In early 2025, NYSE American suspended trading in Zomedica’s stock and started delisting proceedings. For shareholders, that word — delisted — tends to trigger immediate concern. For veterinarians and pet owners who rely on Zomedica products, it raises a different question: will those products still be available?
This article breaks down what actually happened, what the delisting means, how serious the financial losses are, and what signs to watch if you want to track the company’s real health going forward.
What Zomedica Does and Why People Are Asking This Question
Zomedica is a veterinary health company focused on diagnostic and therapeutic products for companion animals — mainly dogs and cats. Its flagship product is TRUFORMA, a biosensor immunoassay platform that helps veterinarians detect thyroid and adrenal disease in pets at the point of care.
The company targets a niche but genuine market. Veterinary diagnostics is a growing field, and having reliable in-clinic testing tools matters to practitioners who want fast results without sending samples to an outside lab.
Concern about Zomedica’s future picked up sharply after NYSE American suspended trading and began delisting proceedings in March 2025. Shareholders started searching for answers. Veterinary professionals wanted to know if the products and support they depend on would continue. The short answer is that the company is still operating — but the longer answer requires looking at the finances honestly.
Zomedica Was Delisted From NYSE American — What That Actually Means
In early March 2025, NYSE American commenced delisting proceedings against Zomedica. The trigger was a persistently low share price — not bankruptcy, not fraud, not a government shutdown order.
Zomedica moved its trading to the OTCQB Venture Market under ticker ZOMDF, starting March 5, 2025. The company confirmed it would continue filing reports with the SEC and continue operating its product programs.
Here’s a useful way to think about it: moving from NYSE American to OTCQB is like a retailer relocating from a busy mall to a smaller storefront on a quieter street. The store is still open. Products are still on the shelves. But fewer people walk past it, and some customers may assume something is wrong simply because the location changed.
For shareholders, the practical impact is real. OTC-traded stocks typically have lower liquidity, wider bid-ask spreads, and a higher risk perception among institutional investors. For veterinarians using TRUFORMA in their clinics, the exchange change has no direct effect on daily operations or product availability.
Delisting affects where a stock trades. It does not shut a company down.
Zomedica’s Financial Losses Are Real and Serious
Being honest here matters. Zomedica’s financials are not good.
The company reported a net loss of approximately $81.9 million for the year ended December 31, 2025. That’s up from roughly $47 million in 2024 — an increase of about 74% in one year. Losses are not shrinking. They are growing significantly.
The operating margin in Q3 2025 was approximately -106%. That means for every dollar the company earns from operations, it spends well over two dollars. That kind of margin is not a rounding error or a short-term blip — it signals a fundamental mismatch between revenue and costs.
These are genuine warning signs. A company burning through money at this rate while growing its losses year over year is not in a stable position.
That said, large net losses alone don’t mean a company shuts its doors tomorrow. Many early-stage and product-development companies operate at a loss for extended periods. The critical question is always the same: how much cash is left, and how long will it last?
How Much Cash Does Zomedica Have Left?
As of Q3 2025, Zomedica reported approximately $54 million in liquidity. The company described this as sufficient to fund operations and product development in the near term.
Think of it like a fuel tank. If the tank holds $54 million and the company is burning tens of millions per year — roughly $82 million in net losses in 2025 alone — the math has a clear endpoint unless something changes. Either losses have to shrink, revenue has to grow, or both.
$54 million sounds like a lot, but against that loss rate, it represents a limited runway. This isn’t a reason to declare the company dead, but it is a reason to pay close attention to how that cash is being managed and whether revenue is improving.
The company has not announced any bankruptcy filing, debt restructuring, or formal closure plan as of the latest available information. That matters. There is a real difference between a company that is struggling and a company that has given up.
What About That “Discontinued” Corporate Record?
Some readers searching for Zomedica may have come across a Canadian corporate registry entry showing a Zomedica entity with the status “Inactive – Discontinued” as of June 2016.
This is a legacy registration from when the company was incorporated in Canada. It does not reflect the current publicly traded company, which operates under a different corporate structure and continues to file SEC reports and trade on OTCQB.
Corporate reorganizations, jurisdiction changes, and continuances are common. They can leave behind confusing registry records without the business brand or operations disappearing. Do not interpret that 2016 Canadian record as evidence that Zomedica closed.
What Are the Real Warning Signs to Watch?
If you want to track whether Zomedica is actually approaching closure, here’s what to watch — not headlines, not social media speculation, but concrete indicators:
- Cash balance declining sharply quarter over quarter. If the $54 million starts dropping fast with no sign of revenue growth, the runway is compressing.
- Failure to file SEC reports. Companies in serious trouble often miss filing deadlines. Continued filings signal continued operations.
- Product discontinuation announcements. If Zomedica stops supporting TRUFORMA or pulls back from its veterinary partnerships, that’s a direct signal.
- Formal bankruptcy or liquidation filings. These are public events. If they happen, they won’t be hidden.
- Loss of OTCQB trading eligibility. Even OTC markets have standards. A further drop from OTCQB to OTC Pink Sheets or a complete halt in trading would be a serious escalation.
None of these have occurred as of the available information. The company is distressed — that’s accurate — but it has not crossed any of these thresholds yet.
What This Means If You’re a Shareholder, a Vet, or a Pet Owner
The answer differs depending on why you’re asking.
If you’re a shareholder: Zomedica is a high-risk, speculative position. The stock is now trading on a smaller, less liquid market. Losses are increasing. The $54 million in liquidity provides some cushion, but it is not indefinite. Anyone holding or considering this stock should treat it as genuinely risky and size their position accordingly. This is not a company with strong fundamentals right now.
If you’re a veterinarian using Zomedica products: As long as the company keeps operating and shipping product, your clinical use continues normally. The exchange change doesn’t affect your access to TRUFORMA or other diagnostics. Keep an eye on the company’s announcements, but there’s no immediate reason to find a replacement unless you see concrete signs of product discontinuation.
If you’re a pet owner: The services and diagnostics your veterinarian uses are not immediately affected by stock market events. If your vet uses a Zomedica platform and the company remains operational, your pet’s care continues as normal.
For more coverage of business topics like this one, Slidejournal covers company news and financial analysis in plain language.
The Bottom Line
Zomedica is not going out of business right now. But it is under real financial pressure that cannot be ignored.
The NYSE delisting was triggered by a low share price, not bankruptcy. The company moved to OTCQB and continues to operate. It has approximately $54 million in liquidity. But it also lost nearly $82 million in 2025, and losses grew by 74% year over year. That trajectory is not sustainable without a meaningful improvement in revenue or a significant cut in costs.
The honest summary: Zomedica is still standing, still selling products, and still filing reports. It is also losing a lot of money and has a shrinking window to turn things around. Whether it manages that turn depends on product adoption, operational changes, and how well management uses the remaining cash.
Watch the actual filings. Watch the cash balance. Watch whether TRUFORMA and its other products gain real traction in the veterinary market. Those numbers will tell you more than any headline will.
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