Azora Therapeutics — Third Quarter 2026 Earnings Summary

Azora Therapeutics, Inc. reported a net loss of $64.6 million for the third quarter ended September 30, 2026, driven primarily by a $57.1 million non-cash charge related to the change in fair value of milestone warrant rights liability. The company's cash and cash equivalents stood at $22.0 million as of the quarter's end, which is expected to fund operations through the initiation of a Phase 1a clinical trial. Azora advanced its lead candidate, AT177, an oral AhR agonist for ulcerative colitis, through IND-enabling studies with a planned IND submission and Phase 1a trial initiation in the first half of 2027. Corporate updates include a name change from Adial Pharmaceuticals, a new Nasdaq ticker symbol (AZR), and the appointment of a new executive team and Board of Directors effective late October 2026.