EXOZYMES INC.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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.
Mar 31, 2026 · Filed May 14, 2026
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 2025-09-30; filed 2025-11-13.
0001493152-25-022289
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001493152-26-023035
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 53 previous paragraphs and 48 current paragraphs.
33 unchanged; 10 reworded; 5 added; 7 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 6 previous and 4 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 (5)
Current report
Total liabilities decreased for the three months ended March 31, 2026, primarily due to lower long-term operating lease liabilities and a reduction in finance lease liabilities as scheduled lease payments reduced outstanding balances. The decrease was partially offset by higher amounts due to affiliates.
Current report
As of March 31, 2026, the Company had working capital of approximately $507,586. Given its current operating cash burn, the Company’s existing working capital is not sufficient to fund operations for a full twelve-month period, determined as of March 31, 2026. In addition to the proposed public offering of common stock, the Company also will continue to pursue non-dilutive funding opportunities, including grants, and may seek institutional or bank financing, and the sale or licensing of intellectual property. The Company does not have any committed sources of additional financing, and there is no assurance that such funding will be available on commercially reasonable terms, if at all. The Company’s ability to continue its operations and meet its long-term obligations will depend on securing additional financial resources or ultimately achieving profitable operations.
Current report
For the three months ended March 31, 2025, the Company made cash payments of $43,254 related to a note payable to a related party.
Current report
In January 2026, eXoZymes established a shelf registration (Form S-3) to offer up to $50.0 million of securities including common stock, preferred stock, debt, warrants, subscription rights or units, in one or more future offerings.
Current report
Under the shelf registration statement, in April 2026 the Company filed a preliminary prospectus supplement to sell shares of common stock in a proposed firm commitment public offering. This offering will) be underwritten by one or more underwriters, one of which will be Public Ventures, LLC (d/b/a MDB Capital.
Removed paragraphs (7)
Previous report
General and Administrative Costs.
Previous report
Research and Development Costs.
Previous 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.
Previous report
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 report
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 report
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 report
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.
Reworded paragraphs (10)
Previous wording
eXoZymes is a biotechnology, pre-revenue, development stage company. Management believes that eXoZymes’s technology is a differentiated and unique synthetic biology platform. Management believes the platform will enable scalable production of chemical molecules found in nature in a process that is alternative to and more environmentally friendly and sustainable than the typical methods used today, such as chemical synthesis, natural extraction, and synthetic biology. eXoZymes believes its technology could significantly change biomanufacturing through leveraging cell-free, multi-step enzyme-based systems that will be able to transform natural or renewable resources into sought after chemicals. The objective with the eXoZymes synthetic biology platform, as it is developed over time, for diverse range of select chemicals will enable the production of pharmaceuticals, fuels, materials, food additives, and novel compounds.
Current wording
eXoZymes is a biotechnology, pre-revenue, development stage company. Management believes that eXoZymes’s technology is a differentiated and unique synthetic biology platform. Management believes the platform will enable scalable production of chemical molecules found in nature in a process that is alternative to and more environmentally friendly and sustainable than the typical methods used today, such as chemical synthesis, natural extraction, and synthetic biology. eXoZymes believes its technology could significantly change biomanufacturing through leveraging cell-free, multi-step enzyme-based systems that will be able to transform natural or renewable resources into sought after chemicals. The objective with the eXoZymes synthetic biology platform, as it is developed over time, for a diverse range of select chemicals will enable the production of pharmaceuticals, fuels, materials, food additives, and novel compounds.
Previous wording
The Company has determined its reporting units in accordance with ASC (Accounting Standards Codification) 280, Segment Reporting. The Company has one reportable segment for eXoZymes as a whole. A single management team that reports to the Chief Executive Officer comprehensively manages the business. Accordingly, the Company does not have separately reportable segments.
Current wording
The Company has determined its reporting units in accordance with ASC (Accounting Standards Codification) 280, Segment Reporting. The Company has one reportable segment for eXoZymes as a whole. A single management team that reports to the Chief Executive Officer comprehensively manages the business. Accordingly, the Company does not have separate reportable segments.
Previous 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.
Current wording
For the three months ended March 31, 2026, research and development costs increased by $545,992 compared to the same period in 2025, 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 assets. 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. The decrease in finance lease right-of-use assets resulted from the periodic amortization of the asset and the lease payments made during the period
Previous 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.
Current wording
On March 3, 2026, the Company had working capital of $507,586, as compared to working capital of $2,372,687 on December 31, 2025, reflecting a decrease in working capital of $1,865,101. This decrease in working capital was the result of usage of cash and cash equivalents to fund operations. On March 31, 2026, the Company had cash of $1,444,562 available to fund its operations.
Previous 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.
Current wording
For the three months ended March 31, 2026, operating activities utilized cash of $1,524,441, which was driven by an increased research and development activity, as well as increased general and administrative costs.
Previous 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.
Current wording
For the three months ended March 31, 2025, operating activities utilized cash of $1,133,533. 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 nine months ended September 30, 2025, and 2024, investing activities primarily consisted of the purchase of laboratory equipment.
Current wording
For the three months ended March 31, 2026, and 2025, investing activities primarily consisted of the purchase of laboratory equipment.
Previous wording
For the nine months ended September 30, 2025, the Company incurred cash payments of $17,155 related to its finance lease obligations.
Current wording
For the three months ended March 31, 2026, the Company made cash payments of $12,736 related to its finance lease obligations.
Previous wording
Supply Chain Issues. The Company continues to monitor changes in tariffs and indirect trade restraints. The Company does not currently expect that supply chain issues will have a significant impact on its business activities.
Current wording
Supply Chain Issues. The Company continues to monitor changes in tariffs and indirect trade restraints and the results of the conflict in the Persian Gulf. The Company does not currently expect that supply chain issues will have a significant impact on its business activities.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Consolidated Results of Operations for the Nine months Ended September 30, 2025 and 2024
Previous report — wording carried elsewhere
During nine months ended September 30, 2025, and 2024, respectively, several factors contributed to changes in various expense categories:
Previous report — wording carried elsewhere
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.