MindWalk Holdings Corp (HYFT) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for joining us today for MindWalk's first quarter fiscal 2026 earnings call. We appreciate your time and interest in MindWalk, formerly ImmunoPrecise Antibodies.

女士們、先生們，早安，感謝大家今天參加 MindWalk 2026 財年第一季財報電話會議。我們感謝您對 MindWalk（前身為 ImmunoPrecise Antibodies）所付出的時間和關注。

Today's call will be led by our CEO, Dr. Jennifer Bath and Interim CFO, and Joe Scheffler, They will provide a review of our financial performance, strategic initiatives and key operational highlights for the first quarter. Please note that a copy of today's presentation, along with our final financial statements will be available on our company's website for your reference.

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，他們將回顧我們第一季的財務業績、策略舉措和主要營運亮點。請注意，今天的簡報以及我們的最終財務報表的副本將在我們公司的網站上提供，供您參考。

Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Factors include, but are not limited to, global, political and economic conditions changes in the market dynamics and other business risks. Unless otherwise noted, all financial figures discussed today are in Canadian dollars. These statements are made as of today, and we undertake no obligation to update them, except as required by law.

在我們開始之前，我想提醒大家，今天的討論將包括前瞻性陳述。這些都是基於當前的預期和假設，並受到可能導致實際結果大不相同的風險和不確定性的影響。這些因素包括但不限於全球政治和經濟條件、市場動態的變化以及其他商業風險。除非另有說明，否則今天討論的所有財務數據均以加幣為單位。這些聲明是截至今天做出的，除非法律要求，否則我們不承擔更新這些聲明的義務。

For a more detailed discussion of risks and uncertainties, please refer to our filings with the SEC, including our most recent Form 20-F and other periodic reports.

有關風險和不確定性的更詳細討論，請參閱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。

I would now like to turn the call over to MindWalk's President and CEO, Dr. Jennifer Bath.

現在我想將電話轉給 MindWalk 總裁兼執行長 Jennifer Bath 博士。

Thank you, Jordan, and good morning, everyone. For transparency, our first quarter results include contributions from our Netherlands operations, which we owned during the period. Six days into the second quarter, we completed the divestiture of those operations generating CAD16.1 million in net proceeds.

謝謝你，喬丹，大家早安。為了透明起見，我們的第一季業績包括了我們在此期間擁有的荷蘭業務的貢獻。第二季開始六天后，我們完成了這些業務的剝離，產生了 1,610 萬加元的淨收益。

Going forward, we will classify results related to these operations as discontinued operations. This sales strengthened our balance sheet and allowed us to concentrate resources on strategic high priority and high-margin initiatives. Against this backdrop, our Q1 performance was exceptionally strong. On a total operations basis, we reported record revenue of CAD7.6 million, up 45% year-over-year.

展望未來，我們將把與這些業務相關的結果歸類為已終止的業務。此次出售增強了我們的資產負債表，使我們能夠集中資源進行戰略性高優先級和高利潤的計劃。在此背景下，我們第一季的表現異常強勁。以總營運數據計算，我們的營收創歷史新高，達到 760 萬加元，年增 45%。

Gross profit rose to CAD4 million, with margins expanding to 53%. Operating loss narrowed to CAD2.7 million. Adjusted EBITDA loss was cut in half year-over-year to CAD1.4 million and net loss improved to CAD3 million.

毛利增至 400 萬加元，利潤率擴大至 53%。營業虧損收窄至270萬加元。調整後的 EBITDA 虧損年減一半至 140 萬加元，淨虧損改善至 300 萬加元。

General and administrative expenses declined underscoring our operational discipline. Cash ended the quarter at CAD5 million plus an additional CAD16.1 million received in proceeds from the divestiture. Importantly, within that performance, continued operations contributed CAD3.2 million in revenue, up 28% year-over-year. This demonstrates that even excluding the Netherlands site, our core bio-native AI platform continues to deliver sustainable results.

一般及行政開支下降，凸顯了我們的經營紀律。本季末現金為 500 萬加元，另外還有資產剝離所得 1,610 萬加元。重要的是，在這一業績中，持續經營貢獻了 320 萬加元的收入，年增 28%。這表明，即使不包括荷蘭站點，我們的核心生物原生 AI 平台仍能繼續提供可持續的成果。

These results give us the foundation to move decisively into our next chapter, our rebranding. The rebranding is much more than a name change. It unifies our legacy companies, ImmunoPrecise Antibodies, BioStrand and Talem under one identity, MindWalk.

這些結果為我們果斷邁向下一篇章——品牌重塑——奠定了基礎。品牌重塑不僅僅是名稱的改變。它將我們的傳統公司 ImmunoPrecise Antibodies、BioStrand 和 Talem 統一在一個品牌下，即 MindWalk。

We also introduced our new ticker, HYFT, or H-Y-F-T, highlighting the foundational role of our hip technology and redefining biologics discovery. Our new identity reflects our evolution into a bio-native AI platform company operating at the intersection of AI, multi-omic data and advanced laboratory research. Inspired by Charles Darwin's daily thinking path, MindWalk embodies the spirit of curiosity and discovery, revealing hidden biological patterns and transforming them into impactable medicines.

我們還推出了新的股票代碼 HYFT 或 H-Y-F-T，強調了我們尖端技術的基礎作用並重新定義了生物製劑的發現。我們的新身分反映了我們向生物原生人工智慧平台公司的演變，該公司在人工智慧、多組學數據和先進實驗室研究的交叉領域開展業務。MindWalk 受到查爾斯達爾文日常思考路徑的啟發，體現了好奇心和探索精神，揭示了隱藏的生物模式並將其轉化為可影響的藥物。

At the core of this transformation is our BioIntelligence ecosystem, integrating bio native AI powered by CAD25 billion proprietary HYFT connections, generating insights for more clinically viable therapies, a multi-omic platform unifying sequence, structure and function and literature to break down silos and enable hyperscale exploration, an advanced lab with a proven track record, over 15 molecules accepted into clinical trials and over a 98% success rate in our B-cell technology, supporting therapeutics diagnostics, vaccines and peptides.

這一轉變的核心是我們的生物智能生態系統，它整合了由價值 250 億加元的專有 HYFT 連接驅動的生物原生人工智能，為更多臨床可行的療法提供見解，一個統一序列、結構和功能以及文獻的多組學平台，以打破孤島並實現超大規模探索，一個擁有良好記錄的先進實驗室，超過 15 種分子治療的成功率超過 15 肽。

This is not only a brand evolution, but it's also a business transformation from primarily wet lab services to a scalable intelligence model platform model. This opens new pathway through Software-as-a-Service, Data-as-a-Service, asset generation and large-scale partnerships.

這不僅是品牌的演變，也是從主要的濕實驗室服務到可擴展智慧模型平台模式的業務轉型。這為軟體即服務、數據即服務、資產生成和大規模合作開闢了新的途徑。

To summarize, our rebrand reflects three milestones, a unified brand identity, IPA BioStrand and Talem are now MindWalk, a business model shift from services to an integrated platform-driven bio-native AI company, a new NASDAQ ticker HYFT, underscoring the role of the HIT technology across our vertical AI stack. With a stronger balance sheet, scalable growth opportunities and a track record of execution, we are confident in our ability to deliver sustainable value for shareholders.

總而言之，我們的品牌重塑反映了三個里程碑：統一的品牌標誌、IPA BioStrand 和 Talem 現在是 MindWalk、從服務到整合平台驅動的生物原生 AI 公司的商業模式轉變、新的納斯達克股票代碼 HYFT，強調了 HIT 技術在我們的垂直 AI 堆疊中的作用。憑藉更強勁的資產負債表、可擴展的成長機會和良好的執行記錄，我們有信心為股東創造可持續的價值。

With that, I'll turn the call over to our Interim CFO, Joseph Scheffler, to review the financials in more detail.

說完這些，我將把電話轉給我們的臨時財務長約瑟夫‧舍夫勒 (Joseph Scheffler)，讓他更詳細地審查財務狀況。

Thank you, Jennifer. As a reminder, the Netherlands operations were divested six days into Q2, generating CAD16.1 million in net proceeds. Beginning this quarter, results from those sites will be classified as a discontinued operation and will no longer contribute to our revenue or expenses going forward.

謝謝你，詹妮弗。提醒一下，荷蘭業務在第二季開始六天後就被剝離，產生了 1,610 萬加元的淨收益。從本季度開始，這些工廠的業績將被歸類為已停止營運的業務，並將不再為我們未來的收入或支出做出貢獻。

Revenue for the first quarter was CAD7.6 million, up 45% year-over-year, driven by both project and product revenue growth. Gross profit improved to CAD4 million or a 53% margin compared to CAD2.4 million or 45% margin last year. Operating loss, excluding amortization and nonrecurring charges, narrowed to CAD2.7 million versus CAD4.2 million a year ago. Adjusted EBITDA loss improved to CAD1.4 million compared to CAD2.8 million last year, reflecting stronger operating leverage.

第一季營收為 760 萬加元，年增 45%，這得益於專案和產品收入的成長。毛利從去年的 240 萬加元或 45% 上升至 400 萬加元或 53%。不包括攤銷和非經常性費用的營業虧損從去年的 420 萬加元收窄至 270 萬加元。調整後的 EBITDA 虧損從去年的 280 萬加元改善至 140 萬加元，反映出更強的營運槓桿。

We also saw progress in expenses. General and administrative costs decreased year-over-year, underscoring our focus on cost discipline. Net loss improved to CAD3 million compared to CAD1 million last year. Sales and marketing increased as we invested in digital campaign to support growth initiatives.

我們也看到了支出的進展。一般和行政成本較去年同期下降，凸顯了我們對成本控制的重視。淨虧損從去年的 100 萬加元改善至 300 萬加元。隨著我們投資數位化活動來支持成長計劃，銷售額和行銷金額都有所成長。

Turning to the balance sheet. We ended the quarter with CAD5 million in cash. Excluding the CAD16.1 million in proceeds from the Netherlands divestiture received post quarter. The stronger capital position enhances flexibility to advance growth opportunities, including Software-as-a-Service, Data-as-a-Service and translational programs, such as our dengue vaccine initiative.

轉向資產負債表。本季末我們的現金為 500 萬加元。不包括本季後從荷蘭資產剝離中獲得的 1,610 萬加元收益。更強大的資本地位增強了推進成長機會的靈活性，包括軟體即服務、數據即服務和轉換計劃，例如我們的登革熱疫苗計劃。

In short, we delivered record revenue, higher margins, disciplined expense control and improved operating results while reinforcing our balance sheet.

簡而言之，我們實現了創紀錄的收入、更高的利潤率、嚴格的費用控制和改善的經營業績，同時增強了我們的資產負債表。

I'll now turn the call back to the operator for Q&A.

我現在將把電話轉回給接線員進行問答。

(Operator Instructions) Our first question comes from the line of Swayampakula Ramakanth.

（操作員指示）我們的第一個問題來自 Swayampakula Ramakanth。

This is RK from H.C. Wainwright. So first of all, congratulations on the divestiture and also the rebranding of the company, which squarely now says that you are kind of an AI tech bio company. So a couple of questions, mostly on the financials of the company. In terms of the CAD4.3 million or so that was outside of the continued operations. What portion of that CAD4.3 million comes from the -- from any products that you continue to carry or also from the AI assets that you currently carry?

這是來自 H.C. Wainwright 的 RK。首先，恭喜公司剝離資產並進行品牌重塑，這明確表明你們是一家人工智慧技術生物公司。所以我有幾個問題，主要是關於公司的財務狀況。就持續經營之外的約 430 萬加元而言。這 430 萬加元中有多少來自——您繼續持有的任何產品，或者您目前持有的人工智慧資產？

Hi RK, thanks for joining us. And I appreciate your question. So regarding the revenue from discontinued operations, and which portion comes from products and services we continue to carry. So actually, there are very few products and services, we do not continue to carry on our full end-to-end spectrum of capabilities.

你好 RK，感謝加入我們。我很感謝您的提問。那麼關於來自停止經營的收入，哪一部分是來自我們繼續提供的產品和服務。因此實際上，很少有產品和服務，我們沒有繼續提供完整的端到端功能。

There's really one service in particular that we currently will not be moving forward and utilizing, but we have several alternatives to that one that for us our alternatives that are preferable from a scientific perspective. That also was not a major cash generator. So with regard to products and services, I think really the main thing that is remaining with that group, which actually was a decent proportion of the revenue and profit margin this last quarter was the off-the-shelf products.

實際上，有一項特定的服務我們目前不會繼續推進和使用，但我們有幾種替代方案，從科學的角度來看，這些替代方案對我們來說是更可取的。這也不是一個主要的現金來源。因此，就產品和服務而言，我認為該集團真正剩下的主要部分，實際上是上個季度收入和利潤率中相當一部分是現成的產品。

And partially why we saw an increase for that for discontinuing ops is we really made a push to make sure that in that first quarter of this year that we got as much of those products out there as possible and that we really focused on rev rec and on billing in order to close those things out under at the time of the IPA name. So there's very little that we're not carrying forward with regard to our ability for products and services.

我們看到停止營運費用增加的部分原因是，我們確實做出了努力，確保在今年第一季我們能夠盡可能地推出這些產品，並且我們真正專注於收入收入和計費，以便在 IPA 名稱下完成這些事情。因此，就我們的產品和服務能力而言，幾乎沒有什麼是我們無法延續的。

And importantly, none of the AI products or services are going with that group. And a physical product that has been made as an asset to the company is retained by us and any service that includes any sort of software, artificial intelligence is housed entirely with the RemainCo.

重要的是，沒有任何人工智慧產品或服務會與該集團合作。作為公司資產製造的實體產品由我們保留，任何包含任何類型的軟體、人工智慧的服務都完全由 RemainCo 保管。

Okay. And then in terms of the gross margin contribution, which is pretty good, especially showing an expansion of about 50-plus percent. How much of that contribution comes from the continued operations? And how should we think about gross margin from here onwards with the continued operations?

好的。就毛利率貢獻而言，這是相當不錯的，尤其是顯示出約 50% 以上的擴張。其中有多少貢獻來自持續營運？那麼，從現在開始，我們該如何考慮持續營運的毛利率呢？

Yes, That's a great question. So first of all, with regard to gross profit, Canada is a relatively strong contributor there, although as previously detailed all of our wet lab sites have been profitable. Canada a little bit more strongly. When it comes to the actual gross profit margin, we definitely have strong gross profit margins coming out of Canada, and as you have seen with BioStrand as well. So BioStrand has historically been pushing over 90% gross profit margins within the company. That's a big focus for us as we continue to go forward and look at the growth of BioStrand relative to the remainder of -- or its contribution overall relative as a percent of overall revenue.

是的，這是一個很好的問題。首先，就毛利而言，加拿大是一個相對較強的貢獻者，儘管如前所述，我們所有的濕實驗室站點都實現了盈利。加拿大稍微強。就實際毛利率而言，我們在加拿大的毛利率確實很高，正如您在 BioStrand 所看到的那樣。因此，BioStrand 公司的毛利率歷來都超過 90%。這是我們關注的重點，因為我們將繼續向前發展，並關注 BioStrand 相對於其餘部分的成長——或其貢獻佔總收入的百分比。

So we didn't see that hit really hard this quarter. You saw a little bit fourth quarter too. We talked a little bit about that. And I think that's an important thing to just touch on briefly here because one of the things that you saw in the fourth quarter that we touched on was a little bit of research and development. And so their products and services, their offerings, their applications and their software all have very, very hefty profit margins.

因此，我們本季沒有看到這種打擊非常嚴重。你也看到了第四季的情況。我們對此進行了一點討論。我認為在這裡簡要談一下這一點很重要，因為我們在第四季度談到的事情之一就是一些研究和開發。因此，他們的產品和服務、產品、應用程式和軟體都具有非常非常高的利潤率。

And when we don't see quite as much of a contribution, one thing to keep in mind is they have offered some slight discounts or research and development in the process of pilot studies and bringing on larger companies. So one thing we didn't include, for instance, today in our commentary with our press release or here in the script is that BioStrand has very recently signed on one of the top 10 pharmaceutical actually as one of our first large software-as-a-service model companies. And in so doing in that initial onboarding, we did some R&D and some discounts with them to get their seats in there and really get them utilizing that Software-as-a-Service.

當我們沒有看到太多貢獻時，要記住的一件事是，他們在試點研究和引入更大公司的過程中提供了一些小額折扣或研發。因此，例如，今天在我們的新聞稿評論中或腳本中沒有提到的一件事是，BioStrand 最近與十大製藥公司之一簽約，實際上是作為我們首批大型軟體即服務模式公司之一。在最初的入職培訓中，我們與他們進行了一些研發並提供了一些折扣，以讓他們加入並真正利用軟體即服務。

So overall, going forward, what are we looking for a gross profit margins. We're looking for real growth. Out of that, we're looking for a stronger contribution from BioStrand overall relative to our total operations and an increasing impact then on our gross profit margin percentage as we continue on forward with these continuing operations.

所以總的來說，展望未來，我們尋求的毛利率是多少。我們正在尋求真正的成長。除此之外，我們希望 BioStrand 在我們的整體營運中做出更大的貢獻，並且隨著我們繼續進行這些持續運營，它對我們的毛利率百分比產生越來越大的影響。

Okay. So two more questions on the operations side of things. So with the dengue vaccine development, what's the strategy going forward? I know you stated that you are starting some preclinical programs. So what's beyond that?

好的。關於營運方面還有兩個問題。那麼登革熱疫苗的研發下一步的策略是什麼？我知道您說過您正在啟動一些臨床前計畫。那麼除此之外還有什麼呢？

Fair question. All right. So what is beyond that? There's a couple of different things. And if you don't mind, I'd like to just start overall with that philosophy because I think that philosophy drives where we're going. The differentiator in this vaccine from our perspective is so incredibly strong. So just to put a little bit of context here, what people typically do in building a vaccine for a virus is really, I think, what many today with our capabilities in AI and in silico technologies in general would otherwise be considered to be incredibly antiquated.

公平的問題。好的。那麼除此之外還有什麼呢？有幾件不同的事情。如果你不介意的話，我想從這個哲學開始，因為我認為這個哲學推動著我們的方向。從我們的角度來看，這種疫苗的差異化非常顯著。因此，在這裡稍微介紹一下背景，我認為，人們在開發病毒疫苗時通常所做的工作，實際上，以我們在人工智慧和電腦技術方面的能力，在今天，通常會被認為是極其過時的。

So if you look at the existing vaccine out there so much respect for Takeda, but across the board with different viruses, we see that an entire virus is used, that's just attenuated, right? So it's no longer causing disease, but you put the entire virus in the individual just to expose them to that. Sometimes we put entire proteins in. And most people experience that during SARS-CoV-2 vaccinations, where the mRNA effectively went in your body and then it was translated into an entire protein.

因此，如果您看一下現有的疫苗，您會發現人們對武田製藥非常尊重，但對於不同的病毒，我們會看到使用了整個病毒，只是減毒了，對嗎？因此它不再引起疾病，但你把整個病毒放入個體體內只是為了讓他們接觸到它。有時我們會放入整個蛋白質。大多數人在接種 SARS-CoV-2 疫苗時都會經歷這種情況，mRNA 會有效地進入體內，然後翻譯成完整的蛋白質。

Problem there is you're exposing the immune system to so many different things it doesn't need to see, so many different things that will not help you instead of being very specific in drilling into the single part that has the highest potential to assist you.

問題在於，你讓免疫系統接觸了太多它不需要看到的不同事物，太多對你沒有幫助的事物，而不是非常具體地深入到最有可能幫助你的單個部分。

So I won't get into how we did that, but that's what we did. And as -- and so you're 100% right, RK. Right now, what we've done is moved into the manufacturing and then the preclinical trials. So what we're looking at with these preclinical trials has very much been shaped by the partners we've been working with and speaking to. And so what we're pulling out of this first round of preclinical trials is basically looking at one arm of the immune system, the humoral arm that generates antibody production. And we're asking ourselves a question, can we generate antibodies in these preclinical trials that have the supporting evidence to show that the vaccine neutralizes the virus.

所以我不會談論我們是如何做到的，但這就是我們所做的。所以 — — 所以你 100% 正確，RK。目前，我們所做的工作是進入製造階段，然後進行臨床前試驗。因此，我們在這些臨床前試驗中所關注的內容很大程度上是由與我們合作和溝通的合作夥伴所決定的。因此，我們從第一輪臨床前試驗中得出的結論基本上是觀察免疫系統的一個分支，即產生抗體的體液分支。我們問自己一個問題，我們能否在這些臨床前試驗中產生抗體，並有證據表明疫苗可以中和病毒。

The next step with that, while, one, certainly being that, we are actually working really close with the NIH, the arm of the NIH that deals with infectious disease and allergies. And this is certainly an area that they have of interest. We actually also have a couple of different partners that we've been speaking with on where to go with these particular results.

下一步，我們確實正在與美國國立衛生研究院（NIH）密切合作，NIH 是 NIH 負責處理傳染病和過敏症的部門。這當然是他們感興趣的領域。事實上，我們也與幾個不同的合作夥伴討論瞭如何實現這些特定的結果。

So a couple of other things that we will be doing, we will be running some safety and tolerability analysis on these products to ensure their safety and tolerability and the translation into humans. We also will be doing something a bit unusual in looking also at the other arm of the immune system instead of just looking at can antibodies prevent a virus from entering a cell.

因此，我們將做其他一些事情，我們將對這些產品進行一些安全性和耐受性分析，以確保它們的安全性和耐受性以及對人類的轉化。我們還將做一些不尋常的事情，觀察免疫系統的另一個方面，而不僅僅是觀察抗體是否可以阻止病毒進入細胞。

We're also asking the question, can we stimulate a specific subset of T cells to go in, hunt down and kill the cells that are already infected. And that would prevent the virus from replicating in those cells and furthering infection. So we're really looking at a very unique approach. So those next steps involved in large part contributions from those partners who are interested in moving this product forward.

我們也在問這個問題，我們能否刺激特定的 T 細胞亞群進入、追捕並殺死已經被感染的細胞。這將阻止病毒在這些細胞中複製並進一步感染。所以我們確實在尋找一種非常獨特的方法。因此，接下來的步驟很大程度上需要那些有興趣推動該產品發展的合作夥伴的貢獻。

In particular, some partners are definitely further analysis in the preclinical stage, but some of these partners, including the NIH, have a much stronger interest in taking this type of a project forward into Phase I clinical trials.

具體來說，一些合作夥伴肯定會在臨床前階段進行進一步的分析，但其中一些合作夥伴，包括 NIH，對將此類計畫推進到第一階段臨床試驗有著更濃厚的興趣。

So for clarity, we are looking to have this move forward into Phase I clinical trials. We're very focused on the partners that are interested in sponsoring it. We ourselves are not looking to fund or sponsor the Phase I clinical trial ourselves. We're only looking to take some of the downstream recognition and capital as that continues to advance.

因此，為了清楚起見，我們希望將其推進到第一階段臨床試驗。我們非常關注有興趣贊助它的合作夥伴。我們自己並不打算資助或贊助第一階段臨床試驗。我們只是希望在業務不斷推進的過程中獲得一些下游的認可和資本。

Okay. And the last question from me. As I would imagine, the whole rebranding is behind trying to ensure yourselves to be seen more like a tech by a company rather than the CMO or CRO, which you had been carrying for so long. So to be true to that, if that's what you're looking to get to, would you be trying to generate an internal pipeline for the company itself to work on? Or is it going to be more of trying to identify partners with whom you can collaborate to help them progress their pipeline. So which direction do you plan to take company forward?

好的。我的最後一個問題。正如我所想像的，整個品牌重塑的目的是試圖確保你們在公司眼中更像是一名技術人員，而不是你們長期以來所扮演的 CMO 或 CRO 角色。所以說實話，如果這就是你想要達到的目標，你會試著為公司本身創造一個內部工作管道嗎？或者說，你是否會嘗試更多地尋找可以與之合作的伙伴，以幫助他們推進其管道建設。那麼您計劃帶領公司朝哪個方向發展呢？

That's a great question. That is a great question because the branding, it just touches so much of what we do and where we're going. And it's true, if we just look at the surface level, this rebranding is about unifying our image because it's been -- it's harder from the outside looking in, when we've got all these different websites, right, to really understand who we are and what we're about. But the short answer to your question is we're absolutely doing both. So one really important thing to touch on, we talked a little bit about in our third quarter is that we have integrated many of these in silico applications into our wet lab.

這是一個很好的問題。這是一個很好的問題，因為品牌與我們所做的事情以及我們要去的地方息息相關。確實，如果我們只從表面來看，這次品牌重塑是為了統一我們的形象，因為當我們擁有所有這些不同的網站時，從外部看，要真正了解我們是誰以及我們是做什麼的就更加困難了。但對你的問題的簡短回答是，我們絕對會同時做這兩件事。因此，需要提及的一件非常重要的事情是，我們在第三季度談到了這一點，那就是我們已經將許多這樣的電腦應用程式整合到我們的濕實驗室中。

With our partners right now that are currently -- again, 19 of the top 20 pharma, we have over 750 active clients. With each of those partners, when they come in to run a therapeutic program with us, it is no longer an option to pick and choose. That in silico component is a part of that program and it's a part of that program because the outputs are so much stronger. When historically, with our competition and in the industry, people have focused on discovery with a little bit of data, right, trying to get a little bit of maybe functional data upfront you hear.

我們目前的合作夥伴包括前 20 家製藥公司中的 19 家，共有超過 750 個活躍客戶。對於每個合作夥伴來說，當他們來與我們一起進行治療計劃時，我們不再需要挑選。這個計算機組件是該程式的一部分，並且它之所以是該程式的一部分，是因為輸出非常強大。從歷史上看，在我們的競爭和行業中，人們一直專注於透過少量數據進行發現，對吧，試圖預先獲取一些可能的功能性數據。

We certainly started talking about that pretty early on, and then you saw just kind of take off an industry, everybody going and talking about function first or function forward, right, kind of jumping on to what we were doing early on. The reality is today, you can go into the discovery component of a campaign and you can say, you know what? I'm not going to spend two years learning everything about it, tell me which ones will develop well, which ones are going to be safe? Start with CAD200,000 for all we care, ask every question you need to ask in the first week and then move forward with the best candidates.

我們很早就開始談論這個問題了，然後你會看到這個行業開始起飛，每個人都在談論功能優先或功能前進，對吧，有點像是在跳到我們早期所做的事情上。現實情況是，今天，你可以進入活動的發現部分，然後你可以說，你知道嗎？我不會花兩年時間去學習所有關於它的知識，告訴我哪些會發展得很好，哪些會是安全的？我們關心的是從 200,000 加元開始，在第一周內提出您需要問的每一個問題，然後再與最佳候選人一起前進。

And that's why we're not giving people the option anymore. That integration is imperative to making better drugs without increasing the risk, without making dramatic increases to the cost, they are simply more successful when they're data-driven. And so this is definitely a part of that integration. We want our clients to understand the importance of moving along with technologies that can be life changing for these technologies.

這就是為什麼我們不再給人們選擇。這種整合對於製造更好的藥物至關重要，既不會增加風險，也不會大幅增加成本，而且當它們以數據為驅動時，它們會更加成功。所以這絕對是整合的一部分。我們希望我們的客戶能夠理解與能夠改變生活的技術同步發展的重要性。

To your question, though, on partnerships, too, I do want to point out, it also enables the conversations with technology companies, hardware companies as well as these pharmaceutical companies to help them understand what our real differentiator is, right? So we don't want with regard to those initial partnerships discussions, people are getting lost in the services.

不過，對於您關於合作夥伴關係的問題，我也想指出，它還可以使與技術公司、硬體公司以及製藥公司的對話能夠幫助他們了解我們真正的區別是什麼，對嗎？因此，我們不希望人們在最初的合作討論中迷失於服務。

We provide solutions, but at the heart of that is the HYFT technology with LensAI, we want those technology partners to be wide aware of that. And I think from an investor perspective, that is such an important thing for people to focus on right now, watch for fact, watch for these partnerships for people who really see this rebranding, which again, is in its infancy here, this is our soft rollout. This is really going to ramp over the next couple of months.

我們提供解決方案，但其核心是採用 LensAI 的 HYFT 技術，我們希望那些技術合作夥伴能夠充分意識到這一點。我認為從投資者的角度來看，這是人們現在需要關注的重要事情，關注事實，關注這些合作夥伴關係，對於那些真正看到這種品牌重塑的人來說，這還處於起步階段，這是我們的軟推出。在接下來的幾個月裡，這種情況將會愈演愈烈。

It's definitely thanks to, obviously, our Head of Sales, Lori Anderson, She's doing an amazing job there. But it's already garnering intra. People are seeing it and turning their heads and it's starting and enabling a lot of new conversations. So I would definitely watch for that.

這顯然要感謝我們的銷售主管 Lori Anderson，她在那裡做得非常出色。但它已經獲得了內部認可。人們看到它並轉過頭去，它開始並促成了許多新的對話。所以我肯定會關注這一點。

But lastly, RK, your question about internal products. Once we saw what we were able to do, especially in the vaccine space, of course, we have some therapeutics too. But in this vaccine space with regard to those patterns, when we realized there was one, what we call a strict HYFT pattern that would be the fundamental pattern that was likely the original pattern, the optimized pattern that tells us what the function of a molecule is.

但最後，RK，你的問題是關於內部產品的。一旦我們看到我們能夠做什麼，特別是在疫苗領域，當然，我們也有一些治療方法。但在疫苗領域中，就這些模式而言，我們意識到存在著一個我們稱為嚴格的 HYFT 模式的模式，它可能是基本模式，可能是原始模式，是最佳化模式，可以告訴我們分子的功能。

When we realize there was one strict HYFT pattern for every single virus for us, this was a game changer. That has continued to bear fruit. We are addressing some additional targets. This is not a lofty expenditure for us. But it is something where we feel very strongly after watching these results literally 100 different pages of data results turning off with the dengue vaccine, we do believe it is such a major differentiator that it is imperative for us to move a few others forward so that people can see what a differentiator this is.

當我們意識到對我們來說每一種病毒都有嚴格的 HYFT 模式時，這就改變了遊戲規則。這項舉措已持續取得成果。我們正在解決一些額外的目標。對我們來說這並不是一筆高昂的開銷。但在看到這些結果後，我們強烈感受到，在登革熱疫苗方面，實際上有 100 頁不同的數據結果，我們確實認為這是一個重大的區別因素，我們必須推動其他一些研究的進展，以便人們能夠看到這是一個多麼大的區別因素。

So in summary, you'll be seeing both. You'll be seeing the full integration. You'll be seeing this enhancing partnership work. I would watch for partners very specifically interested in what this technology is capable of and then internal platform product development as well.

總而言之，您將會看到兩者。您將看到完整的整合。您將會看到這種加強的夥伴關係正在發揮作用。我會關注對這項技術的功能特別感興趣的合作夥伴，然後關注內部平台產品開發。

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

謝謝您的提問。現在我將把電話交還給我們的執行長珍妮佛·巴斯博士，請她做最後發言。

Thank you very much, Jordan. So to conclude, this was a strong first quarter for MindWalk. On a total operations basis, we achieved record revenue, expanded gross margins and delivered meaningful improvements across operating loss, adjusted EBITDA and net loss.

非常感謝，喬丹。總而言之，對於 MindWalk 來說，這是表現強勁的第一季。從整體營運來看，我們實現了創紀錄的收入，擴大了毛利率，並在營業虧損、調整後 EBITDA 和淨虧損方面取得了顯著改善。

Our continued operations also grew by 28% year-over-year, underscoring the strength of our bio-native AI platform. Strategically, we sharpened our focus through the Netherlands divestiture, fortified our balance sheet with CAD16.1 million in proceeds and completed the soft launch of our rebranding to MindWalk, uniting our legacy businesses under one identity. We advanced our dengue vaccine initiative into preclinical manufacturing and further validated LensAI demonstrating its ability to derisk biologics development.

我們的持續經營業務也較去年同期成長了 28%，凸顯了我們生物原生 AI 平台的實力。從戰略上講，我們透過荷蘭資產剝離來加強我們的重點，透過 1,610 萬加元的收益來增強我們的資產負債表，並完成了我們更名為 MindWalk 的試運行，將我們的傳統業務統一在一個身份之下。我們將登革熱疫苗計劃推進到臨床前生產階段，並進一步驗證了 LensAI 降低生物製劑開發風險的能力。

With a stronger capital base, a scalable platform and a proven ability to execute, we are confident in our trajectory, and we remain committed to creating long-term value for our shareholders. Thank you.

憑藉更強大的資本基礎、可擴展的平台和經過驗證的執行能力，我們對自己的發展軌跡充滿信心，並將繼續致力於為股東創造長期價值。謝謝。