Azitra (AZTR) investor relations material

Executive summary

• ATR-04 advanced to Cohort 2; ATR-COSF ex vivo findings supported plans for a first-in-human cosmetic study.

• Operating losses widened, and available cash was not expected to fund the next 12 months; management cited substantial doubt about continuing as a going concern.

Financial highlights

• Q3 operating expenses rose 5% YoY to $2.91M; operating loss was $2.91M vs. $2.77M, and net loss was $2.95M vs. $2.76M.

• 9M operating expenses increased 17% YoY to $10.26M; G&A rose 23% to $6.06M and R&D rose 10% to $4.20M.

• 9M net loss was $10.22M vs. $8.72M; operating cash use was $8.67M and financing provided $10.55M.

• Cash and cash equivalents were $3.75M at September 30, 2026.

Outlook and guidance

• R&D expenses expected to rise significantly with planned trials and continued development; G&A expected to increase modestly with personnel, facilities and public-company costs.

• Cash on hand was not expected to fund the next 12 months; additional capital may be sought through equity, debt, grants, licensing and joint ventures, with no assurance of availability.

• ATR-COSF first-in-human study results and ATR-04 Cohort 1 topline data expected by year-end 2026; Cohort 2 expected to enroll ~24 patients with once-daily treatment for 28 days.