Friday, January 21, 2022

Zomedica Corp. (ZOM) Stock Prices Climbing as Development of TRUFORMA Continues

Zomedica Corp. (ZOM) stock prices were up by 2.2% as of market close on April 23rd 2021, bringing the price per share up to USD$0.9433. Subsequent pre-market fluctuations saw the stock price climb by 1.45% to USD$0.957.


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Reduction in Year-Over-Year Net Loss

Despite the company having reported a net loss of USD$16.9 million for the year ended December 31st, 2020, this is a significant improvement on the USD$19.8 million net loss reported for the year ended December 31st, 2019. This comes out to a 2020 net loss of USD$0.05 per share, up from a net loss of USD$0.19 per share in 2019.

Breakdown of 2020 Net Loss


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Given that ZOM is currently in the development stage and, therefore, did not report any revenues for 2020, the net loss arises from the company’s general operations. Research and Development made up USD$8 million of the expenditures, with general and administrative costs comprising USD$6 million, while USD$2.2 million went towards professional fees.

Consolidated Efforts in TRUFORMA Development

Research and Development costs for the year ended December 31st, 2021 were USD$10.3 million, with the difference being attributable to the company’s reduction in general research and development activity in favor of concentrated efforts on its flagship product, TRUFORMA. The shift in strategy in 2020 resulted in lower milestone expenses, expenditures of undertaken contracts, payroll and employee benefits, supplies, as well as lower external consulting costs as compared to 2019.

Strong Financial Position

As of December 31st, 2020, the company reported USD$62 million in cash and cash equivalents, up from a meagre USD$0.5 million reported a year earlier. This is largely due to the generation of capital from financing activities, the most recent of which is their public offering in February of 2021.

ZOM’s Public Offering

The offering saw the sale of 91,315,790 common shares of ZOM, at a price of USD$1.9 per share. Underwriters were granted the option to purchase an additional 13,697,368 common shares in the event of any over-allotments. The offering netted ZOM USD$173.5 million in gross proceeds, with the money planned to be allocated towards the sustained development of various diagnostic platforms, potentially lucrative strategic acquisitions, and general working capital purposes.

Future Outlook for ZOM

ZOM has reported financials that have shown promise in their year-over-year performance. Furthermore, these financials are reflective of the company’s efforts to divert resources to the development of TRUFORMA, which will most likely be the company’s initial ticket to profitability. With the addition of such significant reserves of capital, the company is primed to graduate from its developmental phase and rewards its investors with sustained increases in shareholder value.

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