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Azitra, Inc. (AZTR)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 was operationally focused with no product revenue; net loss widened to $3.07M and cash declined to $3.21M as the company advanced ATR-12 and ATR-04 clinical milestones .
  • Azitra entered a share purchase agreement for up to $20M with Alumni Capital to flexibly fund the pipeline and closed two offerings totaling $2.2M, a key liquidity catalyst for near-term clinical execution .
  • Management reiterated near-term milestones: initial ATR-12 Phase 1b safety data in 1H25 and first patient dosing for ATR-04 Phase 1/2 in 1H25, positioning the year as “milestone-rich” .
  • No formal financial guidance or Wall Street consensus estimates were available for Q1 2025; investor focus should center on clinical readouts and funding runway rather than near-term P&L beats/misses .

What Went Well and What Went Wrong

What Went Well

  • Pipeline momentum: ASCO acceptance for ATR-04/ATR04-484 poster and plans to dose first patient in 1H25; CMO emphasized the potential to address debilitating EGFRi-associated rash .
  • Funding optionality: SPA with Alumni Capital for up to $20M over ~20 months to minimize dilution while sustaining development cadence .
  • CEO tone confident: “The remainder of 2025 is expected to be a milestone-rich period…” underscoring conviction in ATR-12 and ATR-04 progression .

What Went Wrong

  • Cash burn and decline in cash: cash fell to $3.21M at 3/31/25 from $4.55M at YE 2024, increasing dependence on external financing for trial execution .
  • Operating cost pressure: G&A rose YoY to $1.85M from $1.49M; although R&D moderated YoY, total operating expenses increased to $3.10M .
  • No earnings call transcript or detailed guidance: limits investor visibility into OpEx trajectory, runway, and trial timelines beyond high-level milestones .

Financial Results

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD)$0 N/A*N/A
Net Income ($USD)$(1.01)M $(2.39)M*$(3.07)M
Diluted EPS ($USD)$(0.17) $(2.08)*$(0.23)
Total Operating Expenses ($USD)$2.93M $2.43M*$3.10M
Cash and Equivalents ($USD)$7.26M $4.55M $3.21M

Notes: Values with * retrieved from S&P Global. Values retrieved from S&P Global.

  • YoY (Q1 2025 vs Q1 2024): Net loss increased to $(3.07)M from $(2.93)M; G&A rose to $1.85M from $1.49M; R&D decreased to $1.25M from $1.47M .
  • Sequential (Q1 2025 vs Q4 2024): Total OpEx rose to $3.10M from $2.43M*; cash declined to $3.21M from $4.55M .
  • Estimates comparison: Wall Street consensus (S&P Global) for Q1 2025 EPS and revenue was unavailable. Values retrieved from S&P Global.

KPIs

KPIQ3 2024Q4 2024Q1 2025
R&D Expense ($USD)$1.02M N/A*$1.25M
G&A Expense ($USD)$1.91M N/A*$1.85M
Weighted Avg. Shares (Basic & Diluted)5,814,350 N/A*13,171,516

Notes: Values with * retrieved from S&P Global. Values retrieved from S&P Global.

Segment breakdown: Not applicable; Azitra is a clinical-stage biopharma with no commercial segments disclosed .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY/Q1 2025None providedNone providedMaintained (no formal guidance)
MarginsFY/Q1 2025None providedNone providedMaintained (no formal guidance)
OpExFY/Q1 2025None providedNone providedMaintained (no formal guidance)
OI&E / TaxFY/Q1 2025None providedNone providedMaintained (no formal guidance)
DividendsFY/Q1 2025None providedNone providedMaintained (no formal guidance)
Clinical Milestones (ATR-12)1H/YE 2025Initial safety and topline in 2025Initial safety 1H25; topline YE25Confirmed
Clinical Milestones (ATR-04)1H 2025First patient dosingFirst patient dosing in 1H25Confirmed

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was found or published; themes are drawn from company press releases.

TopicPrevious Mentions (Q3 2024, FY 2024)Current Period (Q1 2025)Trend
ATR-12 (Netherton)First patient dosed; initial safety data expected around Q1–H1 2025 Initial Phase 1b safety data expected 1H25; topline YE25 On track / execution focus
ATR-04 (EGFRi rash)IND clearance + Fast Track; trial initiation planned early 2025 ASCO poster acceptance; plan to dose first patient in 1H25 Advancing toward first-in-human
Funding / Liquidity$10M follow-on; YE24 cash $4.55M SPA up to $20M; two offerings totaling $2.2M Enhanced optionality
Regulatory / DesignationsFast Track for ATR-04 Continued visibility at ASCO/ASGCT Profile building
AI/PlatformProprietary platform with ~1,500 strains; AI/ML screening Reiterated platform and engineered proteins strategy Consistent narrative

Management Commentary

  • CEO: “The remainder of 2025 is expected to be a milestone-rich period for Azitra…” highlighting upcoming ATR-12 safety data and ATR-04 first patient dosing .
  • CMO: “We believe topical ATR04-484 has the potential to be an important advance in the treatment of EGFRi-associated skin rash…” emphasizing clinical need and product differentiation .
  • CEO on EGFRi rash: invited to present ATR-04 update at ASCO, underscoring significance within oncology support care .

Q&A Highlights

  • No Q1 2025 earnings call transcript or Q&A session was available; no additional clarifications beyond press release commentary and regulatory/clinical disclosures .

Estimates Context

  • S&P Global consensus estimates for Q1 2025 EPS and revenue were unavailable; investor comparisons to “consensus” cannot be made this quarter. Values retrieved from S&P Global.
  • Given lack of commercial revenue and clinical-stage status, future estimate adjustments will hinge on ATR-12 safety/topline and ATR-04 initial human data rather than incremental P&L metrics .

Key Takeaways for Investors

  • Funding flexibility reduces near-term dilution risk while supporting first-in-human ATR-04 dosing and ATR-12 data flow; monitor SPA utilization pace and shareholder approval for warrant exercise .
  • Liquidity remains tight despite offerings; watch cash balance trajectory and OpEx cadence through 1H25 as trial activities commence .
  • Clinical catalysts are primary stock drivers in 2025: ATR-12 safety (1H25), ATR-04 first patient dosing (1H25), ATR-12 topline (YE25), ASCO/ASGCT visibility .
  • Operating expenses rose sequentially; G&A YoY increase suggests investment in corporate capabilities ahead of milestones—expect investors to scrutinize cost discipline .
  • Absence of a call/transcript and formal financial guidance places a premium on execution updates via press releases and 8-Ks; consider direct IR engagement for runway and enrollment details .
  • Near-term trading: headlines around first-patient dosing and initial safety data are likely catalysts; medium-term thesis depends on demonstrating biological proof-of-concept and tolerability in ATR-12/ATR-04 .

Citations:
Q1 2025 press release and 8-K:
Q3 2024 press release:
Q2 2024 8-K press release:
FY 2024 press release:
ASCO/ASGCT and other Q1-relevant press releases:
IR and PR links: