MindWalk Holdings Repositions as TechBio Platform with LensAI Proof Points

MindWalk Holdings (NASDAQ:HYFT) has repositioned itself from a service-oriented CRO to an asset-light, software-led techbio platform. The company's core technology, HYFT, and commercial LensAI suite aim to compress discovery timelines. The pivot is expected to drive growth and enhance the company's competitive position in the techbio industry.

MindWalk Holdings (NASDAQ: HYFT), formerly known as ImmunoPrecise Antibodies, has completed a strategic pivot from a service-oriented Contract Research Organization (CRO) to an asset-light, software-led techbio platform. This transformation aims to compress discovery timelines and enhance decision quality before wet lab spend. The core technology, HYFT, and the commercial LensAI suite are at the forefront of this shift.

The company's recent financial performance indicates a strong trajectory. At the end of the last quarter, MindWalk reported a record C$7.6 million in quarterly revenue, representing a 45% year-over-year (YoY) growth. The company's gross profit was C$4 million, and the net loss improved to C$3 million compared to C$4 million the year before. Adjusted EBITDA loss narrowed to C$1.4 million as compared to C$2.8 million the year before. The company had C$5 million in cash at the end of the last quarter, with an additional C$16.1 million in net proceeds from the divestiture of IPA Netherlands, bringing the pro forma cash to C$21 million, according to a Seeking Alpha article https://seekingalpha.com/article/4830718-mindwalk-holdings-repositioned-techbio-platform-with-early-lensai-proof-points.

MindWalk's pivot to a techbio platform is driven by its AI capabilities. The LensAI suite, which incorporates the HYFT technology, has shown practical applications in drug discovery. Early outputs, such as an AI-generated GLP-1 agonist program with a dual-action longevity-linked pathway and a universal dengue epitope candidate, illustrate LensAI's potential. The platform's ability to screen across ~900 HLA variants and the human proteome to flag ADA risk early indicates its value in reducing downstream risk, as noted in the Seeking Alpha piece.

The company's business model is diverse, with pharmaceutical companies accessing the LensAI platform through subscription fees. Additional analyses and usage may lead to higher costs. MindWalk also co-develops or outlicenses internally-developed drugs, which may lead to upfront payments, milestone payments, or royalties. The company counts 19 out of 20 big pharma companies among its over 750 active customers. The LensAI platform drives higher margins of 90% compared to the traditional business, the article also reports.

MindWalk's recent partnership for AI-based development of novel cancer therapeutics with a global biotechnology leader, valued at $8 million initially with potential to expand to $10 million, further underscores the company's commitment to innovation and growth, according to the same Seeking Alpha coverage.

References

MindWalk Holdings: Repositioned TechBio Platform With Early LensAI Proof Points — https://seekingalpha.com/article/4830718-mindwalk-holdings-repositioned-techbio-platform-with-early-lensai-proof-points