Surrozen, Inc. Form 8-K Summary
Business Context and Reporting Period
Surrozen, Inc. filed a Current Report on Form 8-K dated April 5, 2023, under Item 5.02. The filing reports the appointment of Eric Bjerkholt as a Class I director and audit committee member. It does not provide quarterly or annual financial results.
Financial Metrics and Liquidity
The filing does not provide revenue, profit or loss, cash flow, margins, debt, cash balances, liquidity measures, or other operating financial metrics.
Material Changes
- Effective April 5, 2023, the board appointed Eric Bjerkholt as a Class I director through the earlier of the 2025 annual meeting, appointment and qualification of a successor, or his death, resignation, or removal.
- Mr. Bjerkholt was also appointed to the audit committee.
- The filing states that there is no arrangement or understanding concerning his selection, no family relationship with Surrozen directors or executive officers, and no reportable related-party transaction under Item 404(a) of Regulation S-K.
Compensation, Outlook, and Risks
- Under Surrozen’s non-employee director compensation policy, Mr. Bjerkholt will receive a $35,000 annual director retainer and an additional $7,500 annual audit committee retainer.
- He will receive an initial option to purchase 40,000 common shares, vesting ratably over 36 months, subject to continued service.
- For each subsequent annual stockholder meeting at which his term continues, he will be eligible for a 20,000-share option vesting on the one-year anniversary of the grant, subject to continued service.
- Surrozen will enter into its standard director indemnification agreement with Mr. Bjerkholt.
- The filing provides no financial guidance, business outlook, contingencies, or unusual operating items.
Important Facts to Verify
- Confirm the director’s continued service and audit committee role through the 2025 annual meeting.
- Review the applicable non-employee director compensation policy and the terms, exercise price, and accounting treatment of the stock option grants, which are not specified in the filing text.
- Review subsequent filings for changes in board composition, committee membership, director compensation, or related indemnification arrangements.
- Use Surrozen’s periodic reports, rather than this filing, to verify financial performance, cash runway, debt, liquidity, and operating outlook.