MindWalk Holdings Corp.

Please be advised that today's conference is being recorded. Good morning, ladies and gentlemen. Thank you for joining us today for MindWalk Holdings Corp's third quarter fiscal year 2026 earnings call. MindWalk trades on the NASDAQ under the ticker HYFT. Today's call will be led by our Chief Executive Officer, Dr. Jennifer Bass, and our Chief Financial Officer, Scott Ariglotto. A copy of our financial statements in MD&A is available on our website at mindwalkai.com. A replay of today's call will be available on MindWalk's Investor Relations website following the conclusion of today's call. Before we begin, please note that today's discussion includes forward-looking statements. These statements are based on current expectations and involve risk and uncertainties that may cause actual results to differ materially. For more information, please refer to our filings with the SEC and Canadian securities regulators, including our most recent form 20-F. Unless otherwise noted, all financial figures discussed today are in Canadian dollars. I will now turn the call over to Dr. Jennifer Bass. You may begin.

Thank you very much, and good morning everyone. This quarter, Mindwalk reported its third consecutive year-over-year revenue increase and advanced three pipeline programs toward data readouts. In addition, we recently signed our first one-year enterprise Lens AI platform contract. I will walk you through each of those. On revenue, year-over-year, we have grown three quarters in a row in a market where pharmaceutical demand for AI-driven discovery is accelerating. On the commercial model, our largest enterprise AI client recently signed a one-year Lend AI platform contract, the first of its kind for us, shifting a part of our revenue from project-based to contracted and recurring. On our pipeline, dengue, GLP-1, and influenza each have data anticipated in the near term. Please let me take those in turn. Mindwalk just reported its third consecutive quarter of year-over-year revenue growth. Revenue was $4.2 million this quarter, a 52% increase from $2.7 million in the same quarter last year. Mindwalk's US revenue, our most important commercial market, doubled year-over-year. That growth reflects a deliberate strategic focus on the US market. North America is where AI-driven discovery demand is concentrated and where the regulatory environment is actively pulling pharma toward domestic partners. We have invested in US commercial presence, including business development and sales resources in the Boston and Cambridge area. Separately, we have also established biologics services operations in the Boston and Cambridge area. Both reflect the same strategic direction. Our clients are pharmaceutical and biotech organizations with their own R&D capabilities. They engage us when the challenge exceeds what conventional tools can address. Which brings me to the second thing I would like to highlight. Recently, our largest enterprise AI client signed a one-year Lens AI platform contract. This contract is structured as a recurring revenue model with revenues being recognized monthly. To be precise about why this matters, until now our revenue has been primarily project-based. Clients engage us for a program we deliver, we invoice. That model produces good revenue but it requires continuous reselling. Every quarter starts close to zero. A platform contract is structurally different. It is contracted, recurring, monthly revenue that does not require reselling. It delivers value consistently, which is exactly what Lens AI is designed to do. Lens AI is actively being rolled out across our broader client base. The one-year contract is one we are scaling. Now let's discuss specifically what Lens AI, powered by HIFT technology, demonstrated this quarter. At its foundation is HIFT, our patented biological representation system that operates on the invariant functional layer of the sequence space. Sequence-based AI tools identify patterns in surface similarity. GIFT, conversely, operates on functional architecture, the layer that governs what the molecule does, not just what it looks like. Lens AI puts that capability into practice, integrated across our laboratory operations now, connecting in silico insight directly to bench-level execution. When our scientists design experiments, they identify targets and they interpret results That capability runs through the process end-to-end. Two results this quarter illustrate what that means. First, we advanced our functional adjacency capability, the ability to identify molecules that produce the same therapeutic effect despite having very low sequence similarity. For a pharma partner, this means that Lens AI can detect competitive threats and IP collision risk that conventional sequence analysis would not find. IP protection on this capability has been initiated. Second, in our influenza program, Lens AI has now screened over 2,000 highly diverse influenza sequences, spanning influenza A, influenza B, avian, and swine origin sequences across all sequences analyzed. IFT identified a single conserved functional feature that is present in every single one. A conserved functional feature that represents a potential design target for a broadly protective immunogen. For mind block, dengue is proof of concept. Influenza is repeatability. Now, our pipeline advancement. Dengue infects 390 million people annually. The WHO considers it a top 10 global health threat. After 60 years of research and billions of dollars of investment, the world still does not have a vaccine that reliably protects against all four serotypes without risk of making the disease worse. Two vaccines have reached this market. Neither solved the core problem. Sanofi's dengvaxia was restricted in 2017 after it was found to increase severe dengue risk in seronegative patients through antibody-dependent enhancement, also known as ADE, and was permanently discontinued in Brazil this year. The vaccine effectively stimulated a primary infection in seronegative recipients, priming them for enhanced disease on subsequent natural exposure. Takeda 2 dengue showed a different failure mode. It demonstrated no efficacy against sero-TEG3 in seronegative individuals and remained skewed toward dengue 2. Takeda withdrew its FDA application in 2023. You see, the problem is not generating an immune response. Both of those vaccines do that. The problem is generating a balanced response. across multiple serotypes. An imbalanced response triggers ADE, and that makes the patient sicker. The two vaccines that have reached the market both took a tetravalent approach and hoped the immune system would respond equally, but it doesn't. Across all sequences analyzed, HIFT identified a single conserved functional constraint present in every single dengue sequence, a potential basis for a broadly protective immunogen design. This is a discontinuous epitope. It is invisible to conventional sequence alignment tools. HIFT found it because it operates at the level of functional biological architecture, not surface sequence similarity. Instead of asking the immune system to respond equally, to multiple different things, we are training it to recognize one thing that is present in all serotypes. Balanced immunity is built into the design, not hoped for in the final outcome. Currently, rabbit immunization studies for this program are complete. Binding confirmation, which is confirming that the immunized animals generated antibodies that bound to that conserved epitope is expected yet this week. Upon confirmation, we moved to multi-serotype neutralization testing with our independent collaborator. No prior program has demonstrated a single epitope immunogen generating neutralizing antibodies across all serotypes that it was immunized for. This is what neutralization data will first test. We are at this preclinical stage, but the hardest scientific questions actually get answered here. In vitro GLP-1 receptor activation was confirmed by an independent third-party assay. Results demonstrate activity relative to semaglutide, the market-leading GLP-1 therapy. We have worked with a pharma collaborator with recognized expertise in this area. They have shared what they consider important to see as this program advances. We are developing the program with that input in mind. Beyond the GLP-1 pathway itself, we have identified a dual pathway regimen, linking GLP-1 biology to a second non-overlapping longevity pathway. We will continue to update the market as this program advances. Our influenza program is advancing on the same design logic. As of this week, we are moving toward manufacturing of the lead in silico candidates. We will update the market as that program continues to develop. U.S. revenue doubled year over year, a direct result of our deliberate strategic focus on North America. AI-driven biologics demand is concentrated in this market, and the regulatory environment is increasingly favorable to domestic partners. We have established biologic services operations in the Boston-Cambridge area, and this strategic direction guided our decision to divest our European operations in favor of North American growth. We ended Q3 with $14.2 million in cash. The Netherlands divestiture proceeds are being deployed deliberately into commercial growth, Lens AI, and its pipeline assets, and our Canadian laboratory capabilities. Our team published a peer-reviewed study in biomacromolecules, the American Chemical Society Journal, in collaboration with Eindhoven University of Technology and Radboud University Medical Center. That work was grant-funded, and it demonstrates what our wet lab nanobody discovery is capable of and the great importance of this innovation. I will come back to this when I describe our B-Cell Llama Platform launch. This quarter, we announced results from a client-driven research engagement in which our scientists generated and validated monoclonal antibodies and interbodies capable of selectively targeting misfolded pathogenic TDP43 while leaving healthy TDP43 intact. PD43 is implicated in ALS, frontotemporal dementia, and some Alzheimer's cases. Last week, we announced the launch of our B-Cell Llama, a nanobody discovery platform built on single B-Cell isolation from immunized llamas. Let me explain why this matters. Bispecific and multispecific antibodies require two heavy chains, and when those chains need two different light chains, the result is an explosion of possible combinations, only one of which is the product that you actually want. That chain pairing problem has been one of the central engineering bottlenecks limiting bispecific drug development, and significant capital has been invested in platforms designed to work around it. BHH nanobodies eliminate the problem by design. They carry no light chain. There is no pairing ambiguity. And because they come from a naturally matured llama immune repertoire, they capture sequence diversity that engineered platforms structurally cannot replicate. Our peer-reviewed biomacromolecules publication demonstrates what that produces. The molecule with the strongest binding affinity in our assays delivered zero functional activity. A construct built from the same nanobody building blocks achieved 10 to 25 times greater potency in multivalent format. Function-based selection, not affinity, is what matters. That is what B-cell LAMA is designed to deliver. Mindwalk holds commercial rights to the jointly developed intellectual property from that work. B Cell Llama operates alongside our B Cell Select, our existing platform with over 15 molecules advanced to the clinic. The full detail is in last week's announcement. Across our proprietary asset portfolio, GLP-1, dengue, and influenza, and at the request of investors, We are working with legal and financial advisors to design structured asset level financing vehicles that will allow investors to participate at the program level while preserving parent company equity. That work is active and progressing. I will now turn the call over to Scott.

Thank you, Jennifer, and good morning, everyone. As a note, All figures are in Canadian dollars and relate to continuing operations unless stated otherwise. Revenue for Q3 was $4.2 million, or a 52% increase from $2.7 million in Q3 of last year. As Jen noted, this is our third consecutive quarter of year-over-year revenue growth. U.S. revenue doubled year-over-year, $2.6 million versus $1.3 million. The U.S. has named a strategic priority, AI-driven discovery demand is concentrated here, and our commercial investments are reflected in the numbers. For the nine-month period ending January 31st, 2026, our revenue was $11.4 million as compared to $7.9 million, or a 45% increase as compared to the prior year period. Gross margin for the three months ending January 31st, 2026 was 59% as compared to 65% in the prior year period. For the nine-month period ended January 2026, gross margin was 58% as compared to 53%, a five percentage point improvement over the same period last year. Gross margin can vary depending on our mix of business. However, as we develop an increased adoption of the tools within our Lens AI platform, we would expect margins to expand. Moving on to operating expenses. For the third quarter of 2026, R&D expense was $1.2 million as compared to $0.9 million for the prior year period due to the investments in the Dengue, GLP-1, and B-Cell Lama programs and ongoing Lens AI platform development. For the nine-month period ended January 31, 2026, R&D expense was $3.5 million versus $3.4 million in the prior year. Sales and marketing for the three-month period ended January 31st, 2026 was $1.89 million as compared to $1.1 million in the same period last year, reflecting our continued commercial expansion primarily in the U.S. with programs such as our expansion in the Boston area starting to yield revenue. For the nine-month period ended January 2026, sales and marketing expense was 4.3 million compared to 2.7 million for the nine months ended January 2025. G&A was $3.1 million for the third quarter of 2026 as compared to $2.8 million for the third quarter of 2025. G&A expense was $9.5 million for the nine months ended January 2026 as compared to $9.1 million for the prior year period. We expect G&A to remain flat to modest growth as we believe we have the infrastructure to support future growth. Net loss from continuing operations for Q3 2026 was $3.9 million versus $22 million in Q3 2025. Net loss in the prior year period included an impairment charge of $21.2 million. For the nine-month period ended January 2026, net loss was $11.2 million as compared to $29.7 million for the nine-month period ended January 2025, which also reflected the $21.2 million charges. We are investing ahead of revenue in commercial infrastructure, pipeline programs, and platform capabilities with the expectation that these investments will yield returns. Moving on to the balance sheet. We ended the third quarter with $14.2 million in cash. Cash used in operations was $10.1 million year to date, consistent with our planned investments. In summary, Revenue has grown year-over-year, and we have demonstrated the ability to execute. We have developed a platform and products that bring value to our customers, and we continue to innovate with programs such as our recent announcement of our BSALama capability and functional adjacency. We have cash runway for operations and capital structures to support the ongoing development of our proprietary pipeline assets. We believe this will continue to drive shareholder value. I will now return the call to Jennifer.