Sign in

AZTR on NYSE

Azitra, Inc.

American pharmaceutical preparations company based in Branford1

In its 2026 annual report the company says: “We are an early-stage clinical biopharmaceutical company focused on developing innovative therapies for precision dermatology using engineered proteins and topical live biotherapeutic products. We have built a proprietary platform that includes a microbial library comprised of approximately 1,500 unique bacterial strains that can be screened for unique therapeutic characteristics.”3 Its shares trade on NYSE under the symbol AZTR.1

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with GENELUX Corp, SYNLOGIC, INC. or Aspire-Lakewood Holdings, Inc., or pick any stock.

  • TickerAZTR on NYSE1
  • IndustryPharmaceutical Preparations1
  • HeadquartersBranford, Connecticut1
  • Incorporated inDE2
  • Business address21 Business Park Drive, Suite 6, Branford, Ct 064052
  • Filer category, Emerging growth company2
  • Legal formCorporation

See how the biggest companies compare on our leaderboards

Azitra, Inc. was formed as a Delaware corporation on January 2, 2014 as a biopharmaceutical company focused on developing innovative therapies for precision dermatology using engineered proteins and topical live biotherapeutic products. Since our formation, we have built a proprietary platform that includes a microbial library comprised of approximately 1,500 unique bacterial strains that can be screened for unique therapeutic characteristics. The platform is augmented by an artificial intelligence and machine learning technology that analyzes, predicts and helps screen our library of strains for drug like molecules. The platform also utilizes a licensed genetic engineering technology, which can enable the transformation of previously genetically intractable strains. We have not commenced commercial operations. Unless otherwise indicated, the terms “Azitra,” Company,” “we,” “us,” and “ou…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-100.0%Revenue growth, 20254
-288.2%Return on equity4
-$11.2MFree cash flow4

Financial statements

Revenue564$0 in 2025
0$200.0K$400.0K$600.0K$800.0K2022: $284.0K$284.0K20222023: $686.0K$686.0K2023+142%2024: $7.5K$7.5K2024−99%2025: $0$02025
Operating income564-$11.0M in 2025+16% since 2022
-$15.0M-$10.0M-$5.0M02022: -$9.5M-$9.5M20222023: -$7.5M-$7.5M2023−21%2024: -$11.0M-$11.0M2024+47%2025: -$11.0M-$11.0M2025−0%
Net income564-$11.0M in 2025+3% since 2022
-$15.0M-$10.0M-$5.0M02022: -$10.7M-$10.7M20222023: -$11.3M-$11.3M2023+6%2024: -$9.0M-$9.0M2024−21%2025: -$11.0M-$11.0M2025+22%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Service revenue - related party$0$7.5K
Total revenue$0$7.5K
General and administrative$6.1M$6.3M
Research and development$4.8M$4.7M
Total operating expenses$11.0M$11.0M
Loss from operations-$11.0M-$11.0M
Interest income$70.2K$122.6K
Interest expense-$7.6K-$12.2K
Change in fair value of warrants$381$4.0M
Loss on issuance of common stock$0-$2.1M
Other (expense) income-$43.4K$15.0K
Total other income$19.6K$2.0M
Loss before income taxes-$10.9M-$9.0M
Income tax expense-$8.3K-$9.0K
Net loss attributable to common shareholders-$11.0M-$9.0M
Net loss per share, basic (in dollars per share)-$2.25-$15.70
Net loss per share, diluted (in dollars per share)-$2.25-$15.70
Weighted average common stock outstanding, basic (in shares)4.9M shares571.2K shares
Weighted average common stock outstanding, diluted (in shares)4.9M shares571.2K shares

Compare Azitra, Inc. with another company

Corporate structure

Azitra, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Azitra, Inc.

  • Azitra, Inc. Branford, Connecticut

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Azitra, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.2M4 Dec 31, 2025$1.2M4 Dec 31, 2024+1.1%
Accumulated depreciation$633.0K4 Dec 31, 2025$515.0K4 Dec 31, 2024+22.9%
Property and equipment, net$548.6K4 Dec 31, 2025$654.0K4 Dec 31, 2024−16.1%
Finance-lease assets$9.0K4 Dec 31, 2025$24.5K4 Dec 31, 2024−63.1%
Operating-lease assets (leased space)$404.4K4 Dec 31, 2025$527.4K4 Dec 31, 2024−23.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.1M4 Dec 31, 2025$4.6M4 Dec 31, 2024−54.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$316.7K4 Dec 31, 2025$246.4K4 Dec 31, 2024+28.5%
Accumulated amortization$40.7K4 Dec 31, 2025$26.9K4 Dec 31, 2024+50.9%

Properties, in its own words

Our executive offices are located in approximately 12,030 square feet of leased office and laboratory space at 21 Business Park Drive, Branford, Connecticut 06405. The lease expires in 2027, subject to our option to extend the lease for two additional five-year terms. We currently pay $14,745 per month under the lease, and are currently renegotiating the lease terms.

We also lease approximately 1,093 square feet of additional laboratory space, which is located at 93 Shennecossett Road, Groton, Connecticut 06340. The lease expires in April 2026, with the option to extend the lease for an additional two one-year terms. We pay $7,235 per month under the lease plus our pro rata share of certain operating expenses of the property, and are currently renegotiating the lease terms.

The rest of Item 2

We also lease approximately 1,868 square feet of office and laboratory space, which is located at 500 Cartier Boulevard, Laval, Quebec, Canada. We pay $6,882 per month under the lease. The lease expires in April 2026, subject to our option to extend the lease for an additional one-year term.

We believe that our facilities are adequate to meet our current needs and that additional space can be obtained on commercially reasonable terms as needed.

Item 2 of the 10-K filed Feb 27, 2026.3

Leadership

Who has led Azitra, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Francisco D. Salva2023–now

President

  1. Francisco D. Salva2023–now

Chief financial officer

  1. Norm Staskey2023–now

Chief operating officer

  1. Travis Whitfill2023–now
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorNAVEEN KRISHAN named Oct 12, 202215
  • DirectorSTELLA ROBERTSON named Oct 12, 202215

Former names

  • Azitra IncMar 20, 2017 to Jan 4, 20242

Timeline

  1. Oct 1, 20268-K Other events16
  2. Sep 28, 20268-K Entered a material agreement17
  3. Sep 8, 20268-K Regulation FD disclosure18
  4. Aug 21, 20268-K Other events19
  5. Aug 12, 20268-K Results of operations20
  6. Jul 15, 20268-K Other events21
  7. Jun 17, 20268-K Other events22
  8. Jun 16, 20268-K Bylaws or fiscal year changed; Shareholder vote23
  9. Jun 4, 20268-K Other events24
  10. May 27, 20268-K Other events25
  11. May 13, 20268-K Results of operations26
  12. Mar 23, 20268-K Entered a material agreement; Unregistered sale of shares; Bylaws or fiscal year changed27
  13. Jun 15, 2023New chief executive Francisco D. Salva becomes CEO9

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.67) a share, on Nov 12, 2025.28

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results20
  2. May 13, 2026Reported quarterly or annual results26
  3. Feb 27, 2026Reported quarterly or annual results29
  4. Nov 12, 2025Reported quarterly or annual results30
  5. Aug 11, 2025Reported quarterly or annual results31
  6. May 13, 2025Reported quarterly or annual results32
  7. Feb 24, 2025Reported quarterly or annual results33
  8. Nov 13, 2024Reported quarterly or annual results34

Drug trials and FDA: coming up

  1. Jul 15, 2027Phase 1/2 trial readout expected Phase 1/2 trial of ATR04-484 and Vehicle in EGFR Inhibitor-associated Rash: primary completion expected Jul 15, 2027 (ClinicalTrials.gov NCT06830863).35

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

229 filings to the SEC since October 2021: 4 annual reports, 10 quarterly reports, 48 major events, 34 insider forms, 23 large holders, 1 private raises, 109 other. The latest 20:

  1. Oct 1, 20268-K EDGAR
  2. Sep 28, 20268-K EDGAR
  3. Sep 28, 2026424B5 EDGAR
  4. Sep 8, 20268-K EDGAR
  5. Aug 21, 20268-K EDGAR
  6. Aug 14, 2026SCHEDULE 13G EDGAR
  7. Aug 14, 2026SCHEDULE 13G EDGAR
  8. Aug 12, 20268-K EDGAR
  9. Aug 12, 202610-Q EDGAR
  10. Jul 15, 20268-K EDGAR
  11. Jun 25, 2026SCHEDULE 13G EDGAR
  12. Jun 24, 2026SCHEDULE 13D EDGAR
  13. Jun 22, 2026SCHEDULE 13G EDGAR
  14. Jun 18, 20264 EDGAR
  15. Jun 17, 20268-K EDGAR
  16. Jun 16, 20268-K EDGAR
  17. Jun 4, 2026DEFA14A EDGAR
  18. Jun 4, 20268-K EDGAR
  19. Jun 2, 2026EFFECT EDGAR
  20. May 29, 2026CORRESP EDGAR

The 229 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 6 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 29, 2024Staskey NormChief Financial OfficerBuy47,600$0.21$10.0KForm 4
Feb 13, 2024Whitfill TravisChief Operating OfficerBuy15,000$0.30$4.5KForm 4
Feb 13, 2024Staskey NormChief Financial OfficerBuy3,300$0.30$990Form 4
Feb 13, 2024Salva Francisco D.President and CEOBuy333,300$0.30$100.0KForm 4
Jun 21, 2023Cavu Advisors, LLC10% ownerBuy2,297,490$5.00$11.5MForm 4
Jun 21, 2023Cavu Advisors, LLC10% ownerSale669,317Form 4
Jun 21, 2023BIOS Fund III NT, LP10% ownerBuy2,297,490$5.00$11.5MForm 4
Jun 21, 2023BIOS Fund III NT, LP10% ownerSale669,317Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Francisco Salva,56$450.0K$584.2K49
2025Norman Staskey,56$3.8K$497.5K49
2025Travis Whitfill,36$396.0K$492.4K49
2024CFO$457.6K49
2024Pres. and CEO$440.0K$441.1K49
2024COO$380.0K$384.5K49

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$4.3M 2022–2022
Money received by yearMoney received by year, 2022–2022: $4.3M in all. Private raises (Form D) $4.3M.$0$2M$4M$6M2022 · Private raises (Form D): $4.3M2022
Figures by year
YearPrivate raises (Form D)Total
2022$4.3M$4.3M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Sep 16, 2022Raised $4.3 million in a private offering of debt15 Form D: $4.5 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Dauntless Investment Group, LLC11,292,186$1.9M3.3%+11,291,186
Stonepine Capital Management, LLC5,285,476$886.9K0.7%New
Nantahala Capital Management, LLC4,427,226$742.9K0.0%New
Jane Street Group, LLC248,433$41.7K0.0%New
Geode Capital Management, LLC95,409$16.0K0.0%−374,469
Citadel Advisors LLC86,242$14.5K0.0%New
UBS Group AG50,481$8.5K0.0%+20,276
StoneX Group Inc.28,651$5.0K0.0%+6,187
Tower Research Capital LLC (TRC)19,500$3.3K0.0%+4,415
Corient Private Wealth LP14,451$2.4K0.0%New
Susquehanna International Group, Llp12,237$2.1K0.0%New
Citigroup Inc6,149$1.0K0.0%+4,444
Virtu Financial LLC64,940$110.0%New
Barclays PLC1$00.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Azitra, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAzitra, Inc.1
  • CIK0001701478
  • Employer ID (EIN)46-44785363
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address21 Business Park Drive, Suite 6, Branford, CT 064051
  • Phone(203) 489-01831
  • Shares outstanding60,603,742 as of Aug 11, 20268
  • Public float$4.7M as of Jun 30, 20253
  • AuditorGRASSI & CO., CPAs, P.C., Jericho, New York PCAOB ID 606; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMar 20, 20171
  • Filings234 in all: 8-K (48), CORRESP (25), 4 (24), UPLOAD (12), 10-Q (10), 3 (9), EFFECT (8), S-1 (8)1
    All 36 form types

    S-1/A (7), 424B5 (6), D (6), DEF 14A (6), DEFA14A (6), FWP (6), SCHEDULE 13G (6), PRE 14A (5), SC 13G (5), SCHEDULE 13G/A (5), DRS (4), SC 13G/A (4), 10-K (3), 424B3 (3), ARS (3), S-8 (3), 10-K/A (1), 144 (1), 4/A (1), 424B4 (1), 8-A12B (1), CERT (1), RW (1), S-3 (1), S-3/A (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) May 8, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Common stock: Par value $0.0001AZTRNYSE American, LLC

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks Azitra, Inc. names in Item 1A of its 10-K filed Feb 27, 2026: 46 risks under these headings, as written.3

  • Risks Relating to Our Business
  • We are an early-stage clinical biopharmaceutical company with limited operating history.
  • We have a history of significant operating losses and anticipate continued operating losses for the foreseeable future.
  • We expect we will need additional financing to execute our business plan and fund operations, which additional financing may not be available on reasonable terms or at all.
  • The clinical and commercial utility of our microbial library and genetic engineering platform is uncertain and may never be realized.
  • Our product candidates are in early-stage clinical trials or early stages of preclinical development, and therefore they will require extensive additional preclinical and clinical testing. Success in preclinical studies or early-stage clinical trials may not be indicative of results in future clinical trials and we cannot assure you that any ongoing, planned or future clinical trials will lead to results sufficient for the necessary regulatory approvals.
  • We will need to grow the size of our organization, and we may experience difficulties in managing this growth.
  • If we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy. In addition, the loss of the services of our senior management would adversely impact our business prospects.
  • We currently have no sales and marketing organization. If we are unable to establish satisfactory sales and marketing capabilities or secure a third-party sales and marketing relationship, we may not be able to successfully commercialize any of our product candidates.
  • We will be completely dependent for the foreseeable future on third parties to manufacture our product candidates for commercial sale, and the commercialization of our product candidates could be halted, delayed or made less profitable if those third parties fail to obtain manufacturing approval from the FDA or comparable foreign regulatory authorities, fail to provide us with sufficient quantities of our product candidates or fail to do so at acceptable quality levels or prices.
  • Our business model includes the potential out-licensing of strains from our proprietary microbial library or our product candidates to other biopharmaceutical companies, however technology licensing in the biopharmaceutical industry is a lengthy process and subject to several risks and factors outside of our control, and we cannot forecast our ability to successfully out-license our technology or the length of time it takes to establish a new licensing relationship.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
The other 35 risks
  • Our internal computer systems, or those of our collaborators or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of our product development programs.
  • We face significant competition from other biotechnology and pharmaceutical companies targeting medical dermatological indications, and our operating results will suffer if we fail to compete effectively.
  • Emerging issues related to the development and use of artificial intelligence could give rise to legal or regulatory action, damage our reputation, or otherwise materially harm our business.
  • Risks Related to Product Regulation
  • Our success is entirely dependent on our ability to obtain the marketing approval for our product candidates by the FDA and the regulatory authorities in foreign jurisdictions in which we intend to market our product candidates, of which there can be no assurance.
  • Disruptions at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain, or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved, or commercialized in a timely manner or at all, which could negatively impact our business.
  • Our clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of our product candidates or any future product candidates, which would prevent or delay or limit the scope of regulatory approval and commercialization.
  • Results of preclinical studies of our product candidates may not be predictive of the results of future preclinical studies or clinical trials.
  • Any termination or suspension of, or delays in the commencement or completion of, any necessary studies of any of our product candidates for any indications could result in increased costs to us, delay or limit our ability to generate revenue and adversely affect our commercial prospects.
  • Even if we receive regulatory approval for any of our product candidates, we may not be able to successfully commercialize the product and the revenue that we generate from its sales, if any, may be limited.
  • Even if we obtain marketing approval for any of our product candidates, we will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates could be subject to labeling and other restrictions and withdrawal from the market and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our product candidates.
  • Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Even though we may apply for orphan drug designation for a product candidate, we may not be able to obtain orphan drug marketing exclusivity.
  • Current and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates and affect the prices we may obtain.
  • Third-party coverage and reimbursement and health care cost containment initiatives and treatment guidelines may constrain our future revenues.
  • Our relationships with customers and payors are subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which, if violated, could expose us to criminal sanctions, civil penalties, exclusion from government healthcare programs, contractual damages, reputational harm and diminished profits and future earnings.
  • Risks Relating to Our Intellectual Property Rights
  • It is difficult and costly to protect our intellectual property rights, and we cannot ensure the protection of these rights.
  • Our product candidates may infringe the intellectual property rights of others, which could increase our costs and delay or prevent our development and commercialization efforts.
  • We may be subject to claims that we have wrongfully hired an employee from a competitor or that we or our employees have wrongfully used or disclosed alleged confidential information or trade secrets of their former employers.
  • Risks Related to Owning Our Common Stock
  • The market price of our shares may be subject to fluctuation and volatility. You could lose all or part of your investment.
  • Our charter limits our ability to issue shares.
  • Our failure to meet the continued listing requirements of the NYSE American could result in a delisting of our common stock.
  • Future capital raises may dilute your ownership and/or have other adverse effects on our operations.
  • Shares eligible for future sale may adversely affect the market for our common stock.
  • We are an “emerging growth company” under the JOBS Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it.
  • We have not paid dividends on our common stock in the past and have no immediate plans to pay such dividends.
  • If equity research analysts do not publish research or reports about our business or if they issue unfavorable commentary or downgrade our shares, the price of our shares could decline.
  • We may be at an increased risk of securities class action litigation.
  • Our charter documents and Delaware law may inhibit a takeover that stockholders consider favorable.
  • General Risk Factors
  • Changes in accounting standards and subjective assumptions, estimates and judgments by management related to complex accounting matters may materially impact reporting of our financial condition and results of operations.
  • A potential failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business, financial condition, and results of operations.
  • The limited amount of public company experience of our management team could adversely impact our ability to comply with the reporting requirements of U.S. securities laws, which could have a materially adverse effect on our business.
  • We identified material weaknesses in our internal control over financial reporting, and we may identify additional material weaknesses in the future that may cause us to fail to meet our reporting obligations or result in material misstatements of our financial statements. If we fail to remediate any material weaknesses or if we otherwise fail to establish and maintain effective control over financial reporting, our ability to accurately and timely report our financial results could be adversely affected.
  • We have and will continue to incur significant increased costs as a result of being a public company that reports to the SEC and our management will be required to devote substantial time to meet compliance obligations.
  • Unfavorable geopolitical and macroeconomic developments could adversely affect our business, financial condition or results of operations.

Legal proceedings

As of the date of this report, there are no legal proceedings to which we or our properties are subject. We may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
    SEC EDGAROther events
  17. 17
  18. 18
  19. 19
    SEC EDGAROther events
  20. 20
  21. 21
    SEC EDGAROther events
  22. 22
    SEC EDGAROther events
  23. 23
  24. 24
    SEC EDGAROther events
  25. 25
    SEC EDGAROther events
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49