Zomedica (ZOM) - 2025 Q2 - Quarterly Report

Filing Information Registrant Information This section provides key identification details for Zomedica Corp.'s Form 10-Q filing, including its address, telephone number, and status as a non-accelerated filer and smaller reporting company - Registrant: Zomedica Corp[1] - Filing Type: Quarterly Report (Form 10-Q) for the period ended June 30, 2025[1] Filer Status and Company Classification | Filer Status | Status | | :------------- | :----- | | Large accelerated filer | ☐ | | Accelerated filer | ☐ | | Non-accelerated filer | ☒ | | Smaller reporting company | ☒ | | Emerging growth company | ☐ | - Common Shares Outstanding: 979,949,668 as of August 6, 2025[3] PART I — FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) This section presents Zomedica Corp.'s unaudited condensed consolidated financial statements for the periods ended June 30, 2025, and December 31, 2024, including balance sheets, statements of operations and comprehensive loss, statements of shareholders' equity, and statements of cash flows, along with accompanying notes detailing significant accounting policies, estimates, and financial instrument disclosures Consolidated Balance Sheets Presents Zomedica's financial position, detailing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in Thousands) | Metric (in Thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Assets | $136,472 | $207,360 | | Total Liabilities | $11,115 | $11,696 | | Total Shareholders' Equity | $125,357 | $195,664 | | Goodwill | $— | $45,556 | | Intangible assets, net | $41,395 | $52,538 | - Total assets decreased by $70,888 thousand (34.2%) from December 31, 2024, to June 30, 2025, primarily due to the full impairment of goodwill and a reduction in available-for-sale securities[7] - Total shareholders' equity decreased by $70,307 thousand (35.9%) over the six-month period, largely driven by the accumulated deficit increasing from $(217,915) thousand to $(289,122) thousand[7] Consolidated Statements of Operations and Comprehensive Loss Summarizes Zomedica's financial performance, including revenue, expenses, and net loss, for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Operations (in Thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenue | $6,964 | $6,131 | $13,464 | $12,393 | | Cost of revenue | $2,298 | $1,769 | $4,391 | $3,914 | | Gross profit | $4,666 | $4,362 | $9,073 | $8,479 | | General and administrative | $6,162 | $7,976 | $12,424 | $16,601 | | Research and development | $1,886 | $1,506 | $3,739 | $3,277 | | Selling and marketing | $4,653 | $3,923 | $9,660 | $8,030 | | Impairment expense | $— | $16,024 | $55,833 | $16,024 | | Loss from operations | $(8,035) | $(25,067) | $(72,583) | $(35,453) | | Net loss | $(7,398) | $(23,931) | $(71,207) | $(33,091) | | Loss per share - basic and diluted | $(0.01) | $(0.02) | $(0.07) | $(0.03) | - Net revenue increased by 14% for the three months and 9% for the six months ended June 30, 2025, driven by growth in TRUFORMA® products, Assisi® products, PulseVet® consumables, and new VETIGEL® sales[8][150][151] - Net loss significantly decreased by 69% for the three months ended June 30, 2025, but increased by 115% for the six months ended June 30, 2025, primarily due to a substantial impairment expense of $55,833 thousand recognized in the first quarter of 2025[8][163][164] Consolidated Statements of Shareholders' Equity Details changes in Zomedica's shareholders' equity, including common stock, additional paid-in capital, accumulated deficit, and comprehensive income, for the periods ended June 30, 2025 and 2024 Shareholders' Equity Changes (in Thousands) | Metric | Balance at Dec 31, 2024 | Stock-based compensation | Net loss | Other comprehensive income | Balance at June 30, 2025 | | :-------------------- | :---------------------- | :----------------------- | :------- | :------------------------- | :----------------------- | | Common Stock Amount | $380,973 | — | — | — | $380,973 | | Additional Paid-In Capital | $32,518 | $811 | — | — | $33,329 | | Accumulated Deficit | $(217,915) | — | $(71,207) | — | $(289,122) | | Accumulated Comprehensive Income | $88 | — | — | $89 | $177 | | Total Shareholders' Equity | $195,664 | $811 | $(71,207) | $89 | $125,357 | - Total shareholders' equity decreased by $70,307 thousand from December 31, 2024, to June 30, 2025, primarily due to a net loss of $71,207 thousand[10] - Stock-based compensation added $811 thousand to additional paid-in capital for the six months ended June 30, 2025[10] Consolidated Statements of Cash Flows Outlines Zomedica's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Consolidated Cash Flows (in Thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------- | :----------------------------- | :----------------------------- | | Operating Activities | $(12,090) | $(14,309) | | Investing Activities | $13,085 | $9,397 | | Financing Activities | $— | $— | | Net Increase (Decrease) in Cash | $995 | $(4,912) | | Cash and Cash Equivalents, End of Period | $8,129 | $7,939 | - Net cash used in operating activities decreased by $2,219 thousand (16%) for the six months ended June 30, 2025, primarily due to lower operating expenses, excluding non-cash charges[12][166] - Net cash provided by investing activities increased by $3,688 thousand (39%) due to decreased capital expenditures and reduced investment in nonconsolidated entities compared to the prior period[12][167] Notes to the Condensed Consolidated Financial Statements These notes provide detailed disclosures on Zomedica's accounting policies, financial instrument valuations, segment performance, and significant events, offering context to the condensed consolidated financial statements 1. Nature of Operations Describes Zomedica Corp.'s core business as a veterinary health company focused on companion animal products - Zomedica Corp. is a veterinary health company focused on creating products for companion animals by addressing unmet needs of clinical veterinarians[13] 2. Basis of Preparation Outlines the accounting principles and rules followed in preparing the condensed consolidated financial statements - The condensed consolidated financial statements are prepared in conformity with U.S. GAAP and SEC rules for interim reports, including all normal recurring adjustments[15] 3. Significant Accounting Policies Details the key accounting principles and methods applied by Zomedica, including functional currency, segment reporting, and revenue recognition - The Company's functional currency for Canada, U.S., and Switzerland subsidiaries is U.S. dollars, while its Japanese subsidiary uses Japanese Yen, with translation gains/losses recorded in other comprehensive income/loss[18] - The Company adopted ASU No. 2023-07, Segment Reporting, in Q4 2024, which did not materially impact financial statements[23] - Revenue from product sales (instruments, consumables) is recognized at a point in time upon transfer of control, while extended warranties and lease components are recognized over time[38][39] 4. Critical Accounting Judgments and Key Sources of Estimation Uncertainty Highlights areas requiring significant management judgment and estimation, such as impairment testing, asset valuation, and revenue recognition - Critical accounting areas include impairment testing of goodwill and long-lived assets, valuation and payback of property and equipment (TRUFORMA® capital), and revenue recognition for variable consideration (PulseVet® trode returns)[58][63][64] - Goodwill impairment testing involves qualitative and quantitative analyses, using discounted cash flow and market-based methods with significant assumptions about financial projections, growth rates, and discount rates[58][59] - The valuation of TRUFORMA® diagnostic instruments relies on estimated future revenue over a ten-year life, with a 25% reduction in estimated annual placements increasing the payback period from 4.39 years to 5.85 years as of June 30, 2025[63][145] 5. Investment Securities Provides details on Zomedica's investment securities, including fair value and changes over the reporting period Investment Securities Fair Value (in Thousands) | Type of Security | June 30, 2025 (Fair Value) | December 31, 2024 (Fair Value) | | :--------------- | :------------------------- | :----------------------------- | | Commercial paper | $1,988 | $10,387 | | Corporate notes / bonds | $35,558 | $45,826 | | U.S. treasuries | $9,262 | $6,649 | | U.S. govt. agencies | $4,131 | $1,470 | | Money market funds | $5,322 | $2,766 | | Total | $56,261 | $67,098 | - Total investment securities decreased by $10,837 thousand from December 31, 2024, to June 30, 2025[65] - The decline in fair value of debt securities is largely attributed to the rising interest rate environment, but no credit or non-credit impairment charges were recorded as debtors continue timely payments[75] 6. Fair Value Measurements Explains the methodologies and hierarchy used to measure the fair value of Zomedica's financial instruments Fair Value Hierarchy of Investments (in Thousands) as of June 30, 2025 | Type of Security | Level 1 | Level 2 | Level 3 | Estimated Fair Value | | :--------------- | :------ | :------ | :------ | :------------------- | | Commercial paper | $— | $1,988 | $— | $1,988 | | Corporate notes / bonds | $— | $35,558 | $— | $35,558 | | U.S. treasuries | $9,262 | $— | $— | $9,262 | | U.S. govt. agencies | $4,131 | $— | $— | $4,131 | | Money market funds | $5,322 | $— | $— | $5,322 | | Total | $18,715 | $37,546 | $— | $56,261 | - The Company measures cash and cash equivalents, investments, and Stock Appreciation Rights (SARs) liability at fair value on a recurring basis, classifying them within a three-tier hierarchy[69][71][72][73] - SARs liability is classified as Level 2 and measured using a Black-Scholes option-pricing model, with changes in fair value recognized as compensation expense[73] 7. Inventory Details the composition and changes in Zomedica's inventory, including raw materials, finished goods, and reserves Inventory Breakdown (in Thousands) | Inventory Type | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | Raw materials | $4,448 | $4,301 | | Finished goods | $757 | $539 | | Purchased inventory | $484 | $244 | | Less: reserves | $(17) | $(26) | | Inventory, net | $5,672 | $5,058 | - Total net inventory increased by $614 thousand (12.1%) from December 31, 2024, to June 30, 2025, primarily driven by increases in finished goods and purchased inventory[76] 8. Prepaid Expenses and Deposits Presents the breakdown and changes in Zomedica's prepaid expenses and deposits over the reporting period Prepaid Expenses and Deposits (in Thousands) | Category | June 30, 2025 | December 31, 2024 | | :------- | :------------ | :---------------- | | Deposits | $236 | $508 | | Prepaid marketing | $453 | $368 | | Prepaid insurance | $262 | $438 | | Other | $1,161 | $1,170 | | Total | $2,112 | $2,484 | - Total prepaid expenses and deposits decreased by $372 thousand (15%) from December 31, 2024, to June 30, 2025, mainly due to a reduction in deposits and prepaid insurance[77] 9. Accrued Expenses and Other Current Liabilities Details the composition and changes in Zomedica's accrued expenses and other current liabilities Accrued Expenses and Other Current Liabilities (in Thousands) | Category | June 30, 2025 | December 31, 2024 | | :------- | :------------ | :---------------- | | Accrued employee compensation and benefits | $3,344 | $4,557 | | Accrued taxes | $854 | $1,003 | | Accrued professional services | $484 | $535 | | Other | $246 | $336 | | Total | $4,928 | $6,431 | - Total accrued expenses and other current liabilities decreased by $1,503 thousand (23.4%) from December 31, 2024, to June 30, 2025, primarily due to lower accrued employee compensation and benefits[78] 10. Property and Equipment Provides a breakdown of Zomedica's property and equipment, net of accumulated depreciation, and details any impairment charges Property and Equipment, Net (in Thousands) | Category | June 30, 2025 | December 31, 2024 | | :------- | :------------ | :---------------- | | Total property and equipment | $25,942 | $28,005 | | Less: accumulated depreciation | $(4,087) | $(3,416) | | Property and equipment, net | $21,855 | $24,589 | - Net property and equipment decreased by $2,734 thousand (11.1%) from December 31, 2024, to June 30, 2025[79] - A $2.0 million impairment charge was recognized in Q1 2025 for certain Diagnostics segment assets, including $0.9 million for machinery and equipment and $1.1 million for construction in progress, following a significant decline in market capitalization[79][80] 11. Goodwill and Intangible Assets Details Zomedica's goodwill and intangible assets, including impairment charges and amortization, for the reporting periods Goodwill Carrying Amount (in Thousands) | Segment | December 31, 2024 | Impairment | June 30, 2025 | | :-------- | :---------------- | :--------- | :------------ | | Diagnostics | $— | $— | $— | | Therapeutic Devices | $45,556 | $(45,556) | $— | | Total | $45,556 | $(45,556) | $— | - A $45.6 million non-cash goodwill impairment charge was recognized in Q1 2025, fully impairing goodwill in the PulseVet and Assisi reporting units within the Therapeutic Devices segment, resulting in no remaining goodwill[81] - An $8.3 million non-cash impairment charge was also recognized for amortizable intangible assets in the Diagnostics segment, primarily technology assets ($7.1 million) and customer relationships ($0.8 million), due to the same triggering event[82] Intangible Assets, Net (in Thousands) | Category | June 30, 2025 | December 31, 2024 | | :------- | :------------ | :---------------- | | Total intangibles | $61,088 | $69,126 | | Less: accumulated amortization | $(19,693) | $(16,588) | | Intangibles, net | $41,395 | $52,538 | 12. Stock-Based Compensation Outlines Zomedica's stock-based compensation expense, including details on stock options and Stock Appreciation Rights (SARs) Stock-Based Compensation Expense (in Thousands) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Expense | $266 | $859 | $811 | $1,960 | - The Company issued 16,050,000 stock options in the six months ended June 30, 2025, compared to 3,925,000 in the same period of 2024, with options vesting over four years and expiring in 10 years[88] - Cash-settled Stock Appreciation Rights (SARs) are accounted for as liability-classified awards, with a carrying amount of $186 thousand as of June 30, 2025, and changes in fair value recognized as compensation expense[90][94] 13. Income Taxes Discusses Zomedica's income tax position, including deferred tax liabilities and valuation allowances against net operating loss carryforwards - The Company has an overall domestic net deferred tax liability position and maintains a valuation allowance of $24,633 thousand against US federal and state net operating loss carryforwards due to uncertainty of realization[95] - A full valuation allowance remains necessary to offset Canadian deferred tax assets due to historical losses[95] 14. Commitments and Contingencies Details Zomedica's contractual commitments, including agreements with Brisby Inc. and Cresilon, Inc., and confirms the absence of material litigation - The Company is not aware of any pending or threatened material litigation claims as of June 30, 2025[96] - Under an agreement with Brisby Inc., Zomedica has made $1,563 thousand in cash payments and holds a 19.50% equity stake, with remaining payments due upon future development milestones and commercial sales of Smart Pet Pad and Intelligent Pet Bed[98][99][100] - A License and Supply Agreement with Cresilon, Inc. grants Zomedica exclusive rights to promote and sell VETIGEL® Products in the U.S. and Japan, involving an upfront license fee, sales milestone payments up to $4,000 thousand, and royalties[102][103][104] 15. Segment Information Provides financial data for Zomedica's two reportable segments: Diagnostics and Therapeutic Devices, including net revenue and gross profit - Zomedica operates in two reportable segments: Diagnostics (TRUFORMA®, VetGuardian®, TRUVIEW®) and Therapeutic Devices (Assisi®, PulseVet®, VETIGEL®)[104] Segment Net Revenue (in Thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Diagnostics | $781 | $419 | $1,340 | $1,163 | | Therapeutic Devices | $6,183 | $5,712 | $12,124 | $11,230 | | Consolidated | $6,964 | $6,131 | $13,464 | $12,393 | Segment Gross Profit (in Thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Diagnostics | $192 | $(43) | $194 | $118 | | Therapeutic Devices | $4,474 | $4,405 | $8,879 | $8,361 | | Consolidated | $4,666 | $4,362 | $9,073 | $8,479 | 16. Loss Per Share Presents Zomedica's basic and diluted loss per share calculations for the reporting periods Loss Per Share (Basic and Diluted) | Period | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(7,398) | $(23,931) | $(71,207) | $(33,091) | | Weighted-average shares | 979,949,668 | 979,949,668 | 979,949,668 | 979,949,668 | | Loss per share | $(0.01) | $(0.02) | $(0.07) | $(0.03) | - Stock options and warrants were excluded from diluted loss per share computation as their effect would be anti-dilutive[108] 17. Subsequent Events Reports significant events occurring after the balance sheet date, including recent tax reform legislation - On July 4, 2025, the U.S. enacted tax reform legislation (One Big Beautiful Bill Act) which is anticipated to have an immaterial impact in the period of enactment, with the Company continuing to evaluate its full effect[109][175] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's perspective on Zomedica's financial condition and operational results for the quarter ended June 30, 2025, discussing revenue drivers, expense trends, and liquidity, alongside forward-looking statements and critical accounting policies Cautionary Note Regarding Forward-Looking Statements Warns readers about the inherent risks and uncertainties associated with forward-looking statements in the report - The report contains forward-looking statements subject to numerous risks and uncertainties, including macroeconomic conditions, geopolitical tensions, supply chain disruptions, and the ability to commercialize products and integrate acquisitions[111][112] - Zomedica cautions that actual results may differ significantly from expectations and undertakes no duty to update these statements except as required by law[112][113] Components of Revenue and Costs and Expenses Explains the various sources of Zomedica's revenue and the primary components of its cost of revenue and operating expenses - Revenue sources include consumables and capital sales from Assisi®, PulseVet®, TRUFORMA®, TRUVIEW®, VetGuardian®, and VETIGEL® products in the U.S. and internationally[114] - Cost of revenue primarily consists of raw materials, labor, shipping, and overhead for product assembly, including purchased VETIGEL® consumables[115] - Operating expenses are categorized into general and administrative (salaries, public company costs), research and development (new assay development, product enhancements), and selling and marketing (personnel, promotional activities)[117][118][119][120] Critical Accounting Policies and Significant Judgments and Estimates Identifies Zomedica's critical accounting policies and areas requiring significant management judgment and estimation, particularly regarding asset impairment - Critical accounting policies include Intangible Assets and Business Combinations, Impairment Testing, Valuation and Payback of Property and Equipment, and Revenue Recognition and Liabilities Due to Customers[132] - In Q1 2025, a triggering event (significant decline in market capitalization post-NYSE American delisting) led to a quantitative goodwill impairment analysis, resulting in a $45,555 thousand non-cash charge for PulseVet and Assisi reporting units[138] - The same triggering event also led to $8,297 thousand in non-cash impairment charges for amortizable intangible assets and $1.981 million for property and equipment in Q1 2025[139][140] Results of Consolidated Operations Analyzes Zomedica's consolidated financial performance, including revenue, gross profit, operating expenses, and net loss trends for the reporting periods Consolidated Revenue and Gross Profit Trends (in Thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :---------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | Net Revenue | $6,964 | $6,131 | 14% | $13,464 | $12,393 | 9% | | Cost of Revenue | $2,298 | $1,769 | 30% | $4,391 | $3,914 | 12% | | Gross Profit | $4,666 | $4,362 | 7% | $9,073 | $8,479 | 7% | | Gross Profit Margin | 67% | 71% | -4 pp | 67% | 68% | -1 pp | - The decrease in gross profit margin for both periods was primarily due to higher depreciation expenses from capital projects completed in H2 2024 and changes in product mix, partially offset by manufacturing efficiencies and increased unit sales[155] Operating Expenses and Net Loss Trends (in Thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :-------------------------- | :--------------------------- | :--------------------------- | :--------- | :--------------------------- | :--------------------------- | :--------- | | General and Administrative | $6,162 | $7,976 | -23% | $12,424 | $16,601 | -25% | | Research and Development | $1,886 | $1,506 | 25% | $3,739 | $3,277 | 14% | | Selling and Marketing | $4,653 | $3,923 | 19% | $9,660 | $8,030 | 20% | | Impairment Expense | $— | $16,024 | -100% | $55,833 | $16,024 | 248% | | Net Loss | $(7,398) | $(23,931) | -69% | $(71,207) | $(33,091) | 115% | Cash Flows Examines Zomedica's cash flow activities, highlighting changes in operating and investing cash flows for the six months ended June 30, 2025 and 2024 Cash Flow Summary (in Thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :----------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Operating Activities | $(12,090) | $(14,309) | $2,219 | -16% | | Investing Activities | $13,085 | $9,397 | $3,688 | 39% | | Net Increase (Decrease) in Cash | $995 | $(4,912) | $5,907 | 120% | | Cash and Cash Equivalents, End of Period | $8,129 | $7,939 | $190 | 2% | - The decrease in cash used in operating activities was primarily due to lower operating expenses, excluding non-cash charges like stock-based compensation and impairment expense[166] - The increase in cash provided by investing activities resulted from decreased capital expenditures (e.g., warehouse expansion) and reduced investment in nonconsolidated entities[167] Liquidity, Capital Resources, and Financial Condition Assesses Zomedica's financial health, including working capital, accumulated deficit, and management's outlook on funding future operations - As of June 30, 2025, the Company had an accumulated deficit of $289,122 thousand and working capital of $60,476 thousand[168][169] - Management believes existing cash is sufficient to fund both short-term (next 12 months) and long-term (beyond 12 months) operational requirements, including fixed obligations, clinical studies, and potential business development[170][171][172] - Future capital requirements depend on factors such as development and commercialization costs, manufacturing, marketing, personnel, public company expenses, and potential M&A activities[173][176] Climate Change Discusses the potential impacts of climate change, including regulatory changes and operational risks, on Zomedica's business - Increased public awareness of climate change may lead to more regulations, increased energy efficiency demands, and a shift to more expensive sustainable energy sources[177] - The potential impacts of climate change on operations, including changes in rainfall, water shortages, storm patterns, and temperature levels, remain uncertain and could increase operating costs or affect insurance availability[178][179] Item 4. Controls and Procedures This section confirms the effectiveness of Zomedica's disclosure controls and procedures as of June 30, 2025, and reports no material changes in internal control over financial reporting during the quarter - Management, including the principal executive officer and principal financial and accounting officer, concluded that disclosure controls and procedures were effective as of June 30, 2025[180][181] - There were no changes in internal control over financial reporting during the three months ended June 30, 2025, that materially affected or are reasonably likely to materially affect internal control over financial reporting[182] PART II — OTHER INFORMATION Item 1. Legal Proceedings Zomedica Corp. is not aware of any pending or threatened material litigation claims as of June 30, 2025, or August 6, 2025 - The Company is not aware of any pending or threatened material litigation claims against it as of June 30, 2025, and continuing as of August 6, 2025[96][183] Item 1A. Risk Factors There have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes in risk factors from those previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[183] Item 6. Exhibits This section lists all exhibits filed as part of, or incorporated by reference into, the Quarterly Report, including certifications, XBRL documents, and a separation agreement - Exhibits include a Separation Agreement (10.1), CEO and VP of Finance certifications (31.1, 31.2, 32.1), and Inline XBRL documents (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, 104)[186] Signatures This section contains the official signatures of Zomedica Corp.'s Chief Executive Officer and Vice President of Finance and Corporate Controller, certifying the filing of the report - The report is signed by Larry Heaton, Chief Executive Officer, and Michael Zuehlke, Vice President of Finance and Corporate Controller, on August 6, 2025[189][190]