eXoZymes Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 13, 2026, reporting financial results for the three and nine months ended on that date.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $7,487,389 for the nine months ended September 30, 2026, compared with a net loss of $6,503,698 for the same period in 2025.
  • Third-quarter net loss: Net loss for the three months ended September 30, 2026 was $2,238,528, versus $2,286,991 in the prior-year quarter.
  • Research and development costs surged: R&D costs for the nine months ended September 30, 2026 were $4,176,128, up from $2,594,765 in the same period of 2025.
  • Accumulated deficit widened: The accumulated deficit reached $28,592,081 as of September 30, 2026, compared with $21,104,692 as of December 31, 2025.
  • Cash position: Cash and cash equivalents stood at $3,258,901 as of September 30, 2026, up from $3,039,343 at December 31, 2025.
  • Shares outstanding: Common shares issued and outstanding were 9,304,701 as of September 30, 2026, up from 8,406,681 at December 31, 2025; as of November 13, 2026, the count was 9,439,915.
  • Warrant liability recorded: A warrant liability of $1,129,085 appeared on the September 30, 2026 balance sheet, compared with zero at December 31, 2025.

eXoZymes Financial Position and Operating Results: Quarter Ended September 30, 2026

According to the filing, eXoZymes Inc. (NASDAQ:EXOZ) generated no operating income in either the three- or nine-month periods ended September 30, 2026 or 2025. Total operating costs for the nine months ended September 30, 2026 were $8,387,313, up from $7,020,981 in the comparable prior-year period. The increase was driven in part by R&D costs rising to $4,176,128 from $2,594,765, while total general and administrative costs declined slightly to $4,211,185 from $4,426,216.

For the third quarter alone, the company reported total operating costs of $3,046,448, compared with $2,522,208 in the third quarter of 2025. The filing disclosed a change in fair value of derivative instruments of $773,527 for the three months ended September 30, 2026, and $946,386 for the nine months ended on the same date, with no comparable amounts in the prior-year periods. Offering costs of $201,784 were recorded in the nine-month 2026 period. Net loss per common share, basic and diluted, was $(0.85) for the nine months ended September 30, 2026, versus $(0.78) in the same prior-year period.

On the balance sheet, total assets as of September 30, 2026 were $5,862,684 versus $5,971,517 at December 31, 2025. Total liabilities grew to $3,671,241 from $2,574,268, largely reflecting the new warrant liability of $1,129,085 and an increase in deferred grant reimbursement to $196,136 from $90,365. Total stockholders' equity declined to $2,191,443 from $3,397,249. During the nine months, the company issued shares in a public offering and a registered direct offering, raising additional paid-in capital. The company identified itself as a non-accelerated filer, smaller reporting company, and emerging growth company.

What Was Disclosed

eXoZymes Inc. disclosed its condensed unaudited consolidated financial statements for the three and nine months ended September 30, 2026, showing widening accumulated deficits, rising R&D spending, a new warrant liability, and share issuances through public and registered direct offerings.