aibioImmunoPrecise Antibodies (now MindWalk Holdings) reports fiscal 2025 results
Tickers HYFT
Revenue was $24.5 million in both fiscal 2025 and fiscal 2024, and the net loss widened to $30.2 million from $26.1 million. The release gives no date for the regained Nasdaq compliance.
Key facts
- Company
- MindWalk Holdings Corp. (NASDAQ: HYFT)
- News type
- Listings
- Primary source
- MindWalk Holdings Corp. 6-K (2025-07-29)
ImmunoPrecise Antibodies Ltd. (Nasdaq: IPA), now MindWalk Holdings Corp., reported results for the fiscal year ended April 30, 2025 on July 29, 2025. The figures are in Canadian dollars. The release calls the year a record and describes revenue as up slightly, but its own table shows revenue of $24.5 million in both years. The net loss widened to $30.2 million from $26.1 million.
The year's numbers
Gross profit rose to $13.5 million from $12.1 million, and the gross margin reached 55% from 49%. The release credits a larger share of high-margin BioStrand revenue. Research and development expenses rose to $4.9 million from $4.0 million, and sales and marketing rose to $4.3 million from $3.5 million. General and administrative costs fell to $14.7 million from $15.6 million.
Fiscal 2025 carried impairments of intangible assets of 21,184 thousand, against 3,870 thousand in fiscal 2024, when goodwill impairments of 11,161 thousand also appeared. The release describes the fourth quarter as a record for revenue, at $7.0 million, up 8% from $6.5 million a year earlier. Its fourth-quarter net loss narrowed to $2.2 million from $17.6 million, a year-earlier figure that included a $15 million non-cash impairment charge tied to BioStrand goodwill and intangibles.
The release says the loss before amortization and non-recurring charges improved to $10.4 million for the year from $11.1 million, and that the fourth-quarter loss on that basis was $316,000. Cash is the other side of the picture. Net cash used in operating activities was 6,410 thousand Canadian dollars in fiscal 2025, against 3,184 thousand a year earlier. Financing brought in 14,893 thousand, including 12,228 thousand from share issuance and 4,242 thousand from a debenture. Total cash, cash equivalents and marketable securities, including restricted cash, were $10.8 million at April 30, 2025.
The share count rose sharply. Weighted average shares outstanding were 33,385,499 for the year, up from 25,635,526, and 45,800,482 in the fourth quarter, up from 26,668,766 a year earlier. The loss per share improved to $0.91 from $1.02 even as the share count grew. The release does not discuss going-concern doubt, and it gives no terms for the debenture.
Listing, business and partners
The release lists regained compliance with the Nasdaq minimum bid price requirement among its corporate highlights. It gives no date for the deficiency notice, the bid price that triggered it, or the date compliance was regained.
The company calls itself a bio-native AI company. Its LENS ai platform, which it says is powered by HYFT technology, is described as producing in silico epitope mapping results on previously unseen antibody-antigen complexes that are on par with X-ray crystallography. The release gives no sample size or validation study, so that comparison rests on the company's own statement. The dengue result is also computational. The release says the platform identified a highly conserved epitope across all four dengue virus serotypes, and that in silico data supported the vaccine candidate's safety. It also says AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, without giving figures.
The company reports a strategic partnership with an unnamed biotechnology company focused on antibody-drug conjugates and bispecific antibodies for cancer, which the release values at USD $8M to 10M. A subsidiary also signed a material transfer agreement with Biotheus, now BioNTech, which the release says is evaluating an antibody asset for bispecific tumor targeting. The board appointed Jon Lieber as a director.
What comes next
Chief Executive Officer Jennifer Bath said the company anticipates the near-term completion of its previously announced divestiture of a Dutch subsidiary. The release does not name that subsidiary, the buyer or the price. Bath said the company will refocus on AI-based product development using LENS ai, and the release says it has realigned internal R&D toward an AI-powered therapeutic pipeline.
The release also says BioStrand, the segment it credits for the margin gains, grew over 180% in fiscal 2025 and now represents over 5% of total annual revenue, up from less than 2%. That is still a small share of the company's sales.