Good morning, ladies and gentlemen, and thank you for joining us today for MindWalk's Second Quarter Fiscal 2026 Earnings Call. We appreciate your time and interest in MindWalk, formerly ImmunoPrecise Antibodies. Today's call will be led by our CEO, Dr. Jennifer Bath and our CFO, Scott Areglado. They will provide a review of our financial performance, strategic initiatives and key operational highlights for the second quarter. A copy of today's presentation, along with our final financial statements and MD&A is available on our website. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could results, include among others, global political and economic conditions, changes in the market dynamics, competitive developments and other business risks. Unless otherwise noted, all financial figures discussed today are in Canadian dollars. These statements are made as of today, and MindWalk undertakes no obligation to update them, except as required by law. For a more detailed discussion of risks and uncertainties, please refer to our filings with the SEC and Canadian securities regulators, including our most recent Form 20-F and other periodic reports. I would now like to turn the call over to MindWalk's President and CEO, Dr. Jennifer Bath.

Thank you, Regina. Good morning everyone. Before I discuss our quarter, marked by strong financial performance, I want to frame where AI and biology stand today and how our strategy has built momentum over time. In the second quarter fiscal year 2026, that momentum translated into progress across our platform, internal programs and corporate structure, delivering 54% year-over-year revenue growth, a 94% increase in gross profit to $2.7 million and an increase to 65% gross margin for continuing operations. Across pharma and biotech, AI now sits near the center of pipeline strategy and R&D planning. Recent surveys show AI in active use at scale with roughly 2/3 of life science professionals using AI in 2024, up from just over half the prior year and a large majority of pharma and biotech organizations applying AI in at least one development program. In parallel, data volumes continue to accelerate. Global data creation is estimated at roughly 180 zettabytes in 2025, with genomics among the fastest-growing contributors and genomics data capacity already measured in tens of exabytes. Data generation now runs ahead of the world's ability to extract stable biological signals and convert them into actionable decisions. Investments reflect this shift. Independent market analyses point to sustained double-digit annual growth for AI-enabled R&D platforms, including AI-driven drug discovery, informatics software, cloud-based infrastructure and life science analytics. Large pharma, major technology firms and specialized platforms are all expanding AI capacity. Once an organization secures an advantage in data quality, model design and biological grounding, that advantage compounds. Those that fall too far behind risk structural disadvantages in cost, speed and technical success that are difficult to overcome. Only a limited number of platforms are likely to secure durable leadership. MindWalk was built deliberately for this environment, and we believe it is positioned within that small group. Our starting point is BioNative AI, which respects how biology encodes information. Evolution introduces mutations across genomes. Many positions in a sequence tolerate change. That degeneracy creates the diversity and code complexity that fills public databases and drives the large data volumes that others train on. A smaller subset of subsequences remains immutable over evolutionary time because essential biochemical functions depend on those anchor points. HYFT patterns are our patented representation of these immutable subsequence codes or molecular fingerprints. In LensAI, HYFT patterns are the units of biological meaning. They are the immutable subsequences discontinuous in the primary sequence that link sequence to structure and function and create a stable informational layer that remains while the surrounding sequence drips. These encoded patterns are linked across more than 25 billion biological relations. That subsequence layer allows LensAI to harmonize sequence, structure, omics and literature into a single computational space. Conventional sequence and language models operate on full strings and tokens without a dedicated representation for these subsequence codes. HYFT keeps computation focused on the conserved patterns that carry the information for life rather than on the tolerated variation around them. These patterns are patented assets owned by MindWalk, and no other company has the rights to use these patterns. This patented pattern layer is a core strategic asset that differentiates MindWalk from other AI approaches in biologics. The same logic guides how we look at infectious organisms. Instead of starting from historical antigen lists or broad sequence homology, LensAI scans pathogen proteomes for strict HYFT patterns with specific biochemical properties, unique or highly enriched for a given organism, conserved across relevant strains or serotypes and suitable for intervention based on structure and context. This gives us a starting point grounded in pattern-level evidence rather than legacy assumptions about which viral proteins should matter. This view of biology also drives our strategy. Over the past year, we aligned the company with this BioNative AI thesis. On this call, I will focus on how second-quarter performance fits into this strategic frame. We divested noncore wet lab operations in the Netherlands, which did not integrate tightly with LensAI or the HYFT layer. This transaction generated approximately $14.3 million in net proceeds, strengthened our balance sheet and removed a capital-intensive footprint that did not advance our BioNative AI direction. We brought ImmunoPrecise Antibodies, BioStrand and Talem under a single identity as MindWalk with HYFT as our NASDAQ ticker. Our external identity now reflects one integrated architecture centered on software, data and selected lab capabilities rather than a collection of regional service operations. Our MD&A describes this in detail. First, this quarter, we advanced our GLP1 and longevity programs. Using LensAI, our team designed GLP1 receptor agonists with third-party validated in vitro assay receptor activation above semaglutide. HYFT patterns were used to identify subsequent families encoding receptor engagement and favorable biophysical properties rather than iterating on historical GLP1 analogs. Importantly, LensAI did not hand us hundreds of undifferentiated hits. The platform applies strict HYFT criteria to identify a single best scoring design or a clearly defined shortlist for each objective. That precision allows us to focus experimental resources on candidates where the pattern-level evidence is strongest rather than spending time and capital triaging broad hit lists where no clear frontrunner exists. During the quarter, we applied the same pattern-led approach to a second pathway linked to cellular resistance and aspects of aging biology. We used HYFT analysis to define strict HYFT patterns set in this pathway and to evaluate intervention options that align with our safety and development standards. The result is a dual pathway therapeutic concept that targets metabolic control and health span mechanisms in parallel. Current work focuses on IND enablement, including pharmacokinetic and toxicology study design and preparation for external in vivo collaborations. Second, our dengue vaccine initiative continued to move forward and is a clear example of pathogen-specific HYFT logic. LensAI previously identified a highly conserved biochemical pattern across all 4 dengue virus serotypes using strict pattern criteria. The selection did not start from legacy dengue immunogens nor homology to other flaviviruses. We focused on HYFT pattern sets with biochemical properties unique to dengue, immutable across the serotypes analyzed and distinct from host patterns. The goal is to support neutralizing antibody responses while reducing the risk of serotype bias. During the quarter, we advanced preclinical planning, including assay strategy, manufacturing readiness steps and collaborator engagement for upcoming immunogenicity and neutralization work. Across both GLP1 and dengue programs, our strategy is to build and protect assets with robust IP and then align them with strategic capital partners who can drive them forward at scale. To facilitate this, we are working with Walkers Global to establish a segregated portfolio structure in the Cayman Islands. Under this model, each AI-generated asset will be housed in its own segregated portfolio, so investors can participate directly at the asset level, while MindWalk Holdings Corp retains control of the platform. This framework allows us to advance multiple programs in parallel with clear governance over risk, capital and ownership. We believe the depth of opportunity within these HYFT defined assets is substantial. This path creates clear routes to capital through structured partnerships, licensing and potential non-dilutive funding tied to specific programs while we remain disciplined in protecting shareholder value and avoiding unnecessary dilution. Third, we expanded validation of LensAI with partners, including an antidrug antibody risk assessment. HYFT patterns and concept-driven NLP bring sequence structural features and literature into one view so teams can see how specific pattern families relate to known immunogenicity concerns. Interest here reflects a broader market need for earlier explainable risk signals rather than late surprises in development. On the corporate side, we continue to build the leadership required for a software-led bio-native AI business. We appointed Scott Areglado as Chief Financial Officer. Scott brings experience in technology growth, capital markets and disciplined planning. His role is to align investment in the platform and internal programs with balanced capital allocation and the flexibility we want for future strategic options. In addition, we appointed Dr. Thomas Lynch as Chief Business Officer. Tom leads global commercialization for LensAI, including enterprise engagements and data onboarding. His experience with complex technology platforms and large customers supports our focus on SaaS, usage-based compute and co-development structures. Lastly, we have completed the corporate rebranding to MindWalk and the transition to HYFT NASDAQ ticker. Our communications investor materials and client messaging now align with the patented HYFT technology, which resides at the heart of our platform. Taken together, these developments reflect a clear position in an AI market that is moving quickly. We are not trying to follow every AI theme. We are focused on building and scaling one BioNative AI architecture grounded in evolution shapes subsequence patterns and protected by our HYFT patents, which supports partner programs and internal assets such as GLP1 and dengue. We believe this focus positions MindWalk within a small group of companies defining how AI transforms life science data analysis and is applied to biologics, supported by a diversified economic engine spanning services and advancing asset portfolio, SaaS offerings and strategic partnerships. With that context, I will now turn the call over to our CFO, Scott Areglado, for a review of our financial performance for the quarter.

Thank you, Jennifer, and good morning, everyone. I'm excited to have joined MindWalk at this important time in the evolution of our BioNative AI platform. Before I begin, please note that all numbers presented today are in Canadian dollars. For comparability, the financial results I will discuss exclude revenue and expenses associated with the Dutch operations that were divested, so you could see a true like-for-like view of our continuing business. Revenue for the second quarter was $4.1 million, an increase of 54% year-over-year and 30% sequentially, driven primarily by improved project revenue and better utilization. This represents record quarterly revenue for the company from our continuing operations. Gross profit for the quarter was $2.7 million, representing a 65% gross margin compared to $1.4 million or a 51% margin in the same period last year. The 94% year-over-year increase in gross profit and 1400 basis point expansion in margin were driven primarily by increased operating leverage on fixed costs and cost of sales, and a mix of higher-margin work. Operating expenses for the quarter were $5.4 million, up slightly from the same period last year. The increase reflects higher R&D investment, modest growth in sales and marketing activity, and ongoing expansion of our general and administrative infrastructure to support scaling. These increases were partially offset by approximately $500,000 of amortization expense recorded in the prior year, but not in this quarter. Consistent with our strategy, we expect operating expenses to remain focused on advancing our platform, strengthening commercial capabilities and supporting long-term growth drivers. Operating loss, excluding amortization and nonrecurring items, improved to $2.8 million compared to $4.1 million last year. Adjusted EBITDA loss improved to $2.4 million versus $2.6 million in the prior year period. Pretax loss for the second quarter was $3.2 million compared to $4.3 million last year. This loss includes a noncash charge of $0.5 million related to the divestiture of our Netherlands facilities. Net loss from continuing operations was $3.2 million versus $2.6 million in the same period last year, driven by the divestiture-related impact and $24,000 tax expense compared to a $994,000 tax credit in the prior year period. Turning to the balance sheet. We ended the quarter with $16.5 million in cash, which includes proceeds from the divestiture completed during the quarter. This strengthened liquidity position provides meaningful flexibility to execute our strategy, expanding the HYFT-powered platform, investing in our infrastructure and developing assets such as our GLP1 and dengue vaccine initiatives. In summary, we delivered strong revenue growth, expanded margins and improved underlying operating performance while significantly bolstering our balance sheet. We are executing with discipline and continuing to invest where it matters most for long-term value creation. I'll now turn the call back to the operator for Q&A.

Our first question will come from Swayampakula Ramakanth with H.C. Wainwright.

A few questions from me. The structured portfolio seems like an interesting way to set up ring-fences around certain assets. But at the same time, I have a couple of questions on that part. I know you'll give more details later, but at a high level, at this point, what can you tell investors why this is a great thing for current shareholders? And what sort of protections would be placed so that current shareholders dilution would be prevented for them when obviously, the third party is interested in specific programs?

Sure. Thank you, RK. I'm happy to take that question. So first of all, we're setting up a Cayman segregated portfolio structure because it allows each AI-generated platform or program to be housed within its own portfolio. So this way, investors can invest directly in specific assets without diluting equity in the parent company. So I'm also addressing a little bit of your second question, while the IP for each program is ring-fenced and protected. So we've engaged Walkers law firm to help finalize the legal framework covering trust for our patents, and this is the patents on the specific assets, governance for each portfolio and then all of the necessary regulatory considerations before we invite investors in. As alluded to, there are already investors who have an interest in investing directly in those portfolio assets, but this is not equity within MindWalk Holdings Corp. This is investment specifically in the assets that are housed within this structure. This gives us the flexibility to fund programs individually, maintain strong IP protection and where appropriate, spin the assets out for transaction in the future. So it makes it a sustainable structure for us to invest directly in those assets and also ease any particular regulatory components of future sponsorship of those assets as they continue to move forward. So this structure in and of itself actually also answers the second question with regard to it directly being a way to protect existing investors against dilution because it is an alternative funding mechanism as opposed to accepting capital that results in dilution of MindWalk Holdings Corp.

Okay. What kind of information can you share with us during the J.P. Morgan investor conference that we should expect regarding this?

There will be updates at the J.P. Morgan conference regarding the assets themselves. For legal reasons, we need to be cautious about when and what information is released to protect our patent rights and intellectual property portfolio. The timing is influenced by various factors related to the specifics of our disclosures. Regarding the structure, I wouldn’t view it as anything different from what Talem is. Talem serves as a structure for segregated IP portfolios, which is why our current assets are within the Talem framework. The main distinction is that the Cayman structure not only offers significant protection for these assets but also facilitates the deployment of capital from the region where much of the investment interest originates. The information we can share will depend on the status of the ongoing processes, distinguishing between what is finalized and what is still under negotiation and legal planning.

In terms of operations, your gross margin has significantly expanded during the recent quarter. What does this indicate about the types of projects you are currently undertaking? Should we expect mid-60s to be the range not only for the remainder of the year but also for the next couple of years?

Fair question. It indicates the types of programs we are pursuing. One thing mentioned in the call is the fixed costs connected to some of our programs. As the dollar value of these programs grows, we observe that many operating costs do not necessarily increase at the same rate. Over the last quarter, we noticed a substantial rise in the individual cost of programs, which has contributed to the 65% profit margin. This gives insight into the fact that these programs are scalable and involve higher fixed operating costs. Regarding our gross profit margin in the future, we are pleased with it and believe we can maintain this margin. However, we do not anticipate this to be our maximum profit margin going forward, as we expect some increases over the next 9 to 18 months due to the balance of more scalable programs with fixed costs.

Okay. And then regarding the use of proceeds from the Netherlands divestiture of about $14 million or so. At a high level, where are you spending or where are you placing that money in, in terms of your AI projects or trying to develop your footprint within the U.S.? How should we think about where the spend is happening?

Okay. I think, obviously, we're pleased that we were able to strengthen the balance sheet in a nondilutive fashion. And I expect we'll continue to invest in commercial initiatives that grow the footprint of our LensAI as well as our Canadian lab operations and then investments in R&D to continue to develop assets and continue to develop the features and the functionality of LensAI as well.

Okay. One last question from me. Along with Scott, you also brought in Dr. Lynch. So what's the mandate for Dr. Lynch? And how should we think about what sort of business development projects would be coming up from his desk?

Yes, that's a fair question. Tom's mandate is closely tied to the capital deployment question you raised. Our main focus is on the scalability of our SaaS model and the data management deployment that supports it. Tom has several responsibilities. One of them is the integration of that software to ensure it is scalable and useful within the industry. We are keeping a close eye on the requirements, deployment methods, scalability, and cost optimization for that infrastructure. This also relates back to your earlier question, as a significant portion of our investment is directed there. Another aspect is that we haven't had a centralized head of sales. If you look back over the past couple of years, we've operated with a very lean sales and business development team. Our emphasis has been on internal development and preparing for the deployment of our SaaS model. As I mentioned at the end of last call, we recently secured a 12-month recurring revenue subscription with a large pharmaceutical company. This highlights that our SaaS model is not only deployable but also offers multiple applications that enable direct access to the software via an API, eliminating the need for outsourced vendors. Another major focus for Tom is to establish a unified global sales team that includes internal sales, external sales, project management, and business development teams. This team will be built, trained, and aligned to assess our current KPIs, make modifications if necessary, and ensure accountability for achieving our goals. Much of this is centered around SaaS model deployment, but it also involves fee-for-service work within LensAI and ongoing integration of services offered in Canada.

And our next question comes from the line of Gary Purpura with Liberty Capital Investments.

More a point of clarification. I read that your company has been buying back shares of stock, which is great. But yet on November 15, you showed a potential public offering of $30 million worth of common stock. Is that the case? Or could you give some clarification to that?

Sure. First, to clarify the earlier comment, we have not announced any share buybacks. We stated that while we have the option to do so as one of our tools, we have not exercised that option to date. The mention of raising capital pertains to the $30 million set aside for the at-the-market facility, but we have not engaged in any fundraising or official efforts to raise capital. The ATM is available if we choose to use it in the future. Linking this to RK's question about capital deployment and intended use of proceeds, we have several potential directions regarding our internal assets for capital deployment. We could use our own funds to expand, or we could form partnerships, particularly with laboratories or preclinical groups interested in supporting our research. We have received interest and have several partners ready to collaborate, though this often involves giving up a significant equity percentage, typically between 40% and 50%, depending on the work done by the partner. Currently, our focus is on partnerships that would allow direct capital investment into our assets, enabling them to progress quickly without requiring us to raise additional funds or heavily utilize our cash reserves. This approach aims to protect shareholders from dilution while moving our assets forward effectively. So, what you are referencing are various strategies we have at our disposal to manage the company under different conditions, but these are not our main priorities for driving liquidity or capital at this moment.

With your $16 million in cash, do you envision that something like that $30 million would be probably down the road versus sooner than later?

Yes, down the line, if it is used at all. The key factors that will decide whether we utilize the ATM are twofold. One is the balance of our share price and our liquidity. We expect our share price to see significant growth, and we want to be prepared to seize opportunities if that happens. We believe much of the excitement will come from LensAI, the platform, and the assets being spun out. Therefore, we would definitely consider that as a potential future option depending on our share price and the growth we are experiencing.

I'll now hand the call back to Dr. Jennifer Bath, our CEO, for closing comments.

Wonderful. Thank you so much, Regina. As we close, I want to connect the scientific and strategic progress we have discussed with the notable financial results that Scott has just reviewed with you. This quarter, we delivered 54% year-over-year revenue growth, and our gross profit nearly doubled with an impressive 94% to $2.7 million, while achieving a 65% profit margin. We improved operating performance from our continued operations and we completed the sale of our noncore facilities, leaving us with $16.5 million in cash to fund the next phase of growth. These outcomes reflect the deliberate plan we set in motion to transform MindWalk. By design, we have aligned our platforms, programs and corporate structure around BioNative AI vision. HYFT patterns and LensAI are already shaping real assets. In GLP1 and longevity, LensAI points us to a single best scoring design for a tightly defined shortlist, not a long catalog of undifferentiated hits. In dengue, strict HYFT criteria led us to a conserved epitope across all 4 serotypes, selected on biochemical evidence rather than legacy antigen lists. Our asset strategy is clear: secure strong IP around HYFT-defined targets and pair each program with strategic capital partners who can accelerate development. To enable that, we mentioned we’re working with Walker Legal to establish a Cayman Islands-based segregated portfolio structure for our AI-driven pipeline, where each LensAI-derived program is housed and financed in its own portfolio. We are in active discussions with investors interested in this model and intend to share a formal update along with new information on our lead programs and our capital and partnering approach before the market opened on the first day of J.P. Morgan Healthcare Conference. That update released through national media will give investors a clear view on how these assets will contribute to MindWalk's long-term value creation. Our priorities are straightforward: continue to strengthen the HYFT and LensAI platform, advance our internal programs such as GLP1, dengue and future programs, deepen engagement with enterprise customers and deploy capital in ways that compound our strategic advantage. This combination of technology, differentiated assets, market understanding and partnership positions MindWalk within the small group of companies that will define how AI is applied to biologics. Thank you for your time today and for your continued support.

This will conclude our call today. Thank you all for joining. You may now disconnect.