Moderna for the skin, developing precision dermatology treatments using genetically engineered bacteria and proteins.

Seres Therapeutics for the skin, but specializing in genetically engineered bacteria rather than unmodified microbes.

Azitra's major products are pipeline therapeutic candidates in various stages of development:

• ATR-12: A genetically modified strain of S. epidermidis currently in Phase 1b clinical trials for treating Netherton syndrome.
• ATR-04: A genetically modified strain of S. epidermidis being developed to treat papulopustular rash in cancer patients undergoing EGFR inhibitor therapy.
• ATR-01: An engineered recombinant human filaggrin protein in preclinical development for treating ichthyosis vulgaris.
• Bayer Collaboration Strains: Two distinct bacterial microbes being jointly investigated and developed with Bayer Consumer Care AG for potential therapeutic applications.

Azitra (AZTR) is an early-stage clinical biopharmaceutical company. Based on the provided description, the company primarily sells or licenses its technology and product candidates to other companies rather than directly to individuals. Its major customer relationship described is:

• Bayer Consumer Care AG (a division of Bayer AG, symbol: BAYRY on OTCMKTS or BAYN on XTRA) - Azitra has a Joint Development Agreement with Bayer Consumer Care AG, under which Azitra is developing bacterial strains, and Bayer holds an exclusive option to license the patent rights to these strains.

Francisco Salva, President and Chief Executive Officer

Mr. Salva has over 25 years of experience in biotechnology finance, venture capital, and operating roles. He was a Founder and Vice President of Operations at Acerta Pharma BV, which was sold to AstraZeneca for $4 billion, with total consideration of $6.3 billion. He also served as Senior Director of Corporate Finance at Pharmacyclics, which was acquired by AbbVie for $21 billion. Prior to joining Azitra, he was President and Chief Executive Officer of Complexa, Inc.

Norman Staskey, Chief Financial Officer

Mr. Staskey has served as Azitra's Chief Financial Officer since October 2022. Since May 2021, he has also served as a Senior Director at Danforth Advisors, a national consulting firm providing financial, accounting, and reporting services to the life science industry. From September 2014 to May 2021, Mr. Staskey was employed by EY (formerly Ernst & Young), most recently as a managing director in EY's Financial Accounting and Advisory services practice.

Travis Whitfill, Co-founder and Chief Operating Officer

Mr. Whitfill is a serial biotech entrepreneur and co-founder of Azitra. His background includes scientific training in molecular biology and biochemistry at the MD Anderson Cancer Center, Duke University, and Yale University. Previously, he was a Partner at Bios Partners, a biotech-focused venture capital fund, and has served on the board of several portfolio companies.

The primary risks to Azitra's business stem from the inherent uncertainties of drug development and commercialization for an early-stage biopharmaceutical company. These include:

1. Clinical Trial Failure and Regulatory Approval Risk: As an early-stage clinical biopharmaceutical company, Azitra's success is critically dependent on its product candidates (ATR-12, ATR-04, and ATR-01) successfully completing clinical trials and obtaining regulatory approvals. All of its current product candidates are either in early-phase clinical trials (Phase 1b for ATR-12 and ATR-04, with ATR-04 still awaiting IND approval) or preclinical development (ATR-01). There is a significant risk that these candidates may not prove safe or effective, or may fail at any stage of development, leading to substantial delays or termination of their development. Even if trials are successful, obtaining necessary approvals from regulatory bodies like the FDA is not guaranteed, and the process can be lengthy and unpredictable.

2. Dependence on Proprietary Technology and Intellectual Property: Azitra's business model relies heavily on its proprietary platform, which includes a microbial library, artificial intelligence and machine learning technology, and licensed genetic engineering technology (SyngenicDNA Minicircle Plasmid, or SyMPL, from Fred Hutchinson Cancer Center). The success of their pipeline hinges on the continued effectiveness and novelty of these technologies for identifying and engineering therapeutic candidates. Any challenges in maintaining exclusive licenses, protecting its own intellectual property, or if these technologies do not yield the anticipated results for future product candidates, could significantly impair Azitra's ability to develop new therapies and maintain a competitive edge.

3. Commercialization and Partnership Execution Risk: Beyond clinical and regulatory hurdles, Azitra faces substantial risks in the successful commercialization of any approved products. This includes the ability to scale manufacturing, establish effective marketing and sales channels, and achieve market acceptance. Additionally, the company's collaboration with Bayer Consumer Care AG involves Bayer holding an exclusive option to license patent rights to two selected bacterial strains. There is no guarantee that Bayer will exercise this option, or that any products developed through this partnership will achieve commercial success. The ultimate value from partnerships and the successful independent commercialization of its own products are crucial for long-term revenue generation.

Azitra's main products target the following addressable markets:

• ATR-12 (Netherton syndrome): The addressable market in the U.S. is estimated to be approximately 3,490 patients. This is based on a prevalence of approximately one in every 100,000 individuals in the U.S. and a mid-2026 U.S. population estimate of around 349 million people. The company notes that this prevalence may be underestimated due to misdiagnosis [cite: BACKGROUND].
• ATR-04 (papulopustular rash experienced by cancer patients undergoing EGFR inhibitor targeted therapy): The addressable market size for this product is not provided in the company's description.
• ATR-01 (ichthyosis vulgaris): The addressable market for this therapy is estimated at 1.3 million patients in the United States [cite: BACKGROUND].

Expected Drivers of Future Revenue Growth for Azitra (AZTR)

Over the next two to three years, Azitra's future revenue growth is anticipated to be driven by several key factors related to its clinical pipeline advancements and strategic partnerships:

1. Advancement and Positive Clinical Data from ATR-12 for Netherton Syndrome: Azitra expects to commence its Phase 1b clinical trial for ATR-12 in Netherton syndrome in the first half of 2023 and report initial results in the first half of 2024. As ATR-12 has received Pediatric Rare Disease Designation, positive data from these trials could significantly de-risk the asset, attract potential partners, and lead to future milestone payments or licensing revenues.
2. Progression and Potential Licensing from the Bayer Partnership: Azitra's Joint Development Agreement with Bayer Consumer Care AG involves the investigation and development of two bacterial strains. Bayer holds an exclusive option to license the patent rights to these strains. Successful advancement of these candidates and Bayer's exercise of its option could directly lead to licensing fees, milestone payments, and potential future royalties, contributing to revenue growth.
3. Advancement and Positive Clinical Data from ATR-04 for EGFRi Rash: The company intends to submit an Investigational New Drug (IND) application for a Phase 1b clinical trial of ATR-04 by the end of 2023, with the trial expected to commence in the first half of 2024 and initial results anticipated as early as late 2024. Positive outcomes from these clinical developments would enhance the value of Azitra's pipeline, making it more appealing for partnerships or funding opportunities that could generate revenue.
4. IND Filing for ATR-01 for Ichthyosis Vulgaris: Azitra plans to complete lead optimization and IND-enabling studies for ATR-01, an engineered recombinant human filaggrin protein for ichthyosis vulgaris, in 2023, supporting an IND filing in late 2024. Advancing this product candidate for a chronic skin disease with a substantial patient population into clinical development would significantly expand Azitra's pipeline value and market potential, attracting future collaboration or licensing opportunities.

Share Issuance

• Azitra completed financings totaling $8.5 million in 2025 through a combination of private placements, follow-on offerings, and an equity line of credit.
• In July 2024, the company priced a public offering that was expected to generate approximately $10.0 million in gross proceeds.
• Azitra entered into a share purchase agreement with Alumni Capital LP in April 2025, providing access to up to $20 million in funding through the sale of common stock and warrants over a 20-month period.
• A reverse stock split at a ratio of 1 post-split share for every 6.66 pre-split shares became effective on August 21, 2025.

Inbound Investments

• In April 2025, Azitra secured a flexible funding source through a share purchase agreement with Alumni Capital LP, enabling the company to potentially raise up to $20 million.
• The company completed financings of $8.5 million in 2025, which included proceeds from private placements, follow-on financings, and an equity line of credit.
• Azitra reported raising $2.8 million under an equity line with Alumni Capital LP in the third quarter of 2025.

Outbound Investments

• Azitra has not made any investments in or acquisitions of other companies.

Capital Expenditures

• Capital expenditures for Azitra over the last 12 months, as of a March 2026 update, amounted to -$24,213.