Azitra's second quarter is best read backward from the next two. The company spent $1.4 million on research and development - essentially flat versus the year-ago $1.4 million, and down slightly from the $1.6 million run-rate embedded in the first-quarter results - while general and administrative spend jumped 41% year over year to $2.1 million, driving total operating expenses up 19% to $3.4 million and a net loss of $3.3 million, 16% wider than a year ago. The split is the quarter's tell: R&D did not step up, G&A did, and that pattern - combined with an explicit going-concern paragraph, an accumulated deficit of $75.8 million, six months of operating cash burn of $5.8 million against only $6.7 million of cash on hand at quarter-end, and a market capitalization of roughly $8.5 million at the August 14 closing reference price of $0.14 - is what an early-stage clinical biotech looks like when it has reprioritized around its single most consequential read. Azitra paused enrollment in its second clinical program (ATR-12, Netherton syndrome) during the quarter to direct capital at ATR-04, the EGFR-inhibitor-associated rash program with topline Phase 1/2 data expected in the fourth quarter. The diluted share count tells the rest of the story: 220.1 million warrants and options outstanding at June 30, against 60.6 million shares issued, on a company that converted a $10.5 million Series A preferred into 36.7 million shares plus 48.5 million pre-funded warrants on June 16 to clear the NYSE American's stockholders'-equity threshold. The market is pricing Azitra for the next data readout and the next financing in roughly equal measure. The open question is whether the ATR-04 data, when it arrives, gives the company enough narrative lift to refinance the Series B and Series C warrants before the next clinical quarter arrives.