MindWalk Holdings Corp (HYFT) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for joining us today for ImmunoPrecise Antibodies third-quarter fiscal year 2025 earnings call. We appreciate your time and interest in IPA. Today's call will be led by our CEO, Dr. Jennifer Bath; and Interim CFO, Joe Scheffler. They will provide a review of our financial performance, strategic initiatives, and key operational highlights for the quarter.

女士們、先生們，早安，感謝您今天參加 ImmunoPrecise Antibodies 2025 財年第三季財報電話會議。我們感謝您對 IPA 所付出的時間和關注。今天的電話會議將由我們的執行長 Jennifer Bath 博士和臨時財務長 Joe Scheffler 主持。他們將對我們本季的財務表現、策略舉措和主要營運亮點進行回顧。

Please note that a copy of today's presentation, along with our financial statements will be available on our company's website for your reference. We encourage you to review these materials to gain a deeper understanding of our performance and strategic direction. Once again, thank you for joining us today.

請注意，今天的簡報以及我們的財務報表的副本將在我們公司的網站上提供，供您參考。我們鼓勵您查看這些資料，以更深入地了解我們的業績和策略方向。再次感謝您今天加入我們。

Before we proceed, I would like to remind everyone that today's discussion will contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在我們繼續之前，我想提醒大家，今天的討論將包含前瞻性陳述。這些聲明是基於當前的預期和假設，但存在風險和不確定性。

Actual results could differ materially from those anticipated due to various factors including but not limited to global political and economic factors, changes in market conditions, and other unforeseen business risks. Please note that these forward-looking statements are made as of today, and we undertake no obligation to update them as a result of new information or future events unless required by law.

由於各種因素，包括但不限於全球政治和經濟因素、市場條件的變化和其他不可預見的商業風險，實際結果可能與預期結果有重大差異。請注意，這些前瞻性陳述都是截至今天做出的，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

We strongly advise all participants to refer to our filings with the Securities and Exchange Commission, including our most recent Form 20-F and other periodic reports for a more detailed discussion of these risks and uncertainties and for a more complete understanding of the risks inherent in our business operations and the potential impact on future performance. We appreciate your continued interest in the ImmunoPrecise Antibodies.

我們強烈建議所有參與者參考我們向美國證券交易委員會提交的文件，包括我們最新的 20-F 表格和其他定期報告，以便更詳細地討論這些風險和不確定性，並更全面地了解我們業務運營中固有的風險及其對未來業績的潛在影響。感謝您對 ImmunoPrecise 抗體的持續關注。

I will now turn the call over to IPA's President and CEO, Dr. Jennifer Bath.

現在我將把電話轉給 IPA 總裁兼執行長 Jennifer Bath 博士。

Thank you, Eric, and good morning, everyone. Thank you for joining us today to discuss IPA's third-quarter results for our fiscal year 2025. This quarter has been marked by significant positive momentum for ImmunoPrecise Antibodies. We've secured a strategic partnership valued at USD8 million to USD10 million with a leading biotech company, leveraging our proprietary B cell select technology and AI-driven capabilities to enhance development and optimization processes.

謝謝你，艾瑞克，大家早安。感謝您今天加入我們討論 IPA 2025 財年第三季的業績。本季度，ImmunoPrecise Antibodies 的發展勢頭顯著積極。我們與一家領先的生物技術公司建立了價值 800 萬至 1000 萬美元的策略合作夥伴關係，利用我們專有的 B 細胞選擇技術和人工智慧驅動的能力來增強開發和優化流程。

Our collaborations with key technology partners like Vultr, AMD, and other leading providers of advanced GPU technology are enhancing our lab and (inaudible) drug discovery capabilities, driving cost effectiveness and competitiveness. We've officially relocated our corporate headquarters to Austin, Texas, expanding our US footprint in a thriving AI and biotech ecosystem.

我們與 Vultr、AMD 和其他領先的先進 GPU 技術供應商等關鍵技術合作夥伴的合作正在增強我們的實驗室和（聽不清楚）藥物發現能力，提高成本效益和競爭力。我們已正式將公司總部遷至德州奧斯汀，在蓬勃發展的人工智慧和生物技術生態系統中擴大我們的美國業務。

Additionally, we've entered a strategic partnership with RIBOPRO to integrate messenger RNA and LNP technologies, and pioneered AI design GLP-1 therapeutics for diabetes. Our pipeline strategy has been realigned with a new therapeutic development pipeline, and we revealed multiple ADC lead candidates with tumor killing capabilities.

此外，我們與 RIBOPRO 建立了策略合作夥伴關係，整合信使 RNA 和 LNP 技術，並率先採用 AI 設計糖尿病 GLP-1 療法。我們的管線策略已根據新的治療開發管線進行了重新調整，並且我們揭示了多個具有腫瘤殺傷能力的 ADC 主要候選藥物。

Furthermore, we've strengthened our financial position with an USD8.8 million equity raise and the full conversion of the Yorkville debenture. Notably, we've made significant progress on the potential divestiture of our EU lab, which will enhance our operational efficiency and focus.

此外，我們也透過 880 萬美元的股權融資和 Yorkville 債券的完全轉換增強了我們的財務狀況。值得注意的是，我們在歐盟實驗室的潛在剝離方面取得了重大進展，這將提高我們的營運效率和重點。

The demand for our therapeutic applications is rapidly growing, with the percentage of antibody discovery projects aimed at therapeutic ends increasing from 19% to 48% year over year at our main wet lab discovery site in Canada. This shift underscores the high revenue potential of our services.

我們對治療應用的需求正在快速增長，在我們位於加拿大的主要濕實驗室發現站點，以治療為目的的抗體發現項目的比例逐年從 19% 增長到 48%。這項轉變凸顯了我們服務的高收入潛力。

Furthermore, BioStrand has achieved a remarkable 131.8% year-over-year revenue increase, with an average growth pocket margin of 97% year-to-date. This extraordinary combination of rapid growth and exceptionally high profitability is fundamentally reshaping our financial trajectory.

此外，BioStrand 的營收年增了 131.8%，年初至今的平均成長利潤率為 97%。這種快速成長和極高獲利能力的非凡組合從根本上重塑了我們的財務軌跡。

As our AI-driven platforms continue to scale, we anticipate a dramatic enhancement in our path to profitability, positioning us for sustainable long-term growth and significantly increased shareholder value. The implications are significant. Our AI segment is emerging as a powerful engine driving our transition to a more scalable and lucrative business model, bolstering our competitive edge and underscoring the immense potential for accelerated financial performance in the rapidly evolving AI healthcare landscape.

隨著我們的人工智慧驅動平台不斷擴大，我們預計獲利能力將大幅提升，從而實現可持續的長期成長和股東價值的顯著提升。其影響十分重大。我們的人工智慧部門正在成為推動我們向更具可擴展性和利潤更高的商業模式轉型的強大引擎，增強我們的競爭優勢，並凸顯了在快速發展的人工智慧醫療保健領域加速財務業績的巨大潛力。

Moving into the more detailed analysis of this quarter's activities, I want to start by first addressing our recent capital raise and financial strategies. This quarter, we successfully raised USD7 million through us at the market facility, completing a consolidated $8.8 million equity raise. This capital was secured at an extremely low cost, and the execution has been met with positive feedback from the financial community.

在對本季活動進行更詳細的分析之前，我想先談談我們最近的融資和財務策略。本季度，我們透過市場融資機製成功籌集了 700 萬美元，完成了 880 萬美元的股權融資。這筆資金的到位成本極低，而且執行情況得到了金融界的正面回饋。

Investors and analysts have recognized that the way we manage this raise was not only efficient but highly strategic. In total, we closed the quarter with approximately CAD12.9 million, extending our runway significantly and offsetting short-term financial risk.

投資人和分析師已經意識到，我們管理此次升息的方式不僅高效，而且極具策略性。總體而言，我們在本季結束時的收益約為 1,290 萬加元，這大大延長了我們的營運時間並抵消了短期財務風險。

To give some operational context, we use -- the use of our ATM is first discussed and approved at the Board level. Once a decision is made, our entire executive team works closely with our bank Clear Street to ensure a smooth and effective execution within very specific market parameters. This ensures an orderly execution while reducing market disruption at a very minimum.

為了提供一些營運背景，我們使用—我們的 ATM 的使用首先在董事會層級進行討論和批准。一旦做出決定，我們的整個執行團隊將與我們的銀行 Clear Street 密切合作，以確保在非常特定的市場參數內順利有效地執行。這確保了有序執行，同時將市場混亂降至最低。

Simultaneously with our capital raise, Yorkville elected to convert the remaining balance of their debenture, importantly, at a significant premium to our share price. This conversion marks a meaningful milestone for IPA as we are now fully debt free with no overheating convertible obligations, while strengthening our capital structure, enhancing investor clarity, and positioning us to scale growth initiatives from a clean financial foundation.

在我們籌集資金的同時，約克維爾選擇將其債券的剩餘部分轉換，重要的是，轉換價格遠高於我們的股價。此次轉換對於 IPA 來說是一個意義重大的里程碑，因為我們現在完全沒有債務，也沒有任何過熱的可轉換債務，同時加強了我們的資本結構，提高了投資者的清晰度，並使我們能夠從乾淨的財務基礎擴大增長計劃。

The biotech industry has faced significant capital constraints for the past few years. In 2023 alone, 41 biotech companies filed for bankruptcy, more than double the number for 2022, and this trend has continued in 2024. Even larger organizations such as Charles River Laboratories have recently reported declining revenues due to reduced demand from pharma clients, and companies like GSK have faced scepticism about pipeline execution.

過去幾年，生技產業面臨嚴重的資金限制。光是 2023 年，就有 41 家生技公司申請破產，是 2022 年的兩倍多，這一趨勢在 2024 年也持續存在。甚至像 Charles River Laboratories 這樣規模更大的機構最近也報告稱，由於製藥客戶的需求減少，其收入出現下降，而葛蘭素史克 (GSK) 等公司則面臨著產品線執行方面的質疑。

We have deliberately positioned IPA to avoid the financial pitfalls that have been fatal for many of our companies in our sector. We have maintained a contingency funding model for years, making difficult but necessary decisions, such as reducing management and staff.

我們特意對 IPA 進行了定位，以避免對我們行業中的許多公司造成致命的財務陷阱。多年來，我們一直保持緊急資金模式，做出艱難但必要的決定，例如減少管理和員工。

This proactive strategy has allowed us to maintain stability during a challenging market environment, and it's also provided us with the necessary resources today to realign the company with greater precision, streamlining our structure, introducing new leadership, and preparing to roll out a series of strategic initiatives in quarter one that sharpen our commercial focus and accelerate our growth trajectory.

這種積極主動的策略使我們能夠在充滿挑戰的市場環境中保持穩定，並且還為我們今天提供了必要的資源，以便更精確地調整公司，精簡我們的結構，引入新的領導層，並準備在第一季度推出一系列戰略舉措，以加強我們的商業重點並加速我們的成長軌跡。

We are pleased to announce key leadership updates that strengthen our strategic direction and operational capabilities. We're very happy to welcome Dr. Kamil Isaev to the Board of Directors. With over 30 years of experience in AI, semiconductor technologies, and global R&D operations, Dr. Isaev brings in valuable expertise to our team.

我們很高興地宣布重要領導層的更新，這將加強我們的策略方向和營運能力。我們非常高興地歡迎 Kamil Isaev 博士加入董事會。Isaev 博士在人工智慧、半導體技術和全球研發營運方面擁有 30 多年的經驗，為我們的團隊帶來了寶貴的專業知識。

His impressive career includes leadership roles at Intel, Dell EMC, Aligned Technology, and ABRT VC, where he has driven AI-driven innovation and commercialization across multiple industries. Currently, he leads the ABRT AI Labs and venture capital, SCOR project, focusing on bringing cutting edge AI research and commercialization strategies. His deep understanding of AI and strategic innovation will be instrumental in advancing our AI-driven biologic platform, particularly in enhancing our land's AI strategy.

他令人印象深刻的職業生涯包括在英特爾、戴爾 EMC、Aligned Technology 和 ABRT VC 擔任領導職務，在這些職位上他推動了多個行業的人工智慧驅動的創新和商業化。目前，他領導 ABRT AI 實驗室和風險投資、SCOR 項目，專注於帶來尖端的 AI 研究和商業化策略。他對人工智慧和戰略創新的深刻理解將有助於推進我們的人工智慧驅動的生物平台，特別是加強我們國家的人工智慧戰略。

Dr. Isaev's proven track record in developing go-to-market strategy and his experience in bringing emerging technologies to commercial success aligns perfectly with our mission to accelerate innovation in AI-driven biologics.

Isaev 博士在製定市場進入策略方面有著出色的業績，他在將新興技術推向商業成功方面擁有豐富的經驗，這與我們加速人工智慧驅動的生物製劑創新的使命完美契合。

Joseph Scheffler joins IPA as Interim Chief Financial Officer, bringing a wealth of financial leadership experience in both publicly traded and multinational companies. His extensive background in financial reporting, forecasting, and business strategy will be invaluable in guiding IPA's next phase of growth. Most recently, as Interim Corporate Controller at Nidec, Kinetek, Scheffler managed consolidated financial reporting for a $400 million global manufacturing firm with 40 subsidiaries worldwide.

Joseph Scheffler 加入 IPA 擔任臨時財務官，為公司帶來了上市公司和跨國公司豐富的財務領導經驗。他在財務報告、預測和商業策略方面的豐富背景對於指導 IPA 的下一階段發展將具有寶貴的價值。最近，身為 Nidec、Kinetek 的臨時公司財務總監，Scheffler 負責管理一家在全球擁有 40 家子公司、價值 4 億美元的全球製造公司的合併財務報告。

His expertise in corporate strategy development will enhance IPA's financial operations and strategic decision making. With an MBA in finance and a bachelor's degree in accounting from Loyola University Chicago, Scheffler combines analytical expertise with strong stakeholder engagement, making him well equipped to strengthen IPA's financial strategy and support the company's continued growth.

他在企業策略發展方面的專業知識將增強IPA的財務營運和策略決策能力。舍夫勒擁有芝加哥洛約拉大學的金融學 MBA 學位和會計學士學位，他將分析專業知識與強大的利害關係人參與度相結合，使他能夠很好地加強 IPA 的財務策略並支持公司的持續成長。

We are also very excited to announce the addition of Dr. Li Hui as Senior Director, Client Relations to our Boston team. Li brings over 15 years of experience in antibody development, including driving discovery services at ABclonal and Biocytogen. Her extensive scientific knowledge and business development experience add new dimensions to our sales team, enhancing sales outreach strategies and bridging with our marketing team.

我們也非常高興地宣布李暉博士加入我們的波士頓團隊，擔任客戶關係高級總監。Li 擁有超過 15 年的抗體開發經驗，包括在 ABclonal 和 Biocytogen 推動發現服務。她豐富的科學知識和業務發展經驗為我們的銷售團隊增添了新的維度，增強了銷售拓展策略並與我們的行銷團隊建立了聯繫。

With a strong focus on understanding client needs and delivering state of the art solutions, including BioStrand's LENSai capabilities, Lee has already made a significant impact by improving sales outreach effectiveness, collaborating on scientific content creation, and strengthening BioStrand's brand awareness. Her contributions have shortened sales cycle times and increased our capacity to handle inbound requests, amplifying our operational efficiency.

Lee 高度重視了解客戶需求並提供最先進的解決方案（包括 BioStrand 的 LENSai 功能），透過提高銷售拓展效率、合作進行科學內容創作以及加強 BioStrand 的品牌知名度，Lee 已經取得了重大影響。她的貢獻縮短了銷售週期，提高了我們處理入站請求的能力，從而提高了我們的營運效率。

We are pleased to report a major commercial milestone this quarter, a strategic partnership with a global multibillion dollar bioscience company to advance the discovery and development of next generation cancer therapeutics. The agreement valued between USD8 million and USD10 million represents a transformational validation of IPA's business model and the commercial readiness of our integrated AI and wet lab platforms.

我們很高興地報告本季的一個重大商業里程碑，即與一家全球價值數十億美元的生物科學公司建立戰略合作夥伴關係，以推進下一代癌症治療方法的發現和發展。該協議價值在 800 萬至 1000 萬美元之間，代表著對 IPA 商業模式的轉型驗證以及我們整合的 AI 和濕實驗室平台的商業準備。

What sets this deal apart is its structure. This is not a milestone based or royalty driven agreement. While certain details cannot be disclosed publicly, for instance, the name of our corporate partner at their request, what we can say is this is an all-cash contract with an initial $8 million purchase order already issued in February, and the program has launched.

這筆交易的獨特之處在於其結構。這不是基於里程碑或特許權使用費驅動的協議。雖然某些細節不能公開披露，例如，應我們的企業合作夥伴的要求，我們無法透露其名稱，但我們可以說的是，這是一份全現金合同，初始 800 萬美元的採購訂單已於 2 月份發出，並且該計劃已經啟動。

To put this into perspective, the initial purchase order alone equates to approximately half of our annual revenue. A second purchase order may follow to expand the program, underscoring the depth of our partners' commitment to IPA.

從這個角度來看，光是初始採購訂單就相當於我們年收入的一半左右。隨後可能會有第二份採購訂單來擴大該計劃，並強調我們的合作夥伴對 IPA 的承諾深度。

This partnership combines IPA's proprietary LENSai platform and our advanced B cell discovery capabilities with the partner's cutting-edge antibody drug conjugate technology. The program targets highly selective precision engineered cancer therapies and is structured to advance efficiently from discovery through pre-clinical candidate selection over the next 18 months.

此次合作將 IPA 專有的 LENSai 平台和我們先進的 B 細胞發現能力與合作夥伴的尖端抗體藥物偶聯技術相結合。該計劃旨在開發高度選擇性的精準癌症療法，並計劃在未來 18 個月內高效推進從發現到臨床前候選藥物的選擇。

This deal is a strong market signal highlighting the growing demand for AI powered drug discovery and demonstrating IPA's ability to convert platform innovation into significant recurring commercial revenue. In parallel, we've made notable progress on our AI designed GLP-1 program. Following the successful in silico design of optimized therapeutic candidates using our LENSai platform, the program has now entered parallel tracks with partners for manufacturing, in vitro testing, pre-clinical design, and formulation planning.

這筆交易是一個強烈的市場訊號，凸顯了對人工智慧藥物研發日益增長的需求，並展示了 IPA 將平台創新轉化為可觀的經常性商業收入的能力。同時，我們在 AI 設計的 GLP-1 程式上取得了顯著進展。繼利用我們的 LENSai 平台成功進行優化治療候選藥物的電腦模擬設計之後，該計劃現已與合作夥伴同步進行製造、體外測試、臨床前設計和配方規劃。

These activities mark a significant milestone in the advancement of our internal pipeline as we work to translate next generation AI designs into tangible therapeutic assets. We have added the novel antibody design to our portfolio of offerings, a transformative application of AI that enables antibodies to be designed from scratch. This capability represents a major step forward in precision biologics, particularly in targeting specific epitopes that are difficult to access through traditional methods.

在我們致力於將下一代人工智慧設計轉化為有形治療資產的過程中，這些活動標誌著我們內部管道進步的重要里程碑。我們已將新型抗體設計添加到我們的產品組合中，這是人工智慧的一項變革性應用，可以從頭開始設計抗體。這種能力代表著精準生物製劑領域的重大進步，特別是針對那些難以透過傳統方法獲得的特定表位。

Notably, it was only in March of 2024 that the first and last public report on AI-driven de novo antibody design was released in a pre-print publication led by Nobel Laureate, David Baker, a pioneer in the field. Since then, a returning large pharma approached us to initiate a de novo program using this precise targeting method, highlighting both the relevance and the immediate demand for this innovation which is not currently publicly available.

值得注意的是，直到 2024 年 3 月，第一份也是最後一份關於人工智慧驅動的從頭抗體設計的公開報告才在由該領域的先驅、諾貝爾獎得主大衛貝克 (David Baker) 領導的預印本出版物中發布。此後，一家大型製藥公司再次與我們接洽，希望利用這種精準靶向方法啟動一項從頭研究計劃，這凸顯了這項目前尚未公開的創新的相關性和迫切需求。

To support the growing complexity of our AI-driven initiative, particularly the recently commissioned de novo antibody design program from a top 20 pharmaceutical company, we are actively expanding our scalable cloud infrastructure in collaboration with Vultr, a premier provider of high-performance GPU clusters. This strategic partnership is crucial for enhancing our computational capability and ensuring seamless execution of sophisticated AI tasks.

為了支持我們人工智慧驅動計劃日益增長的複雜性，特別是最近委託排名前 20 位的製藥公司進行的從頭抗體設計計劃，我們正在與高性能 GPU 集群的主要提供商 Vultr 合作，積極擴展我們的可擴展雲基礎設施。這項策略合作夥伴關係對於增強我們的運算能力和確保無縫執行複雜的人工智慧任務至關重要。

As of this morning, a detailed case study highlighting the benefits and technical aspects of this collaboration is available on the presentation section of our investor relations website, providing insights into how our infrastructure advancements are empowering cutting-edge projects like de novo antibody discovery and design.

截至今天上午，我們投資者關係網站的演示部分提供了一份詳細的案例研究，重點介紹了此次合作的優勢和技術方面，並深入了解了我們的基礎設施進步如何為新生抗體發現和設計等前沿項目提供支持。

This infrastructure enables us to execute compute intensive processes like structure prediction, generative design, affinity maturation, and large language model-based sequence modelling with greater speed and efficiency. These capabilities directly powered power initiatives like our GLP-1 program and de novo antibody discovery workflows where rapid iteration and model refinement are essential.

該基礎設施使我們能夠以更快的速度和更高的效率執行計算密集型過程，如結構預測、生成設計、親和力成熟和基於大型語言模型的序列建模。這些功能直接為我們的 GLP-1 計劃和從頭抗體發現工作流程等動力計劃提供動力，其中快速迭代和模型改進至關重要。

By leveraging Vultr's flexible deployment of NVIDIA H100 and AMD M1300X GPUs, we've achieved up to a 66% cost saving over traditional cloud providers, all while maintaining the compliance, scalability, and security required for modern drug development. These savings may not only increase our already very high profit margin; they can also be passed along to the clients, further increasing the competitiveness of our programs.

透過利用 Vultr 對 NVIDIA H100 和 AMD M1300X GPU 的靈活部署，我們比傳統雲端供應商節省了高達 66% 的成本，同時保持了現代藥物開發所需的合規性、可擴展性和安全性。這些節省不僅可以增加我們已經很高的利潤率；還可以將其轉嫁給客戶，進一步提高我們專案的競爭力。

Innovation remains a cornerstone of our growth strategy. I want to provide an update on the AWS marketplace integration, a major step in expanding our access to solutions. In December 2024, we completed the submission of our technical review to the AWS partner. By early February 2025, we received positive feedback on the DevOps segment with only minor recommendations that we were already addressing.

創新仍然是我們成長策略的基石。我想提供有關 AWS 市場整合的最新信息，這是擴大我們解決方案存取權限的重要一步。2024年12月，我們完成了向AWS合作夥伴提交技術審查的工作。到 2025 年 2 月初，我們收到了 DevOps 部分的正面回饋，其中只包含一些我們已經在解決的小建議。

Next, we await the remaining review results, and we'll finalize our invoicing strategy to ensure seamless transactions upon launch. This integration will greatly expand our market reach, making our AI powered solutions available to a broader customer base.

接下來，我們等待剩餘的審核結果，並最終確定我們的發票策略，以確保啟動時交易的無縫銜接。此次整合將大大擴展我們的市場範圍，使我們的人工智慧解決方案能夠惠及更廣泛的客戶群。

We are pleased to provide an update on our ongoing EU potential divestiture initiative. The process has progressed significantly and according to our projected timeline with a structured outreach strategy that has generated interest from potential buyers. A total of 77 strategic and financial partners have been engaged, ensuring broad market exposure and fostering meaningful discussion.

我們很高興提供有關我們正在進行的歐盟潛在資產剝離計劃的最新消息。這個過程已取得重大進展，並按照我們預計的時間表進行，結構化的外展策略引起了潛在買家的興趣。共有 77 個策略和金融合作夥伴參與其中，確保了廣泛的市場曝光並促進了有意義的討論。

As a part of this process, we conducted due diligence calls with multiple interested parties and distributed confidential information packages to 30 qualified parties. The response has been highly encouraging with close to a dozen formal bids received, with a focus on our integrated service offerings and diversified customer base.

作為此過程的一部分，我們與多個相關方進行了盡職調查，並向 30 個合格方分發了機密資訊包。我們收到的反應非常令人鼓舞，近十幾份正式投標均著重於我們的綜合服務產品和多樣化的客戶群。

After significant due diligence evaluations and presentations, we hosted the highest potential buyers on site for private tours and in-depth discussions. We still aim to have a definitive conclusion by the end of the fiscal year, while of course providing any material updates as they emerge.

經過大量的盡職調查評估和演示後，我們邀請了最具潛力的買家到現場進行私人參觀和深入討論。我們仍然致力於在財政年度結束前得出最終結論，同時當然也會在出現任何重大更新時提供資訊。

Our rebrand signals a meaningful evolution in IPA's journey, one that unifies our identity and better reflects our integrated capabilities across AI and biologics. By bringing all IPA entities under a single brand, we are streamlining collaboration, enhancing global visibility, and creating a stronger platform for commercial growth. At the center of this transformation is our HYFT technology, the foundation of our LENSai platform, a native AI built specifically for biology.

我們的品牌重塑標誌著 IPA 發展歷程中有意義的演變，它統一了我們的身份，更好地反映了我們在人工智慧和生物製劑領域的綜合能力。透過將所有 IPA 實體納入單一品牌，我們正在簡化協作、提高全球知名度並為商業成長創建更強大的平台。這項轉變的核心是我們的 HYFT 技術，它是我們的 LENSai 平台的基礎，LENSai 平台是專為生物學建構的原生人工智慧。

HYFT's ability to map and decode complex biological patterns across more than 25 billion biologic relationships unlocks new dimensions of insights and therapeutic discovery. With only a small fraction of druggable proteins currently addressed by existing therapy, the opportunity ahead is that our unified brand embodies decision, where AI meets biologic intelligence to uncover novel targets, accelerate timelines, and power the next wave of innovation in medicine.

HYFT 能夠繪製和解碼超過 250 億種生物關係中的複雜生物模式，從而開啟洞察和治療發現的新維度。目前，現有療法只能解決一小部分可用藥蛋白質，未來的機會在於，我們的統一品牌體現了決策，即人工智慧與生物智慧相結合，以發現新的目標、加快時間表並推動下一波醫學創新。

This is more than a visual refresh. It's a strategic alignment that reflects who we are and where we're headed. We look forward to sharing more as we prepare for a public rollout in the coming months. I'll now turn things over to Joe Scheffler for our financial updates for the quarter.

這不僅僅是視覺上的刷新。這是一個策略聯盟，反映了我們是誰以及我們的目標是什麼。我們期待在未來幾個月內為公開發布做準備，並分享更多資訊。現在我將把本季的財務更新交給喬‧舍夫勒 (Joe Scheffler)。

Thank you, Jennifer. I'll now provide a summary of our financial results for the third quarter of our fiscal year 2025, ending January 31, 2025. As a reminder, all the numbers referenced are in Canadian dollars unless otherwise noted.

謝謝你，詹妮弗。我現在將提供截至 2025 年 1 月 31 日的 2025 財年第三季的財務業績摘要。提醒一下，除非另有說明，所有引用的數字均為加幣。

For the third quarter, IPA generated $6.2 million in revenue. Compared to $6.2 million in the same quarter last year, a consistent quarter-over-quarter strength across our wet lab operations. On the AI side, BioStrand generated $0.6 million in the third-quarter revenue, bringing us to a year-to-date revenue in excess of $1 million and a year-to-date gross profit margin of 97%, demonstrating the financial leverage potential of this business segment as we scale.

第三季度，IPA 的營收為 620 萬美元。與去年同期的 620 萬美元相比，我們的濕實驗室業務保持了持續的環比成長。在人工智慧方面，BioStrand 在第三季創造了 60 萬美元的收入，使我們年初至今的收入超過 100 萬美元，年初至今的毛利率達到 97%，證明了該業務部門隨著規模擴大而具有的財務槓桿潛力。

Operating expenses for the third quarter totalled $27.8 million, driven largely by a non-cash impairment charge of $21.2 million related to the impairment of BioStrand's intangible assets as part of our internal strategic review and repositioning. Excluding impairment, operating expenses were CAD6.6 million compared to CAD6.5 million in Q3 of the prior year.

第三季的營運費用總計 2,780 萬美元，主要是由於作為我們內部策略審查和重新定位的一部分，與 BioStrand 無形資產減損有關的 2,120 萬美元的非現金減損費用。不計減值，營業費用為 660 萬加元，而去年同期第三季為 650 萬加元。

Further breaking this down, R&D expenses remain constant at $1.1 million compared to $1 million in Q3 last year. Sales and marketing expenses increased to $1.3 million compared to $0.6 million in Q3 last year. And G&A expenses decreased to $3.6 million as compared to $4.2 million reported in Q3 of the prior year. We continue to tightly manage costs by aligning spending with our highest growth strategic priorities, particularly, LENSai and platform expansion.

進一步細分，研發費用保持不變，為 110 萬美元，去年第三季為 100 萬美元。銷售和行銷費用從去年第三季的 60 萬美元增加到 130 萬美元。與去年同期的 420 萬美元相比，一般及行政費用下降至 360 萬美元。我們持續嚴格管理成本，將支出與我們的最高成長策略重點（特別是 LENSai 和平台擴展）結合。

The net loss for the third quarter was $21.5 million or $0.66 per share. However, the net loss, pre impairment net of tax was $2.9 million or $0.09 per share compared to a net loss of $2.6 million or $0.10 per share in Q3 of last year. As of January 31, 2025, we held $12.9 million in cash compared to $3.5 million at the fiscal year-end 2024. This increase was driven by the successful execution of our ATM program, through which we raised $12.2 million as well as the full conversion of the Yorkville debenture, which is now retired and no longer a source of dilution risk.

第三季淨虧損為 2,150 萬美元，即每股 0.66 美元。然而，扣除稅前減損淨虧損為 290 萬美元或每股 0.09 美元，而去年第三季的淨虧損為 260 萬美元或每股 0.10 美元。截至 2025 年 1 月 31 日，我們持有現金 1,290 萬美元，而 2024 財年末為 350 萬美元。這一增長得益於我們 ATM 計劃的成功執行，透過該計劃我們籌集了 1,220 萬美元，以及 Yorkville 債券的完全轉換，該債券現已退役，不再是稀釋風險的來源。

We are evaluating additional non-dilutive funding mechanisms and strategic asset realignment including a potential divestiture of select European operations to further streamline cost and focus our capital on technology-led growth initiatives. With a leaner structure, validated AI economics, and strong partner momentum, we believe we're entering the next quarter in a more focused and financially disciplined position.

我們正在評估額外的非稀釋性融資機制和策略性資產調整，包括可能剝離部分歐洲業務，以進一步精簡成本並將我們的資本集中在技術主導的成長計劃上。憑藉更精簡的結構、經過驗證的人工智慧經濟學以及強大的合作夥伴勢頭，我們相信我們將以更專注和財務自律的狀態進入下個季度。

Thank you, and now we'll turn back to the operator for the Q&A portion of the call.

謝謝，現在我們將回到接線員進行電話的問答部分。

Swayampakula Ramakanth, H.C. Wainwright.

拉瑪坎特 (Swayampakula Ramakanth)，H.C. 溫賴特。

This is RK from H.C. Wainwright. Good morning, Jennifer. [I'm Frederick]. A few questions from me. The first one is on the deal that you recently announced the $8 million to $10 million deal. And as you said, your initial purchase order was in the order of $8 million, and you're also saying that we could expect a second deal.

這是來自 H.C. Wainwright 的 RK。早安，珍妮佛。[我是弗雷德里克]。我有幾個問題。第一個問題是關於您最近宣布的 800 萬至 1000 萬美元的交易。正如您所說，您的初始採購訂單金額約為 800 萬美元，而且您還說我們可以期待第二筆交易。

And two questions there. So should we expect something of that nature in this year? And the other piece is, since the deal is structured as $8 million to $10 million, does that mean the second year is going to be less than $2 million or it could be of a similar nature as the first one?

這裡有兩個問題。那麼我們是否應該期待今年會發生類似的事情呢？另一點是，由於交易金額為 800 萬至 1000 萬美元，這是否意味著第二年的金額將低於 200 萬美元，或者可能與第一年的金額性質相似？

Yeah, so the first purchase order was at that initial $8 million. The purpose for potentially expanding that to $10 million is leaving additional room for $2 million for the projects that are going on successfully that might need some additional engineering and optimization prior to pre-clinical studies.

是的，第一筆採購訂單的初始金額是 800 萬美元。將其擴大到 1000 萬美元的目的是為正在成功進行的項目留出 200 萬美元的額外空間，這些項目可能需要在臨床前研究之前進行一些額外的工程和優化。

With regard to the initial part of the question, so over the period of time that we expect this to be spent, I think the 18 months is the timeline that's been put forward when we look at the statement of work. So that's what we issue what we're going to do and when those deliverables can be expected, and that's the anticipated period of time for the $8 million.

關於問題的初始部分，因此在我們預計花費的時間段內，我認為 18 個月是我們在查看工作說明時提出的時間表。這就是我們要做的事情以及預期交付成果的時間，這就是 800 萬美元的預期時間段。

The purchase order itself was received in February with an initial USD500,000 already dedicated to launching the program. And then the way that that works overtime in terms of how that capital is allocated and the timing of the revenue is that we draw down weekly. So as we conduct the work, then at the end of the week, we draw down what work we've done based on a percent of completion, and then that determines how much revenue is drawn off of that purchase order each week.

採購訂單本身於二月收到，其中已撥付 50 萬美元用於啟動該計劃。然後，就資本分配方式和收入時間而言，加班的方式是我們每週提取。因此，當我們開展工作時，在週末，我們會根據完成百分比來計算已完成的工作，然後確定每週從該採購訂單中提取多少收入。

So it definitely will be hitting this quarter for fourth quarter, which is great because it's already happening at a site in Canada where we not only see this increase in therapeutic but even year-to-date, we're already 25% higher in revenue at that location. And so this drawdown will happen like very consistently at that Canadian site on a regular basis. And then again, we expect that to conclude that first $8 million tranche in an 18-month period.

因此，它肯定會在本季度或第四季度實現，這很好，因為它已經在加拿大的一個站點發生了，我們不僅看到治療的增長，而且今年迄今為止，我們在那個站點的收入已經增長了 25％。因此，這種削減將會在加拿大站點定期發生。我們預計首批 800 萬美元的款項將在 18 個月內到帳。

Okay, thanks for the details on that one. So based on this particular deal, should we expect add additional such partnerships or collaborations? And also, is this the sort of structure that you anticipate to have going forward in terms of like how you draw down revenue based on the work you do rather than a milestone payment?

好的，感謝您提供詳細資訊。那麼基於這項特定交易，我們是否應該期待增加更多此類合作夥伴關係或合作？此外，這是否是您預期未來將採用的結構，例如您如何根據所做的工作而不是里程碑付款來提取收入？

Yeah, that's -- I really like this question, for a couple of reasons. One of the things that's occurring in our laboratories within this quarter that we're in right now is the integration of AI into the wet lab capabilities in Canada. For those therapeutic programs where I mentioned that the number of them are very rapidly increasing, which is good because they are higher revenue programs for us, the AI portion of that now actually becomes mandatory.

是的，那是——我真的很喜歡這個問題，原因有幾個。本季我們實驗室正在發生的事情之一是將人工智慧融入加拿大的濕實驗室功能中。對於那些我提到的治療項目，它們的數量正在迅速增加，這是件好事，因為它們對我們來說是收入更高的項目，其中的人工智慧部分現在實際上已經成為強制性的。

And it really is changing, not only what we offer in terms of the services and also obviously the price tag and the profit margin on that, but it genuinely turns over a much more sophisticated product that has an advanced thought of potential failures downstream. So the reason why I mentioned that is it really is a realignment of how we look at our offerings and how we look at the people, the partners we're working with.

它確實在改變，不僅改變我們提供的服務，顯然還有價格標籤和利潤率，而且它確實轉變成一種更複雜的產品，對下游的潛在故障有先進的思考。我之所以提到這一點，是因為這實際上是我們對產品以及與我們合作的人員和合作夥伴的看法的重新調整。

We still offer very customized programs, but not the ability for people to kind of pick and choose what they want to do. And so along the lines of that when we get these like, multi-site, multi-target programs, this one that we've just closed is for up to 12 different oncology programs, those are the programs that are now absolutely being targeted for partnership. We have actually incentivized our team out of Boston specifically to be focused on those partnerships.

我們仍然提供高度客製化的計劃，但不允許用戶挑選他們想做的事情。因此，當我們獲得這些多站點、多目標項目時，我們剛結束的這個項目涉及多達 12 個不同的腫瘤學項目，這些項目現在絕對是合作的目標。我們實際上已經激勵了波士頓的團隊專注於這些合作關係。

And there's a number of reasons for that, not only it's a large amount of capital upfront, but we also have a lot more flexibility and control over those programs and how they're allocated, which is better for the program and better for us. So one of the things that internally we made sure that we did was we created a template, that we could actively use to structure additional collaboration.

造成這種情況的原因有很多，不僅是因為前期投入了大量資金，而且我們對這些項目及其分配方式也擁有更大的靈活性和控制力，這對專案和我們自己都有好處。因此，我們內部確保要做的事情之一就是創建一個模板，以便我們可以積極地使用它來建立額外的協作。

And so with this type of deal architecture where it's cash based, it's execution focused, it's very innovation driven, it really does bring us a repeatable model that enables us to scale commercial efforts as we really do take a shift in how we're displaying these offerings to the market. And we're very proud of that because we're one of the few companies in the industry that can, has clearly demonstrated we can land that type of partnership without having to offer our capabilities for free or at cost upfront. Like, people are willing to pay for it because we produce good results.

因此，這種以現金為基礎、注重執行、高度創新的交易架構確實為我們帶來了一個可重複的模型，使我們能夠擴大商業努力，因為我們確實改變了向市場展示這些產品的方式。我們對此感到非常自豪，因為我們是業內少數能夠做到這一點的公司之一，並且已經清楚地證明，我們可以建立這種合作關係，而無需免費或預先支付成本提供我們的能力。例如，人們願意為此付費，因為我們取得了良好的成果。

Okay, thank you for that. So for -- this is a question coming from a non-technical person and I don't understand too good. In terms of your collaboration with Vultr, and you were saying that it does help on your margins. Can you help me understand how you know this the collaboration with Vultr is going to work?

好的，謝謝你。所以對於——這個問題來自非技術人員，我不太理解。關於您與 Vultr 的合作，您說過它確實對您的利潤有幫助。您能否幫助我理解您如何知道與 Vultr 的合作將會成功？

If I want to segment it by project by project, does it improve margins across the board, or only in certain projects would it help the margins? And what I'm trying to ask is this going to be a company-wide margin improvement or is this going to be dependent on what sort of projects are being worked on?

如果我想按專案進行細分，它是否會全面提高利潤率，還是只有在某些專案中才有助於提高利潤率？我想問的是，這是否會提高整個公司的利潤率，還是取決於正在進行的專案類型？

Yeah, so that's a great question. So with regards to the projects that are impacted, it is specifically for the moment, programs being run through BioStrand, AI programs that require a significant amount of GPU usage. And I would encourage people to download the case study that we uploaded this morning. I think it is pretty -- I think it will be very digestible for people to take a look at.

是的，這是一個很好的問題。因此，就受影響的項目而言，目前具體來說，是透過 BioStrand 運行的程序，需要大量使用 GPU 的 AI 程序。我鼓勵大家下載我們今天早上上傳的案例研究。我認為它很漂亮——我認為它很容易被接受。

There's a few things about this that I think are important. One is the fact that it also enables us to do our work much faster. And the importance with that of course is that it increases our bandwidth, and it enables us to cycle programs through more rapidly. But then the cost efficiencies to Vultr has been a great partner for us so far. They've enabled us to do some of this work and some of this program with free access to GPUs to be able to demonstrate that they can take on the type of very significantly heavy loads for GPU for things like de novo antibody design and then again to really do this much faster and much cheaper than the standard cloud usage.

關於這一點，我認為有幾件事很重要。一是它還能讓我們更快完成工作。當然，這樣做的重要性在於它增加了我們的頻寬，使我們能夠更快地循環播放程式。但就成本效益而言，Vultr 到目前為止一直是我們優秀的合作夥伴。他們使我們能夠免費使用 GPU 來完成部分工作和程序，從而能夠證明他們可以承擔 GPU 的非常重的負載，例如從頭抗體設計，而且比標準雲使用速度更快、更便宜。

So that brings a whole host of, I think very tangible benefits primarily for the AI work, but that AI work is very rapidly increasing and expanding and pushing into our wet lab work. So we will see an effect also wet lab work for that reason. Another thing we didn't really touch on, but I think it's really interesting about these partnerships, and I'll speak primarily about Vultr here.

因此，我認為這主要為人工智慧工作帶來了一系列非常切實的好處，但人工智慧工作正在迅速增加和擴展，並推動進入我們的濕實驗室工作。因此，我們也將看到濕實驗室工作的效果。另一件事我們沒有真正涉及，但我認為這些合作關係真的很有趣，我將主要談論 Vultr。

But as we mentioned, we also have been collaborating with AMD as well and then some other prominent GPU providers is that we're also co-marketing with these groups. We see a lot of synergies and leveraging the capabilities from each group. For us, of course, faster compute time, faster or more -- less expensive compute time, higher profit margins, benefits for our clients, but for them also access to pharmaceutical partners where we've already been through the onboarding process and they become an accepted vendor, which is not an easy process and its quite time consuming.

但正如我們所提到的，我們也一直在與 AMD 合作，並且還與其他一些知名的 GPU 供應商進行聯合行銷。我們看到了很多協同效應，並且充分利用了每個團隊的能力。對我們來說，當然是更快的計算時間，更快或更多——更便宜的計算時間，更高的利潤率，為我們的客戶帶來好處，但對於他們來說，也可以接觸到我們已經完成入職流程的製藥合作夥伴，他們成為公認的供應商，這不是一個簡單的過程，而且相當耗時。

And so we also have been leveraging not only through the marketing materials like you'll see in the download on our IR site this morning but also through conferences that people will have noticed at NVIDIA last week. And the intent is to move forward, with these companies in that same manner where we co-share marketing events, we co-share booths and marketing events.

因此，我們不僅利用了行銷資料（就像您今天早上在我們的 IR 網站上下載到的一樣），而且還利用了人們上週在 NVIDIA 上看到的會議。我們的目的是與這些公司以同樣的方式共同前進，共同分享行銷活動、共同分享展位和行銷活動。

We promote each other's companies and that not only expands our reach into different industries and different clients and different conferences specifically, but it also does not increase our cost per se because we're sharing the burden of that. So that's another aspect of those collaborations we're quite excited about.

我們互相推廣彼此的公司，這不僅擴大了我們在不同行業、不同客戶和不同會議的影響力，而且由於我們分擔了成本，因此也不會增加我們的成本。這是令我們非常興奮的合作的另一個面向。

Thank you for that. The last question from me is, how should we think about, ImmunoPrecise post-European debenture, in the sense it's going to be just Vancouver facility and the Austin facility. And then when Boston comes on board in full stream, would the cost kind of end up being the same place where they were when you had the EU, or would it be, comparatively less?

謝謝你。我的最後一個問題是，我們應該如何看待 ImmunoPrecise 的歐洲債券發行後，從某種意義上說，它將只剩下溫哥華工廠和奧斯汀工廠。那麼，當波士頓全面加入時，成本最終會與歐盟時期相同嗎，還是會相對較低？

That's a great question. The cost to the company will be significantly lower. The European operations are more expensive than our North American operations, in part due to the necessary expansion. One of them was in a building that was set for demolished and so they had a required move and then the other one was no longer considered a startup for the community in which the accelerator building they were in was emphasizing and so also had to move.

這是一個很好的問題。公司的成本將顯著降低。歐洲的業務比北美的業務更昂貴，部分原因是需要擴張。其中一家公司所在的建築即將被拆除，因此必須搬遷；另一家公司不再被視為其所在加速器建築所在社區的新創企業，因此也必須搬遷。

And so they do have expanded -- extended expenses but in addition to that, I think we've mentioned previously that that site also has become quite repetitive for us and no longer a primary focus then for our business. A lot of that work is work that can be done with our digital applications using LENSai. And so to really keep two sites operating and offering the majority of the similar services when our identity and our focus is really on the software, obviously doesn't make good strategic sense for us.

因此，他們確實擴大了開支，但除此之外，我想我們之前提到過，網站對我們來說也變得相當重複，不再是我們業務的主要重點。其中許多工作都可以使用 LENSai 透過我們的數位應用程式來完成。因此，當我們的身分和重點真正放在軟體上時，真正保持兩個網站的運作並提供大多數類似的服務，顯然對我們來說沒有好的戰略意義。

So more specifically, yes, our overall operating costs will go down. The cost of the offerings and capabilities that we are preparing in the Cambridge and Boston area are significantly lower. And we've been -- that's been a very concerted effort, and I think we've done that in very creative ways. So in particular, the operating costs and COGS associating associated with those are significantly lower.

更具體地說，是的，我們的整體營運成本將會下降。我們在劍橋和波士頓地區準備的產品和功能的成本明顯較低。我們一直——這是一次非常齊心協力的努力，我認為我們以非常有創意的方式做到了這一點。因此，具體而言，與之相關的營運成本和 COGS 明顯較低。

And we'll fill any gaps in that full end to end capability service that we might have that has obviously served us so well. So our hope is that any hit to revenue is temporary, that we're able to restore those relatively quickly but also have a nice cash influx which we think at this point in time it's quite strategic.

我們將填補端到端全方位服務能力方面的任何空白，這顯然為我們提供了許多幫助。因此，我們希望收入受到的衝擊都是暫時的，我們能夠相對較快地恢復收入，同時也能獲得良好的現金流入，我們認為這在目前具有相當的戰略意義。

I don't think anyone's entirely certain about when the biotech market will improve and enables us to really put our focus on our core identity, which is ensuring that we can continue this level of growth that we're seeing in our BioStrand.

我認為沒有人完全確定生物技術市場何時會改善，並使我們能夠真正專注於我們的核心身份，確保我們能夠繼續保持 BioStrand 所看到的這種增長水平。

Thank you, Jennifer, for taking all my question.

謝謝詹妮弗回答我的所有問題。

Yes, thank you RK.

是的，謝謝 RK。

Daby Carreras, Spartan Capital Securities.

卡雷拉斯 (Daby Carreras)，斯巴達資本證券公司。

Hi, team. How are you, Jennifer. Hello, Joe. Really great update in Puerto Rico. It's very rare that I get so excited for an amazing company doing tremendous guidance after. The stock price lower than the earnings loss of burned. Great recovery from BioStrand. I love hearing about this guidance.

大家好。你好嗎，珍妮佛。你好，喬。波多黎各的最新消息太棒了。我很少對一家出色的公司隨後提供的大量指導感到如此興奮。股價低於獲利損失就燒光了。BioStrand 恢復得很好。我很高興聽到這個指導。

I mean, already seeing 50% guidance already there, so I know it's going to get stronger. I just want to hear a little bit more about the rest of the GLP from AI because you're really becoming a really strong story for AI. So anything more towards that would be really helpful.

我的意思是，已經看到 50% 的指導，所以我知道它會變得更強大。我只是想多聽聽關於 AI 的 GLP 其餘部分，因為你真的正在成為 AI 的一個非常強大的故事。因此，任何進一步的幫助都會非常有幫助。

Yes, so just to reiterate, the question is around the GLP from AI?

是的，所以重申一下，問題是關於 AI 的 GLP？

Correct, GLP from AI.

正確，來自 AI 的 GLP。

Yeah, absolutely. Yes, so the way that we looked at the GLP products from the AI is first of all, we wanted to demonstrate to people some of those capabilities within the AI. In particular, the ability to see insights that might not otherwise be uncovered.

是的，絕對是如此。是的，所以我們從人工智慧的角度來看 GLP 產品的方式首先是，我們想向人們展示人工智慧中的一些功能。特別是能夠發現那些可能無法透過其他方式發現的見解。

We are working on a white paper that demonstrates some of those insights that we saw with regard to the evolution and selective pressures on that molecule. The way it's related to things outside of just what we understand as well to be in diabetes and weight loss. And those insights have also helped us to pinpoint why some adverse events happen, but also why the molecules evolved the way they did.

我們正在撰寫一份白皮書，闡述我們對該分子的進化和選擇壓力的一些見解。它與我們所理解的範圍之外的事物的關係也包括糖尿病和減肥。這些見解也幫助我們找出某些不良事件發生的原因，以及分子演化的原因。

We feel that some of the benefits to that program that we're offered by LENSai were our ability to really look at, what the challenges are currently in the healthcare space, what are the resistance to you from the patient community, and what are some of those adverse events. So some of the things that we tackled using LENSai were the stability of the molecule itself just at the sequence level. We looked at, also, because of that stability, increasing the longevity at which this is then also produced.

我們認為 LENSai 為我們提供的項目的一些好處是我們能夠真正了解醫療保健領域目前面臨的挑戰、患者群體面臨的阻力以及其中的一些不良事件。因此，我們使用 LENSai 解決的一些問題是分子本身在序列層面的穩定性。我們也研究了由於這種穩定性而增加其生產的壽命。

We looked at differentiating it from other molecules to keep it free and clear from the patent space as well. Other things that we did was we looked at how can we align this with a formulation manner that overcomes some of the obstacles in the space, such as the need to inject oneself every day or once a week if you're lucky enough to be on such a such a prescribed timeline.

我們試圖將其與其他分子區分開來，以使其不受專利空間的限制。我們所做的其他事情是研究如何將其與一種配方方式相結合，以克服該領域的一些障礙，例如，如果你足夠幸運能夠按照規定的時間表進行注射，則需要每天或每週注射一次。

And the formulation and also the route of administration play a very big role in that. And so we have partnered with a number of companies. We really haven't named most of those companies, but we will as we are able as more formal. Portions of the partnerships are signed, but those involved not only the manufacturing for the pre-clinical trials, but also a partnership for the pre-clinical work itself with a group that's very experienced in the diabetes and metabolic disease space, also partnering with a group that has a delivery method where we believe that our drug product is specifically well aligned to.

配方和給藥途徑在其中扮演著非常重要的角色。因此我們與多家公司建立了合作關係。我們確實沒有透露其中大多數公司的名字，但我們會盡可能以更正式的方式透露。部分合作協議已經簽署，但這些協議不僅涉及臨床前試驗的製造，還涉及與在糖尿病和代謝疾病領域經驗豐富的團隊合作開展臨床前工作本身，同時還與一個擁有我們認為與我們的藥品特別匹配的交付方法的團隊合作。

So our drug product isn't like the same type of drug product in terms of its construction or its formulation that we see out there on the market for any other GLP product. It's extremely small in size. It's a unique way to deliver, and it does have the potential to be delivered transdermally.

因此，我們的藥品在結構或配方方面與市場上其他 GLP 產品的同類藥品不同。它的體積極為小。這是一種獨特的傳遞方式，並且確實具有透皮傳遞的潛力。

And so one of the partners we're working with has a very unique, already clinically proven transdermal application that enables not only the passage of the material through the skin by the wearing of a patch, but also to more depth levels for more broad distribution of the drug product into the bloodstream, as well as slow release of that drug product, which again means that the person can be dosed on a less frequent basis. And that aligns really well with the way we have produced the drug products or the way the drug product is currently being produced, because it already is being manufactured in a construct that is made for a long-term sustainability with inside the cell.

因此，我們的合作夥伴之一擁有一種非常獨特的、已經過臨床驗證的透皮應用技術，它不僅可以透過貼片使物質穿過皮膚，而且還可以更深層次地使藥物更廣泛地分佈到血液中，並緩慢釋放藥物，這又意味著可以以較低的頻率為患者服藥。這與我們生產藥品的方式或當前的藥品生產方式非常吻合，因為它已經在為細胞內部的長期可持續性而製造的結構中製造了。

So there are a few of the things that we've been working on here lately. I think one of the most significant things is we've brought partners in, and we've also been working with groups who want to partner to cover the cost of that program. So we aren't looking at sinking a lot of money in. We're really looking at, hey, how can we just collectively bring a better product forward. And for us, our main goal is, demonstrating what LENSai is capable of, but without the risk of carrying the cost of the program.

以下是我們最近一直在做的一些事情。我認為最重要的事情之一是我們引入了合作夥伴，並且我們也一直在與希望合作以承擔該計劃費用的團體合作。所以我們並不打算投入太多資金。我們確實在考慮，嘿，我們如何共同推出更好的產品。對我們來說，我們的主要目標是展示 LENSai 的功能，但又不承擔該計劃的成本風險。

Really, really excellent. I mean, I'm having a lot of things to walk away with AI, the GLP patch, the 50% guidance move up, and also the nondilutive share. It's really awesome.

真的，真的非常棒。我的意思是，我有很多事情要做，包括 AI、GLP 補丁、50% 的指導上調以及非稀釋性股份。真是太棒了。

Thank you for your insightful questions. I'll now hand the call to Dr. Jennifer Bath, our CEO, to conclude the call.

感謝您提出的深刻見解。現在我將把電話交給我們的執行長 Jennifer Bath 博士來結束通話。

All right. Thank you very much, Eric. All right, so as we conclude this quarter, ImmunoPrecise antibodies has achieved significant milestones. Notably, as we've discussed, we've secured a strategic partnership at the USD8 million to USD10 million range, leveraging our B cell select technology and our AI-driven capabilities.

好的。非常感謝，埃里克。好的，隨著本季的結束，ImmunoPrecise 抗體已經取得了重要的里程碑。值得注意的是，正如我們所討論的，我們已經獲得了價值 800 萬至 1000 萬美元的戰略合作夥伴關係，利用我們的 B 細胞選擇技術和人工智慧驅動的能力。

Our collaborations with leading partners like Vultr and AMD are enhancing our drug discovery capabilities, driving cost effectiveness and competitiveness. We've strengthened our financial position with an $8.8 million equity raise and relocated our headquarters to Austin, Texas, expanding our US footprint.

我們與 Vultr 和 AMD 等領先合作夥伴的合作正在增強我們的藥物研發能力，提高成本效益和競爭力。我們透過 880 萬美元的股權融資增強了我們的財務狀況，並將總部遷至德克薩斯州奧斯汀，擴大了我們在美國的業務範圍。

The demand for therapeutic applications is growing rapidly, with a notable increase in projects aimed at therapeutic ends. BioStrand has achieved a remarkable 131.8% year-over-year revenue increase just year-to-date, with a 97% gross profit margin year-to-date, positioning us for sustainable long-term growth and increased shareholder value.

對治療應用的需求正在快速增長，以治療為目的的項目顯著增加。BioStrand 今年迄今的營收年增了 131.8%，毛利率達到 97%，這為我們實現可持續的長期成長和股東價值的提高奠定了基礎。

As our AI-driven platforms continue to scale, we anticipate enhanced profitability and competitive edge in the evolving AI landscape, healthcare landscape. Thank you for your attention, and we look forward to sharing further updates on our progress.

隨著我們的人工智慧驅動平台不斷擴大，我們預計在不斷發展的人工智慧領域和醫療保健領域中，獲利能力和競爭優勢將得到增強。感謝您的關注，我們期待分享我們進展的進一步更新。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。