Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -2.25.EBIT: As of FY2025, the actual value is USD -11.03 M.<h4>Segment Revenue</h4><ul><li>Service revenue - related party: Azitra, Inc. generated $0 in service revenue for the year ended December 31, 2025, representing a decrease of -$7,500 or -100% from $7,500 in 2024. The company does not anticipate any further service revenue at this time.</li><li>Total revenue: Total revenue for Azitra, Inc. was $0 for the year ended December 31, 2025, marking a decrease of -$7,500 or -100% from $7,500 in 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Net Loss: Azitra, Inc. reported a net loss attributable to common shareholders of -$10,955,370 for the year ended December 31, 2025, compared to -$8,967,492 for the year ended December 31, 2024, an increase in loss of -$1,987,878 or 22%.</li><li>Accumulated Deficit: As of December 31, 2025, Azitra, Inc. had an accumulated deficit of -$68.5 million.</li><li>Loss from Operations: Loss from operations was -$10,966,665 for the year ended December 31, 2025, a slight increase of $18,475 compared to -$10,985,140 in 2024.</li><li>Operating Expenses:<ul><li>General and Administrative: General and administrative costs decreased by -$138,605 or -2% to $6,130,657 in 2025 from $6,269,262 in 2024, primarily due to decreases in legal fees, salaries and benefits, hiring costs, and insurance expense, partially offset by increases in business consultants, public relations, software and equipment, and accounting costs.</li><li>Research and Development: Research and development expenses increased by $112,630 or 2% to $4,836,008 in 2025 from $4,723,378 in 2024, mainly driven by higher costs for the ATR-04 and ATR-01 programs and lab supplies, partially offset by decreases in payroll and benefits and consultant expenditures.</li><li>Total Operating Expenses: Total operating expenses were $10,966,665 in 2025, a decrease of -$25,975 or 0% from $10,992,640 in 2024.</li></ul></li><li>Other Income (Expense):<ul><li>Interest Income: Interest income decreased by -$52,344 or -43% to $70,209 in 2025 from $122,553 in 2024.</li><li>Interest Expense: Interest expense was -$7,587 in 2025, a decrease of $4,573 or -38% from -$12,160 in 2024.</li><li>Change in Fair Value of Warrants: The change in fair value of warrants was $381 in 2025, a significant decrease of -$4,033,691 or -100% from $4,034,072 in 2024.</li><li>Loss on Issuance of Common Stock: There was no loss on issuance of common stock in 2025, compared to -$2,132,800 in 2024.</li><li>Other (Expense) Income: Other (expense) income was -$43,389 in 2025, a decrease of -$58,403 or -389% from $15,014 in 2024.</li><li>Total Other Income: Total other income decreased by -$2,007,065 or -99% to $19,614 in 2025 from $2,026,679 in 2024.</li></ul></li><li>Income Tax Expense: Income tax expense was -$8,319 in 2025, a decrease of $712 or 0% from -$9,031 in 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Azitra, Inc. used -$11,224,125 in operating activities for the year ended December 31, 2025, compared to -$10,183,740 in 2024.</li><li>Net Cash Used in Investing Activities: Azitra, Inc. used -$182,909 in investing activities for the year ended December 31, 2025, compared to -$379,246 in 2024.</li><li>Net Cash Provided by Financing Activities: Azitra, Inc. generated $8,920,398 from financing activities in 2025, compared to $13,321,716 in 2024.</li><li>Net Change in Cash and Cash Equivalents: The net change in cash and cash equivalents was a decrease of -$2,486,636 in 2025, compared to an increase of $2,758,730 in 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Total Assets: As of December 31, 2025, total assets were $5,025,386, down from $7,358,802 as of December 31, 2024.</li><li>Working Capital: As of December 31, 2025, working capital was approximately $2.0 million.</li><li>Cash and Cash Equivalents: Cash and cash equivalents stood at $2,068,083 as of December 31, 2025, compared to $4,554,719 as of December 31, 2024.</li><li>Shares Outstanding: As of February 26, 2026, there were 16,192,438 shares of common stock issued and outstanding.</li><li>Equity Line of Credit (ELOC): As of February 26, 2026, approximately $13.8 million is available under the ELOC for future share issuances.</li></ul><h4>Outlook / Guidance</h4>Azitra, Inc. expects to continue incurring substantial and increasing losses for the foreseeable future, anticipating at least four to six years to potentially obtain regulatory approval for its first drug candidates. The company’s current cash on hand is not expected to cover its proposed plan of operations beyond three months, necessitating additional financing through various means. These financial conditions raise substantial doubt about Azitra, Inc.’s ability to continue as a going concern.

Azitra | 10-K: FY2025 Revenue: USD 0