10-Q · May 13, 2026
Azitra's Q1 2026 10-Q filing shows a significant net loss of approximately $3.93 million, widening from a loss of $3.07 million in Q1 2025. The company has reported no revenue, while cash balances improved to $10.1…
Earnings analysis · 10-Q
AZTR earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Azitra remains a pre-commercial, single-segment biotechnology company with no reported product revenue and a widening quarterly net loss of $3.35 million, although diluted EPS improved to negative $0.17 from negative…
Read full summary
Azitra remains a pre-commercial, single-segment biotechnology company with no reported product revenue and a widening quarterly net loss of $3.35 million, although diluted EPS improved to negative $0.17 from negative $1.18 in the prior-year quarter. Cash rose to $6.7 million after $10.6 million of financing inflows, but six-month operating cash burn was $5.8 million and management said existing cash will not fund the next 12 months, creating substantial going-concern uncertainty. The pipeline retains planned 2026 milestones, but ATR-12 enrollment was paused for capital preservation, while dilution, NYSE compliance, and the continuing material weakness remain significant concerns.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.17
- Segment
- Single reportable operating segment; three-month operating expenses were $3,419,168, including $2,067,639 of general and administrative expense and $1,351,529 of research and development expense.
What stood out
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EPS Loss Narrowed Sharply
Second-quarter net loss was $3,347,660, or $0.17 per diluted share, versus a $2,888,993 loss, or $1.18 per diluted share, in the prior-year quarter. The per-share loss improved by $1.01 despite the net loss increasing by $458,667.
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Higher Corporate Costs Offset R&D Decline
Quarterly operating expenses increased 19% to $3,419,168 from $2,871,352 in the prior-year period, driven by general and administrative expense rising 41% to $2,067,639. Research and development expense declined 4% to $1,351,529.
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Capital Raise Rebuilt Cash Balance
Six-month financing activities provided $10,582,845, primarily from $10,377,703 of net private-placement proceeds, $215,950 from the ELOC and $196,800 from warrant exercises. Cash and equivalents increased to $6,727,810 from $2,068,083 at December 31, 2025.
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Equity Above NYSE Thresholds
Stockholders’ equity increased to $7,334,339 at June 30, 2026 from $3,801,230 at December 31, 2025, exceeding the applicable NYSE American equity thresholds of $4.0 million and $6.0 million.
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Pipeline Milestones Remain Active
Management plans a cosmetic study of ATR-COSF in the second half of 2026 and expects to announce initial ATR-04 Cohort 1 trial data around Q4 2026. ATR-12 enrollment was paused in June 2026 for capital preservation.
What to watch
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Going-Concern Funding Requirement
The filing continues to identify substantial doubt about going-concern status: the company had an accumulated deficit of approximately $75.8 million, used approximately $5.8 million in operating cash during the first six months, and stated that its $6.7 million of cash will not cover the proposed plan of operations for the next 12 months.
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Extreme Warrant Overhang and Dilution
As of June 30, 2026, 60,603,742 common shares were outstanding compared with warrants for 219,470,313 shares and options for 651,871 shares. The filing specifically notes that exercise, ELOC sales and other equity issuances could substantially dilute existing holders.
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NYSE American Delisting Exposure
The company remains subject to NYSE American compliance proceedings through April 1, 2027, despite reporting approximately $7.3 million of equity versus the $4.0 million and $6.0 million applicable thresholds. Continued net losses could again reduce equity below those requirements and lead to delisting proceedings.
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Material Weakness Persists
A material weakness in disclosure controls remains in place because of inadequate segregation of accounting functions; management concluded that disclosure controls were not effective as of June 30, 2026.
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Trade Policy and Supply-Cost Risk
The company added exposure to changing U.S. and international trade policies because it relies on foreign manufacturers and service providers. The filing cites a 10% U.S. tariff on imports from many countries and warns that future tariffs could increase manufacturing and clinical-support costs.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that ATR-COSF cosmetic testing is planned for the second half of 2026, ATR-04 initial Cohort 1 data is planned around Q4 2026, and research and development expenses are expected to significantly increase due to planned clinical activity.
Earlier filings 4
10-K · February 27, 2026
Azitra positions itself as an early‑stage precision dermatology company with a proprietary microbial library and platform for engineering topical live biotherapeutics and recombinant proteins. The company advanced…
10-Q · May 9, 2024
Azitra reported zero revenue for the quarter (compared with $113,300 in Q1 2023) and a net loss of $2,932,875 (net loss per share $(0.15)). Cash increased to $3,001,158 at March 31, 2024 (from $1,795,989 at December 31,…
10-Q · November 14, 2023
Azitra reported Q3 revenue of $310,700 (up from $48,500 in Q3 2022 and $172,000 in Q2 2023) with net loss per share improving to $(0.16) for the quarter. Operating loss remains significant (loss from operations…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.