MindWalk Holdings Corp.

Good afternoon and welcome to the MindWalk Holdings Corp. Financial Results Conference call for the fiscal year ended April 30th, 2026. All participants are in a listen-only mode. Following prepared remarks, we will open the line for questions. This call is being recorded. Before we begin, I would like to remind listeners that today's discussion contains forward-looking statements. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated, including the company's history of net losses, the ability to convert platform adoptions into contracted recurring arrangements, market acceptance of Reef IQ and Lens AI, intellectual property risks, competition, and capital markets conditions. A fuller description of these risks appears in the company's annual report on Form 20F and other filings available on SADAR Plus and EDGAR. All financial figures discussed during this call are in Canadian dollars. Financial statements and MD&A are available on the company's website at mindwalkai.com, sec.gov, and on SADAR+. A replay of this call will also be available following its conclusion. I will now turn the call over to Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk Holdings. Please go ahead, Dr. Bath. Thank you, and good afternoon, everyone.

Fiscal 2026 was a defining year for MindWalk. The year our discovery engine and the bionative AI built on top of it came together as a single platform. That engine has a long record of producing molecules into the clinic. The AI layer makes that biology computable at scale. It was also the year the market's thinking caught up to the thesis that we have held onto from the start. that the durable value in AI for biology is not the model, but the data and the context layer beneath it. A layer that, in our case, rests on 20 years of curated biology. No competitor can stand up overnight. Independent research now describes that layer in language that we could not have written better ourselves. This was the year we began to convert that recognition into results. We grew revenue by 46%, expanded growth margin to 59%, and narrowed our net loss by more than half. Growth and discipline in the same year, not one at the expense of the other. We signed our first two contracted recurring platform agreements, the first recurring platform revenue in the company's history, and we launched ReefIQ, which organizes the client's own discovery data into governed biological contexts. We strengthened the balance sheet through the divestiture of a non-core business, and we regained NASDAQ compliance organically without a reverse split, without dilution, earning inclusion in the Russell 3000E and the Russell microcap indexes. The science underwrites all of it. Our discovery work for clients has now put more than 20 molecules into the clinic, and that figure reflects only the clients that we are free to name. Counting the programs that remain confidential, the true number is much more meaningfully higher. Among the clients we can name are Johnson & Johnson's Janssen vaccines, Sanofi Pasteur, Arginix, Idex Laboratories, and Zencor. And this year, one of those clinical molecules that our work supported became a commercial medicine, approved by the FDA and launched. Those are headlines. Taken together, they mark a very different company than the one that stood here one year ago, and they change how the next several years should be underwritten. We've built the record, the market has arrived at the thesis, and we've signed the first recurring platform revenue. What's early is scale, and that is the opportunity that is in front of us now. For the past several years, The AI drug discovery sector has been consumed by a single question, whose model will win? That is the wrong question. And this year, the market has largely moved past it. In its place, a more durable conclusion has taken hold, articulated in strikingly consistent terms across independent research and industry commentary. It maps precisely onto the asset Mindwalk has built, and it comes down to three points. Adoption, not model capability, is a constraint. Proprietary data is the moat, and validation is the catalyst. The orchestration layer between AI and biology, the layer the market is now calling the moat, is not something we pivoted into. It's the asset Mindwalk has been building for years. HIFT provides the biological representation. ReapIQ organizes a client's own data inside of that representation, preserving provenance and program history across their entire estate. And Lens AI is where the reasoning happens. Target discovery, candidate diligence, portfolio decision support, and agentic AI workflows that close the loop between in silico prediction and wet lab validation. A long-term advantage is not The model. Models are replicable. It's HIFT. It's 20 years of curated function annotated biology, encoding the sequence and the structure and the functional relationships that let any model reason over biology with context, the context that it otherwise lacks. That foundation took two decades to build, and it cannot be stood up overnight. And for each client, the value compounds in their own governed environment. Every program they run inside of Reef IQ makes their context richer and their work faster with their data remaining theirs. This is where the thesis begins translating into commercial execution. There's a validation ladder in this business and the rungs behind us and ahead of us are worth us being really clear about here. The first rung is the application layer adoption. Clients engaging Lens AI to solve a defined workflow problem on a contracted recurring basis. In the second half of fiscal year 2026, we signed our first enterprise layer SAS agreement and then a second contract in the fourth quarter. Together they mark the first recurring platform revenue in this company's history. That's the entry point. A client trusts the platform with a discreet application. They see the result and it builds conviction from there. The next rung matters more. It's clients engaging ReefIQ to organize and manage their data across their broader estate. Well-organized, context-rich data is where their competitive edge comes from. and at the Jones Trading AI Day fireside chat last month, when asked, I accordingly told institutional investors that this is the validation to watch for from Mindmark. The commercial engine we're building runs alongside that ladder from application layer adoption toward the deeper data management relationships above it. The most Rigorous validation of a discovery capability is the medicines that reach the patients because of it. Behind that record of dozens of molecules that we have assisted with in producing for the clinic, 10 are inactive phase one through phase three trials. Four are first in class. And that work is backed by more than 400 peer-reviewed publications and issued patents. These are client-owned assets. The value of each molecule accrues to the company whose name is on it. What accrues to Mind Walk is a foundation. A track record of molecules reaching the clinic is what earns a discovery company the standing to build on it. Deeper partnerships, co-development milestones, and royalty participation, and the recurring revenue that comes from being embedded in how a program advances. The clinical record is the proof. The partnerships and the recurring revenue built on top of it are where that value starts to compound. In June 2026, one of those programs reached patients. A therapeutic our client developed for a rare debilitating autoimmune disease was approved by the FDA and launched commercially. Mindwalk's role wasn't the molecule itself. It was specialized. The anti-idiotypic reagents our client used to build and to validate the bioanalytical assays that their molecule had to clear on its way through clinical development, including in response to a direct request from the agency. That's a contribution that we're proud of because it points to something that I believe the market overlooks. Getting a molecule to patients takes far more than designing something that binds. It takes the specialized tools that measure a drug that validate the assays that are behind it and stand up to the regulatory rigor that an approval demands. Most of the field is so focused on that first step on discovering a molecule. We support molecules across the path to approval, and that breadth is far harder to replicate than a single binder. It's also how a discovery relationship becomes a deeper one. the kind of collaboration that compounds into partnership and recurring work. The track record is more than credibility. It's two decades of learning what it takes to move a molecule from discovery all the way through approval, now built into Lens AI and being applied to our own programs for the first time. Our DENKE program has produced strong preclinical results a conserved pan-serotype target identified computationally and then validated in vivo across two independent campaigns. The science speaks to exactly what the platform was built to do. GLP-1 shows the same engine pointed at a different problem. We designed the receptor agonist sequence in silico and then we tested it in vitro where they activated GLP-1 receptor comparable or superior to semaglutide. one of the most competitive targets in medicine. It's early, and of course we will update you as it matures, but early results on a target that hard are worth paying attention to. Influenza extends the pattern. Across more than 2,000 strains of influenza, HIFT found a functional invariant that holds where the sequence itself keeps changing. That kind of target convention alignment with conventional alignment, it simply cannot see. Behind those are more. Our pandemic response platform deployed this year against Ebola and hantavirus and a broader set of infectious disease and autoimmune programs that we'll bring forward as they earn it. On July 1st, 2026, we filed a patent application extending our foundational HIPT patent. Protecting our architecture behind how biological context is organized and made computable in our system. The context layer is where the long-term value in biological AI accrues, and this patent is built to protect that. Fiscal year 2026 also marked an important milestone in restoring institutional credibility. We regained NASDAQ compliance organically without a reverse split or other dilutive measures, reflecting genuine improvement in market support and investor confidence. Effective after U.S. market closed on June 26th of 2026, MindWalk was added to the Russell 3000E Index and the Russell MicroCap Index. Russell Inclusion expands institutional visibility, increases eligibility for index ownership, and represents another important milestone in MindWalk's continued evolution as a publicly traded company. We completed the transition from immunoprecise antibodies to MindWalk Holdings Corp. in September of 2025. creating one unified commercial platform that simplifies how the company goes to market and supports more efficient growth. Nine months in, the metrics are consistent and directional. AI citations of our content have more than doubled above the legacy brand. The number of referring domains to our digital presence are up materially. Organic keyword coverage has expanded. The stained daily dollar volume is a multiple of the pre-branded median. And analyst coverage has expanded. These metrics all reflect a company being found by the audience that it is now serving. In October, Scott Areglado joined as chief financial officer, bringing the finance and capital markets discipline that you'll hear from him shortly. On the commercial side, we deepened our enterprise business development team this year, and we've added two more are senior professionals in both Boston and San Francisco to drive platform adoption in the two largest US biopharma markets. In the first part of the fiscal year, we completed the sale of our Netherlands wet lab operations to AVS Bio, strengthening the balance sheet. Scott will cover the financial impact of that. More importantly, it sharpened our focus on a genuine structural advantage at Mindwalk Computation and wet lab operate as one integrated system, not two functions handing work back and forth. That integration is why our programs compound data and biological context at a rate that conventional discovery cannot match. Starting today, we are in San Francisco at AMD Advancing AI 2026, AMD's flagship event, a company AMD chose to build with. That choice is the signal. AMD is one of the largest companies in the world, and it does not put its engineering weight behind marketing relationships. It co-designs with a small number of companies whose work is demanding enough to push its hardware and its selected mind work. This is an engineering partnership. AMD's teams work alongside ours to optimize the infrastructure our AI platform runs on. Migrating our libraries off of a CUDA lock stack onto AMD's open Rackham stack was a joint build production infrastructure that runs every single day at Mindwalk. AMD's published case study puts the results in hard numbers. On Instinct MI300x hardware, we screened roughly 170,000 antibody pairs in about four and a half hours, work that had taken 145 days previously. Cost per million samples in literature mining fell about 39% and embedding throughput rose about 70%. Speaking alongside us at Jones Trading AI Day Fireside in June, AMD described being highly selective about who it co-designs with and pointed to Mindwork as having the capabilities the market is looking for on the record in front of institutional investors. There is more from all of this and our and many more interactions at this conference that we expect to share shortly. Let me turn this call over now to Scott to review our financial results and then I'll make some closing comments before Q&A. Scott?

Thank you, Jennifer, and good afternoon everyone. I will take you through the fiscal 2026 financial results and the drivers behind them. As a reminder, all figures are in Canadian dollars unless otherwise specified. and our preliminary pending filing of our annual report on form 20F. The financial story of fiscal 2026 is straightforward. Revenue growth, margin expansion, disciplined operating investment in the commercial engine and a stronger balance sheet. Revenue grew meaningfully year over year from 10.6 million to 15.6 million or a 46% increase in fiscal year 2026. Revenue for Q4 2026 was $4.1 million, or a 50% increase as compared to $2.7 million for Q4 2025. The quality dimension of that revenue is as important as the volume. This was the year we booked the first contracted recurring platform revenue in MindWalk's history through the two enterprise lens AI agreements Jennifer described. Those are software layer engagements carrying different economics than project-based services and they opened a revenue model we intend to scale. Gross margin expanded from 5.7 million or 54% of revenue to 9.1 million or 59% of revenue. Gross margin for Q4, 2026 was two and a half million or 61% compared to 1.6 million or 58%. This reflects a shift in revenue mix toward platform and higher margin service work together with structural efficiencies following the divestiture. Now onto operating expenses. Total operating expenses were 24.1 million as compared to 42.6 in the prior year. However, the prior year included 21.2 of intangible asset amortization and 1.5 million of impairment that did not occur. On a comparable basis, operating expenses increased by approximately 4.2 million, which reflects deliberate investments in the commercial infrastructure. Research and development expense for fiscal year 2026 was $4.9 million, up slightly from $4.2 million, demonstrating continued investment in our commercial infrastructure. Research and development expense for Q4 2026 was $1.6 million, as compared to $0.8 million in Q4 2025. Sales and marketing expense were $5.9 million in fiscal year 2026, up from $3.6 million for the same period in 2025. reflecting increased staffing and expanded North American business development capacity. Sales and marketing expenses for Q4, 2026 were 1.5 million versus 0.9 million in Q4, 2025. We expect operating expenses to increase as we continue to invest in our pipeline assets and Reef IQ. Net loss from continuing operations was 15.1 million in 2026 versus 33.1 million in the prior year. Net loss for the fiscal year 2026 was approximately 14 million as compared to 30.2 million in the prior year. Loss per share from continuing operations was 33 cents per share versus 99 cents in the prior year. For the quarter end of Q4 2026, net loss from continuing operations was 3.9 million versus 3.4 million in the prior year quarter. Net loss for the fourth quarter of 2026 was 3.9 million as compared to 2.2 million in the prior year. Now turning to the balance sheet. We ended the year with a cash balance of 11.5 million as of April 30th, 2026, as compared to 10.8 million as of April 30th, 2025. In summary, the company generated non-diluted capital by digesting our European operations for net proceeds of US 10.3 million, without sacrificing revenue growth. We continue to invest in the infrastructure that matters, integrating ReefIQ into our lab operations and advancing our engineering work with AMD, a foundation beneath both our own pipeline and our clients' data management. With that, I will turn the call back to Jennifer. Jennifer?