ImmunoPrecise Antibodies (IPA) Reports Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2025
ImmunoPrecise Antibodies (IPA) reported Q3 FY25 financial results, securing an $8-10M strategic partnership for co-developing Antibody-Drug Conjugates and bispecific antibodies. The company expanded AI infrastructure through collaborations with Vultr and GPU technology providers.
Key financial highlights include:
- Revenue remained stable at $6.2M
- BioStrand showed 131.8% YoY revenue growth with 97% gross margin
- Net loss of $21.5M ($0.66 per share) vs $2.7M loss in FY24 Q3
- Cash position of $12.9M as of January 31, 2025
Notable developments include headquarters relocation to Austin, Texas, completion of an $8.8M ATM equity raise, and full conversion of Yorkville debenture. The company recorded a $21.2M impairment charge related to BioStrand's intangible assets.
ImmunoPrecise Antibodies (IPA) ha riportato i risultati finanziari del terzo trimestre dell'anno fiscale 2025, assicurandosi una partnership strategica da 8-10 milioni di dollari per lo sviluppo congiunto di coniugati anticorpo-farmaco e anticorpi bispecifici. L'azienda ha ampliato la propria infrastruttura AI attraverso collaborazioni con Vultr e fornitori di tecnologia GPU.
I principali punti salienti finanziari includono:
- Il fatturato è rimasto stabile a 6,2 milioni di dollari
- BioStrand ha mostrato una crescita del fatturato del 131,8% anno su anno con un margine lordo del 97%
- Perdita netta di 21,5 milioni di dollari (0,66 dollari per azione) rispetto a una perdita di 2,7 milioni di dollari nel terzo trimestre dell'anno fiscale 2024
- Posizione di cassa di 12,9 milioni di dollari al 31 gennaio 2025
Sviluppi notevoli includono il trasferimento della sede centrale ad Austin, Texas, il completamento di un aumento di capitale di 8,8 milioni di dollari tramite ATM e la conversione completa del debito di Yorkville. L'azienda ha registrato un addebito di impairment di 21,2 milioni di dollari relativo agli attivi intangibili di BioStrand.
ImmunoPrecise Antibodies (IPA) informó los resultados financieros del tercer trimestre del año fiscal 2025, asegurando una asociación estratégica de 8 a 10 millones de dólares para el co-desarrollo de conjugados anticuerpo-fármaco y anticuerpos bispecíficos. La compañía amplió su infraestructura de IA a través de colaboraciones con Vultr y proveedores de tecnología GPU.
Los aspectos financieros más destacados incluyen:
- Los ingresos se mantuvieron estables en 6,2 millones de dólares
- BioStrand mostró un crecimiento de ingresos del 131,8% interanual con un margen bruto del 97%
- Pérdida neta de 21,5 millones de dólares (0,66 dólares por acción) frente a una pérdida de 2,7 millones de dólares en el tercer trimestre del año fiscal 2024
- Posición de efectivo de 12,9 millones de dólares al 31 de enero de 2025
Desarrollos notables incluyen la reubicación de la sede a Austin, Texas, la finalización de una recaudación de capital de 8,8 millones de dólares a través de ATM y la conversión completa del debenture de Yorkville. La empresa registró un cargo por deterioro de 21,2 millones de dólares relacionado con los activos intangibles de BioStrand.
ImmunoPrecise Antibodies (IPA)는 2025 회계연도 3분기 재무 결과를 보고하며, 항체-약물 접합체 및 이중특이성 항체 공동 개발을 위한 800만~1000만 달러의 전략적 파트너십을 확보했습니다. 이 회사는 Vultr 및 GPU 기술 제공업체와의 협력을 통해 AI 인프라를 확장했습니다.
주요 재무 하이라이트는 다음과 같습니다:
- 수익은 620만 달러로 안정세를 유지했습니다
- BioStrand는 연간 131.8%의 수익 성장과 97%의 총 마진을 기록했습니다
- 순손실은 2150만 달러(주당 0.66달러)로, 2024 회계연도 3분기 270만 달러의 손실과 비교됩니다
- 2025년 1월 31일 기준 현금 보유액은 1290만 달러입니다
주목할 만한 발전에는 텍사스주 오스틴으로의 본사 이전, 880만 달러의 ATM 자본 조달 완료, Yorkville 전환사채의 완전 전환이 포함됩니다. 이 회사는 BioStrand의 무형 자산과 관련하여 2120만 달러의 손상 차손을 기록했습니다.
ImmunoPrecise Antibodies (IPA) a annoncé les résultats financiers du troisième trimestre de l'exercice 2025, sécurisant un partenariat stratégique de 8 à 10 millions de dollars pour le co-développement de conjugués anticorps-médicaments et d'anticorps bispécifiques. L'entreprise a élargi son infrastructure d'IA grâce à des collaborations avec Vultr et des fournisseurs de technologie GPU.
Les principaux points financiers comprennent :
- Les revenus sont restés stables à 6,2 millions de dollars
- BioStrand a affiché une croissance des revenus de 131,8 % d'une année sur l'autre avec une marge brute de 97 %
- Perte nette de 21,5 millions de dollars (0,66 $ par action) contre une perte de 2,7 millions de dollars au troisième trimestre de l'exercice 2024
- Position de liquidités de 12,9 millions de dollars au 31 janvier 2025
Les développements notables comprennent le déménagement du siège à Austin, Texas, l'achèvement d'une levée de fonds de 8,8 millions de dollars via un distributeur automatique et la conversion complète de la débenture Yorkville. L'entreprise a enregistré une charge de dépréciation de 21,2 millions de dollars liée aux actifs incorporels de BioStrand.
ImmunoPrecise Antibodies (IPA) berichtete über die finanziellen Ergebnisse für das 3. Quartal des Geschäftsjahres 2025 und sicherte sich eine strategische Partnerschaft im Wert von 8 bis 10 Millionen Dollar zur gemeinsamen Entwicklung von Antikörper-Wirkstoff-Konjugaten und bispezifischen Antikörpern. Das Unternehmen erweiterte seine KI-Infrastruktur durch Kooperationen mit Vultr und Anbietern von GPU-Technologie.
Wichtige finanzielle Höhepunkte sind:
- Der Umsatz blieb stabil bei 6,2 Millionen Dollar
- BioStrand wies ein Umsatzwachstum von 131,8% im Jahresvergleich mit einer Bruttomarge von 97% auf
- Nettoverlust von 21,5 Millionen Dollar (0,66 Dollar pro Aktie) im Vergleich zu einem Verlust von 2,7 Millionen Dollar im 3. Quartal des Geschäftsjahres 2024
- Liquiditätsposition von 12,9 Millionen Dollar zum 31. Januar 2025
Bemerkenswerte Entwicklungen sind der Umzug des Hauptsitzes nach Austin, Texas, der Abschluss einer Kapitalerhöhung von 8,8 Millionen Dollar über ein ATM und die vollständige Umwandlung der Yorkville-Anleihe. Das Unternehmen verzeichnete einen Wertminderungsaufwand von 21,2 Millionen Dollar im Zusammenhang mit den immateriellen Vermögenswerten von BioStrand.
- Secured strategic partnership worth $8-10M for ADC development
- BioStrand achieved 131.8% YoY revenue growth with 97% gross margin
- Strengthened balance sheet with $8.8M ATM equity raise
- Cash position improved to $12.9M from $3.5M in April 2024
- Expanded AI infrastructure through strategic GPU technology partnerships
- $21.2M impairment charge on BioStrand intangible assets
- Net loss increased to $21.5M from $2.7M year-over-year
- Sales & Marketing expenses doubled to $1.3M from $0.6M YoY
Insights
IPA's Q3 results present a complex financial picture dominated by a $21.2 million impairment charge on BioStrand's intangible assets, resulting in a net loss of $21.5 million ($0.66/share) compared to $2.7 million last year. This second consecutive impairment (following last year's $15M charge) suggests significant overvaluation of the BioStrand acquisition and raises questions about management's initial valuation methodology.
Revenue remained flat at $6.2 million, indicating stalled top-line growth despite strategic initiatives. The balance sheet improved with a $8.8 million ATM raise and full conversion of Yorkville debenture, lifting cash position to $12.9 million from $3.5 million in April 2024.
The company's $8-10 million strategic partnership with a biotech company represents a significant commercial validation. What's particularly notable is BioStrand's AI segment showing 131.8% year-over-year growth with remarkable 97% gross margins - creating an interesting dichotomy where the same business unit driving impairment charges also represents the highest-margin growth opportunity.
The headquarters relocation to Texas eliminates corporate income tax exposure, potentially preserving cash for a company still reporting substantial losses. Insider purchases of 763,120 shares ($306,000) provide a modest vote of confidence, though this represents a small percentage of the company's capitalization.
The critical question remains whether the high-margin AI business can scale quickly enough to offset the traditional services business and achieve profitability before cash reserves require additional dilutive financing.
IPA's strategic pivot toward AI-driven drug discovery is materializing through several key developments. The $8-10 million partnership for developing Antibody-Drug Conjugates (ADCs) and bispecific antibodies represents commercial validation of IPA's combined B-Cell Select and AI capabilities. This positions IPA to potentially capture share in the $20 billion ADC market, especially with their announcement of candidates demonstrating tumor-killing properties.
The company's infrastructure collaborations with Vultr, AMD and other GPU providers address a critical bottleneck in AI drug discovery - computational capacity. This "lab-in-a-loop" approach represents a technical advantage for generating and validating potential therapeutics more efficiently than traditional methods.
IPA's development of AI-designed GLP-1 therapeutics using their LENSai platform shows strategic alignment with one of biotech's hottest therapeutic areas. The mention of nucleic acid-based delivery technology suggests they're pursuing differentiated formulations that could address compliance and efficacy challenges in the metabolic disease space.
However, the full impairment of BioStrand's remaining intangible assets following a previous $15 million write-down signals significant execution challenges in monetizing their AI technology stack. Despite impressive 97% gross margins in the AI segment, the consecutive impairments suggest a substantial gap between technological capabilities and commercial implementation.
The strategic relocation to Austin positions IPA within a stronger AI and biotech ecosystem, potentially accelerating partnerships and talent acquisition needed to translate their technical capabilities into sustainable commercial outcomes.
Secures
Scales AI Infrastructure Collaborations with Vultr and Leading Providers of Advanced GPU technologies to Accelerate de novo Drug Discovery.
Unlocking Margin Expansion Through Scalable AI
IPA Strengthens Board & Management Team
Kamil Isaev, Joseph Scheffler, and Dr. Li Hui join IPA, enhancing leadership in AI, finance, and client relations.
"As we continue to revolutionize the AI-enabled drug discovery sector, our recent milestones underscore the growing recognition of our innovative AI and growth potential. Notably, we've secured a strategic partnership valued at
"While BioStrand’s AI revenue currently represents a modest portion of our total topline, it stands out for its remarkably high gross margins—exceeding
Third Quarter Corporate Update and Recent Business Highlights
-
Entered into a USD
$8M –$10M partnership with a USD market cap global biotechnology company to co-develop Antibody-Drug Conjugates (ADCs) and bispecific antibodies, reinforcing demand for IPA’s B-Cell and AI-powered platforms.$3 billion - Expanded AI infrastructure through strategic collaborations with Vultr, AMD and other leading providers of advanced GPU technologies enabling high-performance GPU computing for generative AI.
-
Corporate headquarters relocated to
Austin, Texas : Expanding IPA’sU.S. footprint in the heart of a thriving AI, biotech, and semiconductor ecosystem. This strategic move takes advantage ofTexas's zero corporate income tax, allowing us to reinvest savings in business expansion and innovation. Additionally, the state's robust economy and skilled workforce will support our growth ambitions, positioning us for increased competitiveness and profitability in the rapidly evolving AI healthcare landscape. -
Resilience in Challenging Market Conditions: Our year-to-date revenue stability and high margin profile, including BioStrand's
131.8% year-over-year revenue growth and97% gross margin, underscore IPA's solid financial position and ability to navigate difficult market conditions effectively. - Announced key leadership changes, including the appointment of Joseph Scheffler as Interim CFO and Kamil Isaev to the Board of Directors, enhancing financial oversight and business strategy.
-
Completed a USD
At-the-Market (ATM) equity raise and announced the full conversion of the Yorkville debenture, strengthening IPA’s balance sheet and removing near-term convertible debt.$8.8 million - Pioneered AI-designed GLP-1 therapeutics for diabetes and metabolic disorders, using unique nucleic acid-based delivery technology and the LENSai™ platform to enhance efficacy, safety, and patient compliance.
- Realigned pipeline strategy, launching a new AI-powered therapeutic development pipeline driven by first principles thinking and proprietary machine learning models.
-
Revealed multiple ADC lead candidates with demonstrated tumor-killing capabilities, potentially positioning IPA in the high-growth
antibody-drug conjugate market.$20B -
Insider Confidence Reinforced: Key members of IPA’s leadership and BioStrand co-founders acquired 763,120 shares on the open market—an aggregate investment of USD
,000—demonstrating strong internal conviction in the Company’s long-term strategy and AI-driven growth trajectory.$306
Third Quarter FY25 Financial Results
-
Revenue: Total revenue was
, compared to revenue of$6.2 million in fiscal year 2024 (“FY24”) Q3. Project revenue generated$6.2 million , including projects using IPA’s proprietary B Cell Select® platform and IPA’s proprietary LENSai platform, compared to$5.6 million in FY24 Q3. Product sales and cryostorage revenue were$5.8 million , compared to$0.6 million in FY24 Q3.$0.4 million -
Research & Development (R&D) Expenses: R&D expenses were
, compared to$1.1 million in FY24 Q3, reflecting increased salary and benefits related to the build of the Company's LENSai platform.$1.0 million -
Sales & Marketing (S&M) Expenses: S&M expenses were
, compared to$1.3 million in FY24 Q3 and includes S&M expenses related to social media and digital campaigns. S&M costs related to BioStrand LENSai.$0.6 million -
General & Administrative (G&A) Expenses: G&A expenses were
, compared to$3.6 million in FY24 Q3.$4.2 million -
Impairment: The Company recorded an impairment charge of
related to BioStrand’s intangible assets. This adjustment reflects a delay in expected cash flows and resulted in full impairment of the remaining intangible assets after the Company recorded an impairment charge of$21.2 million related to BioStrand in fiscal 2024. Despite this change in valuation, IPA remains committed to its strategic investments and long-term growth plans.$15.0 million -
Net Loss: Net loss of
, or$21.5 million per share on a basic and diluted basis, as compared to a net loss of$(0.66) or$2.7 million on a basic and diluted basis in FY24 Q3.$(0.10) -
Liquidity: Cash totaled
as of January 31, 2025, compared to$12.9 million as of April 30, 2024.$3.5 million
*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, March 28, 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 https://ir.ipatherapeutics.com/events-and-presentations/default.aspx.
***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.
***Webcast Details***
Attendee URL:
https://events.q4inc.com/attendee/849565157
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 www.sedarplus.com and www.sec.gov, 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 a techbio company that leverages multi-omics modeling and complex artificial intelligence through a series of proprietary and patented technologies. The Company owns an integrated end-to-end suite of capabilities to support the development of therapeutic antibodies and are known for solving very complex industry challenges. IPA has several subsidiaries in
For more information, visit www.ipatherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable
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.
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
IMMUNOPRECISE ANTIBODIES LTD. |
||||||||||||||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
||||||||||||||||||
(Unaudited - Expressed in Canadian dollars) |
||||||||||||||||||
|
|
|
|
Three months ended
|
|
|
Nine months ended
|
|
||||||||||
(in thousands, except share data) |
|
Note |
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
||||
REVENUE |
|
|
|
|
6,151 |
|
|
|
6,221 |
|
|
|
17,539 |
|
|
|
18,059 |
|
COST OF SALES |
|
|
|
|
2,856 |
|
|
|
3,024 |
|
|
|
8,451 |
|
|
|
9,114 |
|
GROSS PROFIT |
|
|
|
|
3,295 |
|
|
|
3,197 |
|
|
|
9,088 |
|
|
|
8,945 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
|
|
1,057 |
|
|
|
1,001 |
|
|
|
3,854 |
|
|
|
2,783 |
|
Sales and marketing |
|
|
|
|
1,310 |
|
|
|
649 |
|
|
|
3,265 |
|
|
|
2,633 |
|
General and administrative |
|
|
|
|
3,594 |
|
|
|
4,178 |
|
|
|
11,029 |
|
|
|
11,473 |
|
Amortization of intangible assets |
|
6 |
|
|
623 |
|
|
|
709 |
|
|
|
1,842 |
|
|
|
2,267 |
|
Asset Impairment |
|
6 |
|
|
21,184 |
|
|
|
— |
|
|
|
21,184 |
|
|
|
— |
|
|
|
|
|
|
27,768 |
|
|
|
6,537 |
|
|
|
41,174 |
|
|
|
19,156 |
|
Loss before other income (expenses) and income taxes |
|
|
|
|
(24,473 |
) |
|
|
(3,340 |
) |
|
|
(32,086 |
) |
|
|
(10,211 |
) |
OTHER INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accretion |
|
|
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
|
|
(15 |
) |
Grant income |
|
13 |
|
|
(4 |
) |
|
|
— |
|
|
|
164 |
|
|
|
300 |
|
Interest and other income (expense) |
|
|
|
|
(169 |
) |
|
|
3 |
|
|
|
(286 |
) |
|
|
26 |
|
Unrealized foreign exchange gain (loss) |
|
|
|
|
114 |
|
|
|
(115 |
) |
|
|
(151 |
) |
|
|
21 |
|
|
|
|
|
|
(62 |
) |
|
|
(117 |
) |
|
|
(281 |
) |
|
|
332 |
|
Loss before income taxes |
|
|
|
|
(24,535 |
) |
|
|
(3,457 |
) |
|
|
(32,367 |
) |
|
|
(9,879 |
) |
Income taxes |
|
2 |
|
|
3,014 |
|
|
|
778 |
|
|
|
4,294 |
|
|
|
1,374 |
|
NET LOSS FOR THE PERIOD |
|
|
|
|
(21,521 |
) |
|
|
(2,679 |
) |
|
|
(28,073 |
) |
|
|
(8,505 |
) |
OTHER COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Items that will be reclassified subsequently to loss |
|
|
|
|
|
|
|
|||||||||||
Exchange difference on translating foreign operations |
|
|
(142 |
) |
|
|
(402 |
) |
|
|
546 |
|
|
|
(1,110 |
) |
||
COMPREHENSIVE LOSS FOR THE PERIOD |
|
|
|
|
(21,663 |
) |
|
|
(3,081 |
) |
|
|
(27,527 |
) |
|
|
(9,615 |
) |
LOSS PER SHARE – BASIC AND DILUTED |
|
|
|
|
(0.66 |
) |
|
|
(0.10 |
) |
|
|
(0.96 |
) |
|
|
(0.34 |
) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
|
|
32,851,233 |
|
|
|
25,800,919 |
|
|
|
29,367,687 |
|
|
|
25,298,660 |
|
IMMUNOPRECISE ANTIBODIES LTD. |
||||||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
||||||||||
(Unaudited - Expressed in Canadian dollars) |
||||||||||
(in thousands) |
|
Note |
|
January 31,
|
|
|
April 30,
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
||
Current assets |
|
|
|
|
|
|
|
|
||
Cash |
|
|
|
|
12,915 |
|
|
|
3,459 |
|
Amounts receivable, net |
|
|
|
|
3,606 |
|
|
|
3,790 |
|
Tax receivable |
|
|
|
|
177 |
|
|
|
414 |
|
Inventory |
|
|
|
|
1,920 |
|
|
|
2,139 |
|
Unbilled revenue |
|
|
|
|
1,082 |
|
|
|
277 |
|
Prepaid expenses |
|
|
|
|
1,042 |
|
|
|
1,408 |
|
|
|
|
|
|
20,742 |
|
|
|
11,487 |
|
Restricted cash |
|
|
|
|
90 |
|
|
|
86 |
|
Deposit on equipment |
|
|
|
|
488 |
|
|
|
475 |
|
Property and equipment |
|
5, 8 |
|
|
15,219 |
|
|
|
16,696 |
|
Intangible assets |
|
6 |
|
|
1,124 |
|
|
|
23,557 |
|
Goodwill |
|
|
|
|
7,871 |
|
|
|
7,687 |
|
Total assets |
|
|
|
|
45,534 |
|
|
|
59,988 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
||
Current liabilities |
|
|
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
11 |
|
|
4,391 |
|
|
|
4,372 |
|
Deferred revenue |
|
|
|
|
2,353 |
|
|
|
1,353 |
|
Income taxes payable |
|
2 |
|
|
202 |
|
|
|
553 |
|
Leases |
|
8 |
|
|
1,689 |
|
|
|
1,563 |
|
Deferred acquisition payments |
|
|
|
|
298 |
|
|
|
284 |
|
Debentures, net |
|
7 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
8,933 |
|
|
|
8,125 |
|
Leases |
|
8 |
|
|
11,239 |
|
|
|
12,118 |
|
Deferred income tax liability |
|
|
|
|
238 |
|
|
|
4,067 |
|
Total liabilities |
|
|
|
|
20,410 |
|
|
|
24,310 |
|
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
||
Share capital |
|
9 |
|
|
136,354 |
|
|
|
119,773 |
|
Contributed surplus |
|
9 |
|
|
12,779 |
|
|
|
12,387 |
|
Accumulated other comprehensive loss |
|
|
|
|
2,624 |
|
|
|
2,078 |
|
Accumulated deficit |
|
|
|
|
(126,633 |
) |
|
|
(98,560 |
) |
|
|
|
|
|
25,124 |
|
|
|
35,678 |
|
Total liabilities and shareholders’ equity |
|
|
|
|
45,534 |
|
|
|
59,988 |
|
IMMUNOPRECISE ANTIBODIES LTD. |
||||||||||
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||
For the nine months ended January 31, 2025 and 2024 |
||||||||||
(Unaudited - Expressed in Canadian dollars) |
||||||||||
(in thousands) |
|
Note |
|
2025
|
|
|
2024
|
|
||
Operating activities: |
|
|
|
|
|
|
|
|
||
Net loss for the period |
|
|
|
|
(28,073 |
) |
|
|
(8,505 |
) |
Items not affecting cash: |
|
|
|
|
|
|
|
|
||
Amortization and depreciation |
|
5, 6, 14 |
|
|
4,206 |
|
|
|
4,156 |
|
Deferred income taxes |
|
|
|
|
(3,935 |
) |
|
|
(1,209 |
) |
Accretion |
|
|
|
|
8 |
|
|
|
15 |
|
Foreign exchange |
|
|
|
|
159 |
|
|
|
118 |
|
Gain on investment |
|
|
|
|
(7 |
) |
|
|
(21 |
) |
Share-based expense |
|
9, 10, 11 |
|
|
392 |
|
|
|
1,298 |
|
Asset Impairment |
|
|
|
|
21,184 |
|
|
|
— |
|
|
|
|
|
|
(6,066 |
) |
|
|
(4,148 |
) |
Changes in non-cash working capital related to operations: |
|
|
|
|
|
|
|
|
||
Amounts receivable |
|
|
|
|
306 |
|
|
|
439 |
|
Inventory |
|
|
|
|
253 |
|
|
|
(513 |
) |
Unbilled revenue |
|
|
|
|
(759 |
) |
|
|
(416 |
) |
Prepaid expenses |
|
|
|
|
388 |
|
|
|
184 |
|
Accounts payable and accrued liabilities |
|
11 |
|
|
(87 |
) |
|
|
1,462 |
|
Sales and income taxes payable and receivable |
|
|
|
|
(298 |
) |
|
|
339 |
|
Deferred revenue |
|
|
|
|
993 |
|
|
|
1,050 |
|
Net cash used in operating activities |
|
|
|
|
(5,270 |
) |
|
|
(1,603 |
) |
Investing activities: |
|
|
|
|
|
|
|
|
||
Purchases of property and equipment |
|
5 |
|
|
(440 |
) |
|
|
(270 |
) |
Security deposit on leases |
|
|
|
|
— |
|
|
|
(157 |
) |
Deferred acquisition payments |
|
|
|
|
— |
|
|
|
(146 |
) |
Sale of QVQ Holdings BV shares |
|
|
|
|
— |
|
|
|
121 |
|
Net cash used in investing activities |
|
|
|
|
(440 |
) |
|
|
(452 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
||
Proceeds on share issuance, net of transaction costs |
|
9 |
|
|
12,211 |
|
|
|
935 |
|
Repayment of leases |
|
8 |
|
|
(1,142 |
) |
|
|
(1,037 |
) |
Proceeds on debenture issuance, net of transaction costs |
|
7 |
|
|
4,242 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
|
|
|
15,311 |
|
|
|
(102 |
) |
Increase (decrease) in cash during the period |
|
|
|
|
9,601 |
|
|
|
(2,157 |
) |
Foreign exchange |
|
|
|
|
(141 |
) |
|
|
80 |
|
Cash – beginning of the period |
|
|
|
|
3,545 |
|
|
|
8,366 |
|
Cash – end of the period |
|
|
|
|
13,005 |
|
|
|
6,289 |
|
Cash is comprised of: |
|
|
|
|
|
|
|
|
||
Cash |
|
|
|
|
12,915 |
|
|
|
6,204 |
|
Restricted cash |
|
|
|
|
90 |
|
|
|
85 |
|
|
|
|
|
|
13,005 |
|
|
|
6,289 |
|
Cash paid for interest |
|
|
|
|
— |
|
|
|
— |
|
Cash paid for income tax |
|
|
|
|
— |
|
|
|
— |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250328956825/en/
Investor Relations Contact
investors@ipatherapeutics.com
Source: ImmunoPrecise Antibodies Ltd.