MindWalk Holdings Corp (HYFT) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for joining us today for Immunoprecise Antibodies fourth quarter and fiscal year and 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

女士們、先生們，早安，感謝您今天參加 Immunoprecise Antibodies 第四季度和 2025 財年收益電話會議。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

They will provide a review of our financial performance, strategic initiatives, and key operational highlights for the fourth quarter. Please note that a copy of today's presentation along with our financial statements will be available on our company website for your reference.

他們將對我們第四季度的財務業績、策略舉措和主要營運亮點進行回顧。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。

We encourage you to review these materials to gain a deeper understanding of our performance and strategic direction. Once again, thank you for joining. Before we proceed, I would like to remind everyone that today's discussion will contain forward-looking statements.

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。再次感謝您的加入。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。

These statements are based on current expectations and assumptions that are subject to risks and uncertainties. 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.

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。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。

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. We strongly advised all participants to refer to our filings with the Securities and Exchange Commission SEC, including our most recent form, 20 and other periodic reports for a more detailed discussion of these risks and uncertainties.

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。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 (SEC) 提交的文件，包括我們最新的表格 20 和其他定期報告，以便更詳細地討論這些風險和不確定性。

And for a more complete understanding of the risks inherent in our business operations and the potential impact of our future performance. We appreciate your continued interest in Immunoprecise Antibodies. I will now turn the call over to IPA's President and CEO Dr. Jennifer Bath.

並更全面地了解我們業務運營中固有的風險以及我們未來業績的潛在影響。感謝您對 Immunoprecise Antibodies 的持續關注。現在我將把電話轉給 IPA 總裁兼執行長 Jennifer Bath 博士。

Thank you, Karen, and good morning everyone. Thank you for joining us to discuss today's IPA's fourth quarter and full year fiscal results for 2025. Fiscal year 2025 was a standout year for Immunoprecise Antibodies capped with record setting fourth quarters.

謝謝你，凱倫，大家早安。感謝您今天加入我們討論 IPA 2025 年第四季和全年財務表現。2025 財年對 Immunoprecise Antibodies 來說是表現突出的一年，在第四季度創下了紀錄。

With $7 million in revenue, our fourth quarter delivered the highest quarterly revenue in our company's history. We also achieved a growth margin of 64% in the fourth quarter, up from 48% in the fourth quarter of fiscal year '24. This improvement reflects the impact of our continued focus on operational efficiency and disciplined execution.

我們的第四季營收為 700 萬美元，創下了公司歷史上最高的季度營收。我們在第四季也實現了 64% 的成長率，高於 24 財年第四季的 48%。這項改善反映了我們持續關注營運效率和嚴格執行的效果。

For the full fiscal year ending April 30, 2025, we expanded our growth margins by 600 basis points from 49% to 55%. A key driver of this improvement was the exceptional growth of our BioStrand segment, which grew more than 180% year over year and delivered growth margins approaching 90%.

截至 2025 年 4 月 30 日的整個財政年度，我們的成長利潤率提高了 600 個基點，從 49% 提高到 55%。這一成長的關鍵驅動因素是我們 BioStrand 部門的出色成長，該部門年增超過 180%，成長利潤率接近 90%。

As BioStrand continues this high growth path, we expect it to remain a strong contributor to the top line performance and to support continued margin expansion going forward. Another key highlight in the fourth quarter was our record adjusted EBITDA performance. We narrowed the loss to just $316,000 a significant improvement compared to the loss of $1.7 million in the same quarter last year.

隨著 BioStrand 繼續保持高速成長，我們預計它將繼續為營收表現做出強勁貢獻，並支持未來利潤率的持續擴大。第四季的另一個亮點是我們創紀錄的調整後 EBITDA 業績。我們將虧損縮小至僅 31.6 萬美元，與去年同期 170 萬美元的虧損相比有了顯著改善。

This marks meaningful progress and highlights the impact of our focus on operational efficiency and disciplined execution. In parallel and of note, our Canadian business showed strong growth in the fourth quarter.

這標誌著我們取得了有意義的進展，並凸顯了我們注重營運效率和嚴格執行的影響。值得注意的是，與此同時，我們的加拿大業務在第四季度表現出強勁成長。

Sales orders reached $4.3 million this quarter, more than double historical quarters. Year over year sales in Canada increased by 47%, with quarterly orders coming in up 83%. Orders from new clients rose 93% year over year and 80% quarter over quarter.

本季銷售訂單達到 430 萬美元，是歷史季度的兩倍多。加拿大的年銷售額年增 47%，季訂單成長 83%。新客戶訂單年增 93%，季增 80%。

As we noted on our last earnings call, we've been actively moving forward with the divestiture of our Dutch subsidiary. I'm pleased to share that we are now in the final stages of that process with due diligence progressing with a single focused buyer.

正如我們在上次財報電話會議上所指出的，我們一直在積極推動荷蘭子公司的剝離工作。我很高興地告訴大家，我們目前正處於流程的最後階段，正在與單一目標買家進行盡職調查。

While the timeline has extended slightly beyond our original expectations, the transaction remains on track, and we anticipate near term completion. Once finalized, we expect this divestiture to sharpen our focus, streamline operations, and generate additional cash to further strengthen our balance sheet and support our strategic priorities.

雖然時間安排略微超出了我們最初的預期，但交易仍在按計劃進行，我們預計近期將完成。一旦最終完成，我們預計此資產剝離將加強我們的重點，簡化運營，並產生額外的現金，以進一步加強我們的資產負債表並支持我們的戰略重點。

Shortly after the completion of the divestiture, we are rebranding to reinforce our position as a bio-native AI platform that integrates AI, connected data, and advanced lab research. The signals are shipped from a service oriented model to a customizable platform-driven business aligned with an industry transformation where AI and data integration are reshaping how drug discovery is done.

資產剝離完成後不久，我們將進行品牌重塑，以鞏固我們作為集人工智慧、互聯數據和先進實驗室研究於一體的生物原生人工智慧平台的地位。訊號從服務導向的模型傳送到可自訂的平台驅動的業務，與行業轉型一致，其中人工智慧和數據整合正在重塑藥物發現的方式。

We are positioned to deliver earlier insights, stronger candidate selection, and faster decision making and scale. At the center is our lens AI platform powered by our patented HYFT technology which transforms fragmented biological information into a computable model for precision discovery and development.

我們致力於提供更早的洞察力、更強的候選人選擇以及更快的決策和規模。其核心是我們的鏡頭 AI 平台，該平台由我們專利的 HYFT 技術提供支持，該技術將碎片化的生物資訊轉化為可計算的模型，以實現精準的發現和開發。

This approach strengthens our value to partners, drives growth, and enhance our competitive advantage across the full biologic continuum. Now we will walk through some of our key milestones from the past several months.

這種方法增強了我們對合作夥伴的價值，推動了成長，並增強了我們在整個生物連續體中的競爭優勢。現在我們將回顧過去幾個月的一些重要里程碑。

In February, we announced a strategic collaboration with [RiboPro] to combine their messenger RNA antigen expression technology with our AI and wet lab antibody discovery platform aimed at accelerating next generation therapeutic development offerings.

今年 2 月，我們宣布與 [RiboPro] 建立策略性合作關係，將他們的信使 RNA 抗原表達技術與我們的 AI 和濕實驗室抗體發現平台相結合，旨在加速下一代治療開發產品。

In March, we strengthened our AI infrastructure through strategic collaboration with Vultr and deploying AMD's MI300X GPU to support the growing demands of our discovery platform. This upgrade has significantly increased our processing speed, improved scalability, and reduced compute costs by up to 66%, all of which contribute to stronger operational efficiency and improved margin potential as we grow.

3 月份，我們透過與 Vultr 的策略合作並部署 AMD 的 MI300X GPU 來加強我們的 AI 基礎設施，以支援我們發現平台日益增長的需求。此次升級顯著提高了我們的處理速度、增強了可擴展性，並將計算成本降低了 66%，所有這些都有助於提高我們的營運效率並提高我們發展過程中的利潤潛力。

Also in March we entered into a strategic partnership with a publicly traded multi-billion dollar technology company focused on antibody drug conjugates and by specific antibodies in oncology. This collaboration combines our B cell select platform and AI discovery capabilities with their research infrastructure.

此外，在三月份，我們與一家上市價值數十億美元的科技公司建立了策略合作夥伴關係，該公司專注於抗體藥物偶聯物和腫瘤學中的特定抗體。此次合作將我們的 B 細胞選擇平台和 AI 發現能力與他們的研究基礎設施結合。

The agreement has an initial value of $8 million with the potential to reach $10 million over an 18 to 24 month term. In April, the FDA announced plans to phase out animal testing for monoclonal antibodies, a move that aligns with LENS ai's and silicone capabilities to predict toxicity, immune response, and efficacy, reducing reliance on animal models.

該協議的初始價值為 800 萬美元，在 18 至 24 個月的期限內有可能達到 1000 萬美元。今年 4 月，FDA 宣布計劃逐步停止單株抗體的動物試驗，此舉與 LENS ai 和矽膠預測毒性、免疫反應和功效的能力一致，減少了對動物模型的依賴。

Also in April we launched our presence in Cambridge, Massachusetts, offering fee for service biologic services, extending our geographic reach and service footprint in a core US biotechnology hub. In May we validated LENS ai's ability to map antibody antigen interactions with accuracy comparable to X-ray crystallography, which is the industry gold standard, but in hours instead of weeks. This breakthrough significantly accelerates early discovery and reduces the need for complex, time-consuming lab work.

此外，我們在四月於馬薩諸塞州劍橋市設立了辦事處，提供收費生物製劑服務，擴大了我們在美國核心生物技術中心的地理覆蓋範圍和服務足跡。五月份，我們驗證了 LENS ai 繪製抗體抗原相互作用圖的能力，其精度可與行業黃金標準 X 射線晶體學相媲美，但只需幾小時而不是幾週。這項突破大大加快了早期發現的速度，並減少了對複雜、耗時的實驗室工作的需求。

In June, we announced a major advance in our dengue vaccine program. Using our HYFT powered LENS ai platform, we identified a highly conserved epitope shared across all four dengue serotypes, a key step toward a universal vaccine.

六月，我們宣布登革熱疫苗計畫取得重大進展。利用我們由 HYFT 提供支援的 LENS ai 平台，我們確定了四種登革熱血清型共有的高度保守的表位，這是邁向通用疫苗的關鍵一步。

We also released in silico data showing the structural stability of the target and its potential to trigger a safe balanced immune response, supporting its move toward translational studies. In the same month, we shared promising results from our AI designed GLP-1 peptides.

我們還發布了電腦模擬數據，展示了目標的結構穩定性及其觸發安全平衡免疫反應的潛力，支持其向轉換研究邁進。同月，我們分享了 AI 設計的 GLP-1 勝肽的良好結果。

Which matched or exceeded semaglutide in independent receptor activation essays. This milestone shows the versatility of our platform beyond vaccines, with clear applications across metabolic disease, infectious disease, and oncology.

在獨立受體活化論文中，其與司美格魯肽相當或超過了司美格魯肽。這項里程碑顯示我們的平台不僅在疫苗領域具有多功能性，在代謝疾病、傳染病和腫瘤學領域也有廣泛的應用。

In July, we released a validation case study showing that LENS ai's immunogenicity screening can predict anti-drug antibody risks with strong correlation to real world results. In direct comparison, it outperformed a leading industry benchmark. This supports its value in helping drug developers identify and de-risk problem candidates earlier in the discovery process.

7月，我們發布了一項驗證案例研究，顯示LENS ai的免疫原性篩檢可以預測抗藥性抗體風險，並與現實世界的結果有強烈的相關性。透過直接比較，它的表現優於領先的行業基準。這證明了其在幫助藥物開發商在發現過程的早期識別和降低問題候選藥物風險方面的價值。

Also in July we regained compliance with Nasdaq's minimum bid price requirement following 10 consecutive days of trading above the $1 threshold. While procedural, this milestone reflects growing market confidence in the evolution of our platform-driven bio-native AI approach.

此外，在連續 10 天的交易價格超過 1 美元門檻後，我們在 7 月重新符合納斯達克的最低買入價要求。雖然是程序性的，但這一里程碑反映了市場對我們平台驅動的生物原生人工智慧方法發展的信心日益增強。

On the leadership front earlier this month, we welcomed Jon Lieber to our Board. Jon brings over 30 years as a senior executive in biotechnology and life sciences with deep experience in capital markets, corporate strategy, and governance at NASDAQ listed companies.

在領導方面，本月初，我們歡迎 Jon Lieber 加入董事會。喬恩擁有 30 多年擔任生物技術和生命科學領域高階管理職位的經驗，在納斯達克上市公司的資本市場、企業策略和治理方面擁有豐富的經驗。

Critical assets as we drive commercialization and scale platform adoption. We also expanded our Advisory Board with the appointment of Jeff Fried, an expert in healthcare data architecture and AI innovation. He's played a pivotal role in integrating vector search capabilities into LENS ai's platform via our [Insystems] partnership, further enabling large scale computation driven discovery workflows. I'll now turn things over to Mr. Joe Scheffler for our financial updates.

當我們推動商業化和擴大平台採用時，這些都是關鍵資產。我們也任命了醫療資料架構和人工智慧創新專家 Jeff Fried，擴大了我們的顧問委員會。他透過與我們的 [Insystems] 合作，在將向量搜尋功能整合到 LENS ai 平台中發揮了關鍵作用，進一步實現了大規模計算驅動的發現工作流程。現在我將把我們的財務更新轉交給喬‧舍夫勒先生。

Thank you, Jennifer. Please note that all numbers referenced are in CAD. As Jennifer mentioned earlier, [Fistrain] is currently delivering triple digit revenue growth with margin near 90%, underscoring the strong performance and long-term value of this asset.

謝謝你，詹妮弗。請注意，所有引用的數字均為 CAD。正如珍妮佛之前提到的，[Fistrain] 目前的收入成長達到三位數，利潤率接近 90%，這凸顯了該資產的強勁表現和長期價值。

Total revenue for the fourth quarter was $7 million, representing our highest quarterly revenues in the company's history. Fourth quarter revenue increased 8.1% over the year ago quarter and 13.5% for the prior quarter.

第四季總營收為 700 萬美元，創下公司史上最高的季度營收。第四季營收比去年同期成長 8.1%，比上一季成長 13.5%。

The strong revenue growth was driven by increasing sales to our service platforms, in particular, our raid Dal platform in Canada. World's profit in the fourth quarter was $4.5 million, also at the highest level in the company's history. This represented gross margin of 64%, up from 48% in the EUR quarter, and 54% in the prior quarter.

強勁的收入成長得益於我們服務平台銷售額的成長，特別是我們在加拿大的 raid Dal 平台。環球第四季的利潤為450萬美元，也創下了公司歷史上的最高水準。這意味著毛利率為 64%，高於歐元區季度的 48% 和上一季的 54%。

Gross margins in the fiscal year 2025. For 55%, up from 49% in fiscal year 2024. The significant increase in our gross margins over the past year was due in part to increasing sales from our bio strand division which has margins approaching 90%. Much higher than our core wet lab business.

2025財年的毛利率。佔比從 2024 財年的 49% 上升至 55%。過去一年我們的毛利率大幅增加，部分原因是我們的生物鏈部門的銷售額增加，該部門的利潤率接近 90%。遠高於我們的核心濕實驗室業務。

We expect our gross margins to trend higher over time as BioStrand continues its growth trajectory and represents a larger portion of our revenues. With our strong fourth quarter revenues.

隨著 BioStrand 繼續保持成長軌跡並佔據我們收入的更大份額，我們預計我們的毛利率將隨著時間的推移而呈上升趨勢。我們第四季的營收強勁。

Our fiscal year 2025 revenues amounted to $24.5 million a slight increase over our fiscal year 2024 revenues. R&D expenses in Q4 were $1.1 million down 14% in the fourth quarter of last year.

我們 2025 財年的收入達到 2,450 萬美元，比 2024 財年的收入略有增加。第四季研發費用為 110 萬美元，較去年第四季下降 14%。

Sales and marketing expenses for $1 million in 24, up from 900,000 in the [Eurogo] quarter. General and administrative expenses in the fourth quarter were $3.7 million, down 10% from the fourth quarter of last year.

24 財年的銷售和行銷費用為 100 萬美元，高於 [Eurogo] 財年第一季的 90 萬美元。第四季的一般及行政開支為370萬美元，較去年第四季下降10%。

In total, operating expenses, excluding amortization and one-time charges declined to $5.8 million, down 7% from the EUR quarter, and down 2% in the prior quarter. This year over year decline in operating expenses was driven primarily by lower GNA.

總體而言，不包括攤銷和一次性費用的營運費用下降至 580 萬美元，較歐元季度下降 7%，較上一季下降 2%。今年營運費用較去年同期下降的主要原因是 GNA 下降。

And lower R&D While the sequential decline was driven by lower sales and marketing. Our decreasing operating expense is a result of our targeted focus on improving efficiency within the company. Adjusted EBITDA for the fourth quarter was a loss of 316,000, a significant Improvement from a loss of $1.7 million in the year ago quarter, and a loss of $1.7 million in the prior quarter.

研發費用下降，而連續下滑是由於銷售和行銷費用下降造成的。我們的營運費用不斷下降是因為我們專注於提高公司內部效率。第四季調整後的 EBITDA 虧損 31.6 萬美元，較去年同期的 170 萬美元虧損和上一季的 170 萬美元虧損有顯著改善。

As a percentage of revenues adjusted EBITDA was a 5% in the fourth quarter. A big improvement Over the negative 24% in the year ago quarter and the negative 25% in the prior quarter. Again, these improvements are the result of reducing our expenses as well as improved gross margins. As of April 30, 2025, we held $10.8 million in cash compared to $3.5 million at fiscal year end of 2024.

第四季調整後的 EBITDA 佔營收的百分比為 5%。與去年同期的負 24% 和上一季的負 25% 相比，這是一個巨大的進步。再一次，這些改進是我們減少開支以及提高毛利率的結果。截至 2025 年 4 月 30 日，我們持有現金 1,080 萬美元，而 2024 財年末為 350 萬美元。

With our strong cast position validated AI economics and strong partner momentum. We believe we are entering a new fiscal year in a financially disciplined position to support our growth. Thank you. And now we'll turn it back to the operator for the Q&A portion of our call.

我們憑藉強大的演員地位驗證了人工智慧經濟學和強大的合作夥伴勢頭。我們相信，我們將以嚴謹的財務紀律進入新的財政年度，以支持我們的成長。謝謝。現在我們將把電話轉回給接線員，進行電話會議的問答部分。

We will now go to the question and answer session.

我們現在進入問答環節。

(Operator Instructions) Swayampakula Ramakanth.

（操作員說明）Swayampakula Ramakanth。

Thank you. Good morning, Jennifer and [Frederick]. Couple of questions from me, in actually congratulations on generating, high efficiency, the GLP-1 peptides that you were talking about, in your opening remarks. So in terms of clinical development, what should we expect for them and also, how do you plan to monetize this this asset?

謝謝。早安，Jennifer 和[弗雷德里克]。我有幾個問題，實際上是為了祝賀您在開場白中提到的高效 GLP-1 肽的產生。那麼在臨床開發方面，我們應該對它們抱持什麼樣的期望，以及您計劃如何將這些資產貨幣化？

Hi, RK. This is Jennifer. Thanks for joining us. And thanks for your question. I appreciate that. So first of all, in terms of development, we have two partners that we're working with at the moment, one of them very specifically on the actual drug product manufacturing as well as formulation, and then an additional partner who actually brings about novel ways to administer the drug product in a unique route of administration.

你好，RK。這是詹妮弗。感謝您的加入。感謝您的提問。我很感激。首先，在開發方面，我們目前正在與兩個合作夥伴合作，其中一個合作夥伴專門負責實際的藥品生產和配方，另一個合作夥伴實際上帶來了以獨特的給藥途徑管理藥品的新方法。

And that partner is actually working with us, not only on dosing, escalation analysis and formulation, but also has done the pre-clinical design. And validation in terms of how we will execute on pre-clinical IND enabling data to support translational work and clinical design.

該合作夥伴實際上正在與我們合作，不僅進行劑量、升級分析和配方，而且還進行了臨床前設計。並驗證我們將如何執行臨床前 IND 支援數據以支援轉化工作和臨床設計。

We ourselves actually do not intend to take this product into the clinic. We do have an interested party who contacted us on the day of the very first press release with GLP that we are focused on demonstrating some of these initial formulation that dose dependent responses to where our hope and anticipation is that we will be bringing along a financial sponsor that will then sponsor this in the clinical setting.

我們自己其實並不打算將該產品帶入診所。我們確實有一個感興趣的團體，他在 GLP 首次新聞稿發布當天就聯繫了我們，我們專注於展示一些劑量依賴性反應的初始配方，我們希望並期待我們將帶來一個財務贊助商，然後在臨床環境中贊助這一點。

Okay perfect and then regarding the the the biotech partner that you're working with on the oncology assets, so for you to start recognizing, some of the initial payments of the of the $8 million what sort of milestones do you need to achieve? And if you, if you're unable to spell out the milestones, at least what's the kind of cadence that we should expect for that $8 million? Can you see something in the fiscal year '26, or, is it like one big lump payment that you will get at the end of whatever you were supposed to be doing, in terms of the price.

好的，太好了，然後關於您在腫瘤學資產方面合作的生物技術合作夥伴，那麼為了讓您開始認識到，800 萬美元的部分初始付款需要實現什麼樣的里程碑？如果您無法明確說明里程碑，那麼至少我們應該對這 800 萬美元抱持什麼樣的期望？您是否能在 26 財年看到一些進展，或者，就價格而言，這是否像是您在完成原本應該做的事情後會收到的一大筆付款。

That's good. Yeah, that's a good question, RK, and I can appreciate that from your analyst perspective too, looking to see, when some of these financial components will start to hit the books. So it's definitely not all in one lump sum actually.

那挺好的。是的，RK，這是個好問題，從你的分析師角度來看，我也能理解這一點，希望看看這些財務成分何時會開始進入帳面。所以其實這絕對不是一次性全部付清的。

So we have just, we are closing out on Thursday of this week, of course, our first quarter. We anticipate. A significant amount of this program to actually be visible in our second quarter. So we're launching quite a number of programs simultaneously for this particular partner that will then be moving through to a more advanced stage where we draw down and recognize that revenue in Q2.

因此，我們當然將於本週四結束第一季。我們預期。該計劃的很大一部分內容將在第二季度真正顯現出來。因此，我們將同時為該特定合作夥伴啟動相當多的項目，然後進入更高級的階段，我們將在第二季提取並確認該收入。

So that's the time when I would expect you'll start seeing the impact from that particular partner is this coming quarter. And then in terms of milestones we really don't have like I mean we have the usual milestones we have when we build a therapeutic for anyone, but we don't have any, milestones that are deal breakers here or anything unusual.

因此，我預計您將在下個季度開始看到該特定合作夥伴的影響。然後就里程碑而言，我們確實沒有，我的意思是，當我們為任何人建立治療方法時，我們有通常的里程碑，但我們沒有任何，這裡的交易破壞者或任何不尋常的里程碑。

So we move through our process as we go we always are very transparent in sharing that data with any given client to demonstrate the quality of the work and the product as it moves through the process, and technically every program we have has go no go aspects, but we have approaching 100% success rate on these platforms.

因此，我們在進行過程中始終非常透明地與任何給定的客戶共享數據，以展示工作和產品在整個過程中的質量，從技術上講，我們的每個程序都有可行不可行的地方，但我們在這些平台上的成功率接近 100％。

So it's pretty rare that something doesn't continue to move through. So this program is similar in the sense that we're using highly validated platforms and we don't have any particular set places where we have a unique milestone that could end up triggering, the halt or the completion of the program early.

因此，某些事物不繼續前進的情況非常罕見。因此，這個項目與我們使用的經過高度驗證的平台類似，而且我們沒有任何特定的固定地點，在那裡我們有一個獨特的里程碑，最終可能會觸發、停止或提前完成該項目。

Okay, and then, you're, we're all aware of the FDA's guidance of trying to move, to based systems for pre-clinical drug development, so since that, announcement had come out from the regulatory agency, had, what sort of traffic have you seen, inbound, for your services.

好的，然後，我們都知道 FDA 的指導試圖轉向基於臨床前藥物開發的系統，因此，自那時起，監管機構發布了公告，您看到了什麼樣的服務入站流量。

And is there any way we can gauge as to, how much the LENS ai platform will start getting used, in '26, your fiscal year '26, because, you said in the PR that only 5% of your annual revenues at this point is coming from the side of business. So I'm just trying to see how quickly can that grow and what magnitude could it grow to?

我們能否判斷 LENS ai 平台在 26 年（即您的 26 財年）將開始得到多大程度的使用，因為您在公關中說過，目前只有 5% 的年收入來自業務方面。所以我只是想看看它能成長多快、能成長到什麼程度？

Yeah, that's a great question as well. So, I think, we've got a lot of eyes on the direction that people with kind of earlier stage preclinical work are going in terms of FDA guidance and applications. We have. Through some of our peer groups recognize that there has been at least a couple of early stage purely in silica work that has supported some unique cases already in their approval for clinical use from the FDA, but overall that's probably a few years out before we get a firm transition in that space.

是的，這也是一個很好的問題。因此，我認為，我們非常關注從事早期臨床前工作的人員在 FDA 指導和應用方面的發展方向。我們有。透過我們的一些同行小組認識到，至少有幾項早期的純二氧化矽研究已經支持了一些獨特的案例，這些研究已經獲得了 FDA 的臨床使用批准，但總的來說，我們可能還需要幾年時間才能在該領域實現穩固的轉變。

So we've been curious as well as to how this type of work will transition to what we're doing at BioStrand. So we've definitely had an increase on inquiries in the particular areas that are very directly related to ID applications when it comes to clinical safety, patient safety, and uniqueness of patients being rolled in studies.

因此，我們一直很好奇，這類工作將如何過渡到我們在 BioStrand 所做的事情。因此，當涉及臨床安全、病人安全以及參與研究的患者的獨特性時，我們在與 ID 應用直接相關的特定領域的諮詢肯定有所增加。

But the area where we have seen really the most dramatic and material change is kind of an interesting one because it corresponds as well to some of the more recent platforms that we've been fairly vocal about. So this includes our immunogenicity platform and then which includes, of course, the analysis of these ADA responses and epitope mapping as well.

但我們真正看到的最顯著和實質變化的領域是有趣的，因為它也與我們所談論的一些較新的平台相對應。因此，這包括我們的免疫原性平台，當然也包括這些 ADA 反應和表位圖譜的分析。

And It's interesting because it's difficult for us to know how much of that, even in communication with our clients is due to the regulatory changes and people's ability to very rapidly and less expensively and very accurately bolster the information that is going into their ID applications and dossiers, whereas previously those were kind of rate limiting and time consuming steps.

有趣的是，即使在與客戶溝通時，我們也很難知道其中有多少是由於監管變化以及人們能夠非常迅速、便宜且非常準確地補充身份申請和檔案中的信息，而以前這些都是限制速度和耗時的步驟。

But interestingly enough, obviously these do also provide significant reassurances and support sometimes with aspects of an ID application that people did not previously bother to do because of the time and the expense now. They're able to get more data and create a more data-rich dossier for the application to support IND work.

但有趣的是，顯然這些也確實提供了重要的保證和支持，有時在身分證申請的某些方面，人們以前因為時間和費用而不願意這樣做。他們能夠獲取更多數據並為應用程式創建數據更豐富的檔案來支援 IND 工作。

So it does correspond as well with not only when we were able to go out and showcase these capabilities, but when we were able to take them publicly into the conference room and share them with people in the industry, we saw a very rapid uptick of people coming in to utilize things like epitope mapping from BioStrand.

因此，這不僅與我們能夠展示這些功能相對應，而且與我們能夠將它們公開帶到會議室並與業內人士分享時的情況相對應，我們看到越來越多的人開始使用 BioStrand 的表位圖譜等工具。

So in response to your question, the inbound traffic has been quite significant. It's not traffic coming in to replace IND applications, but instead to bolster them with data that they might not otherwise have had that might have been too cumbersome or time consuming for them to retrieve.

所以回答你的問題，入站流量相當大。這些流量並不是為了取代 IND 應用程序，而是為了向這些應用程式提供一些原本可能沒有的數據，這些數據對於它們來說檢索起來可能過於繁瑣或耗時。

And going forward for the second part of your question. We definitely expect that trend to continue, but there are other aspects of BioStrand that we also believe will continue to grow, so kind of across the Board in these core capabilities, this overall uptake that we've been seeing, we do expect that to continue into the next fiscal year only to be bolstered and supported by these newer applications that are gaining traction as well.

接下來討論你問題的第二部分。我們確實希望這種趨勢能夠持續下去，但我們相信 BioStrand 的其他方面也將繼續增長，因此，從這些核心能力的全面發展來看，我們看到的整體增長勢頭，我們確實希望這種勢頭能夠持續到下一個財年，並且會受到這些越來越受歡迎的新應用的支持。

Thank you for that. One last question from me, just would like to understand, if the divestment of the European facilities, how far into it are you at this point, and also, regarding your base business, there were some transfers happening between. Europe and the Canadian facility is that all done and then is the is the Canadian facility, able to, have enough resources for the work that you do.

謝謝你。我的最後一個問題是，我想了解一下，如果剝離歐洲設施，您目前進行到了什麼程度，另外，就您的基礎業務而言，是否存在一些轉移。歐洲和加拿大的工廠都已完成，加拿大的工廠能夠擁有足夠的資源來完成您所做的工作。

Yeah, great question. So how far along are we? We are extremely far along in the process, so I mentioned we do have one kind of dedicated buyer. We're really in the last stages of agreement in the sale and purchase agreement. So we're extremely far along in this process and really down to the finer details of what needs to happen upon closing and post closing. For the full independence of both of these locations for buyer and seller.

是的，很好的問題。那我們進展到什麼程度了？我們在這個過程中已經取得了很大進展，所以我提到我們確實有一種專門的買家。我們實際上正處於買賣協議的最後階段。因此，我們在這個過程中已經取得了很大進展，並且已經真正了解了交易結束後需要發生什麼的細節。為了確保買方和賣方在這兩個地點的完全獨立性。

With regard to Canada, so this is actually quite interesting. You can see the rapid growth we've had in Canada over the last quarter or two. It really is faster growth than we've ever seen in any of our sites ever in the history of IPA.

對於加拿大來說，這實際上非常有趣。您可以看到過去一兩個季度我們在加拿大實現了快速成長。它的增長速度確實比我們在 IPA 歷史上見過的任何一個站點都要快。

They are able to take all the work that is coming in even though they are quite full, and in part they're able to, we're able to rely on Canada to continue to take this work because of the expansion, that we've been doing in Canada. That expansion continues through fiscal year '26.

儘管他們的工作已經很滿，但他們仍然能夠承擔所有進來的工作，而且在某種程度上，他們也能夠，我們能夠依靠加拿大繼續承擔這項工作，因為我們一直在加拿大進行擴張。這項擴張將持續至26財年。

We had a very very small number of programs that were really going between the location in Canada and in Europe, and so we do not expect any sort of impact to Canada in a detrimental way there, but instead have found that we have been able to ensure that we can continue to take on all programs holistically from beginning to end, whether it's diagnostic or therapeutic in nature.

我們只有極少數項目是在加拿大和歐洲之間進行的，因此我們預計不會對加拿大產生任何不利影響，相反，我們發現我們能夠確保從頭到尾全面開展所有項目，無論其性質是診斷還是治療。

And in addition to that, to also lean into the integration we've done for the silica work into the Canadian site. So, I think we only mentioned on this briefly previously, but about a year ago we did begin the integration of LENS ai applications into the Canadian site in a selected manner which could really enhance and [bolster] the data packages coming out from Canada and we completed the transfer of those applications.

除此之外，我們也致力於將二氧化矽工作整合到加拿大工廠。所以，我想我們之前只是簡要地提到過這一點，但大約一年前，我們確實開始以選擇性的方式將 LENS ai 應用程式整合到加拿大網站，這可以真正增強和[支援]來自加拿大的資料包，並且我們完成了這些應用程式的轉移。

In whole, so they're actually being, added to quotes and are a designated official part of all of our therapeutic programs that actually happened last March. So we're also just beginning to see the impact of that which serves obviously not only to enhance the programs that we're offering, but to also ensure that every one of our clients is having the benefits of those in silico applications as well as the exposure to what those in silico applications can do for their work.

總的來說，它們實際上被添加到引號中，並且是去年 3 月我們所有治療計劃的指定官方部分。因此，我們也剛開始看到其影響，這顯然不僅可以增強我們提供的程序，還可以確保我們的每一位客戶都能從這些電腦應用程式中受益，並了解這些電腦應用程式可以為他們的工作做些什麼。

So in short, based business will continue to go strong with Canada. Canada and BioStrand are in a really good position as we look at their pipelines moving forward again, stronger than we have ever seen. In this company in terms of the growth from quarter to quarter and year over year and the number of new clients flocking very specifically to that location and, the divestiture, we were looking to see that quite rapidly here as we just go through the final details in the sale purchase agreement over, the next week or so.

簡而言之，基於加拿大的業務將繼續強勁發展。我們看到加拿大和 BioStrand 的管道再次向前發展，比以往任何時候都更加強大，因此他們處於非常有利的地位。就這家公司每季和每年的成長情況以及湧向該地區的新客戶數量而言，以及資產剝離，我們希望看到這一切進展得相當快，因為我​​們將在下週左右完成銷售購買協議的最終細節。

Perfect. Thank you very much, Jennifer, for taking all my questions.

完美的。非常感謝詹妮弗回答我的所有問題。

Yes, of course, thank you RK.

是的，當然，謝謝 RK。

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

好的。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。

Thank you, Karen. To close fiscal year 2025 definitely marked a clear turning point for IPA. We've delivered strong revenue. We've expanded growth margins by 600 basis points year over year, and we did significantly improve fourth quarter adjusted da, narrowing the Q4 loss by over 80% compared to the same period last year.

謝謝你，凱倫。2025 財年的結束無疑標誌著 IPA 的一個明顯轉折點。我們實現了強勁的收入。我們的成長利潤率同比擴大了 600 個基點，並且我們確實顯著提高了第四季度的調整後數據，與去年同期相比，第四季度的虧損縮小了 80% 以上。

These results reflect the tangible impact on our focused strategy, operational efficiencies, and growing commercial traction across high value platforms. Our BioStrand segment continues to grow rapidly, contributing strong margins and expanding pipeline opportunities.

這些結果反映了我們重點策略、營運效率以及高價值平台日益增長的商業吸引力所產生的實際影響。我們的 BioStrand 部門持續快速成長，貢獻了強勁的利潤並擴大了通路機會。

The nearing completion of our depth divestiture and planned rebrand will allow us to further concentrate resources where we see the greatest return potential with a sharpened focused, strengthened leadership and increasing momentum behind our platform-driven model, we believe IPA is well positioned to drive long-term value creation.

我們的深度資產剝離和計劃中的品牌重塑即將完成，這將使我們能夠進一步集中資源，在我們看到最大回報潛力的地方，憑藉更專注、強化的領導力和平台驅動模式不斷增強的動力，我們相信 IPA 完全有能力推動長期價值創造。

We remain committed to building a scalable, capital efficient business that delivers innovation, margin leverage, and sustained shareholder growth. Thank you for your continued trust and your investment in IPA.

我們始終致力於打造可擴展、資本高效的企業，實現創新、利潤槓桿和持續的股東成長。感謝您對IPA的持續信任與投資。