HYFT 6-K
MindWalk Holdings Corp. (HYFT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of March, 2025.
Commission File Number: 001-39530
ImmunoPrecise Antibodies Ltd.
Industrious 823 Congress Ave Suite 300 Austin, Texas 78701
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
|---|
EXHIBIT INDEX
| Exhibit | Description |
|---|---|
| 99.1 | Press Release dated March 28, 2025 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| IMMUNOPRECISE ANTIBODIES LTD. | ||
|---|---|---|
| Date: March 28, 2025 | ||
| By: | /s/ Jennifer Bath | |
| Name: | Jennifer Bath | |
| Title: | Chief Executive Officer |
EX-99.1
ImmunoPrecise Antibodies (IPA) Reports Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2025
Secures $8-$10M Strategic Partnership
Scales AI Infrastructure Collaborations with Vultr and Leading Providers of Advanced GPU technologies to Accelerate de novo Drug Discovery.
Unlocking Margin Expansion Through Scalable AI
IPA Strengthens Board & Management Team Kamil Isaev, Joseph Scheffler, and Dr. Li Hui join IPA, enhancing leadership in AI, finance, and client relations.
AUSTIN, Texas, March 28, 2025 – IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (NASDAQ: IPA), an AI-driven biotherapeutic research and technology company, today reported financial results for the third quarter (“Q3”) of its 2025 fiscal year (“FY25”), which ended January 31, 2025. All numbers are expressed in Canadian dollars, unless otherwise noted.
"As we continue to revolutionize the AI-enabled drug discovery sector, our recent milestones underscore the growing recognition of our innovative AI and growth potential. Notably, we've secured a strategic partnership valued at $8-10 million USD with a leading biotech company, leveraging our proprietary B-cell Select technology and AI-driven capabilities to enhance our development and optimization processes. These AI-driven development and optimization capabilities are accelerating the advancement of novel therapies, positioning us at the forefront of innovation. Our collaborations with Vultr, AMD and other Leading Providers of Advanced GPU technologies further enhance our lab-in-a-loop drug discovery and development capabilities, not only driving cost-effectiveness for our pharma partners but also increasing our competitiveness in securing future collaborations. This strategic alignment is positively impacting both our top line and gross profit margins in the AI sector, as we continue to drive robust growth and expand our presence in the rapidly evolving AI healthcare landscape. We are excited about the potential of these current partnerships and looks forward to forming new collaborations that will further accelerate our mission to transform the future of healthcare through AI-driven innovation," stated Dr. Jennifer Bath, President and CEO.
"While BioStrand’s AI revenue currently represents a modest portion of our total topline, it stands out for its remarkably high gross margins—exceeding 90% in recent quarters, a level of profitability that is truly exceptional in our industry. This positive dynamic reveals one of the most important yet underappreciated financial drivers of our business: as AI revenues scale, so does the path to profitability at an accelerated pace. Unlike traditional project-based services, IPA’s AI-driven offerings generate significant leverage and recurring value, creating a robust foundation for sustainable growth. This margin profile—combined with accelerating adoption—positions IPA’s AI segment as a powerful engine for long-term shareholder value and a key catalyst for our future success," stated Joseph Scheffler, Interim CFO.
Third Quarter Corporate Update and Recent Business Highlights
- Entered into a USD $8M–$10M partnership with a USD $3 billion market cap global biotechnology company to co-develop Antibody-Drug Conjugates (ADCs) and bispecific antibodies, reinforcing demand for IPA’s B-Cell and AI-powered platforms.
- Expanded AI infrastructure through strategic collaborations with Vultr, AMD and other leading providers of advanced GPU technologies enabling high-performance GPU computing for generative AI.
- Corporate headquarters relocated to Austin, Texas: Expanding IPA’s U.S. footprint in the heart of a thriving AI, biotech, and semiconductor ecosystem. This strategic move takes advantage of Texas's zero corporate income tax, allowing us to reinvest savings in business expansion and innovation. Additionally, the state's robust economy and skilled workforce will support our growth ambitions, positioning us for increased competitiveness and profitability in the rapidly evolving AI healthcare landscape.
- Resilience in Challenging Market Conditions: Our year-to-date revenue stability and high margin profile, including BioStrand's 131.8% year-over-year revenue growth and 97% gross margin, underscore IPA's solid financial position and ability to navigate difficult market conditions effectively.
- Announced key leadership changes, including the appointment of Joseph Scheffler as Interim CFO and Dr. Kamil Isaev to the Board of Directors, enhancing financial oversight and business strategy.
- Completed a USD $8.8 million At-the-Market (ATM) equity raise and announced the full conversion of the Yorkville debenture, strengthening IPA’s balance sheet and removing near-term convertible debt.
- Pioneered AI-designed GLP-1 therapeutics for diabetes and metabolic disorders, using unique nucleic acid-based delivery technology and the LENSai™ platform to enhance efficacy, safety, and patient compliance.
- Realigned pipeline strategy, launching a new AI-powered therapeutic development pipeline driven by first principles thinking and proprietary machine learning models.
- Revealed multiple ADC lead candidates with demonstrated tumor-killing capabilities, potentially positioning IPA in the high-growth $20B antibody-drug conjugate market.
- Insider Confidence Reinforced: Key members of IPA’s leadership and BioStrand co-founders acquired 763,120 shares on the open market—an aggregate investment of USD $306,000—demonstrating strong internal conviction in the Company’s long-term strategy and AI-driven growth trajectory.
Second Quarter FY25 Financial Results
Revenue: Total revenue was $6.2 million, compared to revenue of $6.2 million in fiscal year 2024 (“FY24”) Q3. Project revenue generated $5.6 million, including projects using IPA’s proprietary B Cell Select® platform and IPA’s proprietary LENSai platform, compared to $5.8 million in FY24 Q3. Product sales and cryostorage revenue were $0.6 million, compared to $0.4 million in FY24 Q3.
Research & Development (R&D) Expenses: R&D expenses were $1.1 million, compared to $1.0 million in FY24 Q3, reflecting increased salary and benefits related to the build of the Company's LENSai platform.
Sales & Marketing (S&M) Expenses: S&M expenses were $1.3 million, compared to $0.6 million in FY24 Q3 and includes S&M expenses related to social media and digital campaigns. S&M costs related to BioStrand LENSai.
General & Administrative (G&A) Expenses: G&A expenses were $3.6 million, compared to $4.2 million in FY24 Q3.
Impairment: The Company recorded an impairment charge of $21.2 million related to BioStrand’s intangible assets. This adjustment reflects a delay in expected cash flows and resulted in full impairment of the remaining intangible assets after . the Company recorded an impairment charge of $15.0 million related to BioStrand in fiscal 2024. Despite this change in valuation, IPA remains committed to its strategic investments and long-term growth plans.
Net Loss: Net loss of $21.5 million, or $(0.66) per share on a basic and diluted basis, as compared to a net loss of $2.7 million or $(0.10) on a basic and diluted basis in FY24 Q3.
Liquidity: Cash totaled $12.9 million as of January 31, 2025, compared to $3.5 million as of April 30, 2024.
*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
Conference Call and Webcast Details
The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Friday, March 28, 2025, at 10:30AM ET.
The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s IR pages at https://ir.ipatherapeutics.com/events-and-presentations/default.aspx.
***Participant Dial-In Details***
Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name.
USA / International Toll +1 (646) 307-1963 USA - Toll-Free (800) 715-9871 Canada - Toll-Free (800) 715-9871
***Webcast Details***
Attendee URL: https://events.q4inc.com/attendee/849565157
Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.
Anyone listening to the call is encouraged to read the company's periodic reports available on the company’s profile at www.sedarplus.com and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports.
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise Antibodies Ltd. is a techbio company that leverages multi-omics modeling and complex artificial intelligence through a series of proprietary and patented technologies. The Company owns an integrated end-to-end suite of capabilities to support the development of therapeutic antibodies and are known for solving very complex industry challenges. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the “IPA Family”).
For more information, visit www.ipatherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. These statements reflect the Company’s expectations, plans, projections, and beliefs regarding future events or performance. Words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “potential,” “will,” “may,” “continue,” and variations thereof are intended to identify forward-looking statements.
Forward-looking statements in this release include, but are not limited to, statements related to the Company’s operational and financial outlook, the potential impact and continuity of strategic partnerships, including the recently announced commercial agreement and collaborations with cloud infrastructure providers, our projected growth in AI-driven revenues and margins, our ability to commercialize new technologies such as de novo antibody design and AI-designed GLP-1 therapeutics, future demand for our platform capabilities, ongoing strategic initiatives including business realignment and divestitures, and our ability to drive sustainable profitability.
These statements are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These include, but are not limited to: execution risks related to strategic partnerships, delays or failures in technology development or commercialization, market adoption of AI-based drug discovery tools, fluctuations in financial markets, general economic conditions, and risks related to funding requirements and liquidity.
The Company cautions readers not to place undue reliance on these forward-looking statements. All such statements are made as of the date of this release and, unless required by law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
For a complete discussion of risk factors, investors should refer to IPA’s filings with Canadian and U.S. securities regulators, including the most recent Annual Report on Form 20-F available at www.sedarplus.ca and www.sec.gov.
Investor Relations Contact
IMMUNOPRECISE ANTIBODIES LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited - Expressed in Canadian dollars)
| Three months endedJanuary 31, | Nine months endedJanuary 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| (in thousands, except share data) | Note | 2025 | 2024 | 2025 | 2024 | ||||
| REVENUE | |||||||||
| COST OF SALES | |||||||||
| GROSS PROFIT | |||||||||
| EXPENSES | |||||||||
| Research and development | |||||||||
| Sales and marketing | |||||||||
| General and administrative | |||||||||
| Amortization of intangible assets | 6 | ||||||||
| Asset impairment | 6 | ||||||||
| Loss before other income (expenses) and income taxes | ) | ) | ) | ) | |||||
| OTHER INCOME (EXPENSES) | |||||||||
| Accretion | ) | ) | ) | ) | |||||
| Grant income | 13 | ) | |||||||
| Interest and other income (expense) | ) | ) | |||||||
| Unrealized foreign exchange gain (loss) | ) | ) | |||||||
| ) | ) | ) | |||||||
| Loss before income taxes | ) | ) | ) | ) | |||||
| Income taxes | 2 | ||||||||
| NET LOSS FOR THE PERIOD | ) | ) | ) | ) | |||||
| OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||
| Items that will be reclassified subsequently to loss | |||||||||
| Exchange difference on translating foreign operations | ) | ) | ) | ||||||
| COMPREHENSIVE LOSS FOR THE PERIOD | ) | ) | ) | ) | |||||
| LOSS PER SHARE – BASIC AND DILUTED | ) | ) | ) | ) | |||||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
All values are in US Dollars.
IMMUNOPRECISE ANTIBODIES LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited - Expressed in Canadian dollars)
| (in thousands) | Note | January 31, 2025 | April 30, 2024 | ||
|---|---|---|---|---|---|
| ASSETS | |||||
| Current assets | |||||
| Cash | |||||
| Amounts receivable, net | |||||
| Tax receivable | |||||
| Inventory | |||||
| Unbilled revenue | |||||
| Prepaid expenses | |||||
| Restricted cash | |||||
| Deposit on equipment | |||||
| Property and equipment | 5, 8 | ||||
| Intangible assets | 6 | ||||
| Goodwill | |||||
| Total assets | |||||
| LIABILITIES | |||||
| Current liabilities | |||||
| Accounts payable and accrued liabilities | 11 | ||||
| Deferred revenue | |||||
| Income taxes payable | 2 | ||||
| Leases | 8 | ||||
| Deferred acquisition payments | |||||
| Leases | 8 | ||||
| Deferred income tax liability | |||||
| Total liabilities | |||||
| SHAREHOLDERS' EQUITY | |||||
| Share capital | 9 | ||||
| Contributed surplus | 9 | ||||
| Accumulated other comprehensive loss | |||||
| Accumulated deficit | ) | ) | |||
| Total liabilities and shareholders’ equity |
All values are in US Dollars.
IMMUNOPRECISE ANTIBODIES LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended January 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)
| (in thousands) | Note | 2025 | 2024 | ||
|---|---|---|---|---|---|
| Operating activities: | |||||
| Net loss for the period | ) | ) | |||
| Items not affecting cash: | |||||
| Amortization and depreciation | 5, 6, 14 | ||||
| Deferred income taxes | ) | ) | |||
| Accretion | |||||
| Foreign exchange | |||||
| Gain on investment | ) | ) | |||
| Share-based expense | 9, 10, 11 | ||||
| Asset impairment | |||||
| ) | ) | ||||
| Changes in non-cash working capital related to operations: | |||||
| Amounts receivable | |||||
| Inventory | ) | ||||
| Unbilled revenue | ) | ) | |||
| Prepaid expenses | |||||
| Accounts payable and accrued liabilities | 11 | ) | |||
| Sales and income taxes payable and receivable | ) | ||||
| Deferred revenue | |||||
| Net cash used in operating activities | ) | ) | |||
| Investing activities: | |||||
| Purchases of property and equipment | 5 | ) | ) | ||
| Security deposit on leases | ) | ||||
| Deferred acquisition payments | ) | ||||
| Sale of QVQ Holdings BV shares | |||||
| Net cash used in investing activities | ) | ) | |||
| Financing activities: | |||||
| Proceeds on share issuance, net of transaction costs | 9 | ||||
| Repayment of leases | 8 | ) | ) | ||
| Proceeds on debenture issuance, net of transaction costs | 7 | ||||
| Net cash provided by (used in) financing activities | ) | ||||
| Increase (decrease) in cash during the period | ) | ||||
| Foreign exchange | ) | ||||
| Cash – beginning of the period | |||||
| Cash – end of the period | |||||
| Cash is comprised of: | |||||
| Cash | |||||
| Restricted cash | |||||
| Cash paid for interest | |||||
| Cash paid for income tax |
All values are in US Dollars.
Source: ImmunoPrecise Antibodies Ltd.