EXOZYMES INC.
For the period ended Jun 30, 2026. Filed Aug 13, 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.
Jun 30, 2026 · Filed Aug 13, 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 2026-03-31; filed 2026-05-14.
0001493152-26-023035
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001493152-26-037725
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 48 previous paragraphs and 51 current paragraphs.
31 unchanged; 9 reworded; 8 added; 8 removed; 0 previous and 3 current paragraphs rearranged.
Tables are not compared: 4 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 (8)
Current report
General and Administrative Costs.
Current report
Research and Development Costs.
Current report
The equity increase was due to the net proceeds of the June 2026 offerings and stock-based compensation recognized during the period, partially offset by losses generated by operations.
Current report
On July 1, 2025, the Company was awarded a key industrial partnership, with a $3 million share of a $9.2 million grant. U.S. National Science Foundation (NSF) funded the project under the CFIRE program aimed at transforming the scalability and accessibility of cell-free systems to expand real-world applications. The grant is led by Georgia Tech with a coalition of top academic and industry groups.
Current report
On June 9, 2026, the Company closed an underwritten public offering of units and, on June 30, 2026, a concurrent registered direct offering of units under its shelf registration statement, for aggregate net proceeds of $5,861,147.
Current report
For the six months ended June 30, 2026, financing activities provided net cash of $5,835,675, consisting of net proceeds of $5,861,147 from the June 2026 offerings, partially offset by cash payments of $25,472 related to the Company’s finance lease obligations.
Current report
For the six months ended June 30, 2025, the Company had no cash flows from financing activities.
Current report
Under the shelf registration statement, in June 2026 the Company completed an underwritten public offering and a concurrent registered direct offering of units, underwritten by Public Ventures, LLC (d/b/a MDB Capital), resulting in the issuance of 732,260 shares of common stock and 366,130 warrants for net proceeds of $5,861,147.
Removed paragraphs (8)
Previous report
The equity decrease was due to losses generated by operations.
Previous report
On November 11, 2024, the Company signed a firm commitment underwriting agreement for its IPO, in which it sold an aggregate of 1,987,666 shares of Common Stock, including 112,666 shares pursuant to the underwriter overallotment option, for gross proceeds of $15,901,328, and net proceeds of approximately $15,206,543. The Company used approximately $4,243,022 to repay loans from MDB Capital Holdings, LLC shortly after the closing of the IPO. The balance of the proceeds as of March 31, 2026, will continue to be used, throughout 2026, in the expansion of its production capabilities, staffing, R&D, and other working capital requirements.
Previous report
In a private placement (“Concurrent Private Offering”) completed concurrently with the IPO, the Company sold to accredited investors an aggregate of 93,750 warrants to purchase up to 93,750 shares of Common Stock (the “Private Warrants”). The Private Warrants were sold at a purchase price of $0.125. The Private Warrants have an exercise price of $8.00 per share, are exercisable beginning six months after issuance, and expire five years from the date of issuance. The Private Warrants have a cashless exercise provision and registration rights for the underlying shares of Common Stock. The gross proceeds from the Concurrent Private Offering were approximately $11,719, and if the Private Warrants are fully exercised, for cash, the Company will receive up to $750,000.
Previous report
In October 2024, the Company received a cost share grant from the Department of Defense (DOD) BioMADE initiative to help fund next steps toward cell-free biomanufacturing of isobutanol in the amount of approximately $1,000,000 against our own required expenses of an equal amount.
Previous report
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 report
For the three months ended March 31, 2026, the Company made cash payments of $12,736 related to its finance lease obligations.
Previous 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.
Previous 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.
Reworded paragraphs (9)
Previous wording
Consolidated Results of Operations for the Three months Ended March 31, 2026 and 2025
Current wording
Consolidated Results of Operations for three months Ended June 30, 2026 and 2025
Previous wording
For three months ended March 31, 2026, and 2025, respectively, several factors contributed to changes in various expense categories:
Current wording
For the three months ended June 30, 2026, and 2025, respectively, several factors contributed to changes in various expense categories:
Previous 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.
Current wording
For the three months ended June 30, 2026, research and development costs increased 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. 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
Current wording
The increase in assets was due to changes in several asset classes, but primarily in cash and cash equivalents, reflecting the net proceeds of the June 2026 offerings. The decrease in property and equipment was mostly explained by the depreciation for the period. These increases were partially offset by a decrease in grants receivable, driven by completion of certain grants and timing of grant drawdowns; a decrease in prepaid expenses, due to ongoing amortization of prepaids to expenses; a decrease in operating lease right-of-use assets, resulting from the usage and payments of office space during the period; and a decrease in finance lease right-of-use assets, resulting from the periodic amortization of the asset and the lease payments made during the period.
Previous wording
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 wording
Total liabilities increased for the six months ended June 30, 2026, primarily due to the recognition of a warrant liability related to the warrants issued in connection with the Company’s June 2026 offerings. This increase was partially offset by reductions in long-term operating lease liabilities, finance lease liabilities, deferred grant reimbursement, and amounts due to affiliates.
Previous 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.
Current wording
On June 30, 2026, the Company had working capital of $4,550,841, as compared to working capital of $2,372,687 on December 31, 2025, reflecting an increase in working capital of $2,178,154. This increase in working capital was the result of the net proceeds of the June 2026 offerings, partially offset by the usage of cash and cash equivalents to fund operations. On June 30, 2026, the Company had cash of $5,652,696 available to fund its operations.
Previous wording
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 wording
Given the Company’s current operating cash burn, its existing working capital as of June 30, 2026, is not sufficient to fund operations for twelve months from the date these condensed unaudited consolidated financial statements are issued, and management has concluded that substantial doubt exists about the Company’s ability to continue as a going concern. Beyond the offerings completed in June 2026, the Company will continue to pursue non-dilutive funding opportunities, including grants, and may seek additional offerings under its shelf registration statement, 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.
Previous 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.
Current wording
For the six months ended June 30, 2026, and 2025, operating activities utilized cash of $3,164,719 and $2,671,532, respectively. The increase in cash used in operations was primarily driven by increased research and development activity, partially offset by lower general and administrative costs.
Previous wording
For the three months ended March 31, 2026, and 2025, investing activities primarily consisted of the purchase of laboratory equipment.
Current wording
For the six months ended June 30, 2026, and 2025, investing activities primarily related to laboratory equipment purchases.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Consolidated Results of Operations for Six months Ended June 30, 2026 and 2025
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, and 2025, respectively, several factors contributed to changes in various expense categories:
Current report — wording carried from elsewhere
For the six months ended June 30, 2026, research and development costs increased 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.