What changed in this filing

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Item 1A. Risk Factors

2026-05-22 compared with 2025-06-23 · 61 added, 100 removed, 652 unchanged (20% of the section changed)

89 unchanged sentences

our ability to operate and maintain our services, and our business could be harmed.

Even if we prevail, the litigation may be time-consuming and expensive,

diverting management’s attention from core business operations and potentially causing delays in expansion plans or regulatory approvals.

There can be no assurance regarding the outcome of this litigation or its potential impact on our business, financial condition, and results

of operations.

Even if we prevail, the litigation may be time-consuming

and expensive, diverting management’s attention from core business operations and potentially causing delays in expansion plans

or regulatory approvals.

There can be no assurance regarding the outcome of this litigation or its potential impact on our business,

financial condition, and results of operations.

insurance coverage may be inadequate to cover losses we may incur or to fully replace a significant loss of assets.

33 unchanged sentences

sell our products in a highly competitive market.

The ability of TOBC to successfully sell its salmon and the price therefor, is highly

The ability of TOBC to successfully sell its salmon and the price therefore, is highly

dependent on the quality of the salmon.

95 unchanged sentences

opportunities or for other reasons, including to:

sales and marketing efforts and address competitive developments;

provide for supply and

inventory costs;

fund development and marketing

efforts of any future products or additional features to then-current products;

acquire, license or invest

in new technologies;

acquire or invest in complementary

businesses or assets;

finance capital expenditures

and general and administrative expenses

our sales and marketing efforts and address competitive developments;

for supply and inventory costs;

development and marketing efforts of any future products or additional features to then-current products;

license or invest in new technologies;

or invest in complementary businesses or assets;

capital expenditures and general and administrative expenses

present and future funding requirements will depend on many factors, including:

to achieve revenue growth and improve gross margins;

the cost of expanding our

operations and offerings, including our sales and marketing efforts;

the effect of competing

market developments;

costs related to international

ability to achieve revenue growth and improve gross margins;

cost of expanding our operations and offerings, including our sales and marketing efforts;

effect of competing market developments;

related to international expansion.

various ways we could raise additional capital carry potential risks.

53 unchanged sentences

international business operations are subject to a variety of risks, including:

difficulties with managing

foreign and geographically dispersed operations;

with managing foreign and geographically dispersed operations;

to comply with various U.S.

and international laws, including export control laws and the FCPA, and anti-money laundering

changes in uncertainties

relating to foreign rules and regulations;

and international laws, including export control laws and the FCPA, and anti-money laundering laws;

in uncertainties relating to foreign rules and regulations;

export or import restrictions, restrictions on remittances abroad, imposition of duties or taxes that limit our ability to import

limitations on our ability

to enter into cost-effective arrangements with distributors, or at all;

fluctuations in foreign

currency exchange rates;

imposition of limitations

on production, sale or export in foreign countries;

of limitations on or increase of withholding and other taxes on remittances and other payments by foreign processors or joint

imposition of differing

labor laws and standards;

economic, political or

social instability in foreign countries and regions;

inability, or reduced ability, to protect our intellectual property, including any effect of compulsory licensing imposed by

government action;

on our ability to enter into cost-effective arrangements with distributors, or at all;

in foreign currency exchange rates;

of limitations on production, sale or export in foreign countries;

of limitations on or increase of withholding and other taxes on remittances and other payments by foreign processors or joint ventures;

of differing labor laws and standards;

political or social instability in foreign countries and regions;

inability, or reduced ability, to protect our intellectual property, including any effect of compulsory licensing imposed by government

of government subsidies or other incentives that benefit competitors in their local markets that are not available to us;

difficulties in recruiting

and retaining personnel, and managing international operations;

less developed infrastructure;

in recruiting and retaining personnel, and managing international operations;

developed infrastructure;

and impositions on operations as a result of the COVID-19 pandemic.

106 unchanged sentences

These factors could effectively prevent us from pursuing some or all of our business operations and result in our customers or potential

customers deferring, canceling or limiting their purchase or use of our products, which may have a material adverse effect on our business,

customers deferring, cancelling or limiting their purchase or use of our products, which may have a material adverse effect on our business,

financial condition and results of operations.

65 unchanged sentences

FDA and other government agencies regulate, among other things, with respect to our products and operations:

design, development and

manufacturing;

testing, labeling, content

and language of instructions for use and storage;

product safety;

marketing, sales and distribution;

record keeping procedures;

advertising and promotion;

recalls and corrective

product import and export.

development and manufacturing;

labeling, content and language of instructions for use and storage;

sales and distribution;

keeping procedures;

and promotion;

and corrective actions;

import and export.

regulations to which we are subject are complex and have tended to become more stringent over time.

2 unchanged sentences

failure to comply with applicable regulations could jeopardize our ability to sell our products and result in enforcement actions such

warning letters;

civil penalties;

termination of distribution;

recalls or seizures of

delays in the introduction

of products into the market;

total or partial suspension

of production.

of distribution;

or seizures of products;

in the introduction of products into the market;

or partial suspension of production.

may also be required to take corrective actions, such as installing additional equipment or taking other actions, each of which could

11 unchanged sentences

of materials or higher costs could adversely affect our financial results.

We depend on domestic and international suppliers.

depend on domestic and international suppliers.

Our reliance on third-party suppliers creates risks related to our potential inability

35 unchanged sentences

that could cause volatility in the market price of our Common Stock include:

actual or anticipated

fluctuations in our financial condition and operating results;

actual or anticipated changes

in our growth rate relative to our competitors;

commercial success and

market acceptance of our products;

success of our competitors

in commercializing products;

strategic transactions

undertaken by us;

additions or departures

of key personnel;

product liability claims;

prevailing economic conditions;

disputes concerning our

intellectual property or other proprietary rights;

or foreign regulatory

actions affecting us or our industry;

sales of our Common Stock

by our officers, directors or significant stockholders;

future sales or issuances

of equity or debt securities by us;

business disruptions caused

by natural disasters;

issuance of new or changed

securities analysts’ reports or recommendations regarding us.

or anticipated fluctuations in our financial condition and operating results;

or anticipated changes in our growth rate relative to our competitors;

success and market acceptance of our products;

of our competitors in commercializing products;

transactions undertaken by us;

or departures of key personnel;

liability claims;

economic conditions;

concerning our intellectual property or other proprietary rights;

or foreign regulatory actions affecting us or our industry;

of our Common Stock by our officers, directors or significant stockholders;

sales or issuances of equity or debt securities by us;

disruptions caused by natural disasters;

of new or changed securities analysts’ reports or recommendations regarding us.

addition, the stock markets in general have experienced extreme volatility that have been often unrelated to the operating performance

93 unchanged sentences

Our operating results will be affected by numerous factors, including:

variations in the level

of expenses related to future development plans;

fluctuations in value of

the underlying commodity;

in the level of expenses related to future development plans;

in value of the underlying commodity;

to procure sufficient quantities to meet demand due to the scarcity of the product available from its suppliers;

level of underlying demand

for our products and any other products we sell;

intellectual property infringement lawsuit or opposition, interference or cancellation proceeding in which we

of underlying demand for our products and any other products we sell;

intellectual property infringement lawsuit or opposition, interference or cancellation proceeding

become involved;

regulatory developments

affecting us or our competitors;

the continuing effects

of the COVID-19 pandemic.

developments affecting us or our competitors;

continuing effects of the COVID-19 pandemic.

our operating results for a particular period fall below the expectations of investors or securities analysts, the price of our Common

44 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors