Azitra (AZTR) Q3 2025 earnings summary

Executive summary

• Focused on developing precision dermatology therapies using engineered proteins and live biotherapeutic products, with three lead candidates in clinical and preclinical stages.

• Dosed first patient in Phase 1/2 trial for ATR-04 targeting EGFRI-associated rash in oncology patients in August 2025.

• Continued progress on ATR-12 for Netherton syndrome, with initial clinical safety results expected in H1 2025.

• Presented positive preclinical data for ATR-01, targeting ichthyosis vulgaris, at BIO-Europe.

• No commercial revenue; operations funded by equity offerings and an equity line of credit.

Financial highlights

• Net loss for Q3 2025 was $2.8 million, up from $1.0 million in Q3 2024; nine-month net loss was $8.72 million, up 33% year-over-year.

• Operating expenses for Q3 2025 were $2.77 million, down 5% year-over-year; R&D expenses were $1.2 million and G&A expenses were $1.6 million for Q3 2025.

• Cash and cash equivalents at September 30, 2025 were $1.4 million, down from $4.6 million at year-end 2024.

• Working capital at September 30, 2025 was $0.4 million.

• Net cash used in operations for the nine months ended September 30, 2025 was $8.3 million.

Outlook and guidance

• Management expects general and administrative and R&D expenses to increase due to clinical trial activity and public company costs.

• Anticipates initial safety data and topline results for ATR-12 Phase 1b trial and further updates on ATR-04 and ATR-01 programs.

• Current cash is not sufficient to fund operations for the next twelve months; additional financing will be required.

• Substantial doubt exists about the ability to continue as a going concern without new funding.