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National Post
10 hours ago
- Business
- National Post
ImmunoPrecise Antibodies (IPA) Reports Full Fiscal Year 2025 Results, Record Fourth Quarter Revenue, and Record Fourth Quarter Adjusted EBITDA
Article content AUSTIN, Texas — ImmunoPrecise Antibodies Ltd. ('IPA', 'Company', 'we' or 'us') (NASDAQ: IPA), a bio-native AI company operating at the intersection of TechBio and next-generation drug discovery, today announces its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted. Article content Financial Highlights: Article content Article content Achieved strong revenue for Fiscal Year 2025 of $24.5 million Delivered highest-ever fourth quarter revenue of $7.0 million Reported record fourth quarter Adjusted EBITDA of ($0.3) million, reflecting improved operating efficiency Achieved fourth quarter gross margin of 64%, up from 48% from Q4 FY24 BioStrand segment grew over 180% in Fiscal year 2025 and had gross margins approaching 90% BioStrand currently represents over 5% of total annual revenue this year, up from less than 2% in Fiscal Year 2024 Article content : Article content The Company's LENS ai ™ platform demonstrated that it's in silico epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—yet delivering structural insights in hours instead of weeks. An important breakthrough using the Company's HYFT®-powered LENS ai platform, as it identified a highly conserved epitope across all four dengue virus serotypes, a key milestone toward developing a potential universal dengue vaccine. Subsequently announced in silico data supporting the vaccine candidate's safety and its ability to activate a balanced immune response. IPA's AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company's HYFT-driven LENS ai platform. Entered a strategic USD $8–10 million partnership with a publicly traded biotechnology company focused on the discovery and development of antibody-drug conjugates and bispecific antibodies for potential oncology therapeutics. Realigned internal R&D strategy to focus on launching an AI-powered therapeutic pipeline, reinforcing IPA's shift toward a bio-native AI drug discovery model. ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), for the transfer and evaluation of antibody assets for bispecific tumor-targeting. Successfully engineered antibodies in silico to a challenging tumor target using LENS ai, advancing IPA's vision for accessible, next-generation therapeutics. Appointed industry veteran Jon Lieber to its Board of Directors, bringing over 30 years of strategic leadership across biotech, capital markets, and public company governance, further strengthening IPA's financial oversight and commercial execution. Named Jeff Fried, a recognized healthcare data visionary, to its Advisory Board. Fried has played a key role in advancing IPA's AI platform capabilities, particularly the integration of vector search to support large-scale, AI-driven discovery within LENS ai ecosystem. Regained compliance with Nasdaq minimum bid price requirement, reflecting strengthened investor confidence and continued alignment with strategic listing standards. Article content 'Fiscal 2025 was a record-setting year for IPA across multiple dimensions,' said Dr. Jennifer Bath, ImmunoPrecise Antibodies CEO. 'We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company's history, with a loss of only $316,000. This reflects our continued progress toward profitability while accelerating innovation through our HYFT-powered LENS ai platform. Our BioStrand segment alone grew by more than 180% in Fiscal 2025, highlighting the strength of our AI-driven pipeline. These results underscore the growing commercial validation of our technology, our strategic collaborations, and our ability to deliver real-world impact through next-generation antibody discovery and therapeutic design.' Article content 'As we look ahead to the next fiscal year, we are well-positioned to build on our momentum. We are poised to refocus our business on AI-based product development utilizing our LENS ai platform, powered by our patented HYFT technology. We anticipate the near-term completion of the previously announced divestiture of our Dutch subsidiary, as part of our continued focus on streamlining operations and aligning resources with strategic priorities. Together, these strategic steps will sharpen our focus, strengthen our core capabilities, and set the stage for an even brighter future for IPA,' concluded Dr. Bath. Article content Fourth Quarter 2025 Financial Results Article content Revenue for the three months ended April 30, 2025, was $7.0 million, representing an 8% increase compared to $6.5 million for the same period in 2024. Article content Gross profit for the three months ended April 30, 2025, was $4.5 million, up from $3.1 million in the same period last year. Gross margin for FY25 rose sharply to 64%, compared to 48% for FY24. This improvement was driven, in part, by a greater contribution from high-margin BioStrand revenues. Article content Research and development ('R&D') expenses totaled $1.1 million, down from $1.3 million in the prior-year quarter, due to reallocating project-related R&D efforts to cost of sales for clients. Article content Sales and marketing expenses increased to $1.0 million, compared to $0.9 million in the same period last year, due to an increase in digital campaign expenses. Article content General and administrative expenses declined to $3.7 million from $4.1 million, driven by ongoing cost control efforts. Article content Operating loss, excluding amortization and non-recurring charges, improved significantly to $1.4 million, compared to $3.2 million in the fourth quarter of Fiscal Year 2024. Article content Net loss narrowed to $2.2 million, a marked improvement from a net loss of $17.6 million in the same quarter last year, which included a $15 million non-cash impairment charge related to BioStrand's goodwill and intangible assets. Article content Adjusted EBITDA loss improved to $0.3 million, compared to a loss of $1.7 million in the fourth quarter of Fiscal Year 2024, reflecting improved gross profits and enhanced operating efficiency. Article content Full Year 2025 Financial Results Article content Revenue for Fiscal Year 2025 was $24.5 million, up slightly (without rounding) from $24.5 million in Fiscal Year 2024. Article content Gross Profit for Fiscal Year 2025 was $13.5 million, a 12.4% increase compared to $12.1 million in Fiscal Year 2024. Gross margin expanded by 600 basis points to 55%, up from 49% in the prior year. This margin improvement was driven by a greater revenue contribution from the high-margin BioStrand segment, coupled with an increased focus on cost efficiencies. Article content Research and development expenses were $4.9 million in Fiscal Year 2025, up from $4.0 million in Fiscal Year 2024, reflecting increased investment in R&D activities within the BioStrand segment. Article content Sales and marketing expenses were $4.3 million in Fiscal Year 2025, compared to $3.5 million in Fiscal Year 2024, reflecting increased spending on advertising related to digital campaign expenses. Article content General and administrative expenses totaled $14.7 million in Fiscal Year 2025, down from $15.6 million in Fiscal Year 2024, reflecting the Company's continued focus on operational efficiency and cost discipline. Article content Operating loss in Fiscal Year 2025, excluding amortization and non-recurring charges, improved to $10.4 million, compared to $11.1 million in Fiscal Year 2024. Article content Net loss in Fiscal Year 2025 was $30.2 million, or $(0.91) per share on a basic and diluted basis, compared to a net loss of $26.1 million or $(1.02) on a basic and diluted basis in Fiscal Year 2024. Article content Total cash, cash equivalents, and marketable securities, including restricted cash, were $10.8 million as of April 30, 2025. Article content Three Months Ended April 30, Year Ended April 30, (in thousands) 2025 $ 2024 $ 2025 $ 2024 $ Net loss (2,161 ) (17,610 ) (30,234 ) (26,115 ) Income taxes 261 (1,214 ) (4,033 ) (2,588 ) Amortization and depreciation 913 1,579 5,119 5,735 Accretion 2 4 10 19 Asset impairment charge — 15,031 21,184 15,031 Foreign exchange realized gain (loss) (33 ) 18 (5 ) 142 Interest expense 209 323 948 849 Interest and other income (3 ) 3 283 (23 ) Unrealized foreign exchange loss (gain) 443 (65 ) 594 (86 ) Share-based expense 53 237 445 1,535 Adjusted EBITDA (316 ) (1,694 ) (5,689 ) (5,501 ) Article content *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Article content Conference Call and Webcast Details Article content The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Friday, July 29, 2025, at 10:30AM ET. Article content 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 Article content ***Participant Dial-In Details*** Article content Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name. Article content USA / International Toll +1 (646) 307-1963 USA – Toll-Free (800) 715-9871 Canada – Toll-Free (800) 715-9871 Article content ***Webcast Details*** Article content Attendee URL: Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. Article content Anyone listening to the call is encouraged to read the company's periodic reports available on the company's profile at and including the discussion of risk factors and historical results of operations and financial condition in those reports. Article content About ImmunoPrecise Antibodies Ltd. Article content ImmunoPrecise Antibodies Ltd. is an AI-driven biotherapeutic research, technology and scientifically robust life science company that discovers and develops customized and novel antibodies by generating proprietary and patented processes, procedures and innovative approaches to antibody discovery, development, and production. 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'). Article content For more information, visit 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. Article content 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. Article content The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Article content The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss. Article content 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. Article content 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. Article content IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited – Expressed in Canadian dollars) (in thousands) April 30, 2025 $ April 30, 2024 $ ASSETS Current assets Cash 10,665 3,459 Amounts receivable, net 4,115 3,790 Tax receivable 143 414 Inventory 2,095 2,139 Unbilled revenue 548 277 Prepaid expenses 1,188 1,408 18,754 11,487 Restricted cash 126 86 Deposit on equipment 502 475 Property and equipment 15,762 16,696 Intangible assets 1,067 23,557 Goodwill 8,230 7,687 Total assets 44,441 59,988 LIABILITIES Current liabilities Accounts payable and accrued liabilities 5,283 4,372 Deferred revenue 1,090 1,352 Tax payable 475 553 Leases 1,850 1,563 Deferred acquisition payments 314 284 9,012 8,124 Leases 11,553 12,118 Deferred income tax liability 250 4,068 Total liabilities 20,815 24,310 SHAREHOLDERS' EQUITY Share capital 136,371 119,773 Contributed surplus 12,833 12,388 Accumulated other comprehensive income 3,216 2,077 Accumulated deficit (128,794 ) (98,560 ) 23,626 35,678 Total liabilities and shareholders' equity 44,441 59,988 Article content IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended April 30, 2025 and 2024 (Unaudited – Expressed in Canadian dollars) (in thousands) 2025 $ 2024 $ Operating activities: Net loss for the period (30,234 ) (26,115 ) Items not affecting cash: Accretion 10 19 Amortization and depreciation 5,119 5,735 Asset impairment 21,184 15,031 Deferred income taxes (3,935 ) (1,773 ) Foreign exchange 622 15 Gain on investment (7 ) (2 ) Share-based expense 445 1,535 (6,796 ) (5,555 ) Changes in non-cash working capital related to operations: Amounts receivable (298 ) (601 ) Inventory 138 (102 ) Unbilled revenue (248 ) 360 Prepaid expenses 261 624 Accounts payable and accrued liabilities 827 983 Sales and income taxes payable and receivable 8 733 Deferred revenue (302 ) 374 Net cash used in operating activities (6,410 ) (3,184 ) Investing activities: Purchase of equipment (799 ) (1,397 ) Security deposit on leases — (141 ) Deferred acquisition payments — (146 ) Sale of QVQ Holdings BV shares — 121 Net cash used in investing activities (799 ) (1,563 ) Financing activities: Proceeds from share issuance, net of transaction costs 12,228 2,360 Proceeds from debenture 4,242 — Repayment of leases (1,577 ) (1,339 ) Net cash provided by financing activities 14,893 1,021 Increase (decrease) in cash during the period 7,684 (3,726 ) Foreign exchange (438 ) (1,095 ) Cash – beginning of the period 3,545 8,366 Cash – end of the period 10,791 3,545 Cash is comprised of: Cash 10,665 3,459 Restricted cash 126 86 10,791 3,545 Cash paid for interest — — Cash paid for income tax 2 — Article content Article content Article content Article content Article content Contacts Article content Article content Article content
Business Wire
11 hours ago
- Business
- Business Wire
ImmunoPrecise Antibodies (IPA) Reports Full Fiscal Year 2025 Results, Record Fourth Quarter Revenue, and Record Fourth Quarter Adjusted EBITDA
AUSTIN, Texas--(BUSINESS WIRE)--ImmunoPrecise Antibodies Ltd. ('IPA', 'Company', 'we' or 'us') (NASDAQ: IPA), a bio-native AI company operating at the intersection of TechBio and next-generation drug discovery, today announces its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted. We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company's history, with a loss of only $316,000. Financial Highlights: Achieved strong revenue for Fiscal Year 2025 of $24.5 million Delivered highest-ever fourth quarter revenue of $7.0 million Reported record fourth quarter Adjusted EBITDA of ($0.3) million, reflecting improved operating efficiency Achieved fourth quarter gross margin of 64%, up from 48% from Q4 FY24 BioStrand segment grew over 180% in Fiscal year 2025 and had gross margins approaching 90% BioStrand currently represents over 5% of total annual revenue this year, up from less than 2% in Fiscal Year 2024 Recent Corporate Highlights: The Company's LENS ai ™ platform demonstrated that it's in silico epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—yet delivering structural insights in hours instead of weeks. An important breakthrough using the Company's HYFT®-powered LENS ai platform, as it identified a highly conserved epitope across all four dengue virus serotypes, a key milestone toward developing a potential universal dengue vaccine. Subsequently announced in silico data supporting the vaccine candidate's safety and its ability to activate a balanced immune response. IPA's AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company's HYFT-driven LENS ai platform. Entered a strategic USD $8–10 million partnership with a publicly traded biotechnology company focused on the discovery and development of antibody-drug conjugates and bispecific antibodies for potential oncology therapeutics. Realigned internal R&D strategy to focus on launching an AI-powered therapeutic pipeline, reinforcing IPA's shift toward a bio-native AI drug discovery model. ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), for the transfer and evaluation of antibody assets for bispecific tumor-targeting. Successfully engineered antibodies in silico to a challenging tumor target using LENS ai, advancing IPA's vision for accessible, next-generation therapeutics. Appointed industry veteran Jon Lieber to its Board of Directors, bringing over 30 years of strategic leadership across biotech, capital markets, and public company governance, further strengthening IPA's financial oversight and commercial execution. Named Jeff Fried, a recognized healthcare data visionary, to its Advisory Board. Fried has played a key role in advancing IPA's AI platform capabilities, particularly the integration of vector search to support large-scale, AI-driven discovery within LENS ai ecosystem. Regained compliance with Nasdaq minimum bid price requirement, reflecting strengthened investor confidence and continued alignment with strategic listing standards. 'Fiscal 2025 was a record-setting year for IPA across multiple dimensions,' said Dr. Jennifer Bath, ImmunoPrecise Antibodies CEO. 'We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company's history, with a loss of only $316,000. This reflects our continued progress toward profitability while accelerating innovation through our HYFT-powered LENS ai platform. Our BioStrand segment alone grew by more than 180% in Fiscal 2025, highlighting the strength of our AI-driven pipeline. These results underscore the growing commercial validation of our technology, our strategic collaborations, and our ability to deliver real-world impact through next-generation antibody discovery and therapeutic design.' 'As we look ahead to the next fiscal year, we are well-positioned to build on our momentum. We are poised to refocus our business on AI-based product development utilizing our LENS ai platform, powered by our patented HYFT technology. We anticipate the near-term completion of the previously announced divestiture of our Dutch subsidiary, as part of our continued focus on streamlining operations and aligning resources with strategic priorities. Together, these strategic steps will sharpen our focus, strengthen our core capabilities, and set the stage for an even brighter future for IPA,' concluded Dr. Bath. Fourth Quarter 2025 Financial Results Revenue for the three months ended April 30, 2025, was $7.0 million, representing an 8% increase compared to $6.5 million for the same period in 2024. Gross profit for the three months ended April 30, 2025, was $4.5 million, up from $3.1 million in the same period last year. Gross margin for FY25 rose sharply to 64%, compared to 48% for FY24. This improvement was driven, in part, by a greater contribution from high-margin BioStrand revenues. Research and development ('R&D') expenses totaled $1.1 million, down from $1.3 million in the prior-year quarter, due to reallocating project-related R&D efforts to cost of sales for clients. Sales and marketing expenses increased to $1.0 million, compared to $0.9 million in the same period last year, due to an increase in digital campaign expenses. General and administrative expenses declined to $3.7 million from $4.1 million, driven by ongoing cost control efforts. Operating loss, excluding amortization and non-recurring charges, improved significantly to $1.4 million, compared to $3.2 million in the fourth quarter of Fiscal Year 2024. Net loss narrowed to $2.2 million, a marked improvement from a net loss of $17.6 million in the same quarter last year, which included a $15 million non-cash impairment charge related to BioStrand's goodwill and intangible assets. Adjusted EBITDA loss improved to $0.3 million, compared to a loss of $1.7 million in the fourth quarter of Fiscal Year 2024, reflecting improved gross profits and enhanced operating efficiency. Full Year 2025 Financial Results Revenue for Fiscal Year 2025 was $24.5 million, up slightly (without rounding) from $24.5 million in Fiscal Year 2024. Gross Profit for Fiscal Year 2025 was $13.5 million, a 12.4% increase compared to $12.1 million in Fiscal Year 2024. Gross margin expanded by 600 basis points to 55%, up from 49% in the prior year. This margin improvement was driven by a greater revenue contribution from the high-margin BioStrand segment, coupled with an increased focus on cost efficiencies. Research and development expenses were $4.9 million in Fiscal Year 2025, up from $4.0 million in Fiscal Year 2024, reflecting increased investment in R&D activities within the BioStrand segment. Sales and marketing expenses were $4.3 million in Fiscal Year 2025, compared to $3.5 million in Fiscal Year 2024, reflecting increased spending on advertising related to digital campaign expenses. General and administrative expenses totaled $14.7 million in Fiscal Year 2025, down from $15.6 million in Fiscal Year 2024, reflecting the Company's continued focus on operational efficiency and cost discipline. Operating loss in Fiscal Year 2025, excluding amortization and non-recurring charges, improved to $10.4 million, compared to $11.1 million in Fiscal Year 2024. Net loss in Fiscal Year 2025 was $30.2 million, or $(0.91) per share on a basic and diluted basis, compared to a net loss of $26.1 million or $(1.02) on a basic and diluted basis in Fiscal Year 2024. Total cash, cash equivalents, and marketable securities, including restricted cash, were $10.8 million as of April 30, 2025. The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below: *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, July 29, 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 ***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: 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 and 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 an AI-driven biotherapeutic research, technology and scientifically robust life science company that discovers and develops customized and novel antibodies by generating proprietary and patented processes, procedures and innovative approaches to antibody discovery, development, and production. 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 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. The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss. 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 and IMMUNOPRECISE ANTIBODIES LTD. (Unaudited - Expressed in Canadian dollars) (in thousands) April 30, 2025 $ April 30, 2024 $ ASSETS Current assets Cash 10,665 3,459 Amounts receivable, net 4,115 3,790 Tax receivable 143 414 Inventory 2,095 2,139 Unbilled revenue 548 277 Prepaid expenses 1,188 1,408 18,754 11,487 Restricted cash 126 86 Deposit on equipment 502 475 Property and equipment 15,762 16,696 Intangible assets 1,067 23,557 Goodwill 8,230 7,687 Total assets 44,441 59,988 LIABILITIES Current liabilities Accounts payable and accrued liabilities 5,283 4,372 Deferred revenue 1,090 1,352 Tax payable 475 553 Leases 1,850 1,563 Deferred acquisition payments 314 284 9,012 8,124 Leases 11,553 12,118 Deferred income tax liability 250 4,068 Total liabilities 20,815 24,310 SHAREHOLDERS' EQUITY Share capital 136,371 119,773 Contributed surplus 12,833 12,388 Accumulated other comprehensive income 3,216 2,077 Accumulated deficit (128,794 ) (98,560 ) 23,626 35,678 Total liabilities and shareholders' equity 44,441 59,988 Expand IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended April 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) (in thousands) 2025 $ 2024 $ Operating activities: Net loss for the period (30,234 ) (26,115 ) Items not affecting cash: Accretion 10 19 Amortization and depreciation 5,119 5,735 Asset impairment 21,184 15,031 Deferred income taxes (3,935 ) (1,773 ) Foreign exchange 622 15 Gain on investment (7 ) (2 ) Share-based expense 445 1,535 (6,796 ) (5,555 ) Changes in non-cash working capital related to operations: Amounts receivable (298 ) (601 ) Inventory 138 (102 ) Unbilled revenue (248 ) 360 Prepaid expenses 261 624 Accounts payable and accrued liabilities 827 983 Sales and income taxes payable and receivable 8 733 Deferred revenue (302 ) 374 Net cash used in operating activities (6,410 ) (3,184 ) Investing activities: Purchase of equipment (799 ) (1,397 ) Security deposit on leases — (141 ) Deferred acquisition payments — (146 ) Sale of QVQ Holdings BV shares — 121 Net cash used in investing activities (799 ) (1,563 ) Financing activities: Proceeds from share issuance, net of transaction costs 12,228 2,360 Proceeds from debenture 4,242 — Repayment of leases (1,577 ) (1,339 ) Net cash provided by financing activities 14,893 1,021 Increase (decrease) in cash during the period 7,684 (3,726 ) Foreign exchange (438 ) (1,095 ) Cash – beginning of the period 3,545 8,366 Cash – end of the period 10,791 3,545 Cash is comprised of: Cash 10,665 3,459 Restricted cash 126 86 10,791 3,545 Cash paid for interest — — Cash paid for income tax 2 — Expand
Business Wire
24-06-2025
- Business
- Business Wire
ImmunoPrecise Advances Universal Dengue Vaccine, Confirming Safety, Immune Activation, and Structural Stability Using its LENS ai™ Platform Powered by Patented HYFT ® Technology
AUSTIN, Texas--(BUSINESS WIRE)--ImmunoPrecise (NASDAQ: IPA), a leader in AI-driven biotherapeutics, provides a significant update following its June 5, 2025, press release ImmunoPrecise Announces AI-Driven Breakthrough in Universal Dengue Vaccine Discovery. This new release details the downstream validation of the epitope identified in that initial announcement—demonstrating that the computationally selected vaccine target is not only highly conserved across all four dengue virus types but also safe, immunologically active, and structurally stable. ImmunoPrecise's patented HYFT technology successfully identified a critical and discontiguous target site (epitope) that remains unchanged across all four types of dengue virus (DENV-1 through DENV-4). 'This is a major step forward,' said Dr. Jennifer Bath, CEO of ImmunoPrecise. 'Our AI technology not only found a new target for a universal dengue vaccine, but we've now shown it's safe and can trigger the right immune response. With this validation, we're excited to move ahead and advance this candidate toward the next stages of vaccine development.' Following the recent discovery of a unique 'Achilles' heel' shared by all four types of dengue virus, ImmunoPrecise has confirmed—using its patented HYFT technology and LENS ai Immunogenicity Screener—that the selected target not only remains conserved but also triggers a strong and specific immune response. This breakthrough may pave the way for a safer, more universal dengue vaccine. The new target was discovered using the Company's proprietary LENS ai platform. 'Our ability to move from computational discovery to AI-guided immunogenicity validation is unique to our methodology and drug development,' commented Dr. Jennifer Bath, ImmunoPrecise CEO. 'Further, it ensures that our candidates are both theoretically promising and primed for real-world immune protection, a critical requirement for any viable vaccine candidate.' For decades, dengue has been one of the most challenging viruses for vaccine developers, largely because the virus comes in four different forms—and beating one doesn't guarantee protection from the others. Many vaccines fail because they trigger the immune system to attack the wrong parts of the virus, or worse, make infections more severe. What makes this development so important is that ImmunoPrecise's target has now been shown—based on in silico immune profiling—to likely engage key components of the immune system, including both B cells and T cells, in a manner that appears safe and highly specific. ImmunoPrecise's latest AI-driven testing shows that their selected target—a small, stable piece of the virus—can activate the body's defenses in a very precise way, without the risks of traditional, broader approaches. A Methodology That Changes the Game—Far Beyond Dengue What sets ImmunoPrecise apart is not only the discovery of a promising dengue vaccine target, but the methodology itself. With LENS ai powered by HYFT technology, IPA brings unprecedented clarity to the earliest stages of discovery—well before traditional disease modeling or animal studies even begin. By revealing deep relationships between sequence, structure, and function at the outset, this platform provides rapid, explainable insights that inform every downstream decision, from epitope selection to vaccine design. The findings for dengue showcase the platform's versatility. Because HYFT technology systematically maps biological meaning across the entire biosphere, this methodology is readily transferable—equipping IPA to tackle a wide spectrum of infectious diseases, from HIV and influenza to emerging pathogens and oncology targets. With this approach, ImmunoPrecise isn't just keeping pace with the field; it's setting a new standard for how next-generation therapeutics are discovered and validated. ImmunoPrecise's patented HYFT technology successfully identified a critical and discontiguous target site (epitope) that remains unchanged across all four types of dengue virus (DENV-1 through DENV-4). This target site is essential for how the virus infects cells and is believed to be key for establishing an enduring and efficacious universal dengue vaccine. This HYFT-guided workflow achieves this by analyzing protein building blocks that may be far apart in the virus's genetic sequence but come together when the protein folds into its final 3D shape. This advanced mapping process combines genetic similarity analysis with 3D structural modeling and functional annotation to identify the most promising vaccine targets. Key Technical Findings Complete Immune Response Testing Computer-based immune response screening used advanced prediction tools to evaluate how both antibody-producing cells (B cells) and infection-fighting cells (T cells) would respond to the vaccine target. The target site showed strong predicted binding to multiple human immune system markers (HLA class I and II types). This suggests that people from diverse backgrounds and genetic makeups could mount a strong immune response to the vaccine—something essential for global deployment. Safety Verification Against Human Proteins Using ImmunoPrecise's proprietary retrieve-and-relate technology at the core of HYFT™ (Van Hyfte et al., 2023, bioRxiv), the vaccine target was thoroughly compared against all known human and mouse proteins. This comprehensive safety check goes beyond standard comparison methods—HYFT systematically searches for not only genetic similarities but also structural and functional matches across species, ensuring the vaccine target is unique to the virus and not found in human biology. This is critical in vaccine development, where off-target effects can lead to dangerous autoimmune reactions. No problematic similarities were found, significantly reducing the risk that the vaccine would accidentally attack the body's own healthy cells. Structural Stability Analysis Advanced computer modeling and molecular simulation studies have confirmed that the vaccine target maintains its proper shape, remains accessible to immune cells, and remains prominently displayed on the surface of the dengue virus. Stability testing demonstrated that the target remains robust under normal physiological conditions. Balanced Immune Response Profile Importantly, the moderate predicted immune response strength (compared to typical vaccine 'hotspots') may explain why this target was overlooked in previous laboratory studies that focused on more obvious, highly immunogenic sites. This balanced profile suggests the vaccine could trigger a highly specific immune response while potentially reducing the risk of dangerous immune overreactions or antibody-dependent enhancement (ADE)—a serious complication that can worsen dengue infection. Looking Ahead This release is the second in a series of disclosures aimed at showcasing the power of ImmunoPrecise's end-to-end AI-native platform. The June 5th announcement introduced a promising target; today's release provides the crucial next step: a rigorous validation of that target's safety and immunological relevance. This validation significantly strengthens the translational potential of the candidate, which is currently being prepared for further preclinical evaluation. These findings come at an important time, as global agencies continue to seek safer and more effective dengue vaccines. IPA is actively engaging with key stakeholders to explore the path forward, including potential collaboration, development, and funding partnerships. About ImmunoPrecise Antibodies Ltd. ImmunoPrecise (NASDAQ: IPA) is a global leader in AI-powered biotherapeutic discovery and development. Its proprietary HYFT technology and LENSai™ platform enable first-principles-based drug design, delivering validated therapeutic candidates across modalities and therapeutic areas. IPA partners with 19 of the top 20 pharmaceutical companies and is advancing next-generation biologics through data-driven, human-relevant models. Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are often identified by words such as 'expects,' 'intends,' 'plans,' 'anticipates,' 'believes,' or similar expressions, or by statements that certain actions, events, or results 'may,' 'will,' 'could,' or 'might' occur or be achieved. These statements include, but are not limited to, statements regarding the anticipated benefits, scalability, and broader application of the LENSai™ and HYFT® platforms to dengue vaccine development; the advancement, regulatory acceptance, and future clinical potential of AI-native approaches for dengue and other infectious diseases; and the Company's ability to achieve and maintain scientific, regulatory, and commercial progress in its dengue program. Forward-looking statements are based on management's current expectations, assumptions, and projections about future events. Actual results may differ materially from those expressed or implied due to a variety of factors, many of which are beyond the Company's control. These factors include, but are not limited to, the pace of scientific and technological developments, changes in regulatory requirements or acceptance of AI designed vaccines, competition and market dynamics, intellectual property protection, risks related to preclinical or clinical validation of dengue vaccine candidates, integration and operational challenges, and changes in global economic or business conditions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied herein. Additional information regarding risks and uncertainties is included in the Company's Annual Report on Form 20-F, as amended, for the year ended April 30, 2024 (available on the Company's SEDAR+ profile at and EDGAR profile at Should any of these risks materialize, actual results could vary significantly from those currently anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect subsequent events or circumstances.
Perth Now
18-06-2025
- Science
- Perth Now
Robots set to conquer the final frontiers
Small robots may be able to roam the moon's surface, comb the sea floor, or undertake search-and-rescue missions for longer after a breakthrough by Australian researchers. Three scientists at the Queensland University of Technology released their findings on Thursday, outlining a method to create a camera that processes images in ways similar to the human brain. While there are further developments to unlock, they say neuromorphic computing could deliver a robotic revolution. The latest discovery, published in the Science Robotics journal, uses a camera and computer processor the QUT team called LENS, which stands for "locational encoding with neuromorphic systems". The system is inspired by the way the human brain works, author and QUT neuroscientist Adam Hines said, to save more than 90 per cent of power compared to a traditional robotic navigation system. "The brain is so energy-efficient, it only uses about 20 watts of power to do everything from keeping us alert and awake and talking to constantly navigating and predicting where we're going next," Dr Hines told AAP. "Traditional AI systems like ChatGPT use significantly more power than that so taking inspiration from the brain is a really great way to save on energy." The LENS camera sensor and processor work by registering changes, such as light and movement, rather than recording images the entire time it operates. The QUT research team, which included Michael Milford and Dr Tobias Fisher, tested the system on an eight kilometre journey and could make it work using 180 kilobytes or up to 300 times less storage than a traditional system. Saving so much energy and storage could let robots operate and navigate by themselves in new areas or for significantly longer durations, Dr Hines said. "The real use cases in mobile robotics... are search and rescue, underwater monitoring of places like the Great Barrier Reef, or even really extremely remote areas like space explorations," he said. Neuromorphic computing has been a target for previous research but QUT Centre for Robotics director Professor Milford said it was vital to translate theory into practical applications. "Impactful robotics and tech means both pioneering groundbreaking research but also doing all the translational work to ensure it meets end user expectations and requirements," he said.
