EXOZYMES INC. (EXOZ) is a pre-revenue, development-stage biotechnology company with zero commercial sales as of March 31, 2026. Under a liquidation lens, the recovery posture is deeply negative. Total assets at March 31, 2026 were $4.02M, down 32.7% from $5.97M at December 31, 2025, driven almost entirely by a $1.59M cash burn in the quarter. Total liabilities stood at $2.49M, leaving book equity of $1.53M. However, applying liquidation haircuts materially collapses recoverable asset value: cash of $1.44M is recoverable at 100%; grants receivable of $0.30M (federal counterparty, management deems fully collectible) is recoverable at approximately 90-95%, yielding ~$0.29M; PP&E net book value of $0.75M is subject to a 50-70% haircut on laboratory equipment, furniture, and leasehold improvements, yielding roughly $0.37-0.52M; operating lease ROU of $0.98M and finance lease ROU of $0.09M are assigned zero liquidation value per standard lens; prepaid and other current assets of $0.34M are largely irrecoverable in wind-down; tax receivable of $0.11M is potentially recoverable at face. Gross liquidation asset recovery is approximately $2.21-2.36M. Against this, liabilities at face value total $2.49M, including accounts payable of $1.23M (stable QoQ), combined operating and finance lease liabilities of $1.16M (ASC 842, not extinguished on wind-up), and deferred grant reimbursements of $0.08M. On a liquidation basis, estimated equity recovery is negative by approximately $0.13M to $0.28M, consistent with the MFFAIS CLV/LLV/OLV figure of negative $0.51M. The divergence from MFFAIS likely reflects slightly different haircut assumptions or inclusion of additional contingent obligations. The deterioration from December 31, 2025 is meaningful: one quarter of operations consumed $1.59M in cash, reducing the single most recoverable asset class by 52.5%. At the current $1.52M quarterly operating cash burn rate, with $1.44M in cash remaining, the company has less than one quarter of self-funded runway absent additional financing. A proposed ~$15M public offering was announced April 10, 2026 (subsequent event), underwritten by Public Ventures LLC (a subsidiary of MDB Capital Holdings, LLC, the company's largest shareholder), but no definitive agreement had been executed as of the filing date. The filing discloses a material weakness in internal controls over financial reporting, with remediation ongoing. No litigation is pending. The company holds three federal research grants (NIH, DoD, NSF) extending through June 2028, with $0.30M receivable at period end versus $0.52M at year-end 2025; grant drawdowns fell to $0.34M in Q1 2026 from $0.58M in Q1 2025, reflecting lower grant activity. All IP and license costs are expensed as incurred under ASC 730; no intangible assets appear on the balance sheet, so there is no goodwill or intangible impairment risk to consider. The filing does not separately XBRL-tag the majority of balance sheet line items in the TAG_CONTEXT provided, which is an empty array. All balance sheet figures referenced above are drawn from narrative MD&A tables within the filing body.
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