Azitra, Inc. is an early-stage clinical biopharmaceutical company focused on precision dermatology using engineered proteins and topical live biotherapeutic products. The company reported a net loss of $10.96 million for the year ended December 31, 2025, an increase from $8.97 million in 2024. As of December 31, 2025, Azitra had an accumulated deficit of $68.5 million and working capital of $2.0 million. Cash and cash equivalents stood at $2.1 million as of December 31, 2025, which management believes is insufficient to cover operations beyond three months from the report date. The company received a NYSE American deficiency letter on October 1, 2025, for non-compliance with listing standards due to stockholders' equity below $4.0 million and recurring losses; a compliance plan was accepted on December 16, 2025, with a deadline of April 1, 2027. ATR-12, for Netherton syndrome, dosed its first patient in a Phase 1b clinical trial in August 2024 and reported initial safety results in the first half of 2025. ATR-04, for EGFRi-associated rash, obtained IND clearance in August 2024, Fast Track designation in September 2024, and dosed its first patient in a Phase 1/2 clinical trial in Q3 2025. ATR-01, for ichthyosis vulgaris, completed lead optimization studies in 2025 and continues IND-enabling studies in 2026 for a potential 2026 IND filing. The company relies on a proprietary platform including a microbial library of ~1,500 unique bacterial strains, augmented by AI/machine learning and licensed genetic engineering technology (SyMPL from Fred Hutch). Azitra has no sales and marketing organization and is completely dependent on third parties for manufacturing product candidates for commercial sale. The company holds 7 issued U.S. patents, 2 allowed patent applications, 9 pending U.S. patent applications, and 85 other foreign patents and applications.