Azitra, Inc.
AZTRHealthcare|Biotechnology|US
$0.73
+0.01 (+1.02%)
DCF Value
$2.87
Tangible Book / Share
$3.55
Cash / Share
$3.49
Financials
Financial Snapshot
Market Cap
$4.4M
Enterprise Value
-$1.9M
Revenue (TTM)
$0.00
Net Income (TTM)
-$12.3M
Cash & Investments
$6.7M
Net Cash
$6.3M
Free Cash Flow (TTM)
-$11.3M
Operating CF (TTM)
-$11.1M
Debt/Equity
0.06
Cash Runway & Burn Rate
Cash on Hand
$6.7M
Quarterly Burn
$2.8M
Monthly Burn
$925.5K
Est. Runway
~2.4 quarters
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.0M | $3.5M | $1.8M | $4.6M | $2.1M | $6.7M | |
| Operating Cash Flow | -$8.1M | -$8.3M | -$7.4M | -$10.2M | -$11.2M | -$11.1M | |
| Free Cash Flow | -$8.7M | -$8.7M | -$7.7M | -$10.6M | -$11.4M | -$11.3M | |
| Capital Expenditure | -$652.3K | -$341.0K | -$318.3K | -$379.2K | -$186.1K | -$179.9K | |
| Financing Cash Flow | $992.9K | $4.1M | $6.0M | $13.3M | $8.9M | $17.1M |
R&D Spending
R&D (TTM)
$5.1M
R&D Intensity
—
R&D Growth vs Prior
+5.4%
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $110.0K | $284.0K | $686.0K | $7.5K | $0.00 | $0.00 | |
| R&D Expense | $5.4M | $6.1M | $3.6M | $4.7M | $4.8M | $5.1M | |
| R&D % of Revenue | 4891.0% | 2147.2% | 531.1% | 62978.4% | — | — | |
| SG&A | $4.0M | $3.6M | $4.5M | $6.3M | $6.1M | $7.3M |
Income Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Revenue | $110.0K | $284.0K | $686.0K | $7.5K | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $110.0K | $284.0K | $686.0K | $7.5K | $0.00 | $0.00 | |
| R&D | $5.4M | $6.1M | $3.6M | $4.7M | $4.8M | $5.1M | |
| SG&A | $4.0M | $3.6M | $4.5M | $6.3M | $6.1M | $7.3M | |
| Operating Income | -$9.2M | -$9.5M | -$7.5M | -$11.0M | -$11.0M | -$12.3M | |
| Interest Expense | $67.0K | $251.9K | $167.7K | $12.2K | $7.6K | $10.6K | |
| Pretax Income | -$8.9M | -$10.7M | -$11.3M | -$9.0M | -$10.9M | -$12.3M | |
| Net Income | -$8.9M | -$10.7M | -$11.3M | -$9.0M | -$11.0M | -$12.3M | |
| EPS (Diluted) | -1935.50 | -2223.30 | -2087.40 | -157.80 | -22.50 | -13.00 | |
| EBITDA | -$8.8M | -$10.0M | -$10.7M | -$8.5M | -$10.5M | -$5.1M | |
| Shares Out. (M) | 0.01 | 0.01 | 0.01 | 0.06 | 0.49 | 1.93 |
Balance Sheet
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.0M | $3.5M | $1.8M | $4.6M | $2.1M | $6.7M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $8.5M | $4.1M | $2.5M | $5.2M | $3.0M | $7.4M | |
| Total Assets | $10.2M | $7.2M | $5.1M | $7.4M | $5.0M | $8.9M | |
| Total Current Liabilities | $1.2M | $2.2M | $1.6M | $1.4M | $1.1M | $1.5M | |
| Long-Term Debt | $992.0K | $6.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $36.0M | $43.4M | $2.2M | $1.7M | $1.2M | $1.6M | |
| Stockholders' Equity | -$25.8M | -$36.3M | $2.9M | $5.7M | $3.8M | $7.3M | |
| Retained Earnings | -$26.6M | -$37.3M | -$48.6M | -$57.6M | -$68.5M | -$75.8M |
Cash Flow Statement
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.1M | -$8.3M | -$7.4M | -$10.2M | -$11.2M | -$11.1M | |
| Capital Expenditure | -$652.3K | -$341.0K | -$318.3K | -$379.2K | -$186.1K | -$179.9K | |
| Free Cash Flow | -$8.7M | -$8.7M | -$7.7M | -$10.6M | -$11.4M | -$11.3M | |
| Investing Cash Flow | -$652.3K | -$336.8K | -$318.3K | -$379.2K | -$182.9K | -$279.6K | |
| Financing Cash Flow | $992.9K | $4.1M | $6.0M | $13.3M | $8.9M | $17.1M | |
| Issuance of Stock | $0.00 | $0.00 | $6.0M | $13.4M | $9.0M | $17.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $984.4K | $4.3M | -$7.4K | -$14.6K | -$16.1K | -$215.8K | |
| Stock Based Comp. | $306.1K | $184.5K | $151.5K | $245.1K | $62.7K | $18.3K | |
| Net Change in Cash | -$7.7M | -$4.6M | -$1.7M | $2.8M | -$2.5M | $5.7M |
Dilution Tracker
Shares outstanding grew 7956.8% over 5 years — significant dilution
Shares Outstanding
6M
5-Year Share Growth
+7956.8%
Stock Issuance (TTM)
$17.4M
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.01 | 0.01 | 0.06 | 0.49 | 1.93 | |
| Change vs Prior % | — | 0.0% | 0.1% | 838.5% | 757.7% | 296.0% | |
| Stock Issuance | $0.00 | $0.00 | $6.0M | $13.4M | $9.0M | $17.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $306.1K | $184.5K | $151.5K | $245.1K | $62.7K | $18.3K |
Margins & Profitability
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | — | — | |
| Operating Margin % | -8383.1% | -3328.7% | -1086.1% | -146468.5% | — | — | |
| Net Margin % | -8127.0% | -3760.7% | -1644.9% | -119566.6% | — | — | |
| EBITDA Margin % | -7989.0% | -3529.0% | -1555.9% | -113307.5% | — | — | |
| FCF Margin % | -7926.9% | -3060.0% | -1119.6% | -140839.8% | — | — | |
| ROE % | 34.7% | 29.5% | -387.3% | -157.4% | -288.2% | -205.4% | |
| ROA % | -87.6% | -149.0% | -220.6% | -121.9% | -218.0% | -137.6% | |
| ROIC % | -102.6% | -180.7% | -194.3% | -175.6% | -259.7% | -159.4% | |
| R&D / Revenue % | 4891.0% | 2147.2% | 531.1% | 62978.4% | — | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 0.0% | 158.2% | 141.5% | -98.9% | -100.0% | |
| Gross Profit | 0.0% | 158.2% | 141.5% | -98.9% | -100.0% | |
| Operating Income | 0.0% | -2.5% | 21.2% | -47.4% | 0.2% | |
| Net Income | 0.0% | -19.5% | -5.6% | 20.5% | -22.2% | |
| EPS (Diluted) | 0.0% | -14.9% | 6.1% | 92.4% | 85.7% | |
| Operating Cash Flow | 0.0% | -3.5% | 11.8% | -38.3% | -10.2% | |
| Free Cash Flow | 0.0% | 0.3% | 11.6% | -37.5% | -8.0% | |
| R&D Expense | 0.0% | 13.3% | -40.3% | 29.6% | 2.4% | |
| SG&A Expense | 0.0% | -7.9% | 23.5% | 39.5% | -2.2% | |
| Total Assets | 0.0% | -29.7% | -28.6% | 43.9% | -31.7% | |
| Book Value / Share | 0.0% | -40.7% | 108.0% | -79.2% | -92.2% | |
| Debt | 0.0% | 679.0% | -88.5% | -37.3% | -24.0% | |
| Diluted Shares | 0.0% | 0.0% | 0.1% | 838.5% | 757.7% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High16.21 / 214.42 / 542.73
P/B0.19
10Y Low / Med / High0.28 / 0.34 / 3.82
EV/EBITDA0.37
EV/Revenue0.00
10Y Low / Med / High14.88 / 225.13 / 478.62
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.87
Tangible Book / Share
$3.55
Net Current Assets / Share
$0.97
Graham Net-Net
$2.72
Cash / Share
$3.49
| Metric | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.10 | -4.44 | -0.88 | -0.18 | -0.12 | -0.06 | |
| P/S Ratio | 542.73 | 210.21 | 16.21 | 214.42 | 0.00 | 0.00 | |
| P/B Ratio | -2.32 | -1.65 | 3.82 | 0.28 | 0.34 | 0.19 | |
| EV/EBITDA | -5.99 | -6.38 | -0.96 | 0.28 | 0.03 | 0.37 | |
| EV/Revenue | 478.62 | 225.13 | 14.88 | -318.81 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-11.48
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $20.3M |
| Net Income | -$999.1K | -$311.9K | -$297.3K |
| EPS | $-2.05 | $-0.64 | $-0.61 |
| # Analysts (EPS) | 1 | 1 | 2 |