Zentek Ltd. (ZTEK): Business Model Canvas [Dec-2025 Updated]

You're digging into Zentek Ltd.'s strategy right now, trying to map out how they transition from pure R&D to actually selling their innovations, and honestly, it's a critical moment for any deep-dive analyst. We've laid out their entire Business Model Canvas below, showing how they're pushing ZenGUARD™-their superior filtration tech-through major partners like RSK across 20 countries, while simultaneously developing that high-potential aptamer platform. To be fair, the numbers show the cost of this pivot: they posted fiscal 2025 revenue of just $605.9 thousand against a trailing negative EBITDA of roughly $6 million, so understanding their key resources and revenue streams is defintely essential before making any calls. Dive in below to see exactly how they plan to turn that IP into profit.

Zentek Ltd. (ZTEK) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Zentek Ltd. has built to get its ZenGUARD™ technology and aptamer platform to market. These aren't just casual connections; they are structured agreements that handle manufacturing, distribution, and IP licensing, which is critical when you're commercializing deep tech.

The Key Partnerships block of the Business Model Canvas for Zentek Ltd. is heavily weighted toward commercialization and technology access, reflecting its position as an IP development company. The focus is on leveraging established networks for market penetration, especially in specialized sectors like HVAC filtration and healthcare PPE.

Here is a breakdown of the most significant alliances as of late 2025:

• RSK Environment Ltd. for ZenGUARD™ distribution in over 20 countries, including the GCC.
• Al-Ramez International Group for KSA/MENA market access and graphene production facility development.
• McMaster University for global exclusive license to Aptamer-based platform technology.
• Filtration Solutions Industrial Co. (FSCO) for ZenGUARD™ filter manufacturing and distribution in the GCC.
• Southmedic Inc. for distribution of ZenGUARD™ surgical masks to Canadian healthcare.

The structure of these partnerships shows a clear strategy: maintain IP control while outsourcing regional manufacturing and distribution muscle. For instance, the FSCO deal means Zentek supplies the media, and FSCO handles the local production and sales across six GCC nations.

The financial context around these operations shows the company's scale as of its Q2 2025 reporting, with a reported market capitalization of C$119.4M.

The following table details the scope and nature of these critical alliances:

The aptamer technology license with McMaster University is particularly valuable, as it is a worldwide exclusive royalty-bearing license for all aptamer and DNAzyme uses, including diagnostics and therapeutics. This IP is now held by Zentek's wholly-owned subsidiary, Triera Biosciences Ltd.. Furthermore, Triera utilized this technology as part of a $1.1 million Government of Canada contract to develop an A(H5N1) countermeasure, with testing conducted at McMaster University.

The agreement with Al-Ramez International Group, established via an MOU on November 14, 2024, is aimed at creating a Graphene Production Hub in KSA focused on ZenGUARD™ technologies for the KSA and MENA distribution. This strategic move aligns with the Saudi Green Initiative Vision 2030.

For the Canadian surgical mask market, the Southmedic Inc. agreement, signed in January 2023, targets stable demand segments. While the initial focus was surgical masks, Zentek is also working to add ZenGUARD™ Enhanced Air Filters to its Medical Device Establishment Licence (MDEL) for the Canadian market, targeting initial sales by the end of March, 2025.

Finance: review the Q2 2025 MDA for any disclosed revenue share percentages from the FSCO agreement by next Tuesday.

Zentek Ltd. (ZTEK) - Canvas Business Model: Key Activities

You're looking at the core engine driving Zentek Ltd. (ZTEK) right now, which is a mix of scaling up a physical product line and pushing forward complex biotech licensing. It's not just about having the IP; it's about the daily grind of making and selling it, and advancing the next big thing.

The Key Activities are centered on two main technology platforms: the graphene-based ZenGUARD™ and the aptamer technology via Triera Biosciences Ltd. The financial context for late 2025 shows the company is still in a heavy investment and commercialization phase, with Trailing Twelve Month (TTM) revenue as of September 30, 2025, reported at $653.80 thousand.

Research, Development, and Commercialization of Graphene-Based Nanomaterials

This activity is about turning the patented ZenGUARD™ coating into market-ready products. The core of this is the material itself, which is shown to have 99-per-cent anti-microbial activity. The company's stated focus is bringing next-generation graphene nanotechnologies to market by carefully evaluating and prioritizing its intellectual property.

• The patented ZenGUARD™ technology is designed to significantly increase the bacterial and viral filtration efficiency of surgical masks and HVAC filters.
• The company is also advancing other graphene-based products, including a new graphite gel-based fire-retardant product announced in November 2025.

Manufacturing ZenGUARD™ Products at the Guelph, Ontario Production Facility

The physical production capability is substantial. Zentek Ltd. has invested heavily in its Guelph, Ontario, Manufacturing Centre, which is 25,680 square feet of industrial space. This facility has an estimated capacity to produce ZenGUARD™ coating for the equivalent of 720 million masks per month, positioning it as one of the world's largest graphene-based production facilities.

The capital deployment for this capability is clear; the company has cumulatively spent approximately $2.8M on coating equipment to apply the ZenGUARD™ formulation on-site. Production volumes show activity, with 340,000 masks manufactured in February 2025, and as of June 30, 2025, approximately 130,000 masks were in storage at VMedCare.

Scaling the Go-to-Market Strategy with a New Commission-Based Sales Team in Canada

Scaling commercialization involves setting up clear incentive structures. For certain territories, Zentek compensates RSK with a fixed commission on sales generated, under the terms of a three-year agreement. This structure is designed to drive sales volume for ZenGUARD™ coated products, including surgical masks and enhanced air filters.

The company is also actively pursuing international markets, having announced in April 2025 an agreement with a Saudi-based manufacturer to distribute ZenGUARD™ products throughout the GCC countries, with net revenue split between the parties. This shows a strategy of using partnerships to scale market reach beyond direct sales efforts.

Securing Regulatory Approvals, like US FDA Clearance for ZenGUARD™ Surgical Masks

Regulatory hurdles are a major activity. For the ZenGUARD™ Surgical Masks, the company filed a 510(k) application with the United States Food and Drug Administration (FDA) in April 2024. This filing required the completion of additional safety and performance testing before clearance can be granted, which is a critical gating item for US sales, as distribution partnerships are pending this clearance.

On the air filter front, after withdrawing the initial submission to the Health Canada Pest Management Regulatory Agency (PMRA) in October 2024, Zentek announced its intention to market ZenGUARD™ Enhanced Air Filters as a Class I medical device under its existing Medical Device Establishment License (MDEL), similar to the approach for the surgical masks. As of June 2025, Health Canada was considering this classification and invited Zentek to submit additional information.

Biotechnology Research for Diagnostics and Therapeutics Using Aptamer Technology

The biotechnology pipeline, managed through its subsidiary Triera Biosciences Ltd., is focused on leveraging the aptamer platform licensed from McMaster University. A key operational success here is that the High-Binding Affinity (HBA) aptamers are now produced with approximately a 95% yield, solving a key roadblock for commercial viability. The company estimates an additional $1,000,000 is needed to complete the pre-clinical program for the SARS-CoV-2 therapeutic and move into clinical trials. This segment generated service revenue, as noted in the segment reporting for the Biotech operating segment. Furthermore, the company secured a Government of Canada Contract in November 2024 to test multivalent aptamer technology for A(H5N1) prophylaxis and therapeutics. The segment assets for Biotech as of June 30, 2025, were $7,591,132 (CAD).

Here's the quick math on the aptamer development cost versus industry norms: the current stage of development for the SARS-CoV-2 aptamer cost less than $2,000,000 in total to reach its current point, which is significantly lower than the estimated $237M USD for a new therapeutic to complete pre-clinical trials without factoring in failure costs, according to one pharmaceutical industry study. What this estimate hides is the cost to complete the next phase, which is the estimated $1.0 million. So, you're definitely seeing a cost-efficient pathway, but the funding gap remains.

• The aptamer platform has a global exclusive 20-year licensing agreement with McMaster University.
• The HBA aptamers improved the binding affinity of the universal COVID-19 aptamer from 300 to over 500 times compared to the base aptamer.
• The Biotech segment recorded net sales of $5,489 (CAD) for the three months ended June 30, 2024, compared to $57,797 (CAD) for the same period in 2025, though Q3 2025 net sales were only $6,204.

Zentek Ltd. (ZTEK) - Canvas Business Model: Key Resources

The Key Resources for Zentek Ltd. (ZTEK) center on proprietary intellectual property, specialized manufacturing infrastructure, and mineral assets, all underpinned by recent capital raises.

The core technological asset is the patented ZenGUARD™ technology platform for enhanced viral filtration. This technology is shown to significantly increase the bacterial and viral filtration efficiency for surgical masks and is being developed for HVAC filters. Specific testing results from June 12, 2025, showed ZenGUARD™ Enhanced Air Filters achieved an average infectious aerosol removal efficiency of MS2 bacteriophage of 42%, compared to an untreated filter's 16%.

Zentek also controls a significant licensing asset through its wholly owned subsidiary, Triera Biosciences Ltd. This is the global exclusive license to McMaster University's Aptamer-based platform technology, which is being jointly developed for both the diagnostic and therapeutic markets.

Physical production capability is housed in the ZenGUARD™ production facility in Guelph, Ontario. This facility is a newly built industrial space covering 25,680 square feet. It is cited as one of the world's largest graphene-based production facilities, with an estimated capacity to produce ZenGUARD™ coating for the equivalent of 720 million masks per month.

The company maintains a hard asset in Northern Ontario through its 100% interest in the Albany Graphite project, held via its wholly owned subsidiary, Albany Graphite Corp. (AGC). This igneous-hosted, fluid-derived graphite deposit is a critical mineral asset. A major recent milestone for this resource was achieving a preliminary, proof-of-concept five-nines purity of 99.9991% from a flotation concentrate sample on January 8, 2025. Furthermore, AGC was awarded a $500,000 grant from the Ontario Government's Critical Minerals Innovation Fund (CMIF) in September 2025 for project development.

Sustaining these operations requires financial resources. The company has secured capital through a private placement of $2.479 million and has an active at-the-market offering agreement to raise up to US$30 million, announced March 3, 2025. As of the last reported balance sheet data, Zentek held $958,152 in cash.

Here is a summary of the primary tangible and intangible resources as of late 2025:

The company's key resources can be further broken down by their primary function:

• Patented ZenGUARD™ technology platform for enhanced viral filtration.
• Global exclusive license to McMaster University's Aptamer-based platform.
• ZenGUARD™ production facility in Guelph, Ontario, measuring 25,680 square feet.
• 100% interest in the Albany Graphite project in Northern Ontario.
• Financial capital from private placement of $2.479 million and up to US$30 million ATM offering.

The graphite project's resource base includes an inferred mineral resource of 375,000 tonnes of graphitic carbon within 13.1 million tonnes at a grade of 2.9%.

Zentek Ltd. (ZTEK) - Canvas Business Model: Value Propositions

You're looking at the core value Zentek Ltd. delivers across its distinct technology platforms. Honestly, the numbers here tell a clear story about performance improvements and cost avoidance for your customers.

ZenGUARD™ Enhanced Air Filters

The value proposition for ZenGUARD™ Enhanced Air Filters centers on superior pathogen removal while maintaining, or even improving, HVAC system efficiency. This directly addresses the dual mandates of health security and environmental/operational cost control you see in commercial real estate today.

Independent testing by the ISO-certified lab LMS Technologies showed that the ZenGUARD filters achieved an average infectious aerosol removal efficiency (ePR) of 42% against the bacteriophage MS2. That's a 2.6 times improvement over untreated filters, which only achieved 16% efficiency. Critically, this 42% ePR meets the requirements of the ASHRAE Standard 241-2023 even when applied to a lower-rated MERV 9A filter. This compatibility means facilities avoid the costly system upgrades associated with moving to higher MERV ratings, which is a significant financial benefit.

The longevity of this value is also proven. Shelf-life efficacy testing confirmed that the VFE was unchanged after aging for 20 months. The aged filters still measured an initial VFE of 38.1%, very close to the original 37.7% performance. To be fair, the push for US market penetration involved spending approximately $576,000 on the US Environmental Protection Agency application project between January 1, 2022, and March 31, 2025.

ZenGUARD™ Surgical Masks

For surgical masks, the value is in enhanced filtration efficiency, backed by quality standards. Zentek Ltd. operates as an ISO 13485:2016 certified intellectual property technology company, which speaks to process quality. The ZenGUARD™ coating provides 99-per-cent anti-microbial activity.

The commercial output shows tangible activity. As of June 30, 2025, approximately 130,000 ZenGUARD™ enhanced surgical masks were in storage at VMedCare, following a production run of 340,000 masks in February 2025.

Graphene-based Solutions

Zentek Ltd.'s graphene materials offer partners products that are better, safer, and greener. The proprietary purification process they developed is capable of achieving an extraordinary carbon purity result of >99.9 percent in bench-scale tests. This high purity is the foundation for making commercial partners' products better.

The value extends to corrosion protection, where the ZenARMOR™ nano-pigment technology completed testing for use in military-grade, chromate-free corrosion protection aerospace paint systems.

Aptamer Technology Platform

The aptamer platform, developed jointly with McMaster University, offers a rapid pathway for diagnostics and therapeutics, contrasting sharply with the high costs typical in drug development. For instance, a pharmaceutical industry study calculated the cost to complete pre-clinical trials for a new therapeutic was $237M USD between 2009 and 2018.

Zentek Ltd.'s High-Binding Affinity (HBA) aptamers have significantly improved this. The binding affinity of the universal COVID-19 aptamer was boosted from 300 to over 500 times compared to the base aptamer. Furthermore, key manufacturing challenges were solved, allowing HBA aptamers to be produced with approximately a 95% yield. The SARS-CoV-2 HBA aptamer demonstrated 24 hours of neutralizing protection in an in vivo preclinical study as of June 30, 2025. The total cost to reach this stage for the SARS-CoV-2 therapeutic was less than $2,000,000, with an estimated additional $1,000,000 needed to enter clinical trials. This platform is also being leveraged for infectious disease countermeasures, evidenced by the $1.1 million Government of Canada contract received to test the technology against H5N1.

Here's a quick look at the key performance metrics for the aptamer platform:

The ZenGUARD™ air filter performance translates directly into operational savings, while the aptamer platform offers a potentially massive reduction in the capital required to bring a therapeutic candidate to the clinical trial stage. Finance: draft 13-week cash view by Friday.

Zentek Ltd. (ZTEK) - Canvas Business Model: Customer Relationships

Zentek Ltd. is building out its direct customer engagement in Canada by planning to hire a National Sales Leader and establish a commission-based sales team to push the ZenGUARD™ Enhanced Air Filters. This direct sales push targets specific, high-value Canadian segments.

The company's focus for direct sales engagement in Canada centers on several key areas where indoor air quality and advanced materials are critical. This dedicated approach is meant to deepen market penetration and accelerate revenue growth as the company scales its go-to-market strategy within the country.

Strategic, long-term collaboration forms the backbone of Zentek Ltd.'s international market entry and product integration strategy. The company actively collaborates with partners in the global automotive, aerospace, and consumer electronics sectors to embed its materials into both current and next-generation product platforms.

A concrete example of this partnership strategy for market entry is the November 5, 2025 announcement regarding an Exclusive Licence with Altek Advanced Materials Inc. for the US Market. This structure helps Zentek respond to global demands for improved thermal control and safety features in energy storage and electronics.

Partner-led promotion is supported by a broad network of research collaborations, which acts as a pipeline for future commercial opportunities. This involves working with external scientific bodies to validate and advance the core nanotechnology.

• Work with over 100 researchers across Canada and globally.
• Collaborations span a dozen Universities.
• Focus on graphene and nanotechnology research.
• Triera Biosciences is developing its platform with Dr. Yingfu Li at McMaster University under a Government of Canada contract valued at $1.1 million.

These research partnerships underpin the efforts to scale innovations from laboratory validation to commercial deployment, effectively serving as a partner-led mechanism for technology promotion and validation.

Zentek Ltd. (ZTEK) - Canvas Business Model: Channels

The channels for Zentek Ltd. (ZTEK) are structured around direct engagement in core markets and leveraging specialized partnerships globally.

The direct sales force, which supports targeting Canadian commercial, institutional, and government sectors, is supported by a total reported employee count of 17 as of late 2025.

Distribution agreements with specialized partners are a key component, evidenced by the definitive distribution agreement signed in April 2024 with Medwell Solutions for ZenGUARDTM-Enhanced Surgical Masks in the U.S.. Furthermore, Zentek Ltd. announced an Exclusive Licence with Altek Advanced Materials Inc. for the US Market in November 2025. The overall sales performance context for the fiscal year ending March 31, 2025, showed total sales of CAD 0.872495 million.

For international marketing and sales development, the model relies on agency agreements, although specific figures for the 20+ countries mentioned in the outline or for partners like RSK are not publicly detailed in the latest reports. Similarly, manufacturing and distribution partnerships for local production, such as the one referenced with FSCO in the GCC, are part of the strategy, but associated financial metrics are not itemized within the channel structure data.

The recent financial performance provides a snapshot of the output from these channels:

• Fiscal Year 2025 (ending March 31, 2025) annual revenue was $605.90 thousand.
• Trailing Twelve Months (TTM) revenue as of September 30, 2025, was $653.80k.
• Q3 2025 revenue (ending September 30, 2025) was reported at $4.5k.
• Net sales for Q2 2025 showed a significant increase compared to the same period in 2024.

Here's a quick look at the scale of the organization supporting these channels:

Finance: review the Q3 2025 revenue of $4.5k against the direct sales force size of 17 employees by Monday.

Zentek Ltd. (ZTEK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Zentek Ltd. (ZTEK) as of late 2025, focusing only on the hard numbers we have on hand for each group.

Commercial, Institutional, and Government Facilities (HVAC Filters)

This segment is targeted with the ZenGUARD™ Enhanced Air Filters, where the value proposition is quantified by performance metrics and estimated savings. The company adopted segment reporting during the fiscal year ended March 31, 2025, recognizing revenue in an additional segment, which likely includes this area.

• In an office space of 10,000 square feet with 75 occupants, using the ZenGUARD™ enhanced MERV 9 filter showed an estimated annual absenteeism cost reduction of $15,016.95 compared to a regular MERV 9 filter.
• Adopting ZenGUARD™ Enhanced Air Filters can reduce HVAC energy consumption by approximately 62% for a typical 10,000 square foot office with 75 occupants.
• Independent testing showed ZenGUARD™ achieved an average infectious aerosol removal efficiency (MS2 bacteriophage) of 42%, compared to 16% for an untreated filter.

Healthcare Sector (Hospitals, Long-Term Care, Clinics)

While direct revenue segmentation isn't public, the healthcare focus is evident through the application of ZenGUARD™ and the development of aptamer technology for therapeutics.

HVAC Filter and PPE Manufacturers Integrating ZenGUARD™ Coating

This group represents the direct manufacturing partners and distributors for the coated products. The company retains full responsibility for manufacturing and fulfillment while compensating partners like RSK Environment Ltd. with a fixed commission on sales within designated territories for a three-year term.

Pharmaceutical and Diagnostic Companies for Aptamer Technology Licensing

This segment is the target for licensing the aptamer platform technology developed via Triera Biosciences Ltd. The potential deal structure suggests significant upfront and milestone payments.

• Estimated upfront payment range for one major licensing deal: $10 million to $100 million.
• Estimated milestone payments per deal: $50 million to $500 million.
• Estimated royalties on sales: 5% to 15%.

The company secured a Government of Canada contract valued at $1.1 million in November 2024 to test the H5N1 aptamer technology.

The overall company TTM revenue as of September 30, 2025, was $653.80k Canadian Dollars, with the fiscal year 2025 (ending March 31, 2025) annual revenue at $605.90k Canadian Dollars.

Zentek Ltd. (ZTEK) - Canvas Business Model: Cost Structure

You're looking at the expense side of Zentek Ltd. (ZTEK) as they push their nanotechnology commercialization efforts. The cost structure is heavily weighted toward innovation and scaling production, which is typical for a company at this stage.

High Research & Development (R&D) expenses for IP and product innovation.

Zentek Ltd. continues to invest significantly in its patent-pending nanotechnologies. As of September 30, 2025, cumulative spending on key research projects shows the depth of this commitment:

• ZenGUARD™-Coated Masks development to date: $2,601,800.
• HVAC filter activating research to date: $651,400.
• Automotive battery material research to date: $258,700.
• Fuel additive research to date: $98,900.
• Terminated projects like GO additive nanoscale crystals incurred $5,100.

The company also supports this work by collaborating with over 100 researchers across a dozen Universities globally. Honestly, this level of upfront R&D spend is a major cash drain right now.

Operational costs for the Guelph production facility and raw material procurement.

The Guelph, Ontario, manufacturing facility, which is recognized as a right-of-use asset on the balance sheet, drives operational expenditure. Raw material costs are captured in the supplies and materials line item. For the three months ended June 30, 2025, the cost of inventories recognized as an expense and included in supplies and materials amounted to $35,062 (Canadian Dollars). Depreciation and amortization expenses, which would include the facility's amortization, were $152,863 for the three months ended June 30, 2025.

Sales, marketing, and agency fees for international and domestic commercialization efforts.

Specific line items for Sales and Marketing are often bundled. However, personnel costs related to commercialization efforts are captured in the overall salary structure. The company is actively pursuing commercialization, including an exclusive license with Altek Advanced Materials Inc. for the US Market as of November 5, 2025.

General and administrative costs, including executive transition and corporate overhead.

General and administrative expenses include staffing costs, which are substantial given the need for specialized personnel. For the three-month period ended September 30, 2025, salaries and benefits expense was $974,877. For the six-month period ended September 30, 2025, this expense totaled $1,635,517. This compares to 25 employees during the same period in the prior year, with 17 employees on payroll as of September 30, 2025. The company also announced the appointment of a new Chief Executive Officer in November 2025, which often involves transition-related costs.

Negative EBITDA of approximately $6 million for the last twelve months.

The operational burn rate is reflected in the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) metric. For the last twelve months ending around the November 2025 earnings release, Zentek Ltd. reported an EBITDA of -$5.92 million. This is the clearest indicator of the current negative cash flow from operations before non-cash charges.

Here's a quick look at some key cost-related figures from recent periods:

What this estimate hides is the allocation of specific sales commissions or agency fees, which are not explicitly broken out in the readily available summaries.

Zentek Ltd. (ZTEK) - Canvas Business Model: Revenue Streams

You're looking at how Zentek Ltd. actually brings in money, which is key to understanding their path forward. It's not just one thing; it's a mix of product sales, government funding, and future licensing deals. Honestly, the revenue profile is still evolving, but we have some concrete numbers from their latest filings.

Product sales from ZenGUARD™ Enhanced Air Filters and surgical masks form a core part of the recognized revenue. You saw the impact of this in their latest full fiscal year results. Surgical mask production, for example, saw 340,000 masks manufactured in February 2025, though as of September 30, 2025, approximately 100,000 masks were in storage at VMedCare.

The structure for international sales involves agreements like the one with RSK Environment Ltd. for marketing ZenGUARD™ Enhanced Air Filters in the Gulf Cooperation Council (GCC) region. Under this arrangement, Zentek Ltd. keeps responsibility for manufacturing and fulfillment but compensates RSK with a fixed commission on sales generated within those territories. This net revenue split is a recurring stream, structured for three years with renewal options.

Government contracts and grants provide non-dilutive capital, which is always helpful for R&D-heavy companies. Zentek Ltd. secured approximately $1.1 million through the Government of Canada's Innovative Solutions Canada (ISC) Testing Stream contract. This contract, which started in November 2024, is specifically for developing a prophylactic and therapeutic lead candidate countermeasure for highly pathogenic avian influenza (HPAI) A(H5N1).

Licensing and intellectual property fees represent the long-term monetization strategy for their core technology. A recent development is the binding letter of intent with Altek Advanced Materials Inc. for the United States. This outlines an initial licensing term for ZenGUARD™ of five years, with an option to renew for an additional five years. The financial structure here involves royalties of between 5% and 8% of net sales of ZenGUARD™ or ZenGUARD™ products, contingent on certain net sales thresholds.

Here's a quick look at the top-line financial performance for the most recently completed fiscal year, which gives you a baseline for these revenue streams:

Beyond the direct sales and government funding, you should track the progress of their IP commercialization efforts, which are designed to create more predictable, high-margin income. These streams are critical for scaling without massive capital expenditure on manufacturing for every territory.

Key elements driving potential future licensing and royalty revenue include:

• Global exclusive license to the Aptamer-based platform technology from McMaster University.
• Negotiations for non-exclusive licensing agreements in the United States.
• The potential for royalties on ZenGUARD™ sales in the US market.
• Existing distribution agreements for ZenGUARD™ coated surgical masks.

Finance: draft 13-week cash view by Friday.