Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Azitra, Inc.AZTR · healthcare
GradeNonecomputable_factors_below_threshold: 4 of 14 inputs computable; 7 are required
Reliability0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025
Peer failure rate0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size bandunder $12.5M assetstotal assets $5.0M[1]
Standard universeoutsiderevenue above $1M and assets above $10M[1-2]
Warningsdilution, thin data, degenerate inputsnot computable: distress, fortress balance sheet
Inputs computable4 of 14
Graded fromfilings received through Feb 27, 2026224 days before the rescan; every figure keyed to the SEC receipt date
Last close$0.132026-10-08; market equity $7.9M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$0.5NovDecJanFebMarAprMayJunJulAugSepOct$0.13
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Mar 21, 2024nonen/aQ1

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Feb 27, 2026; the document on sec.gov.

Azitra, Inc. was formed as a Delaware corporation on January 2, 2014 as a biopharmaceutical company focused on developing innovative therapies for precision dermatology using engineered proteins and topical live biotherapeutic products. Since our formation, we have 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 an artificial intelligence and machine learning technology that analyzes, predicts and helps screen our library of strains for drug like molecules.

Warnings [top]

Dilution. split-adjusted year-over-year share growth is 619.9%[3-4]
Thin data. 4 of 14 grade factors are computable; minimum is 7
Degenerate inputs. latest revenue or assets are at or below the $100,000 validity floor[1-2]

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 87.5
Gross profitabilitynot computable32.2%
one or more required annual facts are missing
Return on invested capitalnot computable9.3%
one or more required annual facts are missing
Accruals ratio4.3%[1,5-7](6.6%)87.58112025-12-31
Gross margin stability, five yearsnot computable2.8 pts
five annual gross margins are required; found 0
Solvency, sleeve percentile 73.5
Twelve-month failure probabilitynot computable0.07%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime(53.31)[1,8-13](0.31)89.57562025-12-31
Net debt to EBITDAnot computable1.82x
one or more required annual facts are missing
Interest coveragenot computable(4.51x)
latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31
Current ratio2.83x[8-9]2.96x57.48392025-12-31
Growth and financing, sleeve percentile 95.1
Revenue growth, three-year compoundnot computable10.0%
four annual observations are required; found 3
Free cash flow growth, three-year compoundnot computable10.9%
four consecutive annual FCF observations are required; found 3
Reinvestment ratenot computable37.1%
pretax income must exceed the validity floor and imply a 0%-100% tax rate
Asset growth, three yearsnot computable2.1%
four annual observations are required; found 3
Net share issuance, one year619.9%[3-4]2.5%95.16342026-02-26

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 371 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(75.0%)8.0%5hotter than 5 of 100 peers
Distance from 52-week high(82.5%)(31.4%)8closer to its high than 8 of 100 peers
EBIT to enterprise valuenot computable(1.5%)required accounting or market input is missing
Free cash flow yield(140.6%)(1.0%)4pricier than 96 of 100 peers
Book value to price0.920.2885pricier than 15 of 100 peers
Sales to price0.000.310pricier than 100 of 100 peers
Composite equity issuance, five yearsnot computable20.3%a share count from five years earlier is required
Relative strength against the sector, log excess return(1.60)(0.14)5ahead of 5 of 100 peers

Inputs: market equity $8.0M; EBIT -$11.0M; free cash flow -$11.2M; book equity $7.3M; sales $0; cash $6.7M[14].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(148.9%)✗ fail[5,7]
Operating cash flow above zero-$11.2M✗ fail[6]
Return on assets improved26.4 pts✓ pass[5,7,15-16]
Operating cash flow exceeds net income-$268,755✗ fail[5-6]
Long-term leverage felln/a[1,7,16]
Current ratio improved(97.3 pts)✗ fail[8-9,17-18]
No new shares issued619.9%✗ fail[3-4]
Gross margin improvedn/a
Asset turnover improved(0.1 pts)✗ fail[2,7,16,19]
Cash, filings, liquidity
Cash and equivalents$6.7M[20]
Operating cash flow, four quarters-$11.1M[6,20-24]
Months of runway7.3
Late filings, two years0
NT 10-K or NT 10-Q
Days since last periodic filing58
10-Q received Aug 12, 2026
Median daily dollar volume$100,470
63 sessions
Days since newest grade input224

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$5.0M2025-12-312026-02-2710-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$02025-12-312026-02-2710-Kfiling · viewer · series
3shares outstandingdei:EntityCommonStockSharesOutstanding16,192,4382026-02-262026-02-2710-Kfiling · viewer · series
4shares outstandingdei:EntityCommonStockSharesOutstanding14,979,3542025-02-242025-02-2410-Kfiling · viewer · series
5net incomeus-gaap:NetIncomeLoss-$11.0M2025-12-312026-02-2710-Kfiling · viewer · series
6operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$11.2M2025-12-312026-02-2710-Kfiling · viewer · series
7assetsus-gaap:Assets$7.4M2024-12-312026-02-2710-Kfiling · viewer · series
8current assetsus-gaap:AssetsCurrent$3.0M2025-12-312026-02-2710-Kfiling · viewer · series
9current liabilitiesus-gaap:LiabilitiesCurrent$1.1M2025-12-312026-02-2710-Kfiling · viewer · series
10retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$68.5M2025-12-312026-02-2710-Kfiling · viewer · series
11operating incomeus-gaap:OperatingIncomeLoss-$11.0M2025-12-312026-02-2710-Kfiling · viewer · series
12book equityus-gaap:StockholdersEquity$3.8M2025-12-312026-02-2710-Kfiling · viewer · series
13liabilitiesus-gaap:Liabilities$1.2M2025-12-312026-02-2710-Kfiling · viewer · series
14shares outstandingdei:EntityCommonStockSharesOutstanding60,603,7422026-08-112026-08-1210-Qfiling · viewer · series
15net incomeus-gaap:NetIncomeLoss-$9.0M2024-12-312026-02-2710-Kfiling · viewer · series
16assetsus-gaap:Assets$5.1M2023-12-312025-02-2410-Kfiling · viewer · series
17current assetsus-gaap:AssetsCurrent$5.2M2024-12-312026-02-2710-Kfiling · viewer · series
18current liabilitiesus-gaap:LiabilitiesCurrent$1.4M2024-12-312026-02-2710-Kfiling · viewer · series
19revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$7,5002024-12-312026-02-2710-Kfiling · viewer · series
20cashus-gaap:CashAndCashEquivalentsAtCarryingValue$6.7M2026-06-302026-08-1210-Qfiling · viewer · series
21operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$5.8M2026-06-302026-08-1210-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$2.5M2026-03-312026-05-1310-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$8.3M2025-09-302025-11-1210-Qfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$5.9M2025-06-302026-08-1210-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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Source
GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026