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• Antibodies: Offers a diverse range of antibodies for research applications.
• Enzymes & Assays: Provides enzymes and enzyme activity assays for various research needs.
• Specialized Proteins: Supplies proteins, deiminated proteins, and organoid growth factors for scientific research.
• Research Reagents: Delivers arthritis animal products and hybridoma products for research purposes.

Services:

• Antigen Services: Provides custom antigen modeling, design, and manufacturing.
• Antibody Discovery & Development: Offers comprehensive services including B cell sorting, phage display, multi-species antibody discovery, and manufacturing of various antibody types like bi-specific and VHH.
• Antibody Characterization & Engineering: Conducts antibody characterization on label-free biosensors and performs antibody engineering.
• Cell Line & Genetic Engineering: Specializes in DNA cloning, protein downstream processing, transient and stable cell line generation, and antibody optimization/humanization.
• Hybridoma Production: Manages hybridoma production with multiplexed, high-throughput screening and clone-picking.
• Cryopreservation: Provides services for the cryopreservation of biological materials.

ImmunoPrecise Antibodies Ltd. (HYFT) sells primarily to other companies and research organizations. Based on the provided description, the company engages in "research collaboration agreements" which indicate significant business relationships where ImmunoPrecise Antibodies provides its expertise, products, and services. Its major partners and collaborators mentioned are:

• Pierre Fabre S.A.
• Elektrofi, Inc.

Neither Pierre Fabre S.A. nor Elektrofi, Inc. are publicly traded companies, and therefore do not have stock symbols.

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Jennifer Bath, PhD Chief Executive Officer and President

Dr. Jennifer Bath was appointed CEO of MindWalk in February 2018. She previously served as the Global Director of Client Relations at Aldevron, LLC. Dr. Bath founded and served as the Executive Director of the Concordia College Global Vaccine Institute. She also held a tenured position as an Associate Professor of Cellular and Molecular Biology at Concordia College for 15 years, and advised biotechnology and pharmaceutical companies on strategic and operational business practices. She holds a Ph.D. in Cellular and Molecular Biology from North Dakota State University.

R. Scott Areglado Chief Financial Officer

R. Scott Areglado was appointed Chief Financial Officer of MindWalk, effective October 20, 2025. He brings over 25 years of financial leadership experience across the healthcare, life sciences, and technology sectors. Most recently, he served as CFO of BrainsWay Ltd. from 2021 to 2023, where he helped redefine corporate strategy and led eight consecutive quarters of revenue growth. Prior to BrainsWay, he was the CFO at iCAD, Inc., a medical technology company specializing in AI-driven cancer detection, where he led multiple financings totaling over $50 million and supported several acquisitions. From 2005 to 2010, Mr. Areglado was Vice President and Controller at AMICAS, Inc., which was successfully acquired by Merge Healthcare. He holds an MBA from Babson College and a BBA in Accounting from the University of Massachusetts Amherst.

Thomas Lynch, PhD Chief Business Officer

Dr. Thomas Lynch was appointed Chief Business Officer of MindWalk, effective October 20, 2025. He possesses over two decades of experience at the intersection of biotechnology and software innovation. Dr. Lynch previously served as Director of Technical Sales & Scientific Support at Aldevron, where he built and led a global commercial team. As Vice President of Global Sales and Client Services at Aldevron, he spearheaded initiatives including the introduction of clinical mRNA manufacturing services and strategic account expansion, contributing to Aldevron's $9.6 billion acquisition by Danaher Life Sciences in 2021. Earlier in his career, he led global commercial operations at DNASTAR. Dr. Lynch earned his Ph.D. in Biochemistry at the University of Illinois and completed a postdoctoral fellowship funded by the National Cancer Institute at the University of Chicago. He currently serves on the Board of BioForward.

Dirk Van Hyfte, MD, PhD Chief Technology Officer

Dr. Dirk Van Hyfte is the Chief Technology Officer of MindWalk. He co-founded BioStrand, BioKey, and BioClue in 2019, serving as Co-Founder and CTO for BioStrand. BioStrand was later acquired by ImmunoPrecise Antibodies Ltd. in 2021, which subsequently rebranded as MindWalk Holdings Corp. Dr. Van Hyfte also co-founded iKnow in 1999, which was acquired by InterSystems in 2010. He holds patents for a revolutionary algorithm for genomic data analysis (at BioClue). He obtained his Ph.D. in Medical Artificial Intelligence from Radboud University in 2000 and a Doctor of Medicine - MD from KU Leuven in 1992. His early career included working as a Clinical Psychiatrist.

Ingrid Brands, MD, PhD Chief Innovation and Strategy Officer

Dr. Ingrid Brands is the Chief Innovation and Strategy Officer of MindWalk. She co-founded BioStrand in 2019, serving as its CEO, alongside Dirk Van Hyfte. BioStrand was acquired by ImmunoPrecise Antibodies Ltd. in 2021. Dr. Brands has over two decades of experience in management and senior research roles. She has pioneered innovative approaches in neuropsychological rehabilitation and held research positions at Libra Revalidatie & Audiologie and the Department of Rehabilitation at Erasmus University. She holds a Ph.D. in neurorehabilitation from the University of Maastricht and graduated Magna cum Laude in Medicine from the University of Leuven, specializing in Physical Medicine and Rehabilitation (PM&R).

MindWalk (symbol: HYFT), formerly known as ImmunoPrecise Antibodies Ltd., faces several key risks to its business. The company, which is transitioning into an AI-driven TechBio entity, relies heavily on its proprietary AI platforms for drug discovery. Here are the key risks to MindWalk:

1. Persistent and Significant Net Losses and Funding Requirements

MindWalk (formerly ImmunoPrecise Antibodies Ltd.) has consistently reported substantial net losses, raising concerns about its path to profitability and its ongoing reliance on capital raises to fund operations. For the full fiscal year 2025, the company reported a net loss of $30.2 million CAD, an increase from the previous fiscal year's loss. This significant cash drain, coupled with a cash balance of $10.8 million CAD in FY2025, highlights considerable capital pressure that has necessitated equity raises and a transfer to the Nasdaq Capital Market.

2. Rapid Obsolescence Risk in AI Drug Discovery and High Reliance on Proprietary Platforms

The company's future growth is intrinsically linked to the success and widespread adoption of its proprietary AI platforms, primarily LENSai™ and HYFT® technology. However, the AI drug discovery landscape is rapidly evolving, presenting a significant risk of rapid obsolescence for MindWalk's algorithms and data architecture. If competitors develop superior AI platforms or new foundational models emerge, MindWalk's current technology could become less competitive, posing a substantial threat to its revenue streams and market position. This reliance on a few key platforms creates a concentration risk.

3. Execution Risks Related to Strategic Partnerships and Technology Development

MindWalk's strategy involves strategic partnerships and the continuous development and commercialization of its AI-based drug discovery tools. There are inherent execution risks associated with these partnerships, including potential delays or failures in developing and bringing new technologies to market. The successful realization of the company's growth hinges on effective execution in these areas, and any setbacks could materially impact its anticipated results and performance.

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ImmunoPrecise Antibodies Ltd., trading as MindWalk (NASDAQ: HYFT), operates in several significant addressable markets related to antibody production, drug discovery, and biologics services. The company has recently pivoted to a "Bio-Native AI platform business" model, leveraging its LENSai™ platform and HYFT® technology for accelerated drug discovery and development. While shifting focus, their services and products remain relevant to the broader markets of antibody discovery, custom antibodies, biologics contract development and manufacturing (CDMO), protein therapeutics, organoids, enzymes, and hybridoma technology. The addressable markets for MindWalk's main products and services are as follows: * **Antibody Discovery Market:** The global antibody discovery market was valued at approximately USD 9.06 billion in 2025 and is projected to reach around USD 22.28 billion by 2035, growing at a compound annual growth rate (CAGR) of 9.42% from 2026 to 2035. North America held the largest market share, capturing 36% in 2025. Another estimate places the global antibody discovery services market at USD 1.90 billion in 2025, projected to reach USD 3.54 billion in 2030, at a CAGR of 13.3%, with North America accounting for a 44.5% revenue share in 2024. * **Custom Antibody Market:** The global custom antibody market size was valued at USD 577.7 million in 2025 and is projected to grow to USD 1,303.4 million by 2034, exhibiting a CAGR of 9.61% during the forecast period. In 2025, North America dominated this market with a share of 51.79%. Another report indicates the global custom antibody market was approximately USD 501.47 million in 2023 and is estimated to grow at a CAGR of 10.3%. * **Biologics CDMO Market:** The global biologics contract development and manufacturing organization (CDMO) market size is estimated at USD 25.41 billion in 2025 and is projected to reach approximately USD 92.79 billion by 2034, expanding at a CAGR of 15.48% between 2025 and 2034. North America dominated the global biologics CDMO market, holding a 37% share in 2024. * **Protein Therapeutics Market:** The global protein therapeutics market size was valued at USD 375.3 billion in 2024 and is projected to reach around USD 740.07 billion by 2034, with a CAGR of 7.08% between 2025 and 2034. North America led this market in 2024. The U.S. market for protein therapeutics alone reached USD 130.45 billion in 2024 and is expected to rise to USD 206.89 billion by 2032. * **Organoids Market:** The global organoids market size was valued at USD 1.18 billion in 2025 and is projected to grow to USD 5.71 billion by 2034, exhibiting a CAGR of 18.8%. North America held the largest share of 41.52% in the global human organoids market in 2025. Another report for the combined organoids and spheroids market forecasts growth from USD 1.5 billion in 2026 to USD 9.77 billion by 2035, with a CAGR of 23.13%, and North America leading with 43% in 2025. * **Enzymes Market:** The global enzymes market size was estimated at USD 14.88 billion in 2024 and is projected to reach USD 25.15 billion by 2033, growing at a CAGR of 6.9% from 2026 to 2033. North America dominated the global enzymes market with a revenue share of 36.3% in 2025. * **Hybridoma Technology Market:** The global hybridoma technology market size is estimated at USD 2.5 billion in 2025, exhibiting a CAGR of 7% from 2025 to 2033. North America currently dominates this market with approximately 45% market share.

MindWalk (symbol: HYFT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Expansion of AI-Driven Drug Discovery and BioStrand Segment: MindWalk, a Bio-Native AI company, is heavily investing in and rebranding to emphasize its AI platform capabilities, particularly its proprietary LENSai™ technology. This platform aims to accelerate antibody discovery, development, and optimization by providing earlier insights, stronger candidate selection, and faster decision-making. The BioStrand segment, a core part of its AI initiatives, demonstrated exceptional growth of over 180% in Fiscal Year 2025 with high gross margins, indicating its strong contribution to revenue and profitability. The overall AI-based drug discovery market is projected to grow significantly, offering a favorable environment for MindWalk's specialized offerings.
2. Strategic Partnerships and Collaborations: The company anticipates revenue generation from new strategic partnerships, including a significant USD $8–10 million oncology partnership focused on antibody-drug conjugates and bispecific antibodies. MindWalk emphasizes its strong partner momentum, with strategic collaborations expected to boost revenue streams and enhance operational efficiency.
3. Transition to Software-as-a-Service (SaaS) Model for LensAI: MindWalk has begun transitioning its LensAI platform from a project-based revenue model to a Software-as-a-Service (SaaS) model, securing its first enterprise SaaS contract. This shift is expected to provide more predictable and recurring revenues, as well as attract new clients and facilitate margin expansion as existing clients adopt the subscription model.
4. Advancement of Internal AI-Designed Therapeutic Pipeline: MindWalk is developing its own pipeline of AI-designed therapeutics, including a GLP-1 receptor agonist program and initiatives for universal dengue and influenza vaccines. The company's AI-designed GLP-1 peptides have shown promising results, and significant progress has been made in identifying key epitopes for universal vaccine candidates. To support these programs and attract targeted investment, MindWalk is establishing a segregated portfolio structure in the Cayman Islands for its AI-generated assets.
5. Growth in Fee-for-Service Drug Discovery and Development: The company's traditional fee-for-service operations, particularly its Canadian business, have shown strong performance. Sales orders in Canada more than doubled in Q4 2025 compared to historical quarters, with a substantial increase in year-over-year sales and orders from new clients. This segment continues to be a consistent revenue generator, forming a key pillar of the company's growth strategy.

Share Repurchases

• MindWalk Holdings Corp. announced a share repurchase program on October 9, 2025.
• The program authorizes the repurchase of up to 2.3 million common shares, which represents approximately 5% of the company's outstanding shares.
• The repurchase program is effective from October 15, 2025, until October 15, 2026.

Share Issuance

• The number of outstanding shares for ImmunoPrecise Antibodies Ltd. (now MindWalk Holdings Corp.) significantly increased from 19.34 million in 2021 to 46.15 million in 2025.
• Specifically, shares outstanding grew by 64.06% from 28.13 million in 2024 to 46.15 million in 2025.

Outbound Investments

• MindWalk Holdings Corp. completed the sale of its Netherlands operations to AVS Bio, generating $11.7 million in net proceeds from the $12 million sale. This divestiture occurred around October 2025.

Capital Expenditures

• ImmunoPrecise Antibodies Ltd. (now MindWalk Holdings Corp.) reported Cash from Investing Activities of -1.1 million CAD as of October 31, 2025.
• The average annual growth rate for Cash from Investing Activities was 43% over the past three years and 15% over the past five years.