EXOZYMES INC.
For the period ended Jun 30, 2025. Filed Aug 12, 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.
Jun 30, 2025 · Filed Aug 12, 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 2025-03-31; filed 2025-05-12.
0001641172-25-009636
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent 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 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 55 previous paragraphs and 52 current paragraphs.
36 unchanged; 10 reworded; 3 added; 9 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 (3)
Current report
General and Administrative Costs.
Current report
Research and Development Costs.
Current report
For the six months ended June 30, 2025, the Company did not have any cash transaction in financing activities.
Removed paragraphs (9)
Previous report
For the three months ended March 31, 2025, the Company paid down related party debt amounting to $43,254.
Previous report
Recently Issued Accounting Pronouncements
Previous report
Recent Accounting Pronouncements
Previous report
ASU 2024-03
Previous report
In November 2024, the FASB issued ASU No. 2024-03,Disaggregation of Income Statement Expenses (DISE) (ASU 2024-03), which requires disclosure of certain categories of expenses such as the purchase of inventory, employee compensation, depreciation, and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 should be applied prospectively; however, retrospective application is permitted. We are currently evaluating the impact of ASU 2024-03 on our disclosures.
Previous report
ASU 2023-07
Previous report
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires all public entities, including public entities with a single reportable segment, to provide in interim and annual periods one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires disclosures of significant segment expenses and other segment items as well as incremental qualitative disclosures. The Company adopted ASU 2023-07 effective December 31, 2024, on a retrospective basis. The adoption of 2023-07 did not change the way that the Company identifies its reportable segments and, as a result, did not have a material impact on the Company’s segment-related disclosures.
Previous report
ASU 2023-09
Previous report
In December 2023, the FASB issued ASU No. 2023-09,Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of an entity’s operations and the associated tax risks. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The adoption of ASU 2023-09 will result in modifications to our income tax disclosures beginning in 2025.
Reworded paragraphs (10)
Previous wording
During three months ended March 31, 2025, and 2024, respectively, several factors contributed to changes in various expense categories:
Current wording
During six months ended June 30, 2025, and 2024, respectively, several factors contributed to changes in various expense categories:
Previous wording
For the three months ended March 31, 2025, research and development costs increased by $297,434 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 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.
Previous wording
The increase in liabilities were primarily driven by the increase in accounts payable.
Current wording
The decrease in liabilities were primarily driven by the decrease in the amount of Due to affiliates.
Previous wording
On March 31, 2025, the Company had working capital of $7,974,538, as compared to working capital of $9,487,137 on December 31, 2024, reflecting an increase in working capital of $10,141,306. This decrease in working capital was the result of usage of cash and cash equivalents to fund operations. On March 31, 2025, the Company had cash of $8,511,477 available to fund its operations.
Current 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.
Previous wording
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 $15,901,328, and net proceeds of approximately $15,206,543. The Company used of 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, 2025, will continue to be used, throughout 2025, in the expansion of its production capabilities, staffing, R&D and other working capital requirements.
Current wording
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 June 30, 2025, will continue to be used, throughout 2025, in the expansion of its production capabilities, staffing, R&D and other working capital requirements.
Previous wording
Based on its working capital of approximately $7,974,538 as of March 31, 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 $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.
Previous wording
For the three months ended March 31, 2025, operating activities utilized cash of $1,133,533, 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, 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.
Previous wording
For the three months ended March 31, 2024, operating activities provided cash of $281,199. 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 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.
Previous wording
For the three months ended March 31, 2025, and 2024, investing activities primarily consisted of the purchase of laboratory equipment.
Current wording
For the six months ended June 30, 2025, and 2024, investing activities primarily consisted of the purchase of laboratory equipment.
Previous wording
For the three months ended March 31, 2024, the Company has cash expenditures that related to the ongoing IPO activities and totaled $91,507.
Current 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.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Consolidated Results of Operations for the Six months Ended June 30, 2025 and 2024
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
For three months ended June 30, 2025, and 2024, respectively, several factors contributed to changes in various expense categories: