Azitra, Inc.

What they do

Azitra operates a proprietary microbial library of approximately 1,500 unique bacterial strains, screened with artificial intelligence and machine learning and a licensed genetic engineering technology. Its lead programs are genetically modified strains of Staphylococcus epidermidis: ATR-12 for Netherton syndrome, ATR-04 for EGFR inhibitor-associated rash, and ATR-01 for ichthyosis vulgaris. The company has not commenced commercial operations and has generated only limited grant and service revenue.

Revenue drivers

• Therapeutic product candidates — No product revenue to date; ATR-04 is in a Phase 1/2 trial and ATR-12 completed Phase 1b dosing, so any future revenue is contingent on clinical success and approval.
• ATR-COSF cosmetic ingredient — Recombinant filaggrin ingredient for fine lines and wrinkles; preclinical ex vivo human skin data reported in Q2 2026, with a human cosmetic application study planned to start in Q3 2026.
• Recombinant protein portfolio — TEV Protease and T7 RNA Polymerase targeted at biotechnology research and manufacturing applications; described as a potential opportunity, with no reported revenue.
• Grant and service revenue — Historically immaterial and declining: annual revenue was $686,000 in 2023, $7,500 in 2024 and $0 in 2025.

Recent performance

Annual revenue fell from $686,000 in 2023 to $7,500 in 2024 and $0 in 2025, and recent quarterly revenue was $0.00. Net loss was $11.0M in 2025 versus $9.0M in 2024, while operating cash flow was negative $11.2M in 2025. Diluted EPS improved to negative $2.25 in 2025 from negative $15.70 in 2024, reflecting share count changes rather than earnings improvement. At June 30, 2026, total assets were $8.9M, total liabilities $1.6M, shareholder equity $7.3M and cash and equivalents $6.7M.

Strategy

Management is expanding beyond therapeutics into cosmetic ingredients and biotechnology products, using the same microbial genetic engineering platform. Near-term priorities are advancing ATR-COSF toward a planned proof-of-concept cosmetic study, continuing development of TEV Protease and T7 RNA Polymerase, and progressing ATR-04 as the lead clinical program. The company has funded operations through a series of equity offerings, including January and February 2025 follow-on offerings raising $1.2 million and $561,000 net, and an April 2025 equity line of credit with Alumni Capital LP of up to $20 million.

Risks

• Pre-revenue with recurring losses — Revenue was $0 in 2025 and the company has not commenced commercial operations, with net losses of $9.0M to $11.0M annually from 2022 through 2025.
• Dilution and financing dependence — Operations have been funded by repeated equity offerings, an equity line of credit and reverse stock splits, including a one-for-6.66 reverse split effective August 21, 2025.
• Clinical and regulatory uncertainty — ATR-12, ATR-04 and ATR-01 all remain in clinical or IND-enabling stages, and topline data from the first ATR-04 Phase 1/2 cohort is expected only in Q4 2026.
• Cash runway risk — Cash and equivalents were $6.7M at June 30, 2026 against 2025 operating cash use of $11.2M, indicating reliance on further capital raising.

Outlook

Management expects topline data from the first cohort of the ATR-04 Phase 1/2 trial around year-end 2026 and plans to start a human cosmetic application study for ATR-COSF in Q3 2026. It also intends to advance the recombinant protein portfolio and open ATR-04 eligibility criteria to other cancer treatment-related rashes along the EGFR/KRAS/MEK/ERK pathway. No revenue guidance was provided.