actually participates in the company’s growth story over time.
- SRZNW (warrant): This is more like buying a lottery ticket. The payoff could be enormous if Surrozen pulls off a miracle re-rating, but the clock is ticking fast. Realistically, most warrants like this expire worthless unless the stars align.
A Human Way to Think About It
Imagine Surrozen is a new restaurant:
- Buying SRZN stock is like becoming a co-owner. You’re in for the long haul—you believe the chef is talented, the menu has potential, and if the restaurant catches on, your share of the business grows in value.
- Buying SRZNW warrants is like buying a coupon that says: “If this restaurant becomes a Michelin-starred hotspot in the next year, you can buy dinners at today’s low price and flip them for a fortune.” But if the restaurant is still just testing recipes when your coupon expires? The coupon’s worthless.
Looking Forward
Between now and 2030, the stock (SRZN) has room to evolve with Surrozen’s progress in eye disease programs. If the science works, partnerships roll in, and clinical milestones are met, the equity could grow steadily.
The warrants (SRZNW), however, are tied to a much shorter fuse: August 2026. Unless investors start to price in success very early—well before trial data—the odds are stacked against them.
Final Word
- SRZN = stock = ownership = long-term play.
- SRZNW = warrant = high-stakes side bet with an expiration date.
For most investors, SRZN is the way to participate in Surrozen’s potential journey. SRZNW is only for those comfortable treating it like a speculative gamble, knowing the most likely outcome is zero.