Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026

Azora Therapeutics, Inc. (De) (ADIL)

A forensic read on Azora Therapeutics, Inc. (De) built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

-43.1

Distress distance

Forensic signals

-170.7%

ROE

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Azora Therapeutics, Inc. (De) earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -43.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

OCF ($7M)

FY2023

Shareholder returns. Returned $1,661 to shareholders (buybacks + dividends) in FY2023, while operating cash flow itself was ($7M) — zero or negative. Capex isn't disclosed for FY2023, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+0.3M to FY2025 $-0.6M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.

Key fundamentals

Return on Equity-170.7%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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