Azitra Inc 2025年季度报告

Washington, D.C. 20549 FORM10-Q (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of shares of the registrant's common stock outstanding as of May13, 2025 was16,476,354. 1.Organization and Nature of Operations Azitra, Inc. (the "Company") was founded on January 2, 2014. It is a synthetic biology company focused on screening and geneticallyengineering microbes of the skin. The mission is to discover and develop novel therapeutics to create a new paradigm for treating skindisease. The Company’s discovery platform is screened for naturally occurring bacterial cells with beneficial effects. These microbesare then genomically sequenced and engineered to make cellular therapies, recombinant therapeutic proteins, peptides and small In addition to our corporate headquarters located in Branford, Connecticut, the Company maintains a location in Montreal, Canada forcertain research activities. The Company also opened a manufacturing and laboratory space in Groton, Connecticut during 2021. Stock Splits, Change in Par Value, and Initial and Follow-on Public Offerings In June 2023, the Company completed its initial public offering (IPO) in which it issued and sold50,000shares of its common stock ata price to the public of $150.00per share. The shares began trading on the NYSE American on June 16, 2023 under the symbol“AZTR”. The net proceeds received by the Company from the offering were $6.0million, after deducting underwriting discounts, Immediately prior to the effectiveness of the Company’s registration statement, the Company effected a7.1-for-1 forward stock split(the "Forward Stock Split") of its issued and outstanding shares of common stock (the Forward Stock Split). On May 17, 2023, theCompany changed the par value of its capital stock from $0.01to $0.0001. Accordingly, all share and per share amounts for all periods At a special meeting of stockholders on February 20, 2025, our stockholders approved a further reverse split of our common stock at aspecific ratio, ranging from one-for-two (1:2) to one-for-seven (1:7), with the exact ratio within such range and the timing of any suchreverse split to be determined by our Board. As of the date of this filing, our Board is still evaluating the need for a further reverse split and, if needed, the exact split ratio based onour financing alternatives and NYSE American compliance considerations. Our financial statements will not reflect the further reversestock split until such time as it occurs. In February 2024, the Company completed a follow-on public offering in which it issued and sold555,567shares of its common stockat a price to the public of $9.00per share. The net proceeds received by the Company from the follow-on public offering were $4.3million, after deducting underwriting discounts, commissions and other offering expenses. For further information regarding the On July 1, 2024, the Company effected a 30-for-1 reverse stock split of its issued and outstanding shares of common stock (the"Reverse Stock Split") and began trading on a split-adjusted basis the same day. There was no change in par value. Accordingly, allshare and per share amounts for all periods presented in the accompanying unaudited condensed financial statements and notes thereto In July 2024, the Company completed a follow-on public offering in which it issued and sold6,665,000shares of its common stock ata price of $1.50per share and Class A Warrants exercisable for an aggregate13,330,000shares of common stock. The net proceedsreceived by the Company from the follow-on public offering were $9.1million, after deducting placement agent's fees and other On January 14, 2025, the Company completed a follow-on offering in which it issued and sold4,857,780shares of its