aibioNYSE American accepts Azitra's stockholders' equity compliance plan, sets April 1, 2027 deadline
Tickers AZTR
NYSE American accepted Azitra's plan to restore its $4.0 million minimum stockholders' equity and set April 1, 2027 as the deadline. The stock stays listed while the plan runs, but the company's 2024 annual report carried a going-concern warning.
Key facts
- Company
- Azitra Inc (AMEX: AZTR)
- News type
- Listings
- Primary source
- Azitra, Inc. Form 8-K filed December 17, 2025 (SEC EDGAR)
Azitra, Inc. (NYSE American: AZTR) said on December 17, 2025 that NYSE American LLC accepted its plan to regain compliance with the exchange's minimum stockholders' equity requirement. The exchange gave the company a plan period through April 1, 2027. The notice arrived on December 16, 2025, according to a Form 8-K.
How the company got here
The rule is Section 1003(a)(ii) of the NYSE American Company Guide. It requires stockholders' equity of $4.0 million or more when a company has reported losses from continuing operations or net losses in three of its four most recent fiscal years. Azitra received a deficiency letter on October 1, 2025 saying it was out of compliance. It submitted its plan on October 31, 2025, describing how it would regain compliance by April 1, 2027.
The filing calls April 1, 2027 the "Plan Period Deadline." During the plan period, Azitra must give NYSE American staff quarterly updates along with its periodic filings. If it does not regain compliance by the deadline, or does not make progress consistent with the plan, the 8-K says NYSE American may initiate delisting proceedings. The company may appeal a staff delisting determination under the exchange's rules.
The 8-K does not give Azitra's stockholders' equity at its latest quarter-end, so the size of the shortfall cannot be measured from the filing.
What the company says
Azitra's press release says the notice has no immediate effect on the listing or trading of its common stock, and does not affect its business or its SEC reporting. The company will stay listed on NYSE American during the plan period, subject to periodic reviews, until it regains compliance. It also says it is assessing and exploring multiple funding avenues and is committed to meeting the exchange's requirements. The filing does not name those funding avenues.
The 8-K adds that the company cannot assure the exchange it will make progress it finds satisfactory, that it will regain compliance by the deadline, or that later events will not hurt its ability to do so or lead to a breach of other continued listing standards.
The going-concern warning
The company's annual report on Form 10-K, filed February 24, 2025, says there is substantial doubt about Azitra's ability to continue as a going concern. The report cites recurring losses and negative cash flow from operations, and says the company will need additional financing to execute its plan and fund operations, on terms that may not be available.
The report gives the cash numbers behind that warning. Operating activities used $10.2 million of cash in 2024, driven mainly by a net loss of $9.0 million and non-cash items of $1.2 million. In 2023, operating activities used $7.4 million, with a net loss of $11.3 million. At December 31, 2024, Azitra had total assets of $7.4 million, working capital of $3.9 million and an accumulated deficit of $57.6 million. In January 2025 it sold 4,857,780 shares at $0.30 per share in a public offering, for net proceeds of approximately $1.3 million.
The business
Azitra describes itself as a clinical-stage biopharmaceutical company focused on precision dermatology, based in Branford, Connecticut. Its platform is a microbial library of about 1,500 unique bacterial strains, screened with artificial intelligence and machine learning. Its lead program, ATR-12, uses an engineered strain of S. epidermidis for Netherton syndrome, a rare skin disease. The press release says the ATR-12 program includes a Phase 1b trial in adults.
The second program, ATR-04, targets rash linked to EGFR inhibitor therapy. The company says it has FDA Fast Track designation for that use and an open investigational new drug application. The release says the rash affects about 150,000 people in the US.
Who signed
Chief Executive Officer Francisco Salva signed the 8-K. Norman Staskey is chief financial officer and treasurer, and is the company contact in the press release.
The plan keeps the stock listed for now. The real test is whether Azitra can rebuild its equity, against a going-concern warning and a cash burn that the filing says will need new financing to sustain.