IPA Reports Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2024*
IPA reports a fourth consecutive quarter of increased revenue.
“ImmunoPrecise Antibodies proudly reports a fourth consecutive quarter of record revenue, demonstrating our capability to fulfill the rising needs of both new and existing clients through our comprehensive antibody discovery and development services. These services are designed to effectively reduce the risk, cost, and time associated with advancing safe and effective therapies to clinical trials. Key contributors to this revenue growth include our B Cell Select® platforms and the enhanced capacity of our manufacturing facility, with additional support from our VHH antibody discovery technologies,” stated Dr. Jennifer Bath, CEO of IPA.
She added “Up to this point in the fiscal year 2024, our cash burn has markedly reduced. At the end of the third quarter of fiscal year 2023, it stood at
BioStrand, one of our subsidiaries, has started generating revenue from projects powered by its LENSai™ technology, and is making progress towards the further development and launch of its LENSai portal and SaaS platforms. Meanwhile, Talem Therapeutics is focused on leveraging its strategic partnerships to drive revenue through out-licensing opportunities, which also enhances contract research revenue and is creating new opportunities for BioStrand.
Overall, our strategy's successful implementation has led to consistent revenue growth, lower operational costs, and strategic progress. This underscores our commitment to operational excellence and dedication to client support."
Business Highlights and Corporate Update
The strategy of IPA to provide a comprehensive range of services for antibody discovery and development is consistently yielding tangible outcomes. In the recent quarter, the Company recorded record revenues of
BioStrand is generating fee-for-service revenue through its LENSai platform and is progressing in the development of commercial products to meet the needs of IPA's client base of over 600 companies. During FY24 Q3, BioStrand introduced a new in silico service called epitope binning, which can be accessed by existing clients, as well as for standalone programs. This advancement is a significant step towards the upcoming rollout of the LENSai portal to all IPA clients, followed by the public launch of BioStrand's comprehensive SaaS platform.
The Company’s decrease in R&D spending reflects the previous investments to develop the internal therapeutic Talem assets, which are now in the next phase of revenue generation, and now primarily represent BioStrand R&D. Efforts are underway to pursue out-licensing opportunities for those internally developed Talem assets. Simultaneously, the Company's marketing partnerships are enhancing revenue in contract research and creating new opportunities in BioStrand.
The Company recently entered into a Sales Agreement for an “at the market” offering program with Clear Street, as sales agent, for the Company to offer and sell from time-to-time common shares.
Third Quarter FY24 Financial Results
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Revenue: Total revenue was
, compared to revenue of$6.2 million in fiscal year 2023 (“FY23”) Q2. Project revenue generated$5.2 million , including$5.8 million of work completed by BioStrand, and compared to$0.2 million in FY23 Q3. Product sales and cryostorage revenue were$4.8 million , compared to$0.4 million in FY23 Q3.$0.4 million
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Research & Development (R&D) Expenses: R&D expenses were
, compared to$1 million in FY23 Q3, with the decrease reflecting reduced expenditures related to the build of the Company's internal therapeutic Talem assets.$1.6 million
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Sales & Marketing (S&M) Expenses: S&M expenses were
, compared to$0.6 million in FY23 Q3.$0.8 million
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General & Administrative (G&A) Expenses: G&A expenses were
, compared to$4.2 million in FY23 Q3.$4.1 million
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Net Loss: Net loss of
, or$2.9 million per share on a basic and diluted basis, compared to a net loss of$(0.11) or$4.7 million on a basic and diluted basis in FY23 Q3.$(0.19)
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Liquidity: Unrestricted cash totaled
as of January 31, 2024, compared to$6.2 million as of October 31, 2023.$6 million
*Expressed in Canadian dollars, unless otherwise indicated.
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 Thursday, March 14, 2024, 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 9236374 or Conference Name.
North America Toll-Free: (888) 550-5658
North America Toll: (646) 960-0289
International Toll: +1(646) 960-0289
***Webcast Details***
Attendee URL:
https://events.q4inc.com/attendee/157226149
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise Antibodies Ltd. has several subsidiaries in
Cautionary Statement Regarding Forward Looking Information
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including risks discussed in the Company’s Annual Information Form dated July 10, 2023 (which may be viewed on the Company’s SEDAR+ profile at www.sedarplus.ca), and the Company’s Annual Report on Form 40-F, dated July 10, 2023 (which may be viewed on the Company’s EDGAR profile at www.sec.gov/edgar). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. The Company does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
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Investor Contact
Investors@Ipatherapeutics.com
Source: ImmunoPrecise Antibodies Ltd.