Financial Performance - The net loss for the nine months ended September 30, 2025, was $6,503,698, compared to a net loss of $4,025,361 for the same period in 2024, indicating an increase in losses of about 61.6%[11] - For the nine months ended September 30, 2025, eXoZymes reported a net loss of $6,503,698, compared to a net loss of $4,025,361 for the same period in 2024, reflecting an increase in losses of approximately 62%[80] - The company has substantial doubt about its ability to continue as a going concern due to anticipated funding shortfalls and its pre-revenue status[22] - The company reported no operating income for the three and nine months ended September 30, 2025, maintaining a consistent trend from the previous year[11] - The company incurred net cash used in operating activities of $(4,528,240) for the nine months ended September 30, 2025, compared to $(2,798,123) in 2024, an increase of approximately 62%[16] Assets and Equity - Total assets decreased from $13,034,404 on December 31, 2024, to $7,719,049 on September 30, 2025, representing a decline of approximately 40.5%[9] - Total stockholders' equity fell from $10,420,775 on December 31, 2024, to $5,374,422 on September 30, 2025, a decrease of approximately 48.5%[9] - Cash and cash equivalents decreased from $9,719,310 at the beginning of the period to $5,098,687 at the end of the period, a reduction of about 47%[16] - The fair value of cash and cash equivalents as of September 30, 2025, is $5,098,687, with no Level 2 or Level 3 measurements reported[42] Research and Development - Research and development costs for the nine months ended September 30, 2025, were $2,594,765, up from $1,238,463 in 2024, reflecting a significant increase of approximately 109%[11] - For the nine months ended September 30, 2025, research and development costs prior to grant offsets amounted to $3,748,110, compared to $3,046,169 for the same period in 2024, reflecting an increase of approximately 22.9%[51] - Research and development costs, net of grants, were $2,594,765 for the nine months ended September 30, 2025, compared to $1,238,463 in 2024, reflecting a significant increase of approximately 110%[1] Grants and Funding - The Department of Energy contributed 89% and the NIH contributed 11% of all grant reimbursements for the nine months ended September 30, 2025[31] - Grant reimbursements for the nine months ended September 30, 2025, totaled $1,120,907, down from $1,756,852 in 2024, indicating a decrease of about 36.3%[50] - The balance of grants receivable at the end of the nine months ended September 30, 2025, was $302,643, a decrease from $553,963 at the end of the same period in 2024, representing a decline of approximately 45.2%[48] - eXoZymes received a $3 million share of a $9.2 million grant from the U.S. National Science Foundation aimed at enhancing cell-free systems, awarded on July 1, 2025[49] Stock and Compensation - The weighted average number of common shares outstanding increased from 6,251,158 in 2024 to 8,377,513 in 2025, reflecting a growth of about 34%[11] - eXoZymes' stock-based compensation for the nine months ended September 30, 2025, was $1,066,461, compared to $808,362 for the same period in 2024[71] - The total number of stock options outstanding was 1,982,830 shares as of September 30, 2025, with a weighted average exercise price of $5.51[72] - The company has unrecognized stock-based compensation of $3,073,349 as of September 30, 2025[71] - The company issued 19,440 shares of common stock to key executives on May 12, 2025, valued at $243,778, in lieu of cash bonuses[61] Operating Costs - Total operating costs for the nine months ended September 30, 2025, were $7,020,981, up from $3,948,789 in 2024, indicating an increase of approximately 78%[1] - General and administrative costs for the nine months ended September 30, 2025, totaled $4,426,216, compared to $2,710,326 in 2024, marking an increase of approximately 63.3%[11] - The company recognized operating lease expenses of $280,898 for both the nine months ended September 30, 2025, and 2024, indicating no change year-over-year[103] Lease and Liabilities - The total lease liabilities as of September 30, 2025, amounted to $1,200,888 for operating leases and $119,236 for finance leases[104] - The company entered into a lease for new office space with an initial base rent of $13,277 per month, which will increase annually, and the lease term is set for 60 months[94] - eXoZymes has recorded right-of-use assets of $1,124,925 and operating lease liabilities of $1,200,888 as of September 30, 2025, with a weighted average remaining lease term of 3.83 years[102] Miscellaneous - The company established a wholly owned subsidiary, NCTx LLC, on May 5, 2025, focused on developing N-trans-caffeoyltyramine, a rare plant-derived compound[21] - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[29] - The company has not generated revenue to date and is in a pre-revenue status, raising concerns about its ability to continue as a going concern without additional funding[22] - The company did not experience any credit risk losses during the three and nine months ended September 30, 2025, and 2024[38]
Invizyne Technologies Inc(IZTC) - 2025 Q3 - Quarterly Report