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Azitra, Inc. (AZTR)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 EPS of $-0.67 vs consensus $-0.775*, a modest beat driven by lower G&A and stable R&D; revenue remained $0, consistent with development-stage status .
  • Net loss was $2.76M vs $2.89M in Q2 and $1.01M in Q3 2024; YoY widening reflects the lack of prior-year non-cash other income (warrant fair value) while operating expenses declined YoY .
  • Liquidity improved to $1.40M cash at 9/30/25 (from $1.05M at 6/30), aided by $2.8M gross proceeds raised via the Alumni Capital equity line; but NYSE American non‑compliance notice underscores listing risk and the need for further financing .
  • Near‑term catalysts: ATR-04 Phase 1/2 execution (first patient dosed), ATR-12 Phase 1b topline now targeted for Q1 2026, and ATR-01 preclinical progress; misreport about a $44M offering was publicly refuted .

What Went Well and What Went Wrong

What Went Well

  • First patient dosed in ATR‑04 Phase 1/2 (EGFRi rash), validating operational execution; CEO: “impactful period… continued to progress our live biotherapeutic programs” .
  • Positive preclinical ATR‑01 data (functional filaggrin delivery, ex vivo activity) presented at BIO‑Europe, supporting pipeline breadth .
  • Cash position improved sequentially to $1.40M, supported by $2.8M raised via equity line; demonstrates access to incremental capital .

What Went Wrong

  • Net loss widened YoY to $2.76M vs $1.01M due to lower other income vs prior year; EPS deteriorated YoY to $-0.67 vs $-1.14 (share count effects present) .
  • NYSE American non‑compliance notice (stockholders’ equity threshold) increases listing risk and implies need for a compliance plan by April 2027 .
  • Publicly refuted false report of a $44M registered direct offering—noise that can add volatility and investor uncertainty .

Financial Results

Income Statement and EPS (Quarterly)

MetricQ1 2025Q2 2025Q3 2025
Research & Development ($USD)$1,250,100 $1,401,839 $1,180,078
General & Administrative ($USD)$1,850,138 $1,469,513 $1,588,406
Total Operating Expenses ($USD)$3,100,238 $2,871,352 $2,768,484
Net Loss ($USD)$(3,068,345) $(2,888,993) $(2,764,528)
Diluted EPS ($USD)$(0.23) $(0.18) $(0.67)
Weighted Avg Shares13,171,516 16,279,574 4,117,753

YoY Comparatives (Q3)

MetricQ3 2024Q3 2025
Research & Development ($USD)$1,015,807 $1,180,078
General & Administrative ($USD)$1,913,400 $1,588,406
Total Operating Expenses ($USD)$2,929,207 $2,768,484
Other Income (Total) ($USD)$1,919,716 $3,956
Net Loss ($USD)$(1,009,491) $(2,764,528)
Diluted EPS ($USD)$(1.14) $(0.67)

Cash and Balance Sheet Highlights

MetricQ1 2025Q2 2025Q3 2025
Cash & Cash Equivalents ($USD)$3,206,710 $1,045,730 $1,401,878
Total Current Assets ($USD)$3,871,554 $1,799,690 $2,230,045
Total Current Liabilities ($USD)$1,280,421 $1,452,361 $1,806,103
Stockholders’ Equity ($USD)$4,407,624 $2,228,971 $2,279,176

Revenue and Margins

MetricQ1 2025Q2 2025Q3 2025
Total Revenue ($USD)— (not reported; development-stage) $0 $0
Net Income Margin %N/M (no revenue) N/M (no revenue) N/M (no revenue)

Guidance Changes

Metric/TopicPeriodPrevious GuidanceCurrent GuidanceChange
ATR‑04 first patient dosingQ3 2025Expected Q3 2025 Achieved in Aug 2025 Achieved
ATR‑12 Phase 1b toplineYE 2025YE 2025 target Q1 2026 target Lowered/Delayed
Financial guidance (revenue/margins)FY/Q3 2025None provided None provided Maintained (no formal financial guidance)

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was available; themes reflect Q1/Q2/Q3 press releases.

TopicQ1 2025 (Prior-2)Q2 2025 (Prior-1)Q3 2025 (Current)Trend
ATR‑12 (Netherton)Initial safety data expected 1H25; topline YE25 Topline shifted to Q1 2026 Continued progress; optimism maintained Timeline extended; steady execution
ATR‑04 (EGFRi rash)First patient dosing targeted mid‑year Expected Q3 dosing First patient dosed Aug 2025 Milestone achieved
ATR‑01 (ichthyosis vulgaris)Preclinical program ongoing —Positive preclinical data presented Strengthened preclinical signal
Funding & Liquidity$3.2M cash; $20M equity line established $1.0M cash; reverse split announced $1.4M cash; $2.8M raised via equity line Active capital measures; modest cash uplift
Listing/Regulatory—Reverse split to support listing NYSE American non‑compliance notice received Heightened listing risk management
Platform/Tech (AI/ML)Platform augmented by AI/ML Platform AI/ML noted Platform AI/ML reiterated Consistent strategic emphasis

Management Commentary

  • “The third quarter of 2025 was an impactful period for Azitra as we continued to progress our live biotherapeutic programs, including dosing the first patient in our Phase 1/2 trial for ATR‑04…” — Francisco Salva, CEO .
  • “We were thrilled to present positive preclinical data for our ATR‑01 program… Our preclinical data showed production of active, functional filaggrin delivery through human stratum corneum and repair of damage in a skin model of disease.” — Francisco Salva .
  • “We continue to progress our lead program, ATR‑12… We are optimistic that this novel approach has potential to be life‑changing for these patients…” — Francisco Salva .

Q&A Highlights

  • No Q3 2025 earnings call transcript or Q&A was available in the document set searched; company disclosures were via 8‑K and press releases .

Estimates Context

MetricPeriodActualConsensusDelta
EPS ($USD)Q3 2025$(0.67) $(0.775)*+$0.105 (beat)
Revenue ($USD)Q3 2025$0 $0.0*In‑line

Values marked with * retrieved from S&P Global.

Where estimates may need to adjust:

  • Modest EPS beat may nudge near‑term EPS estimates toward less negative loss per share if OpEx remains contained; revenue expectations remain at zero given development stage .
  • Target price consensus appears stable at $3.7* amid early‑stage pipeline and listing considerations.

Key Takeaways for Investors

  • Execution milestone: ATR‑04 first patient dosed; watch early safety/tolerability and any efficacy signal as potential stock catalysts .
  • ATR‑12 topline now targeted for Q1 2026 (vs YE 2025 prior), re‑calibrates catalyst timing; valuation may hinge on clarity of Phase 1b outcomes .
  • Liquidity improved sequentially and equity line access helps near‑term funding, but small cash balance and NYSE non‑compliance require continued capital discipline and plan execution .
  • Q3 EPS beat vs consensus was driven by leaner operating expenses; sustainability of OpEx levels is key to near‑term loss trajectory .
  • No revenue yet; thesis is pipeline‑centric—monitor ATR‑04 clinical progress and ATR‑01 preclinical-to-IND path for multi‑asset optionality .
  • Corporate communication proactively addressed false financing rumor; reduces headline risk but highlights sensitivity to capital markets narratives .
  • Near‑term trading implications: news‑flow driven; catalysts include ATR‑04 study updates and any ATR‑12 safety/topline disclosures; listing compliance updates could be stock‑moving .

Search and document notes:

  • Q3 2025 8‑K (Item 2.02) with full press release and financial tables read .
  • Q3 2025 earnings call transcript was not found in the available catalog (earnings‑call‑transcript search returned zero).
  • Additional relevant Q3 2025 press releases read: false report refutation (Nov 7), ATR‑01 preclinical data (Oct 20), NYSE non‑compliance notice (Oct 3) .
  • Prior quarters’ earnings press releases and 8‑Ks read for trend analysis .