BRANFORD, Conn. / May 09, 2024 / Business Wire / Azitra, Inc. (NYSE American: AZTR), a clinical-stage biopharmaceutical company focused on developing innovative therapies for precision dermatology, today reported financial results for the three months ended March 31, 2024, and provided a business update.
Q1 2024 and Recent Business Highlights
Francisco Salva, CEO of Azitra, commented:
"Azitra has made significant progress in 2024, advancing towards crucial milestones and potentially transformative catalysts, including key data readouts. Our lead program, ATR-12, has secured clinical sites and identified Netherton syndrome patients for enrollment in our 12-patient, Phase 1b clinical trial, which will assess safety, tolerability, and efficacy endpoints. We expect to announce initial safety data before year end.
We also announced novel preclinical findings at ASGCT related to ATR-12, showcasing its potential for superior LEKTI delivery compared to topical LEKTI application when administered to ex vivo human skin. Moreover, preclinical evidence suggests that ATR-12 can markedly reduce IL-36g, a pro-inflammatory cytokine implicated in Netherton syndrome, further validating the potential of our approach.
In addition, we made notable progress with ATR-04, targeting EGFRi-associated rash in cancer patients. Following a successful pre-IND meeting with the FDA, we plan to submit an IND for a Phase 1b trial by mid-2024. Subject to FDA clearance, we aim to initiate the trial before year-end in patients undergoing a rash due to EGFR inhibitors.
In February 2024, we completed a follow-on public offering, garnering $5.0 million in gross proceeds, which will support the advancement of our clinical programs. Additionally, we bolstered our IP portfolio with the issuance of a U.S. patent from the USPTO for treating skin diseases, including ichthyosis vulgaris, a condition affecting roughly 1.3 million Americans, using recombinant microorganisms.
Furthermore, we are encouraged by the recent advancements in our Joint Development Agreement with Bayer and their renewed commitment to executing a license agreement.
With a robust pipeline, strong partnerships, and upcoming value-driving milestone announcements, we believe Azitra is poised to revolutionize the treatment landscape for severe skin conditions and deliver significant shareholder value in the near future."
Pipeline and Upcoming Milestones
Financial Results for the Quarter Ended March 31, 2024
About Azitra, Inc.
Azitra, Inc. is an early-stage clinical biopharmaceutical company focused on developing innovative therapies for precision dermatology using engineered proteins and topical live biotherapeutic products. The Company has built a proprietary platform that includes a microbial library comprised of approximately 1,500 unique bacterial strains that can be screened for unique therapeutic characteristics. The platform is augmented by artificial intelligence and machine learning technology that analyzes, predicts, and helps screen the Company's library of strains for drug like molecules. The Company's initial focus is on the development of genetically engineered strains of Staphylococcus epidermidis, or S. epidermidis, which the Company considers to be an optimal therapeutic candidate species for engineering of dermatologic therapies. For more information, please visit https://azitrainc.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans," "possible," "potential," "seeks," "will," and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding the expected timing of the presentation of data from the Phase 1b study of ATR-12, the filing of an IND application, and the presentation of data from our Phase 1b for ATR-04, the IND filing for ATR-01, the timing of having a signed license agreement with Bayer, and statements about our clinical and pre-clinical programs, and corporate and clinical/pre-clinical strategies.
Any forward-looking statements in this press release are based on current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, that we may fail to successfully complete our Phase 1b trial for ATR-12 and pre-clinical studies of other product candidates and obtain required approval before commercialization; our product candidates may not be effective; there may be delays in regulatory approval or changes in regulatory framework that are out of our control; our estimation of addressable markets of our product candidates may be inaccurate; we may fail to timely raise additional required funding; more efficient competitors or more effective competing treatment may emerge; we may be involved in disputes surrounding the use of our intellectual property crucial to our success; we may not be able to attract and retain key employees and qualified personnel; earlier study results may not be predictive of later stage study outcomes; and we are dependent on third-parties for some or all aspects of our product manufacturing, research and preclinical and clinical testing. Additional risks concerning Azitra's programs and operations are described in its registration statement on Form S-1, which is on file with the SEC, and in its most recent annual report on Form 10-K filed with the SEC. Azitra explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
Condensed Consolidated Statement of Operations (Unaudited)
| ||||||||
|
| Three Months Ended March 31, | ||||||
|
| 2024 |
|
| 2023 |
| ||
Service revenue – related party |
| $ | - |
|
| $ | 113,300 |
|
Total revenue |
|
| - |
|
|
| 113,300 |
|
|
|
|
|
|
|
| ||
Operating expenses: |
|
|
|
|
|
| ||
General and administrative |
|
| 1,488,527 |
|
|
| 843,012 |
|
Research and development |
|
| 1,472,970 |
|
|
| 829,035 |
|
Total operating expenses |
|
| 2,961,497 |
|
|
| 1,672,047 |
|
|
|
|
|
|
|
| ||
Loss from operations |
|
| (2,961,497 | ) |
|
| (1,558,747 | ) |
|
|
|
|
|
|
| ||
Other income (expense): |
|
|
|
|
|
| ||
Interest income |
|
| 7,609 |
|
|
| 285 |
|
Interest expense |
|
| (915 | ) |
|
| (89,832 | ) |
Change in fair value of convertible note |
|
| - |
|
|
| (800,000 | ) |
Change in fair value of warrants |
|
| 28,255 |
|
|
| 5,621 |
|
Other expense |
|
| (6,327 | ) |
|
| (4,792 | ) |
Total other income (expense) |
|
| 28,622 |
|
|
| (888,718 | ) |
|
|
|
|
|
|
| ||
Net loss before income taxes |
|
| (2,932,875 | ) |
|
| (2,447,465 | ) |
|
|
|
|
|
|
| ||
Income tax expense |
|
| - |
|
|
| (9,715 | ) |
|
|
|
|
|
|
| ||
Net loss |
| $ | (2,932,875 | ) |
|
| (2,457,180 | ) |
Dividends on preferred stock |
|
| - |
|
|
| (712,080 | ) |
Net loss attributable to common shareholders |
| $ | (2,932,875 | ) |
|
| (3,169,260 | ) |
Net loss per Share, basic and diluted |
| $ | (0.15 | ) |
| $ | (3.00 | ) |
Weighted average common stock outstanding, basic and diluted |
|
| 20,182,346 |
|
|
| 1,055,455 |
|
Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
|
|
| ||||||
|
| March 31, |
| December 31, | ||||
|
| 2024 |
|
| 2023 |
| ||
Assets |
|
|
|
|
|
| ||
Current Assets: |
|
|
|
|
| |||
Cash and cash equivalents |
| $ | 3,001,158 |
|
| $ | 1,795,989 |
|
Other receivables |
|
| 141,608 |
|
|
| 223,474 |
|
Prepaid expenses and other current assets |
|
| 383,131 |
|
|
| 516,116 |
|
Total current assets |
| $ | 3,525,897 |
|
| $ | 2,535,579 |
|
Property and equipment, net |
|
| 676,383 |
|
|
| 710,075 |
|
Other assets |
|
| 1,865,713 |
|
|
| 1,869,832 |
|
Total assets |
| $ | 6,067,993 |
|
| $ | 5,115,486 |
|
Liabilities, preferred stock, and stockholders’ equity |
|
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
|
| ||
Accounts payable |
| $ | 583,055 |
|
| $ | 897,272 |
|
Current financing lease liability |
|
| 14,954 |
|
|
| 14,600 |
|
Current operating lease liability |
|
| 310,929 |
|
|
| 307,655 |
|
Accrued expenses |
|
| 348,930 |
|
|
| 383,668 |
|
Total current liabilities |
|
| 1,257,868 |
|
|
| 1,603,195 |
|
Long-term financing lease liability |
|
| 22,296 |
|
|
| 26,169 |
|
Long-term operating lease liability |
|
| 465,315 |
|
|
| 537,523 |
|
Warrant liability |
|
| 7,298 |
|
|
| 35,453 |
|
Total liabilities |
|
| 1,743,777 |
|
|
| 2,202,340 |
|
Stockholders’ equity |
|
|
|
|
|
| ||
Common stock |
|
| 2,880 |
|
|
| 1,210 |
|
Additional paid-in capital |
|
| 55,852,544 |
|
|
| 51,510,269 |
|
Accumulated deficit |
|
| (51,531,208 | ) |
|
| (48,598,333 | ) |
Total stockholders’ equity |
|
| 4,324,126 |
|
|
| 2,913,146 |
|
Total liabilities and stockholders’ equity |
| $ | 6,067,993 |
| $ | 5,115,486 |
|
Last Trade: | US$0.47 |
Daily Change: | 0.0046 0.99 |
Daily Volume: | 52,205 |
Market Cap: | US$3.590M |
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