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ImmunoPrecise Antibodies (IPA) Reports Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2025

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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.

Positive
  • 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
Negative
  • $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 $8-$10M Strategic Partnership

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.

AUSTIN, Texas--(BUSINESS WIRE)-- IMMUNOPRECISE ANTIBODIES LTD. (the “Company” or “IPA”) (NASDAQ: IPA), an AI-driven biotherapeutic research and technology company, today reported financial results for the third quarter (“Q3”) of its 2025 fiscal year (“FY25”), which ended January 31, 2025.

"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 $8-10 million USD with a leading biotech company, leveraging our proprietary B-cell Select technology and AI-driven capabilities to enhance our development and optimization processes. These AI-driven development and optimization capabilities are accelerating the advancement of novel therapies, positioning us at the forefront of innovation. Our collaborations with Vultr, AMD and other Leading Providers of Advanced GPU technologies further enhance our lab-in-a-loop drug discovery and development capabilities, not only driving cost-effectiveness for our pharma partners but also increasing our competitiveness in securing future collaborations. This strategic alignment is positively impacting both our top line and gross profit margins in the AI sector, as we continue to drive robust growth and expand our presence in the rapidly evolving AI healthcare landscape. We are excited about the potential of these current partnerships and looks forward to forming new collaborations that will further accelerate our mission to transform the future of healthcare through AI-driven innovation," stated Dr. Jennifer Bath, President and CEO.

"While BioStrand’s AI revenue currently represents a modest portion of our total topline, it stands out for its remarkably high gross margins—exceeding 90% in recent quarters, a level of profitability that is truly exceptional in our industry. This positive dynamic reveals one of the most important yet underappreciated financial drivers of our business: as AI revenues scale, so does the path to profitability at an accelerated pace. Unlike traditional project-based services, IPA’s AI-driven offerings generate significant leverage and recurring value, creating a robust foundation for sustainable growth. This margin profile—combined with accelerating adoption—positions IPA’s AI segment as a powerful engine for long-term shareholder value and a key catalyst for our future success," stated Joseph Scheffler, Interim CFO.

Third Quarter Corporate Update and Recent Business Highlights

  • Entered into a USD $8M$10M partnership with a USD $3 billion 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.
  • 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’s U.S. footprint in the heart of a thriving AI, biotech, and semiconductor ecosystem. This strategic move takes advantage of Texas'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 and 97% 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 $8.8 million 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.
  • 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 $20B antibody-drug conjugate market.
  • 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 $306,000—demonstrating strong internal conviction in the Company’s long-term strategy and AI-driven growth trajectory.

Third Quarter FY25 Financial Results

  • Revenue: Total revenue was $6.2 million, compared to revenue of $6.2 million in fiscal year 2024 (“FY24”) Q3. Project revenue generated $5.6 million, including projects using IPA’s proprietary B Cell Select® platform and IPA’s proprietary LENSai platform, compared to $5.8 million in FY24 Q3. Product sales and cryostorage revenue were $0.6 million, compared to $0.4 million in FY24 Q3.
  • Research & Development (R&D) Expenses: R&D expenses were $1.1 million, compared to $1.0 million in FY24 Q3, reflecting increased salary and benefits related to the build of the Company's LENSai platform.
  • Sales & Marketing (S&M) Expenses: S&M expenses were $1.3 million, compared to $0.6 million in FY24 Q3 and includes S&M expenses related to social media and digital campaigns. S&M costs related to BioStrand LENSai.
  • General & Administrative (G&A) Expenses: G&A expenses were $3.6 million, compared to $4.2 million in FY24 Q3.
  • Impairment: The Company recorded an impairment charge of $21.2 million 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 $15.0 million related to BioStrand in fiscal 2024. Despite this change in valuation, IPA remains committed to its strategic investments and long-term growth plans.
  • Net Loss: Net loss of $21.5 million, or $(0.66) per share on a basic and diluted basis, as compared to a net loss of $2.7 million or $(0.10) on a basic and diluted basis in FY24 Q3.
  • Liquidity: Cash totaled $12.9 million as of January 31, 2025, compared to $3.5 million as of April 30, 2024.

*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.

USA / International Toll +1 (646) 307-1963
USA - Toll-Free (800) 715-9871
Canada - Toll-Free (800) 715-9871

***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 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 www.ipatherapeutics.com

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.

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 www.sedarplus.ca and www.sec.gov.

IMMUNOPRECISE ANTIBODIES LTD.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited - Expressed in Canadian dollars)

 

 

 

 

Three months ended
January 31,

 

 

Nine months ended
January 31,

 

(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,
2025
$

 

 

April 30,
2024
$

 

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

 

 

 

 

 

 

 

 

 

Investor Relations Contact

investors@ipatherapeutics.com

Source: ImmunoPrecise Antibodies Ltd.

FAQ

What is the value and purpose of IPA's new strategic partnership announced in Q3 FY25?

IPA secured an $8-10M partnership with a $3B market cap biotech company to co-develop Antibody-Drug Conjugates (ADCs) and bispecific antibodies using IPA's B-Cell and AI platforms.

How did IPA's revenue perform in Q3 FY25 compared to the previous year?

IPA's total revenue remained stable at $6.2M, with project revenue at $5.6M and product sales/cryostorage revenue at $0.6M.

What was the impact of BioStrand's impairment charge on IPA's Q3 FY25 results?

IPA recorded a $21.2M impairment charge related to BioStrand's intangible assets, contributing to a net loss of $21.5M or $0.66 per share.

How does IPA's relocation to Austin, Texas benefit the company financially?

The move takes advantage of Texas's zero corporate income tax, allowing reinvestment in business expansion while positioning IPA in a thriving AI, biotech, and semiconductor ecosystem.

What are the margins of IPA's AI business segment through BioStrand?

BioStrand's AI business achieves exceptionally high gross margins exceeding 90%, with recent quarters showing 97% gross margin.
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