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- **Revenue Surge**: Q1 $7.6M (+45% YoY), driven by core AI platform and divestiture proceeds.
- **Margin Expansion**: Gross margin 53%, up from 45% YoY, with BioStrand SaaS targeting >90% margins.
- **Strategic Shift**: Transitioned to bio-native AI company (MindWalk), redefining biologics discovery with HYFT technology.
- **Vaccine Milestone**: Dengue vaccine enters preclinical trials, leveraging unique T-cell activation approach.
- **Financial Strength**: $21.1M liquidity post-divestiture, enabling SaaS expansion and R&D investments.

**【CEO Opening Remarks】**
- **Divestiture Update**: Sold Netherlands operations for $16.1M, reclassified as discontinued. Remaining operations grew 28% YoY to $3.2M, driven by core AI platform.
- **Financial Highlights**: Q1 revenue $7.6M (+45% YoY), gross profit $4M (53% margin), net loss $3M (improved from $1M YoY).
- **Rebranding Strategy**: Transitioned to MindWalk, emphasizing bio-native AI platform (HYFT) for SaaS, DaaS, and therapeutics. New ticker HYFT reflects AI-driven focus.

**【CFO Financial Commentary】**
- **Revenue Growth**: $7.6M (+45% YoY), with 53% gross margin vs. 45% prior year.
- **Expense Management**: G&A down YoY, operating loss narrowed to $2.7M from $4.2M.
- **Liquidity**: $5M cash + $16.1M divestiture proceeds, supporting SaaS investments and dengue vaccine trials.

**【Q&A Highlights】**
- **Gross Margin Breakdown**: Continued ops (53% margin) outperformed discontinued (45%). BioStrand SaaS projects target >90% margins.
- **Dengue Vaccine Progress**: Entered preclinical manufacturing with NIH collaboration. Seeking partners for Phase I trials, focusing on T-cell activation.
- **Rebranding Execution**: Balancing internal pipeline (e.g., AI-derived vaccines) with pharma partnerships for AI-driven drug discovery.

**【Closing Remarks】**
- **Strategic Focus**: Capitalized on divestiture proceeds to strengthen AI platform and pipeline. LensAI validated in derisking biologics development.
- **Future Outlook**: Scalable SaaS model, high-margin AI tools, and strategic partnerships to drive growth and value creation.

MindWalk Holdings Corp. (HYFT) Q1 2026 Earnings Call Transcript

- **Revenue Record**: Q4 $7M (8.1% YoY), FY2025 $24.5M with 600bp margin expansion to 55%.
- **BioStrand Dominance**: 180% YoY growth, 90% margins, key to future profitability.
- **AI Breakthroughs**: LENSai outperforms benchmarks, GLP-1 peptide matches semaglutide, dengue vaccine epitope identified.
- **Strategic Shifts**: $10.8M cash, Dutch divestiture nears completion, Cambridge expansion.
- **Partnership Momentum**: $8M oncology deal, FDA-aligned AI adoption, 93% YoY new client growth.

**【CEO Summary Section】**
- **Record Q4 Revenue**: $7 million, up 8.1% YoY and 13.5% QoQ, driven by Canadian sales growth (47% YoY, 83% QoQ). 
- **Gross Margin Expansion**: 64% in Q4 (vs. 48% last year), with BioStrand segment growing 180% YoY and 90% margins.
- **Strategic Initiatives**: 
  - Dutch subsidiary divestiture nearing completion; proceeds to strengthen balance sheet.
  - Rebranding to emphasize AI-driven platform (LENSai) with HYFT technology for drug discovery.
  - Cambridge, MA expansion to tap US biotech hub.
- **Key Milestones**: 
  - FDA dengue vaccine program advance with in silico epitope mapping.
  - AI-designed GLP-1 peptide matching semaglutide in receptor assays.
  - LENSai immunogenicity screening outperforms industry benchmarks.

**【CFO Financial Commentary】**
- **FY2025 Financials**: 
  - Total revenue $24.5 million (slight increase vs. FY2024).
  - Gross profit $4.5 million (up from $3.1 million last year).
  - Operating expenses down 7% YoY to $5.8 million, driven by cost control.
  - Adjusted EBITDA loss narrows to $316K (vs. $1.7M last year).
- **Cash Position**: $10.8 million (vs. $3.5M last year), supporting growth initiatives.
- **Profitability**: 600bp gross margin expansion (49% to 55%), driven by high-margin BioStrand.

**【Q&A Highlights】**
1. **GLP-1 Peptide Development**: 
   - Partnering with manufacturers for IND-enabling data; seeking clinical sponsor.
   - Early formulation studies and dose-response data expected soon.
2. **Oncology Collaboration**: 
   - $8M partnership with biotech for antibody drug conjugates.
   - Revenue recognition begins Q2; no major milestones beyond platform success rate (>95%).
3. **FDA AI Guidance Impact**: 
   - 5% of revenue from AI services, growing rapidly with demand for in silico toxicity/immunogenicity studies.
   - LENSai's 90% accuracy in antibody-antigen mapping vs. crystallography.
4. **European Divestiture**: 
   - Final stages of sale; Canada absorbs transferred work with capacity to grow.
   - Integration of LENSai into Canadian operations enhances service offerings.


ImmunoPrecise Antibodies Ltd. (IPA) Q4 2025 Earnings Conference Call Transcript

- **$8M+ AI partnership launched**: Q3 2025 revenue boosted by $8M upfront payment from biotech collaboration.
- **BioStrand AI segment on fire**: 131.8% YoY growth with 97% gross margin, proving AI scalability.
- **Debt-free, cash-rich**: $8.8M equity raise + Yorkville debenture conversion gives CAD 12.9M runway.
- **GLP-1 innovation**: AI-designed molecule with transdermal delivery partner and 66% cost savings via Vultr GPUs.

**【CEO Strategic Updates】**
- Secured an $8-10M strategic partnership leveraging AI and B Cell Select technology, with $8M purchase order issued in Q3. 
- Relocated HQ to Austin, TX to expand US AI/biotech ecosystem presence.
- BioStrand AI segment achieved 131.8% YoY revenue growth (CAD 6.2M Q3) with 97% gross margin.
- Launched AI-designed GLP-1 program with parallel preclinical testing and manufacturing tracks.
- Completed $8.8M equity raise, reducing debt and extending runway to Q4 2025.

**【CFO Financial Highlights】**
- Q3 2025 revenue: CAD 6.2M (flat YoY), with CAD 0.6M from AI segment.
- Operating expenses: CAD 27.8M (incl. CAD 21.2M non-cash impairment charge).
- Net loss: CAD 21.5M (-66% YoY when excluding impairment).
- Cash balance: CAD 12.9M (up from CAD 3.5M FY24-end) after Yorkville debenture conversion.

**【Key Q&A Takeaways】**
- European divestiture expected to close by Q4 2025, reducing costs and focusing on high-margin AI/wet lab integration.
- Vultr GPU partnership delivers 66% cost savings vs traditional cloud, enabling faster AI workflows.
- Therapeutic projects now account for 48% of wet lab work (vs 19% YoY), driving higher-margin revenue.
- GLP-1 program features transdermal delivery partnership and novel sequence stability optimizations.

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