Start here if you're new
what it is
It builds enzymes that help turn biomass into chemicals, medicines, and biofuels.
how it gets paid
Last year Exozymes made n/a in revenue. Biomanufacturing platform was the main engine at $0M, or 40% of sales.
what just happened
The latest quarter showed -$0.78 EPS, and revenue stayed blank in the supplied data.
At a glance
n/a balance sheet
-$0.89 fy2024 eps est
~$61M market cap
small cap
NASDAQ
What they do
It builds enzymes that help turn biomass into chemicals, medicines, and biofuels.
You have 31 employees and $0M revenue. That is a lab story, not a cash story. The contrast is brutal: $0M today versus 1 rare compound inside NCTx.
How they make money
n/a
annual revenue
Biomanufacturing platform
$0M
NCTx LLC
$0M
AI-enhanced enzyme tools
$0M
Partner development programs
$0M
The products that matter
scaled production program
NCT program
100x scale-up announced dec 2025
management said production scaled 100x in december 2025. that sounds impressive. it matters only if it turns into disclosed sales, and none are reported yet.
100x scale-up
enzyme design platform
AI-enhanced enzyme platform
$0 reported revenue
the platform is the company. right now it supports the entire $61M market cap while generating no reported revenue. that is a very early-stage setup wearing a public ticker.
pre-commercial
research work for partners
R&D services
contribution not disclosed
the company references research activity, but it has not broken out a revenue contribution because there is no reported revenue to break out. thin disclosure is part of the risk here.
thin disclosure
Key numbers
$61M
market cap
That is the whole equity value you are paying for today. It is small enough that one update can move the stock fast.
$0M
ttm revenue
No sales means every headline has to carry the stock. The business is still being priced like a promise.
$1M
long-term debt
Debt is tiny in dollar terms, but it matters when revenue is still $0M. There is no cash engine to lean on.
31
employees
A 31-person company can do science. It cannot hide a weak commercial finish line.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $1M (2% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for EXOZ right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The latest quarter showed -$0.78 EPS, and revenue stayed blank in the supplied data.
EDGAR lists latest quarter EPS at -$0.78. Yahoo Finance lists trailing EPS at -$1.08. Revenue is not reported in the supplied data, so the business is still living on outside funding.
$0M
revenue
-$0.78
eps
n/a
n/a
EPS loss
The -$0.78 EPS loss matters because it sits next to $0M revenue. That is a costly way to stay alive.
source: EDGAR and Yahoo Finance, 2026
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What could go wrong
the #1 risk is financing before commercialization. this company has no reported revenue, a $61M market cap, and a $50M shelf already on file.
med
dilution could arrive before proof of demand
EXOZ raised $5M in 2025 and then filed a $50M mixed shelf in january 2026. For a company with no reported revenue, that sequence tells you external capital is still central to survival.
If that shelf gets used before the business shows commercial traction, the financing could be large relative to the current ~$61M market cap and highly dilutive.
med
the platform may never turn into a real revenue line
The company talks about enzyme design, pilot runs, and scale-up. None of that has produced reported revenue yet. Public markets are full of scientific platforms that worked in a lab and nowhere else.
Until EXOZ discloses actual sales, partnership economics, or repeat customer demand, 100% of the valuation rests on future conversion rather than current results.
med
better-established enzyme players can crowd out the story
Management is not building in an empty field. Arzeda and Codexis already exist, already have market credibility, and already give partners alternatives.
If the technology is merely comparable rather than clearly better, the larger and more proven names are the ones that win partnerships first.
a company with $0 reported revenue and a $50M shelf does not have much room for delays. that is the risk picture in one sentence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital
any use of the $50M shelf
This is the biggest near-term tell. If management starts issuing stock or other securities before revenue appears, your ownership is being diluted to keep the experiment running.
calendar
mista symposium presentation
CCO Damien Perriman is scheduled to present during the week of march 12, 2026. You want specifics on partners, pilot outcomes, or process economics — not just another platform overview.
operations
whether the NCT pilot run becomes a deal
The january 2026 pilot run is only meaningful if it converts into a signed technology-transfer agreement, paid production work, or some other disclosed commercial step.
metric
the first reported revenue line
This company does not need polished storytelling. It needs a number above zero in reported sales. Until then, the investment case stays speculative by definition.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for EXOZ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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