Azitra, Inc. Files 10-Q for Q2 2024

Ticker: AZTR · Form: 10-Q · Filed: Aug 12, 2024 · CIK: 1701478

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

Azitra's Q2 10-Q is in. Check financials & ops updates.

AI Summary

Azitra, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details for the quarter and year-to-date are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with a crucial update on Azitra, Inc.'s financial health and operational progress during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information and business updates which can significantly impact investment decisions, requiring careful analysis.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The Conformed Period of Report is 20240630, indicating the filing covers the period ending June 30, 2024.

When was this 10-Q filed with the SEC?

The filing date is 20240812.

What is Azitra, Inc.'s Standard Industrial Classification?

Azitra, Inc.'s SIC code is 2834, which corresponds to Pharmaceutical Preparations.

What is the company's principal business address?

The business address is 21 Business Park Drive, Suite 6, Branford, CT 06405.

What fiscal year end does Azitra, Inc. observe?

Azitra, Inc.'s fiscal year ends on 1231.

Filing Stats: 4,734 words · 19 min read · ~16 pages · Grade level 15.2 · Accepted 2024-08-12 17:02:51

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION F- 1

Financial Statements

Item 1. Financial Statements F- 1 Condensed Balance Sheets F- 1 Condensed Statements of Operations F- 3 Condensed Statements of Changes in Stockholders' Equity (Deficit) F- 4 Condensed Statements of Cash Flows F-5 Notes to Unaudited Condensed Financial Statements F-7

Management's Discussion and Analysis of Financial Condition and Results of Operations 1

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 1

Quantitative and Qualitative Disclosures about Market Risk 9

Item 3. Quantitative and Qualitative Disclosures about Market Risk 9

Controls and Procedures 10

Item 4. Controls and Procedures 10

- OTHER INFORMATION 11

PART II - OTHER INFORMATION 11

Risk Factors 11

Item 1A. Risk Factors 11 Item 5 Other Information 11

Exhibits 12

Item 6. Exhibits 12 i

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements. AZITRA, INC. CONDENSED BALANCE SHEETS June 30, 2024 December 31, 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 803,082 $ 1,795,989 Accounts receivable 1,125 8,255 Accounts receivable - related party — 90,000 Tax credits receivable 96,535 118,383 Income tax receivable 14,235 6,836 Deferred offering costs 42,809 67,859 Prepaid expenses 378,019 448,257 Total current assets 1,335,805 2,535,579 Property and equipment, net 658,731 710,075 Financing lease right-of-use asset 32,262 40,002 Operating lease right-of-use asset 672,799 828,960 Intangible assets, net 221,630 210,881 Deferred patent costs 882,223 742,229 Deferred issuance costs 31,700 — Other assets 47,404 47,760 Total assets $ 3,882,554 $ 5,115,486 LIABILITIES, AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 996,700 897,272 Current financing lease liability 15,317 14,600 Current operating lease liability 293,026 307,655 Accrued expenses 434,103 383,668 Total current liabilities 1,739,146 1,603,195 Long-term financing lease liability 18,329 26,169 Long-term operating lease liability 395,987 537,523 Warrant liability 2,926 35,453 Total liabilities 2,156,388 2,202,340 Commitments and contingencies (Note 12) The accompanying notes are an integral part of these unaudited condensed financial statements. F-1

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements. AZITRA, INC. CONDENSED BALANCE SHEETS Stockholders' equity Preferred stock; $ 0.0001 par value; 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; 0 shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Common stock; $ 0.0001 par value, 100,000,000 shares authorized at June 30, 2024 and December 31, 2023, 960,146 and 403,255 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 96 40 Additional paid-in capital 55,889,271 51,510,269 Accumulated deficit ( 54,163,201 ) ( 48,597,163 ) Total stockholders' equity 1,726,166 2,913,146 Total liabilities, and stockholders' equity $ 3,882,554 $ 5,115,486 The accompanying notes are an integral part of these unaudited condensed financial statements. F-2 AZITRA, INC. CONDENSED STATEMENTS OF OPERATIONS (unaudited) For the Three Months For the Three Months For the Six Months For the Six Months June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Service revenue - related party $ 7,500 $ 172,000 $ 7,500 $ 285,300 Total revenue 7,500 172,000 7,500 285,300 Operating expenses: General and administrative 1,549,228 844,639 3,037,755 1,687,649 Research and development 1,118,552 754,951 2,591,522 1,583,987 Total operating expenses 2,667,780 1,599,590 5,629,277 3,271,636 Loss from operations ( 2,660,280 ) ( 1,427,590 ) ( 5,621,777 ) ( 2,986,336 ) Other income (expense): Interest income 16,268 264 23,877 549 Interest expense ( 1,782 ) ( 76,187 ) ( 2,697 ) ( 166,019 ) Change in fair value of convertible note — ( 2,830,100 ) — ( 3,630,100 ) Change in fair value of warrants 4,272 ( 94,232 ) 32,527 ( 88,611 ) Other income (expense) 9,529 ( 1,683 ) 3,202 ( 6,475 ) Total other income (expense) 28,287 ( 3,001,938 ) 56,909 ( 3,890,656 ) Loss before income taxes ( 2,631,993 ) ( 4,429,528 ) ( 5,564,868 ) ( 6,876,992 ) Income tax expense — — — ( 9,715 ) Net loss ( 2,631,993 ) ( 4,429,528 ) ( 5,564,868 ) ( 6,8

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