ImmunoPrecise Antibodies Ltd (IPA) (NASDAQ: IPA), a biotherapeutics research and technology company utilizing artificial intelligence, has reported its financial results for the first quarter of fiscal 2025, ending July 31, 2024. All figures are presented in Canadian dollars (CAD) unless stated otherwise.
Dr. Jennifer Bath, President and CEO of ImmunoPrecise Antibodies (IPA), highlighted the company’s progress in end-to-end in silico antibody engineering for challenging targets. “Our advanced computational capabilities have accelerated R&D and significantly reduced costs compared to traditional methods,” she said. “Two of our three wet labs reported strong double-digit revenue growth this quarter, demonstrating the effectiveness of our strategy. The third site focused on inventory replenishment to support future sales of higher-margin products. This balanced approach, combined with sound operational decisions, strengthens our competitive edge and commitment to long-term value creation.”
Highlights and Latest News
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 revenue of CAD $5.3 million. Two of its three sites showed notable double-digit year-over-year growth, while the API protein manufacturing site experienced a decline due to strong previous-year performance and inventory adjustments. This strategic balance highlights IPA’s commitment to growth and future profitability, reinforcing its market position.
BioStrand is growing revenues through its LENS ai platform, offering paid solutions and developing commercial products for IPA’s extensive customer base. A recent breakthrough involved using computational simulations to develop antibodies targeting a protein in the tumor microenvironment, a significant achievement given the complexity and lack of prior structural data. BioStrand is accelerating the deployment of these solutions, aiming to lead in computational drug discovery and explore new revenue streams.
BioStrand is also making strides in developing applications for AWS Marketplace, enhancing visibility and growth opportunities for its AI-driven SaaS solutions.
In partnership with Talem Therapeutics, BioStrand is enhancing Talem’s therapeutic assets using its LENS ai software suite, expected to improve asset market readiness and value. Further details on these enhancements will be shared soon.
Financial Results for Q1 Fiscal 2025
- Revenue: CAD $5.3 million, compared to CAD $5.7 million in Q1 FY 2024. Project revenue was CAD $4.9 million, including IPA’s B Cell Select® and LENS ai platforms, down from CAD $5.2 million. Product sales and cryogenic storage revenue were CAD $0.4 million, compared to CAD $0.5 million.
- R&D Expenses: CAD $1.6 million, up from CAD $0.9 million due to increased spending on the LENS ai platform.
- S&M Expenses: CAD $0.7 million, down from CAD $1.1 million due to reduced equity-based spending and cost savings from synergistic sales efforts.
- General and Administrative Expenses: CAD $4.2 million, compared to CAD $4.0 million.
- Net Loss: CAD $4.0 million, or CAD (0.15) per share, compared to CAD $3.4 million, or CAD (0.14) per share in Q1 FY 2024.
- Cash: CAD $4.0 million as of July 31, 2024, down from CAD $6.8 million on July 31, 2023.
Conference Call and Webcast
A conference call and live webcast to discuss these results and provide a business update will be held on Monday, September 16, 2024, at 10:30 a.m. Eastern Time.
