AZTR

Azitra is an early-stage clinical biopharma with no approved products and, by its own admission, four-to-six years from a first regulatory approval "assuming we are able to get regulatory approval at all." The numbers are dire: FY2025 revenue was $0.00 (down from an already-negligible $7.5K in FY2024), against a $11.0M net loss and a $68.5M accumulated deficit. There is no business here yet — only R&D spend ($4.84M) funded by a shrinking equity base. Stockholders' equity fell 61% to $2.20M and cash dropped 55% to $2.07M.

The binding constraint is survival, not science. Operating cash burn was $11.2M in FY2025, so $2.07M of cash is roughly two months of runway. That mismatch forces the company to keep selling stock into a collapsing price, and the filing shows exactly that: an IPO at $999/share (June 2023), a follow-on at $59.94 (Feb 2024), then $9.99 (July 2024), $2.00 (Jan 2025) and $1.85 (Feb 2025) — a near-vertical descent now sitting at $0.15. On top of that sits the April 2025 Alumni Capital ELOC allowing up to $20M of common stock to be sold through Dec 2026: a continuous dilution facility that structurally caps upside and steadily transfers value from existing holders. Share count is already rising (16.2M, +8.1% YoY) and the -$2.25 diluted EPS reflects a base being shredded by issuance.