ImmunoPrecise Antibodies Ltd.

Good morning, ladies and gentlemen, and thank you for joining us today for MindWalk's first quarter fiscal 2026 earnings call. We appreciate your time and interest in MindWalk's formerly immunoprecise antibodies. Today's call will be led by our CEO, Dr. Jennifer Bath, and interim CFO, Joe Scheffler. They will provide review of our financial performance, strategic initiatives, and key operational highlights for the first quarter. Please note that a copy of today's presentation along with our final financial statements will be available on our company's website for your reference. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Factors include, but are not limited to, global political and economic conditions, changes in the market dynamics, and other business risks. Unless otherwise noted, all financial figures discussed today are in Canadian dollars. These statements are made as of today, and we undertake no obligation to update them except as required by law. For a more detailed discussion of risks and uncertainties, please refer to our filings with the SEC, including our most recent form, 20F, and other periodic reports. I would now like to turn the call over to MindWalk's President and CEO, Dr. Jennifer Bass.

Thank you, Jordan, and good morning, everyone. For transparency, our first quarter results include contributions from our Netherlands operations, which we owned during the period. Six days into the second quarter, we completed the divestiture of those operations, generating $15.1 million in net proceeds. Going forward, we will classify results related to these operations as discontinued operations. This sale strengthened our balance sheet and allowed us to concentrate resources on strategic high-priority and high-margin initiatives. Against this backdrop, our Q1 performance was exceptionally strong. On a total operations basis, we reported record revenue of $7.6 million, up 45% year-over-year. Gross profit rose to $4 million, with margins expanding to 53%. Operating loss narrowed to $2.7 million, adjusted EBITDA loss was cut in half year over year to $1.4 million, and net loss improved to $3 million. General and administrative expenses declined, underscoring our operational discipline. Cash ended the quarter at $5 million, plus an additional $16.1 million received in proceeds from the divestiture. Importantly, within that performance, continued operations contributed $3.2 million in revenue, up 28% year-over-year. This demonstrates that even excluding the Netherlands sites, our core Bionative AI platform continues to deliver sustainable results. These results give us the foundation to move decisively into our next chapter, our rebranding. The rebranding is much more than a name change. It unifies our legacy companies, Immunoprecise Antibodies, BioStrand, and Ptolem, under one identity, Mindwalk. We also introduced our new ticker, HIFT, or H-Y-F-T, highlighting the foundational role of our HIFT technology in redefining biologics discovery. Our new identity reflects our evolution into a bio-native AI platform company operating at the intersection of AI, multi-omics data, and advanced laboratory research. Inspired by Charles Darwin's daily thinking path, Mindwalk embodies the spirit of curiosity and discovery, revealing hidden biological patterns and transforming them into impactful medicines. At the core of this transformation is our biointelligence ecosystem, integrating bio-native AI powered by 25 billion proprietary HIFT connections. generating insights for more clinically viable therapies, a multi-omics platform unifying sequence, structure, and function, and literature to break down silos and enable hyperscale exploration, an advanced lab with a proven track record, over 15 molecules accepted into clinical trials, and over a 98% success rate in our B-cell technology, supporting therapeutics diagnostics, vaccines, and peptides. This is not only a brand evolution, but it's also a business transformation from primarily wet lab services to a scalable intelligence model platform model. This opens new pathways through software as a service, data as a service, asset generation, and large-scale partnerships. To summarize, our rebrand reflects three milestones, a unified brand identity, IPA Biostrand and TALIM are now Mindwalk, a business model shift from services to an integrated platform-driven, bio-native AI company, a new NASDAQ ticker, HIFT, underscoring the role of the HIFT technology across our vertical AI stack. With a stronger balance sheet, scalable growth opportunities, and a track record of execution, we are confident in our ability to deliver sustainable value for shareholders. With that, I'll turn the call over to our interim CFO, Joseph Scheffler, to review the financials in more detail.

Thank you, Jennifer. As a reminder, the Netherlands operations were divested six days into Q2, generating $16.1 million in net proceeds. Beginning this quarter, results from both sites will be classified as discontinued operations and will no longer contribute to our revenue or expenses going forward. Revenue for the first quarter was $7.6 million, up 45% year over year, driven by both project and product revenue growth. Gross profit improved to $4 million, or a 53% margin compared to 2.4 million or 45% margin last year. Operating loss excluding amortization and non-recurring charges narrowed to 2.7 million versus 4.2 million a year ago. Adjusted EBITDA loss improved to 1.4 million compared to 2.8 million last year. reflecting stronger operating leverage. We also saw progress in expenses. General administrative costs decreased year over year, underscoring our focus on cost discipline. Net loss improved to 3 million compared to 4 million last year. Sales and marketing increased as we invested in digital campaign to support growth initiatives. Turning to the balance sheet, we ended the quarter with $5 million in cash, excluding the $16.1 million in proceeds from the Netherlands divestiture received post-quarter. This stronger capital position enhances flexibility to advance growth opportunities, including software as a service, data as a service, and translational programs such as our Deng vaccine initiative. In short, we delivered record revenue higher margins, disciplined expense control, and improved operating results while reinforcing our balance sheet. I'll now turn the call back to the operator for Q&A.