ImmunoPrecise Antibodies Ltd. (IPA): Business Model Canvas [Dec-2025 Updated]

You're looking at ImmunoPrecise Antibodies Ltd. (IPA) right now, and honestly, the story isn't just about antibodies anymore; it's about computational power driving discovery. As an analyst who's seen a few biotech pivots, I can tell you their strategic shift to AI platforms like LENSai™ is paying off, evidenced by their Fiscal Year 2025 total revenue hitting $24.5 million (CAD), with their high-margin BioStrand revenue spiking over 180%. This isn't just R&D spending; it's a business model re-engineering aimed at high-precision, accelerated drug design, backed by major deals like the one with a multi-billion dollar partner. Dive into the full Business Model Canvas below to see exactly how ImmunoPrecise Antibodies Ltd. (IPA) is structuring this new, AI-first revenue engine.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances that power ImmunoPrecise Antibodies Ltd. (IPA)'s growth engine as of late 2025. These partnerships are crucial for scaling their AI-driven discovery platforms and securing non-dilutive funding for pipeline advancement.

Multi-billion dollar biotechnology company for USD $8-10 million oncology program

ImmunoPrecise Antibodies Ltd. secured a significant strategic partnership in March 2025 with an undisclosed, leading biotechnology company that holds a multi-billion-dollar market capitalization. This collaboration is focused on advancing the discovery and development of Antibody-Drug Conjugates (ADCs) and bispecific antibodies intended for cancer treatment. The agreement is structured to span 18 to 24 months and has an initial value of $8 million, with the potential to increase to $10 million based on the progression of the programs. This deal represents a substantial revenue component, given that ImmunoPrecise Antibodies Ltd.'s total revenue for Fiscal Year 2025 was $24.5 million CAD.

The scope of work involves the discovery, lead characterization, optimization, and preclinical-grade production of multiple antibody-based therapeutics. This effort directly integrates IPA's proprietary B-cell Select™ platform and its multi-omics AI-driven modeling to enhance therapeutic selection efficiency.

Strategic collaborations with Vultr and AMD for advanced GPU computing

To support the substantial computational demands of its AI-driven discovery workflows, ImmunoPrecise Antibodies Ltd. scaled its infrastructure through strategic collaborations, notably with Vultr. This partnership provides rapid scalability and cost efficiency, which is vital for training complex models.

ImmunoPrecise Antibodies Ltd. is actively testing high-performance hardware, including NVIDIA H100s and AMD MI300x GPUs, for tasks like de-novo antibody generation via diffusion models.

Vultr itself maintains a long-standing strategic collaboration with AMD to scale AI workloads globally. Vultr is launching an AI supercluster powered by AMD Instinct MI355X GPUs in its new Springfield, Ohio data center, a 50 MW expansion. This ecosystem access ensures ImmunoPrecise Antibodies Ltd. has a pathway to the latest high-performance computing resources.

Academic and research institutions for joint R&D and grant funding

ImmunoPrecise Antibodies Ltd. engages with academic and research institutions to bolster joint Research and Development efforts and secure grant funding, which is a common strategy for early-stage biotechs to validate technology and offset internal R&D spend. The company's focus post-divestiture of its Netherlands facilities was to concentrate resources on its AI-based Software as a Service (SaaS) platform and scientific platforms.

Key areas of collaboration and internal validation that often stem from such partnerships include:

• Advancing the universal dengue vaccine initiative.
• Validating the LENSai™ platform's epitope mapping capabilities.
• Outperforming established drugs like semaglutide with AI-designed GLP-1 peptides.

RIBOPRO for advancing mRNA-driven antibody discovery

A formal strategic collaboration was announced with RIBOPRO, a specialist in mRNA and lipid nanoparticle (LNP) technologies, effective February 26, 2025. This partnership is designed to revolutionize therapeutic antibody discovery by merging RIBOPRO's advanced mRNA-based antigen expression expertise with ImmunoPrecise Antibodies Ltd.'s AI and wet-lab capabilities.

The integration specifically leverages RIBOPRO's mRNA sequence optimization and LNP delivery skills with ImmunoPrecise Antibodies Ltd.'s B-cell screening and deep-learning workflows to improve antigen presentation and immune responses.

Here is a summary of the key, quantifiable partnerships as of late 2025:

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Key Activities

The Key Activities for ImmunoPrecise Antibodies Ltd. center on leveraging its proprietary artificial intelligence (AI) technology to drive both service revenue and internal asset development. This dual focus is reflected in the financial performance for the Fiscal Year 2025, which ended April 30, 2025.

AI-driven drug discovery using the LENSai™ and HYFT® platforms

A core activity involves operating the LENSai™ and HYFT® platforms to enable large-scale reasoning across sequence, structure, function, and scientific literature. The platforms are used to power next-generation workflows in drug discovery, diagnostics, and vaccine design. For instance, the LENSai™ Immunogenicity Screening, powered by HYFT®, compresses the workflow into one overnight run, evaluating nearly 900 HLA variants and performing a whole-proteome humanness scan at residue resolution. This screening demonstrates a powerful discriminative capability with an AUC of 0.92 for flagging Anti-Drug-Antibody (ADA) risk before clinical stages. The in silico epitope mapping capability of LENSai™ has shown results on par with gold-standard X-ray crystallography, but delivering structural insights in hours instead of weeks.

• Platform use shortens pre-clinical cycles and cuts material costs.
• The HYFT-driven approach enables first-principles-based in silico peptide discovery.
• The company partners with 19 of the top 20 pharmaceutical companies.

End-to-end therapeutic antibody discovery and optimization services

ImmunoPrecise Antibodies Ltd. executes end-to-end services, often in collaboration with major pharmaceutical entities. The company secured a strategic partnership valued at USD $8-$10 million with a leading biotechnology company focused on Antibody-Drug Conjugates (ADCs) and bispecific antibodies. This activity falls under the broader service revenue stream that contributed to the Fiscal Year 2025 total revenue of $24.5 million in Canadian dollars. The company also scaled its AI infrastructure through collaborations with providers like Vultr and AMD to enhance its lab-in-a-loop drug discovery capabilities.

The revenue generated from projects utilizing the proprietary B Cell Select® platform and the LENSai™ platform is a key component of the service delivery model. For the third quarter of Fiscal Year 2025 (ending January 31, 2025), project revenue specifically reached $5.6 million out of total Q3 revenue of $6.2 million.

Development of proprietary pipeline assets, like the universal dengue vaccine candidate

Developing proprietary pipeline assets is a critical activity, validated by milestones achieved using the AI platforms. A key focus has been the universal dengue vaccine candidate, where the HYFT®-powered LENSai platform identified a highly conserved epitope across all four dengue virus serotypes. Furthermore, the company advanced its AI-designed GLP-1 peptides; two lead candidates outperformed or matched Semaglutide in independent receptor activation studies, validating the scalable, first-principles mechanism for designing potent peptide therapeutics.

The financial impact of this internal development is increasingly seen through the BioStrand segment, which represents the AI-driven pipeline efforts.

Wet lab operations and contract research services (CRO)

Wet lab operations and Contract Research Organization (CRO) services provide the foundational revenue base and the necessary lab validation loop for the AI predictions. This segment, which includes product sales and cryostorage, supports the overall financial health. The company achieved a record fourth quarter revenue in Q4 FY2025 of $7.0 million, with a gross margin of 64% for that quarter, up from 48% in Q4 FY24. For the full Fiscal Year 2025, the total revenue was $24.5 million, with a gross margin of 55%, an expansion of 600 basis points from the prior year.

The high-margin BioStrand segment, which is closely tied to the AI pipeline development but contributes to revenue, grew over 180% in Fiscal Year 2025 and delivered gross margins approaching 90%. This segment represented over 5% of total annual revenue in FY2025, up from less than 2% in Fiscal Year 2024. The company's overall operational efficiency improved, as evidenced by the Q4 Adjusted EBITDA loss narrowing to ($0.3) million.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Key Resources

You're looking at the core assets ImmunoPrecise Antibodies Ltd. (IPA) relies on to execute its strategy as of late 2025. These aren't just concepts; they are proven, generating revenue, and backed by recent financial performance.

Proprietary LENSai™ platform and patented HYFT® technology

The LENSai™ platform is a key differentiator, showing capabilities that rival established methods. For instance, its in silico epitope mapping achieves results on previously unseen antibody-antigen complexes that are on par with gold-standard X-ray crystallography, delivering structural insights in hours instead of weeks. The platform, powered by the patented HYFT® technology, achieved a significant milestone by identifying a highly conserved epitope across all four dengue virus serotypes. Also, IPA's AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the HYFT-driven LENSai platform.

• LENSai™ in silico mapping insight delivery time: hours vs. weeks for X-ray crystallography.
• HYFT® integration validated by identifying conserved epitope across four dengue virus serotypes.
• R&D Expenses for LENSai™ build noted in Q3 FY25 were $1.1 million.

B-cell Select™ platform for antibody generation

The B-cell Select™ platform is actively deployed in high-value collaborations. ImmunoPrecise Antibodies Ltd. is leveraging this platform, alongside LENSai™, in a strategic partnership valued at an initial $8 million with the potential to expand to $10 million. Furthermore, two novel antibodies generated using the B Cell Select ® platform are now advancing in clinical-stage programs.

• Initial value of partnership leveraging B-cell Select™: $8 million.
• Potential value of that partnership: up to $10 million.
• Number of IPA-generated rabbit monoclonal antibodies in clinical-stage programs: Two.

Highly specialized scientific and AI engineering talent

The investment in R&D reflects the commitment to maintaining this specialized talent base. For the full Fiscal Year 2025, Research and development expenses totaled $4.9 million, an increase from $4.0 million in Fiscal Year 2024, showing continued investment in these capabilities. The BioStrand segment, which heavily relies on this AI infrastructure, saw its gross margins approach 90% in FY2025.

Financial Position and Operational Scale

Liquidity remains a critical resource, though the company noted concerns about funding operations for a full year from the date of the report. The overall financial performance for the year ended April 30, 2025, shows growth in high-margin areas, which supports the value of the technology assets. Here's the quick math on the scale and cash position as of that date:

The company's BioStrand segment contributed over 5% of total annual revenue in Fiscal Year 2025, up from less than 2% in Fiscal Year 2024. Capital Expenditures for property and equipment during the year ended April 2025 were $0.8 million.

Finance: draft 13-week cash view by Friday.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Value Propositions

You're looking at the core value ImmunoPrecise Antibodies Ltd. (IPA) brings to the table, which is heavily weighted toward its proprietary AI engine, BioStrand. This isn't just about doing biology; it's about doing it faster and with higher precision using computation.

Accelerated drug discovery timelines via AI-driven in silico (computational) modeling is a major promise. The LENSai™ platform, powered by HYFT®, is demonstrating structural insights from in silico epitope mapping in mere hours instead of weeks. That speed is on par with what you'd get from the gold-standard X-ray crystallography, but achieved computationally for previously unseen antibody-antigen complexes. Think about that time compression-it fundamentally changes the economics of early-stage research.

The precision in design is also a key differentiator. For instance, IPA's AI-designed GLP-1 peptides have shown results that either outperformed or matched semaglutide in independent receptor activation studies, which validates the power of the HYFT-driven LENSai platform. This capability extends to their end-to-end solution, covering everything from target discovery all the way to selecting a preclinical candidate, using computational methodologies for comprehensive evaluations across development stages.

Where the model really shines financially is in the high-margin BioStrand data and AI services. This is the leverage point for ImmunoPrecise Antibodies Ltd. (IPA). While traditional project-based services might see gross margins in the 50-60% range, the AI segment is delivering profitability that is truly exceptional in this industry.

Here's a quick look at the financial performance that underpins this value proposition as of the fiscal year ended April 30, 2025:

The shift in the overall margin profile is directly attributable to the success of the BioStrand segment. When you see the gross margin jump from 49% in FY2024 to 55% in FY2025, that's the market recognizing the value of scalable, high-margin AI services.

The value propositions can be summarized by the tangible outcomes delivered by the technology:

• Structural Insights: Delivered in hours versus weeks via in silico mapping.
• Peptide Performance: AI-designed GLP-1 peptides outperformed or matched semaglutide in studies.
• High Profitability: BioStrand gross margins approaching 90%, with Q3 reaching 97%.
• Segment Growth: BioStrand revenue growth of over 180% year-over-year in FY2025.

The core offering is a technology stack that generates significant leverage; as AI revenues scale, the path to profitability accelerates because the incremental cost to service another client using the LENSai platform is minimal compared to traditional wet lab work. This high-margin revenue stream is the engine supporting the entire operation, even as the company manages its overall net loss of $30.2 million CAD for Fiscal Year 2025. Finance: draft 13-week cash view by Friday.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Customer Relationships

You're looking at how ImmunoPrecise Antibodies Ltd. (IPA) manages its relationships with the clients funding its AI-driven drug discovery. It's a mix of deep, long-term commitments and transactional research work, plus keeping the financial community informed.

Dedicated, high-touch collaboration for strategic, multi-year partnerships

The company prioritizes securing substantial, multi-year deals that leverage its proprietary technology, like the B-cell Select technology and the LENSai platform. This approach signals a move toward larger, more committed relationships over smaller, one-off projects. You can see this focus clearly in the recent deal flow.

For example, in the third quarter of fiscal year 2025, which ended January 31, 2025, ImmunoPrecise Antibodies Ltd. secured one such strategic partnership. This deal was valued between $8 million and $10 million USD with a leading biotech firm to develop antibody-drug conjugates and bispecific antibodies for oncology therapeutics. Another similar strategic partnership, also valued at USD $8-10 million, was announced for fiscal year 2025 (ended April 30, 2025). These large contracts require defintely high-touch management to ensure program progression over the expected 18 to 24 month duration.

Fee-for-service model for contract research clients

A significant portion of ImmunoPrecise Antibodies Ltd.'s revenue comes from project work, which is essentially the fee-for-service model where clients pay for specific research milestones or platform access. The company is clearly trying to increase the size of these service contracts, aiming for larger pharma and biotech clients. Here's a look at how the project revenue, which includes fee-for-service work using platforms like B Cell Select and LENSai, stacked up through fiscal year 2025 (all figures in Canadian dollars).

The total revenue for the full fiscal year 2025 was $24.5 million CAD. The company is also seeing growth in its high-margin BioStrand segment, which grew over 180% in Fiscal Year 2025 and contributed over 5% of total annual revenue.

Investor relations and corporate communication via conferences and webcasts

Maintaining strong relationships with the investment community is crucial, especially given the company's focus on AI and biotech innovation. ImmunoPrecise Antibodies Ltd. actively engages through presentations and earnings calls.

You can track their communication schedule:

• Participation at The Microcap Conference 2025 in Atlantic City, NJ: January 28-30, 2025.
• Webcast for Third Quarter Fiscal Year 2025 results: March 28, 2025.
• Presentation at NVIDIA GTC 2025 in San Jose, California: March 17, 2025.
• Webcast for Fourth Quarter and Full Fiscal Year 2025 results: July 29, 2025.
• Participation at the 27th Annual H.C. Wainwright Global Investment Conference in New York: September 8-10, 2025.
• Presentation at the AI Drug Discovery & Development Summit 2025: November 20, 2025.
• Estimated next earnings call for Q1 FY2026: December 10, 2025.

The management team, including the President and CEO, Dr. Jennifer Bath, actively participates in one-on-one investor meetings at these events. Finance: draft 13-week cash view by Friday.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Channels

You're looking at how ImmunoPrecise Antibodies Ltd. (IPA), now operating as MindWalk as of September 2025, gets its value propositions to its customers. This is where the rubber meets the road, translating R&D into revenue through specific outreach methods.

Direct sales force targeting pharmaceutical and biotech R&D departments

The direct channel leverages IPA's established presence within the biopharma ecosystem. This is a high-touch approach, essential for securing large, complex service contracts and strategic alliances.

As of the last reported data reflecting the end of Fiscal Year 2025, ImmunoPrecise Antibodies Ltd. served a significant portion of the market:

This direct engagement is crucial for driving project revenue, which for Fiscal Year 2025 totaled $24.5 million in revenue, with project revenue including the B Cell Select® and LENSai™ platforms making up the bulk of that figure.

Strategic partnership agreements for co-development and licensing

Partnerships act as a major channel for both revenue generation and technology validation, especially for the AI platforms. These agreements often involve significant upfront or milestone payments.

A key example from the third quarter of Fiscal Year 2025 highlights this channel's importance:

• Entered into a strategic partnership valued at USD $8 million-$10 million with a global biotechnology company for Antibody-Drug Conjugates (ADCs) and bispecific antibodies.
• This partnership reinforced demand for the proprietary B-Cell and AI-powered platforms.

These deals are the primary way the high-margin BioStrand segment, which grew over 180% in Fiscal Year 2025, translates its technology into large, committed revenue streams.

Digital marketing and advertising for the BioStrand/LENSai™ platform

For the newer, high-margin BioStrand segment and its LENSai™ platform, digital channels are used to build awareness and drive adoption, often through a Software-as-a-Service (SaaS) or API access model. The investment in these channels is visible in the Sales and Marketing spend.

Here's a look at the financial commitment to these outreach efforts for the full Fiscal Year 2025:

The BioStrand segment's gross margins approached 90%, showing the leverage gained from scaling these digital channels to support its rapid growth.

Corporate website and investor relations channels

The corporate website and investor relations activities serve as the primary channel for communicating corporate strategy, financial performance, and technology milestones to investors, analysts, and the broader scientific community. You can see the cadence of this communication clearly in the late 2025 schedule.

Key channels and recent activities include:

• Investor relations communications via press releases, webcasts, and presentations following quarterly filings, such as the Q4 and Full Fiscal Year 2025 results reported on July 29, 2025.
• Participation in investor conferences, like the Maxim Group's 2025 Virtual Tech Conference in June 2025.
• The corporate website is the hub for accessing the latest financial data, including the Q1 2026 filing information.

The company's strategic shift is also communicated through this channel, evidenced by the September 2025 rebranding to MindWalk and the NASDAQ ticker change to HYFT.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Customer Segments

You're looking at the client base for ImmunoPrecise Antibodies Ltd. (IPA) as of their Fiscal Year 2025 results, which closed April 30, 2025. Honestly, their client roster shows a clear focus on the high-value, established players in drug development, but they're definitely pushing hard into the AI-driven discovery space too.

Large pharmaceutical companies (partners with 19 of the top 20)

This is the bedrock of their service revenue. ImmunoPrecise Antibodies Ltd. has managed to secure relationships with a staggering 19 out of the top 20 global pharmaceutical companies. This level of penetration suggests their traditional wet-lab and platform services are trusted by the industry giants. For the full Fiscal Year 2025, the Company achieved total revenue of $24.5 million (Canadian dollars), much of which is likely anchored by these large, recurring partnerships.

Mid-to-large biotechnology companies focused on biologics and oncology

This segment is where you see significant, high-value deal flow. They recently announced a strategic partnership valued between USD $8-10 million with a publicly traded biotechnology company specifically focused on antibody-drug conjugates and bispecific antibodies for potential oncology therapeutics. This deal highlights a key area of focus: advanced biologics for cancer, leveraging their proprietary B-cell Select platform and LENS ai technology. You can see the AI segment, BioStrand, is growing fast, representing over 5% of total annual revenue in FY2025, up from less than 2% in FY2024.

Academic and government research institutions

While less about massive recurring revenue and more about validation and pipeline seeding, these relationships are crucial. ImmunoPrecise Antibodies Ltd. has a partnership with the Mayo Clinic focused on anti-aging research, specifically developing antibodies targeting mitochondrial damage markers relevant to neurodegenerative diseases like Parkinson's and Alzheimer's. These collaborations help validate the underlying science of their platforms.

Emerging biotechs requiring AI-enabled drug discovery services

This group is the primary target for their high-margin, scalable AI offerings, particularly the BioStrand segment. The overall client base across pharmaceutical and biotech industries is stated to be over 600 clients. The BioStrand segment itself saw growth exceeding 180% in Fiscal Year 2025 and achieved gross margins approaching 90%. This shows a clear strategic pivot toward selling high-value, AI-driven insights to smaller, innovative biotechs looking to accelerate their discovery timelines using tools like the LENS ai platform.

Here's a quick look at the scale of their client engagement and segment performance as of the end of FY2025:

You should note that the high-margin BioStrand revenue is driving margin expansion, which is a key financial indicator for this customer segment strategy. The shift is defintely visible in the financial reporting.

The types of collaborations illustrate the breadth of their service application:

• Secured a $8-10 million partnership for oncology therapeutics.
• Collaboration with Mayo Clinic on anti-aging research.
• Partnership activity with organizations like BioNTech.
• AI platform validation through performance on dengue virus targets.
• AI-designed GLP-1 peptides outperforming semaglutide in receptor studies.

Finance: review the Q2 FY2026 pipeline projections based on the AI segment's 90% gross margin potential by Friday.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for ImmunoPrecise Antibodies Ltd. (IPA) for the fiscal year ended April 30, 2025, you see where the capital was deployed to support the AI-driven strategy. The company's operating expenses show clear investment areas.

Research and development (R&D) expenses for Fiscal Year 2025 totaled $4.9 million (CAD), which the company noted reflected increased investment within the BioStrand segment, clearly tied to the LENS^ai platform development. General and administrative (G&A) expenses were $14.7 million (CAD) for the full year, a slight decrease from the prior year's $15.6 million, suggesting some focus on operational efficiency in overhead. Also, Sales and marketing (S&M) expenses increased to $4.3 million (CAD), up from $3.5 million in FY2024, driven by spending on advertising related to digital campaign expenses. Honestly, that S&M increase aligns with the push to commercialize the AI tools.

Here is a quick look at those main operating cost buckets for the full fiscal year 2025:

For the Costs of Revenue component, which directly relates to delivering wet lab services and running the AI platform operations, we don't have the absolute dollar figure for the full year, but the resulting gross margin tells a story about the cost efficiency of those services. The overall Gross Margin for Fiscal Year 2025 expanded to 55%, up from 49% in the prior year. This improvement is heavily influenced by the BioStrand segment, which is the AI-driven part of the business.

You should note the segment-specific cost performance, as it impacts the overall cost of revenue structure:

• BioStrand segment revenue grew over 180% in Fiscal Year 2025.
• The BioStrand segment achieved gross margins approaching 90% year-to-date (as of Q3 FY2025).
• For Q3 FY2025 specifically, BioStrand generated $0.6 million in revenue with a year-to-date gross profit margin of 97%.
• The higher contribution from the high-margin BioStrand segment is what drove the overall 600 basis point expansion in the company's total gross margin.

So, while the fixed-like costs (G&A) are substantial at $14.7 million, the variable costs associated with revenue generation (Costs of Revenue) are being offset by the high profitability of the AI-driven services, which is a key structural element. Finance: draft 13-week cash view by Friday.

ImmunoPrecise Antibodies Ltd. (IPA) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive ImmunoPrecise Antibodies Ltd. (IPA)'s top line as of late 2025. It's a mix of service contracts and high-growth technology licensing, which is key to understanding their financial trajectory.

Total revenue for Fiscal Year 2025 was $24.5 million (CAD). This figure represents a slight increase over the Fiscal Year 2024 revenue, also reported as $24.5 million. The overall gross margin for the full fiscal year 2025 expanded by 600 basis points to reach 55%, up from 49% in the prior year. This margin expansion is directly tied to the shift in revenue mix.

Project revenue from contract research services (CRO) and platform use forms the core of the income. The high-margin BioStrand revenue stream is the star performer here; this segment grew over 180% in FY2025. For context, in Q3 of FY2025, the BioStrand segment alone showed a 131.8% year-over-year revenue growth and delivered gross margins approaching 97%. The company's Q4 2025 revenue hit a record $7.0 million, with a gross margin of 64% for that quarter.

To give you a clearer picture of the components, here is a look at the revenue breakdown from earlier quarters in FY2025, which illustrates the relative contribution of the service versus product lines:

Product sales and cryostorage revenue remains a smaller component of the total. For example, in Q2 FY2025, this accounted for $0.7 million of the total $6.1 million revenue. In Q3 FY2025, it was $0.6 million of the $6.2 million total.

Potential future milestone and royalty payments from co-development deals represent a significant upside. ImmunoPrecise Antibodies Ltd. entered a strategic partnership valued at USD $8-10 million to co-develop Antibody-Drug Conjugates (ADCs) and bispecific antibodies, which will generate future payments upon hitting specific development targets. The BioStrand segment itself is expected to drive future margin expansion, with gross margins approaching 90% in FY2025.

The revenue streams are clearly segmenting:

• Contract Research/Platform Use: The primary driver, heavily weighted toward the high-margin BioStrand AI platform.
• BioStrand Contribution: Grew over 180% in FY2025 and carries gross margins near 90%.
• Traditional Services: Revenue from B Cell Select® and LENSai platform projects, which make up the bulk of the project revenue.
• Ancillary Income: Smaller, steady income from product sales and cryostorage services.
• Future Value: Contingent payments from the $8-10 million USD strategic partnership.

Finance: draft 13-week cash view by Friday.