01 · Challenge
The Challenge
Following a June 2023 IPO at $5.00, biotech company Azitra came public at a time when healthcare stocks were “underperforming the S&P by the widest margin since 1999,” according to Leerink, which added that “the pain has been particularly acute in the biotech space, with the XBI set to fall for the third straight year.” Since its public market debut, Azitra’s stock had dropped 75% to $1.24.
02 · Solution
Our Solution
- Created a call-to-action investment thesis that led with the company’s partnership with German healthcare giant Bayer (BAYRY, $45B market cap)
- Underscored the dermatology company’s library of 1,500 unique bacterial strains for potential therapies
- Noted that Bayer had put in $8 million of the $40 million invested to date, compared with Azitra’s $14 million market cap
- Highlighted upcoming catalysts, such as an IND filing, top-line data and an outstanding option for a licensing agreement, including the total addressable market for each program
- Conducted virtual roadshows with targeted investors including Taglich Brothers, Kestrel Partners, Max Capital and Dunlap Equity
- Originated messaging for the earnings release highlighting upcoming catalysts, market sizes and directional timelines
03 · Impact
The Impact
- Stock increased ~40%, from $1.35 at engagement to $1.87
- Institutional ownership increased from 0% to 15%
- Secured equity research coverage and conference invitations from ThinkEquity and Roth Capital
Past results are not indicative of future performance. Figures are as reported in Hayden IR’s case study for Azitra, Inc. See our disclosures.
