Issue 000 | U.S. Pilot | US

AZTR

Azitra, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-13 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 73.2%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 10,760,141USD
Total Liabilities: 1,646,521USD
NCAV: 9,113,620USD
Cash: 10,051,003USD
NCAV per share: 0.56USD/share
Evidence: 3 annual | 11 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001701478-26-000028	2026-05-13	10-Q	Verified	Data Vault \| sec/cleaned/cik=0001701478/accession=0001701478-26-000028/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2026-03-31 10-Q Open filing	2025-12-31 10-K Open filing	2025-09-30 10-Q Open filing	2025-06-30 10-Q Open filing	2025-03-31 10-Q Open filing	2024-12-31 10-K Open filing	2024-09-30 10-Q Open filing	2024-06-30 10-Q Open filing	2024-03-31 10-Q Open filing	2023-12-31 10-K Open filing	2023-09-30 10-Q Open filing	2023-06-30 10-Q Open filing
Period-end Shares Outstanding	16,192,43816,192,438	358,02310,740,697	186,8315,604,938	89,97217,976,354	74,97214,979,354	38,1687,626,056	5,3767,626,056	677960,146	20,30528,804,643	8,52812,097,643	8,52812,097,643	8,52812,097,643
Weighted-average Basic Shares	15,517,99215,517,992	162,4524,873,552	137,2584,117,753	n/an/a	65,92413,171,516	1,150229,866	4,0995,814,350	677960,146	14,22720,182,346	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	n/an/a	19,039571,162	29,462883,865	81,47916,279,574	n/an/a	18,9413,784,482	1,7592,494,577	576816,450	7361,043,988	4,8816,924,453	8,52812,097,643	1,5142,147,526
Basic EPS	-0-0	-2-2	-3-3	-0-0	-0-0	-2-2	-3-3	-7-7	-0-0	-2-2	-2-2	-5-5
Diluted EPS	-0-0	-2-2	-3-3	-0-0	-0-0	-2-2	-3-3	-7-7	-0-0	-2-2	-2-2	-5-5
Basic-to-Diluted Share Difference	Insufficient evidence	-88.3%	-78.5%	Insufficient evidence	Insufficient evidence	1546.4%	-57.1%	-15.0%	-94.8%	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	4422.7%	91.6%	107.7%	20.0%	96.4%	610.0%	694.3%	-96.7%	138.1%	0.0%	0.0%	Insufficient evidence
Ownership Claim Change	-97.8%	-47.8%	-51.8%	-16.7%	-49.1%	-85.9%	-87.4%	2900.0%	-58.0%	0.0%	0.0%	Insufficient evidence

Verified split events: forward 7.1 on 2023-06-21; reverse 7.1 on 2025-02-24; reverse 6.66 on 2025-08-21; reverse 30.0 on 2026-05-13

Known Unknowns

Only 11 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 10-K USD	2024-12-31 10-K USD	2023-12-31 10-K USD
Revenue	0	7,500	686,000
Operating Income	-10,966,665	-10,985,140	-7,616,395
Net Income	-10,955,370	-8,967,492	-11,283,781
Cash From Operations	-11,224,125	-10,183,740	-7,362,375
Capex	-24,213	-8,569	-26,544
Free Cash Flow	-11,248,338	-10,192,309	-7,388,919
Cash And Equivalents	2,068,083	4,554,719	1,795,989
Accounts Receivable	912	233	n/a
Inventory	n/a	n/a	n/a
Total Current Assets	3,019,327	5,228,290	2,535,579
Total Assets	5,025,386	7,358,802	5,115,486
Total Current Liabilities	1,067,966	1,375,857	1,603,195
Total Liabilities	1,224,156	1,660,504	2,202,340
Shareholders Equity	3,801,230	5,698,298	2,913,146
Shares Outstanding	10,740,697	7,626,056	12,097,643
Shares Outstanding Diluted	n/a	n/a	n/a
Weighted Avg Shares Diluted	4,873,552	3,784,482	6,924,453
Weighted Avg Shares Basic	4,873,552	3,784,482	6,924,453
Net Share Count Change (Normalized)	91.6%	610.0%	0.0%
Ownership Claim Change (Normalized)	-47.8%	-85.9%	0.0%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 11 quarterly periods available from Data Vault for this company.

Metric	2026-03-31 10-Q USD	2025-12-31 10-K USD	2025-09-30 10-Q USD	2025-06-30 10-Q USD	2025-03-31 10-Q USD	2024-12-31 10-K USD	2024-09-30 10-Q USD	2024-06-30 10-Q USD	2024-03-31 10-Q USD	2023-09-30 10-Q USD	2023-06-30 10-Q USD
Revenue	n/a	n/a	0	0	n/a	0	0	7,500	0	310,700	172,000
Operating Income	-3,933,924	-2,226,591	-2,768,484	-2,871,352	-3,100,238	-2,434,156	-2,929,207	-2,660,280	-2,961,497	-1,993,732	-1,485,476
Net Income	-3,927,240	-2,233,504	-2,764,528	-2,888,993	-3,068,345	-2,393,133	-1,009,491	-2,631,993	-2,932,875	-1,943,289	-4,429,528
Cash From Operations	-2,477,304	-2,892,611	-2,444,716	-2,815,036	-3,071,762	-2,586,201	-2,475,584	-2,101,033	-3,020,922	-1,747,440	n/a
Capex	-14,928	-9,249	-3,363	-11,601	0	0	-8,569	0	0	-5,304	n/a
Free Cash Flow	-2,492,232	-2,901,860	-2,448,079	-2,826,637	-3,071,762	-2,586,201	-2,484,153	-2,101,033	-3,020,922	-1,752,744	n/a
Cash And Equivalents	10,051,003	2,068,083	1,401,878	1,045,730	3,206,710	4,554,719	7,260,234	803,082	3,001,158	4,400,327	6,290,355
Total Current Assets	10,760,141	3,019,327	2,230,045	1,799,690	3,871,554	5,228,290	7,634,830	1,335,805	3,525,897	4,863,744	6,840,166
Total Liabilities	1,646,521	1,224,156	2,021,103	1,727,051	1,500,267	1,660,504	1,719,246	2,156,388	1,743,777	2,158,157	2,593,254
Shares Outstanding	16,192,438	10,740,697	5,604,938	17,976,354	14,979,354	7,626,056	7,626,056	960,146	28,804,643	12,097,643	12,097,643
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	15,517,992	4,873,552	4,117,753	16,279,574	13,171,516	3,784,482	5,814,350	960,146	20,182,346	12,097,643	2,147,526
Weighted Avg Shares Basic	15,517,992	4,873,552	4,117,753	16,279,574	13,171,516	3,784,482	5,814,350	960,146	20,182,346	12,097,643	2,147,526
Net Share Count Change (Normalized)	4422.7%	91.6%	107.7%	20.0%	96.4%	610.0%	694.3%	-96.7%	138.1%	0.0%	Insufficient evidence
Ownership Claim Change (Normalized)	-97.8%	-47.8%	-51.8%	-16.7%	-49.1%	-85.9%	-87.4%	2900.0%	-58.0%	0.0%	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	10,760,141USD	us-gaap:AssetsCurrent	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json
Total Liabilities	1,646,521USD	us-gaap:Liabilities	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json
Cash	10,051,003USD	us-gaap:CashAndCashEquivalentsAtCarryingValue	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json
Shares Outstanding	16,192,438	us-gaap:CommonStockSharesOutstanding	2026-03-31	1.00	Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json Data Vault \| sec/companyfacts/cik=0001701478/companyfacts.json
NCAV	9,113,620USD	derived	2026-03-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	0.56USD	derived	2026-03-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	73.2%	derived	2026-03-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001701478
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001701478/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001701478/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 13
Imported At: 2026-08-15T12:51:40+00:00
Rendered At: 2026-08-16T03:29:34+00:00

Run Audit

Mary Run: 1ec055d81d1a42a39490a83bb9e1f22f
Mary As Of: 2026-07-03
Accession: 0001701478-26-000028
CIK: 0001701478
Mary Filing Date: 2026-05-13
Filing Currency: USD
Internal Discount: 73.2%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=1ec055d81d1a42a39490a83bb9e1f22f; mary_as_of=2026-07-03; mary_filing_date=2026-05-13; mary_accession=0001701478-26-000028; mary_cik=0001701478; gnni_supporting_filing_date=2026-05-13; internal_discount=0.731714; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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