ImmunoPrecise Antibodies Ltd. (NASDAQ: IPA), an AI-driven biotherapeutics research and technology company, has announced its financial results for the first quarter of fiscal 2025, ending on July 31, 2024. All figures are reported in Canadian dollars (CAD) unless stated otherwise.
“Our innovative work in end-to-end in silico antibody engineering for challenging targets has yielded exceptional results,” said Dr. Jennifer Bath, President and CEO of IPA. “Leveraging our advanced computational capabilities, we have accelerated R&D and reduced costs significantly compared to traditional methods. Two of our three wet labs posted double-digit revenue growth this quarter, reflecting our strategic approach. The third site focused on restocking inventory to support future sales of higher-margin products. This balance between immediate growth and future profitability showcases our commitment to long-term value creation. Combined with sound operational decisions, our innovative antibody development techniques provide a competitive edge in this dynamic market. We are confident this strategy will drive sustainable growth and shareholder value in the coming quarters.”
Business Highlights
ImmunoPrecise continues to advance its AI-driven antibody drug discovery platforms, expand its global customer base, and drive operational efficiencies. For the quarter ending July 31, 2024, the company reported revenues of CAD 5.3 million, with two of its three sites achieving double-digit year-over-year growth. The API protein manufacturing site saw a decline due to an exceptionally strong prior-year performance and efforts to replenish inventory for higher-margin products. This balanced approach of immediate growth and strategic planning underscores the company’s commitment to long-term value creation in the competitive antibody market.
BioStrand Progress:
BioStrand continues to grow revenue through its LENS ai platform, offering paid solutions and developing commercial products for IPA’s customer base of over 600 companies. Notably, BioStrand achieved a significant breakthrough by developing antibodies entirely through computational simulations, targeting a protein in the tumor microenvironment. This complex environment lacked prior structural data, making the achievement especially noteworthy. BioStrand is now accelerating the deployment of in silico antibody engineering solutions, positioning itself at the forefront of computational drug discovery—a rapidly expanding market with potential new revenue streams.
AWS Marketplace Initiative:
BioStrand is progressing on developing applications for AWS Marketplace, a global platform enabling partners to leverage Amazon Web Services’ technologies and expertise. This platform increases BioStrand’s visibility to a broad customer base, offering new opportunities for growth and collaboration while delivering AI-driven SaaS solutions.
Talem Therapeutics Collaboration:
BioStrand has partnered with Talem Therapeutics to enhance Talem’s lead therapeutic assets using the LENS ai software suite, which includes over 80 in silico applications. This collaboration aims to improve the data quality and value of these assets, refining lead candidates to enhance their market readiness and commercial potential. Further details on the enhanced assets will be announced soon.
Financial Results for Q1 FY 2025
- Revenue: Total revenue was CAD 5.3 million, down from CAD 5.7 million in Q1 FY 2024. Project revenue, including IPA’s proprietary B Cell Select® and LENS ai platforms, generated CAD 4.9 million compared to CAD 5.2 million in the prior year. Product sales and cryogenic storage revenue totaled CAD 0.4 million, down from CAD 0.5 million in Q1 FY 2024.
- Research and Development (R&D) Expenses: R&D expenses increased to CAD 1.6 million from CAD 0.9 million in Q1 FY 2024, reflecting higher spending on the development of the LENS ai platform.
- Sales and Marketing (S&M) Expenses: S&M expenses decreased to CAD 0.7 million from CAD 1.1 million in Q1 FY 2024, due to lower equity-based spending and cost savings from synergistic sales efforts.
- General and Administrative Expenses: General and administrative expenses rose slightly to CAD 4.2 million, compared to CAD 4.0 million in Q1 FY 2024.
- Net Loss: IPA reported a net loss of CAD 4.0 million, or CAD (0.15) per basic and diluted share, compared to a net loss of CAD 3.4 million, or CAD (0.14) per share in the prior year.
- Cash Position: The company held CAD 4.0 million in cash as of July 31, 2024, down from CAD 6.8 million the previous year.
ImmunoPrecise remains confident that its AI-driven strategies, combined with operational efficiencies, will continue to drive growth and shareholder value in future quarters.
