EXOZYMES INC.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
EXOZ$4.40+7.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001641172-25-023184
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-13.
0001493152-25-022289
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 52 previous paragraphs and 53 current paragraphs.
38 unchanged; 13 reworded; 2 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
During the three months ended September 30, 2025, eXoZymes recognized a discrete income tax receivable of $105,826. This receivable resulted from the filing of amended prior years income tax returns.
Current report
For the nine months ended September 30, 2025, the Company incurred cash payments of $17,155 related to its finance lease obligations.
Removed paragraphs (1)
Previous report
For the six months ended June 30, 2025, the Company did not have any cash transaction in financing activities.
Reworded paragraphs (13)
Previous wording
Consolidated Results of Operations for the Six months Ended June 30, 2025 and 2024
Current wording
Consolidated Results of Operations for the Nine months Ended September 30, 2025 and 2024
Previous wording
During six months ended June 30, 2025, and 2024, respectively, several factors contributed to changes in various expense categories:
Current wording
During nine months ended September 30, 2025, and 2024, respectively, several factors contributed to changes in various expense categories:
Previous wording
For the six months ended June 30, 2025, research and development costs increased by $863,853 compared to the same period in 2024, primarily due to new hires, higher salary, bonus accruals, stock-based compensation and laboratory expenses, as well as a reduction in grant funding. It is important to note that the decrease in grant funding was not attributable to any specific event.
Current wording
For the nine months ended September 30, 2025, research and development costs increased by $1,356,302 compared to the same period in 2024, primarily due to new hires, higher salary, bonus accruals, stock-based compensation and laboratory expenses, as well as a reduction in grant funding. It is important to note that the decrease in grant funding was not attributable to any specific event.
Previous wording
For the three months ended June 30, 2025, research and development costs increased by $565,596 compared to the same period in 2024, primarily due to higher salary, bonus accruals, stock-based compensation and laboratory expenses, as well as a reduction in grant funding. It is important to note that the decrease in grant funding was not attributable to any specific event.
Current wording
For the three months ended September 30, 2025, research and development costs increased by $493,275 compared to the same period in 2024, primarily due to higher salary, bonus accruals, stock-based compensation and laboratory expenses, as well as a reduction in grant funding. It is important to note that the decrease in grant funding was not attributable to any specific event.
Previous wording
The decrease in assets was due to changes in several asset classes, but primarily in cash and cash equivalents. The decrease in grants receivable was driven by completion of certain grants and timing of grant drawdowns. The decrease in prepaid expenses was due to ongoing amortization of prepaids to expenses. The decrease in property and equipment was due to the ongoing accumulated depreciation of fixed asset. The decrease in operating lease right-of-use assets resulted from the usage and payments of office space during the period.
Current wording
The decrease in assets was due to changes in several asset classes, but primarily in cash and cash equivalents. The decrease in grants receivable was driven by completion of certain grants and timing of grant drawdowns. The decrease in prepaid expenses was due to ongoing amortization of prepaids to expenses. The decrease in property and equipment was due to the ongoing accumulated depreciation of fixed assets. The decrease in operating lease right-of-use assets resulted from the usage and payments of office space during the period.
Previous wording
The decrease in liabilities were primarily driven by the decrease in the amount of Due to affiliates.
Current wording
The decrease in liabilities was primarily driven by the decrease in the amount of Due to affiliates, as well as reductions in both finance and operating leases.
Previous wording
On June 30, 2025, the Company had working capital of $6,314,087, as compared to working capital of $9,487,137 on December 31, 2024, reflecting a decrease in working capital of $3,173,050. This decrease in working capital was the result of usage of cash and cash equivalents to fund operations. On June 30, 2025, the Company had cash of $6,985,858 available to fund its operations.
Current wording
On September 30, 2025, the Company had working capital of $4,391,664, as compared to working capital of $9,487,137 on December 31, 2024, reflecting a decrease in working capital of $5,095,473. This decrease in working capital was the result of usage of cash and cash equivalents to fund operations. On September 30, 2025, the Company had cash of $5,098,687 available to fund its operations.
Previous wording
Based on its working capital of approximately $6,314,087 as of June 30, 2025, and its program of seeking various grants, the Company believes it has sufficient funds, in the near term, for its currently planned operations. The Company will continue to allocate its available working capital toward advancing its research, development, and commercialization initiatives. If and when it requires capital, it may sell its equity securities, seek institutional and bank funding, and sell or license various of its intellectual property rights. The Company does not have any current arrangements for additional funding, and there is no assurance that it will be able to obtain funding, when needed, on terms that are commercially reasonable.
Current wording
Based on its working capital of approximately $4,391,664 as of September 30, 2025, and its program of seeking various grants, the Company believes it has sufficient funds, in the near term, for its currently planned operations. The Company will continue to allocate its available working capital toward advancing its research, development, and commercialization initiatives. If and when it requires capital, it may sell its equity securities, seek institutional and bank funding, and sell or license various of its intellectual property rights. The Company does not have any current arrangements for additional funding, and there is no assurance that it will be able to obtain funding, when needed, on terms that are commercially reasonable. The Company’s ability to meet its long-term liabilities and obligations depends on securing additional financial support, whether through continued shareholder funding, raising equity or debt financing, or ultimately achieving profitable operations.
Previous wording
For the six months ended June 30, 2025, operating activities utilized cash of $2,671,532, which was driven by an increased research and development activity, as well as increased general and administrative costs.
Current wording
For the nine months ended September 30, 2025, operating activities utilized cash of $4,528,240, which was driven by an increased research and development activity, as well as increased general and administrative costs.
Previous wording
For the six months ended June 31, 2024, operating activities utilized cash of $2,256,599. This was primarily driven by increased research and development activity, as well as higher general and administrative expenses, which resulted in a deficit for the period. However, this deficit was offset by cash received from related parties.
Current wording
For the nine months ended September 30, 2024, operating activities utilized cash of $2,798,123. This was primarily driven by increased research and development activity, as well as higher general and administrative expenses, which resulted in a deficit for the period. However, this deficit was offset by cash received from related parties.
Previous wording
For the six months ended June 30, 2025, and 2024, investing activities primarily consisted of the purchase of laboratory equipment.
Current wording
For the nine months ended September 30, 2025, and 2024, investing activities primarily consisted of the purchase of laboratory equipment.
Previous wording
For the six months ended June 31, 2024, the Company had cash expenditures that related to the ongoing IPO activities and totaled $112,029 and received $2,640,000 from a related party note.
Current wording
For the nine months ended September 30, 2024, the Company had cash expenditures that related to the ongoing IPO activities and totaled $107,732 and received $3,222,066 from a related party note.
Previous wording
On November 11, 2024, the Company signed a firm commitment underwriting agreement for its initial public offering (IPO) with a closing date of November 11, 2024, which consisted of the sale of an aggregate of 1,875,000 shares of Common Stock. The public offering price was $8.00 per share, for gross proceeds of $15,000,000. The underwriter was granted its overallotment option for up to an additional 281,250 shares until December 26, 2024. The net proceeds for the initial public offering with the overallotment were $15,206,543 as of the date of this report. The proceeds will be used for the development of eXoZymes, expansion of production capabilities, increased staff and related expenses, R&D expenses, repayment of a related party loan and other general corporate and working capital requirements.
Current wording
On November 11, 2024, the Company signed a firm commitment underwriting agreement for its initial public offering (IPO) with a closing date of November 14, 2024, which consisted of the sale of an aggregate of 1,875,000 shares of Common Stock. The public offering price was $8.00 per share, for gross proceeds of $15,000,000. The underwriter was granted an overallotment option for up to an additional 281,250 shares until December 26, 2024. The net proceeds for the initial public offering with the overallotment were $15,206,543. The proceeds are being used for the development of eXoZymes, expansion of production capabilities, increased staff and related expenses, R&D expenses, repayment of a related party loan and other general corporate and working capital requirements.