Azitra, Inc. (AZTR) is a pre-revenue, early-stage clinical biopharmaceutical company with no commercial operations. Under a liquidation lens as of March 31, 2026, the recovery posture is materially negative. The company reports total assets of approximately $12.1 million and working capital of approximately $9.2 million, with cash and cash equivalents of approximately $10.1 million. Cash at 100% recovery is the dominant asset and the primary source of any liquidation value. Non-cash assets — primarily PP&E (original cost basis of approximately $1.2 million across US and Canada locations) and deferred patent/trademark costs — carry negligible liquidation recovery: PP&E at 50-70% haircut yields de minimis amounts, and intangibles (patents, trademarks) receive 0% recovery under the lens. Notably, during Q1 2026 the company wrote off approximately $624,000 of deferred patent costs, eliminating that intangible from the asset base. Operating lease obligations total $337,480 present value ($349,795 undiscounted) through May 2027, and a finance lease carries $5,850 present value — both remain at face value in liquidation. The liability stack is modest in dollar terms, consisting primarily of operating leases, trade payables, and accrued expenses; no funded debt is disclosed. The March 2026 PIPE financing raised approximately $10.5 million in Q1 2026 proceeds (Series A preferred stock plus Series B and C warrants), which accounts for the cash build from approximately $2.1 million at December 31, 2025 to $10.1 million at March 31, 2026. The preferred stock issued (10,485 shares of Series A convertible non-redeemable) sits senior to common in any liquidation waterfall, and the associated Series B and C warrants represent potential future dilution totaling up to 170.5 million common shares — none of which generates current liquidation proceeds but structurally subordinates common equity recovery. The MFFAIS-reported CLV/LLV/OLV values of approximately $432,000-$433,000 reflect the near-zero equity residual after netting even modest lease and payable obligations against haircut assets. The TAG_CONTEXT input contains no XBRL tags, so no quantitative balance-sheet line items can be independently verified from XBRL data; all figures referenced above are drawn from the narrative MD&A and footnotes of the filing. The going-concern qualification is confirmed by management. NYSE American deficiency remains outstanding; the company is operating under a compliance plan accepted December 2025 with a deadline of April 1, 2027. The subsequent-event retention bonus of $329,000 approved April 17, 2026 adds a near-term cash obligation not yet on the balance sheet.
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