Azitra is developing genetically engineered bacteria for therapeutic use in dermatology. The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications. Azitra's lead candidate is ATR-12 for the rare disease Netherton syndrome (NS). A second candidate is ATR-04 targeting EGFRi-associated rash, ATR-01 for ichthyosis vulgaris and ATR-COSF for cosmetic use. Each is topically formulated. Preclinical work has shown effective and safe use of ATR-12 as a potentially disease-modifying therapy able to colonize the skin and replace the missing subunit of the LEKTI protein. Azitra is running a Phase I study for NS. ATR-04 began to enroll its first patients in 3Q:25. ATR-12 provides the missing active protein segment for NS and, if successful, will be a disease modifying therapy. The therapy is not a cure and patients will require ongoing treatment. We expect clinical trials for NS will follow an expedited pathway as NS is a rare disease that affects children. Our forecasts call for Ph2 and pivotal trials leading to a Biologics License Application (BLA) submission in 2029 and approval the following year. ATR-12 may also qualify for a rare pediatric disease priority review voucher.