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1. Company Snapshot

1.a. Company Description

ImmunoPrecise Antibodies Ltd., together with its subsidiaries, engages in antibody production and provision of related services in the United States, Canada, Europe, Australia, and internationally.The company offers a range of antibodies, enzymes, enzyme activity assays, arthritis animal products, proteins, deiminated proteins, organoid growth factors, and hybridoma products for research purposes.Its contract research organization services include custom antigen modeling, design, and manufacturing; B cell sorting, screening, and sequencing; custom, immune, and naive phage display production and screening; transgenic animals and multi-species antibody discovery; bi-specific, tri-specific, VHH, and VNAR (shark) antibody manufacturing; DNA cloning, protein and antibody downstream processing; antibody characterization on label-free biosensors and antibody engineering; transient and stable cell line generation; antibody optimization and humanization; hybridoma production with multiplexed, high-throughput screening, and clone-picking; and cryopreservation.


The company has research collaboration agreements with Pierre Fabre S.A for antibody discovery; and Elektrofi, Inc.to explore a high-concentration formulation of COVID-19 antibody cocktail, PolyTope TATX-03.ImmunoPrecise Antibodies Ltd.


was incorporated in 1983 and is based in Victoria, Canada.

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1.b. Last Insights on IPA

ImmunoPrecise Antibodies Ltd.'s recent performance was driven by several positive factors. The company's Q4 2025 earnings report revealed record revenue of $7.0 million, contributing to a strong fiscal year 2025 revenue of $24.5 million. Additionally, the company divested its Netherlands-based subsidiary to AVS Bio for $12 million, accelerating its Bio-Native AI innovation. ImmunoPrecise also validated its LENSai epitope mapping platform, demonstrating high predictive performance across unseen therapeutic targets. Furthermore, the company appointed industry veteran Jon Lieber to its Board of Directors, bringing expertise in capital markets and corporate development.

1.c. Company Highlights

2. MindWalk's Q1 2026 Earnings: A Deeper Dive

MindWalk reported Q1 revenue of $7.6M, a 45% YoY increase, with a gross profit of $4M (53% margin). The actual EPS came out at '-0.06496' relative to estimates at '-0.04'. The operating loss narrowed to $2.7M, and adjusted EBITDA loss halved to $1.4M. The divestiture of Netherlands operations generated $16.1M in proceeds, strengthening the balance sheet.

Publication Date: Sep -18

📋 Highlights
  • Revenue & Growth: Q1 revenue reached $7.6M, a 45% YoY increase, driven by project/product sales and continued operations ($3.2M, +28% YoY).
  • Margin Expansion: Gross profit grew to $4.0M (53% margin), up from 45% YoY, with operating/EBITDA losses narrowing to $2.7M and $1.4M, respectively.
  • Strategic Rebranding: Rebranded to MindWalk (ticker HYFT) to unify legacy brands, signaling a shift to a bio-native AI platform and scalable SaaS/Data-as-a-Service growth.
  • Balance Sheet Strengthening: Divestiture of Netherlands operations yielded $16.1M in proceeds, boosting cash reserves to $5M and enabling focus on high-margin initiatives.

Financial Performance Highlights

The company's continued operations contributed $3.2M in revenue, up 28% YoY, highlighting the strength of its bio-native AI platform. The gross profit margin improved to 53% from 45% YoY, driven by project and product revenue. Cash reserves totaled $5M, plus the $16.1M from the divestiture, supporting future growth initiatives.

Strategic Shifts and Future Plans

MindWalk is focusing on its shift from wet-lab services to a scalable AI-driven platform, with strategic growth areas including SaaS, Data-as-a-Service, and partnerships. The dengue vaccine initiative advanced to preclinical manufacturing, with plans for Phase I trials via partnerships. The company's BioIntelligence ecosystem integrates AI, multi-omic data, and advanced labs, with 15 molecules in clinical trials and a 98% B-cell tech success rate.

Valuation Metrics

With a P/S Ratio of 4.88 and an EV/EBITDA of -4.24, the market is pricing in significant growth expectations. However, the ROE (%) stands at -105.82, indicating substantial losses. The company's rebranding efforts and strategic expansions are expected to drive long-term shareholder value. Analysts estimate next year's revenue growth at -29.8%, indicating a challenging year ahead.

3. NewsRoom

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Hop Valley Brewing and Oregon Athletics Announce the Launch of Dang Green IPA, the First Official Craft Beer for the Oregon Ducks

Sep -16

Source: globenewswire.com

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ImmunoPrecise Rebrands as MindWalk, Announces NASDAQ Ticker Change to “HYFT”

Sep -03

Source: businesswire.com

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ImmunoPrecise Antibodies to Participate at H.C. Wainwright's 27th Annual Global Investment Conference in New York

Sep -02

Source: businesswire.com

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Flyers' Garnet Hathaway Launches Engine 19 IPA with Dogfish Head Craft Brewery to Support Local First Responders

Aug -27

Source: globenewswire.com

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ImmunoPrecise Antibodies Ltd. Divests Netherlands Facilities to AVS Bio to Accelerate Bio-Native AI Innovation

Aug -06

Source: businesswire.com

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AVS Bio, an Arlington Capital Partners Portfolio Company, Expands Antibody Discovery and Protein Production Capabilities With Acquisition of ImmunoPrecise Antibodies Europe From ImmunoPrecise Antibodies Ltd.

Aug -06

Source: businesswire.com

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

Jul -29

Source: seekingalpha.com

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ImmunoPrecise Antibodies Ltd. (IPA) Reports Q4 Loss, Lags Revenue Estimates

Jul -29

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.86%)

6. Segments

Antibody Production Project

Expected Growth: 9.9%

ImmunoPrecise Antibodies Ltd.'s 9.9% growth in Antibody Production Project is driven by increasing demand for therapeutic antibodies, advancements in immunotherapy, and strategic partnerships. Additionally, the company's proprietary antibody discovery platforms, such as PolyTope and TATi, enable rapid and efficient antibody development, further fueling growth.

Antibody Production Product

Expected Growth: 9.27%

ImmunoPrecise Antibodies Ltd.'s antibody production product growth is driven by increasing demand for therapeutic antibodies, advancements in immunotherapy, and rising investments in R&D. The company's proprietary technology and strong partnerships also contribute to its 9.27% growth rate.

Cryostorage

Expected Growth: 10.27%

ImmunoPrecise Antibodies Ltd.'s Cryostorage segment growth of 10.27% is driven by increasing demand for biobanking and cell therapy research, advancements in cryogenic preservation technology, and strategic partnerships with pharmaceutical and biotech companies. Additionally, growing investments in regenerative medicine and personalized healthcare are fueling the need for secure and reliable cryostorage solutions.

7. Detailed Products

Antibody Development

ImmunoPrecise Antibodies Ltd. offers custom antibody development services, providing high-quality, specific, and sensitive antibodies for various research and diagnostic applications.

Antibody Production

The company provides large-scale antibody production services, utilizing various expression systems, including bacterial, yeast, and mammalian cells, to deliver high-quality antibodies in bulk.

Antibody Engineering

ImmunoPrecise Antibodies Ltd. offers antibody engineering services, including humanization, affinity maturation, and epitope mapping, to improve antibody performance and functionality.

Antibody Sequencing

The company provides antibody sequencing services, utilizing next-generation sequencing technologies to analyze antibody repertoires and identify novel antibodies.

B Cell Sorting and Antibody Discovery

ImmunoPrecise Antibodies Ltd. offers B cell sorting and antibody discovery services, enabling the identification and isolation of antigen-specific B cells and antibodies.

Custom Immunization

The company provides custom immunization services, including peptide, protein, and cell-based immunizations, to generate antibodies against specific targets.

8. ImmunoPrecise Antibodies Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ImmunoPrecise Antibodies Ltd. is moderate due to the presence of alternative antibody discovery platforms and technologies.

Bargaining Power Of Customers

The bargaining power of customers is low for ImmunoPrecise Antibodies Ltd. as the company's antibody discovery platforms and services are highly specialized and customized to meet the specific needs of its clients.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for ImmunoPrecise Antibodies Ltd. as the company relies on a few key suppliers for critical components and materials, but has some flexibility to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants is high for ImmunoPrecise Antibodies Ltd. as the antibody discovery market is attractive and has relatively low barriers to entry, with many new companies and technologies emerging in the space.

Intensity Of Rivalry

The intensity of rivalry is high for ImmunoPrecise Antibodies Ltd. as the company operates in a highly competitive market with many established players and new entrants vying for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.17%
Debt Cost 3.95%
Equity Weight 88.83%
Equity Cost 5.84%
WACC 5.63%
Leverage 12.57%

11. Quality Control: ImmunoPrecise Antibodies Ltd. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Fennec Pharmaceuticals

A-Score: 6.0/10

Value: 8.2

Growth: 8.6

Quality: 6.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

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Sage Therapeutics

A-Score: 4.9/10

Value: 7.4

Growth: 6.1

Quality: 4.8

Yield: 0.0

Momentum: 9.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
IPA

A-Score: 3.9/10

Value: 6.8

Growth: 1.9

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

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Bluebird Bio

A-Score: 3.6/10

Value: 9.8

Growth: 3.6

Quality: 5.1

Yield: 0.0

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
SAB Biotherapeutics

A-Score: 3.1/10

Value: 8.8

Growth: 1.2

Quality: 6.9

Yield: 0.0

Momentum: 1.5

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
Enanta Pharmaceuticals

A-Score: 2.8/10

Value: 7.2

Growth: 1.2

Quality: 3.9

Yield: 0.0

Momentum: 4.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.62$

Current Price

1.62$

Potential

-0.00%

Expected Cash-Flows