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IPA has reported four consecutive quarters of increased revenue.
Victoria, British Columbia, March 14, 2024–(BUSINESS WIRE)–IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the “Company” or “IPA”) (NASDAQ: IPA), an artificial intelligence-driven biotherapeutics research and technology company, today announced its third quarter financial results. I have reported the results. For the fiscal year 2024 (“FY24”) period ended January 31, 2024.
“ImmunoPrecise Antibodies proudly reports record revenues for the fourth consecutive quarter, reflecting our commitment to meeting the growing needs of both new and existing customers through our comprehensive antibody discovery and development services. These services are designed to effectively reduce risk, cost and time as they relate to advancing safe and effective treatments into clinical trials. Key drivers of this revenue increase include enhanced manufacturing facility capacity with our B Cell Select® platform and the additional support of our VHH antibody discovery technology,” said Jennifer Barth, Ph.D. Masu. IPA Representative Director and President.
She further added, “To this point in fiscal 2024, our cash burn has decreased significantly. At the end of the third quarter of fiscal 2023, cash burn was $19.4 million. At the time, this is $19.4 million,” he added. This figure does not include the funds received from the December 2023 initial public offering. This reduction in cash burn is the result of both revenue growth and strategic cost management efforts, even as we continue to invest in AI technology. Provide better service to customers.
One of our subsidiaries, BioStrand, has started generating revenue from projects powered by LENS.ai™ We are leveraging technology to further develop and launch LENS.love Portals and SaaS platforms. Meanwhile, Talem Therapeutics is focused on leveraging strategic partnerships to drive revenue through license-out opportunities, which also increases contract research revenue and creates new opportunities for BioStrand.
Overall, the successful implementation of our strategy has resulted in consistent revenue growth, reduced operating costs, and strategic advancement. This confirms our commitment to operational excellence and dedication to supporting our clients. ”
Business highlights and latest company information
IPA’s strategy to provide comprehensive services for antibody discovery and development is steadily delivering tangible results. In recent quarters, the Company recorded record revenues of $6.2 million and $18.1 million for the three and nine months ended January 31, 2024, respectively. These numbers represent increases of 20.3% and 20.0% compared to revenue of $5.2 million and $15.0 million for the same period in fiscal 2023. This is the third consecutive quarter that the company has experienced year-over-year revenue growth of approximately $1. a million. Specifically, year-to-date, IPA Canada’s laboratory revenue has increased by 27%, and its Utrecht, Netherlands manufacturing facility has increased revenue by 32%, reinforcing its expansion strategy to meet customer needs.
BioStrand generates service fee income through LENSlove We are developing commercial products that meet the needs of IPA’s customer base of over 600 companies. During the third quarter of 2024, BioStrand will in silico A service called epitope binning. It can be accessed by existing clients as well as standalone programs. This progress is an important step towards the future development of his LENS.love Following the portal to all IPA clients, BioStrand’s comprehensive SaaS platform is now generally available.
The reduction in our R&D spending reflects our previous investment in developing our in-house therapeutic Talem assets, which are now in the next stage of revenue generation and primarily responsible for the R&D of BioStrand. . Efforts are underway to pursue licensing-out opportunities for his Talem assets developed in-house. At the same time, our marketing partnerships are increasing revenue in contract research and creating new opportunities at BioStrand.
We recently entered into a sales agreement with Clear Street as our sales agent for an “at the market” offering program, which allows us to offer and sell our common stock from time to time.
Financial results for the third quarter of fiscal year 2024
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Revenue: Total revenue was $6.2 million, compared to second quarter fiscal 2023 (“FY23”) revenue of $5.2 million. Project revenues generated $5.8 million, including his $200,000 in work completed by BioStrand. This compares to $4.8 million in the third quarter of fiscal 2023. Product sales and cold storage revenue was $0.4 million compared to $0.4 million in the third quarter of 2023.
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Research and development (R&D) costs: Research and development expenses were $1.0 million compared to $1.6 million in the third quarter of 2023, reflecting lower spending related to the build-out of internal therapeutic Talem assets.
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Net loss: Net loss was $2.9 million, or $(0.11) per share on an underlying and diluted basis. Comparatively, net loss for the third quarter of 2023 was $4.7 million, or $(0.19) per share on an underlying and diluted basis.
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Liquidity: Total unrestricted cash was $6.2 million as of January 31, 2024, compared to $6.0 million as of October 31, 2023.
*Unless otherwise stated, prices are expressed in Canadian dollars.
Conference call and webcast details
The Company will host a live conference call and webcast to discuss these results and provide a company update on Thursday, March 14, 2024 at 10:30 a.m. ET.
The conference call will be webcast live and can be replayed via the link in the Events section of our Investor Relations page (https://ir.ipatherapeutics.com/events-and-presentations/default.aspx).
***Participant dial-in details***
Participants call one of the assigned dial-in numbers (below) and provide either the conference ID 9236374 or the conference name to the operator.
North America Toll Free: (888) 550-5658
North American phone number: (646) 960-0289
International phone number: +1(646) 960-0289
***Webcast details***
Participant URL:
https://events.q4inc.com/attendee/157226149
About ImmunoPrecise Antibodies Ltd.
ImmunoPrecise Antibodies Ltd. has multiple subsidiaries in North America and Europe, including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd., and ImmunoPrecise Antibodies (Europe) BV (collectively, the “IPA Family”). Contains. The IPA family is a biotherapeutic research and technology group that leverages systems biology, multi-omics modeling, and complex artificial intelligence systems to support unique technologies in bioplatform-based antibody discovery. Services include the discovery, development, and out-licensing of highly specialized full-continuum therapeutic biologics to support business partners in discovering and developing novel biologics against the most challenging targets. For more information, please visit www.ipatherapeutics.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements often include statements such as “may,” “plan,” “expects,” “does not expect,” “is expected,” “estimates,” “intends,” “unexpected”, “does not believe”, or variations of such words or phrases, or “that a particular action, event, or result “might” occur. , “may,” “would,” “might,” or “will” or “will” occur. achieved. Forward-looking statements contained in this news release include statements regarding our financial performance, licensing-out and new customer opportunities, strategic partnerships, expansion strategies, effectiveness and integration of new services and products, and our capabilities. Including, but not limited to: To create long-term value for customers. With respect to the forward-looking statements contained herein, IPA provides such statements based on certain assumptions that management believed to be reasonable at the time.
Forward-looking statements involve known and unknown risks, uncertainties, and future results expressed or implied by the forward-looking statements, whether the actual results, performance, or achievements described herein are subject to known or unknown risks and uncertainties; There are other factors that may cause actual performance and results to differ materially. Actual results will depend on a number of factors and risks, including those discussed in the Company’s Annual Information Form dated July 10, 2023 (which can be viewed on the Company’s SEDAR+ profile at www.sedarplus.ca). may differ significantly from what is currently expected. and the Company’s Annual Report on Form 40-F dated July 10, 2023 (available on the Company’s EDGAR profile at www.sec.gov/edgar). If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results, performance or achievements may be affected by this news. The forward-looking statements contained in this release may differ materially from those expressed or implied. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. The forward-looking statements contained in this news release are made as of the date of this release and, therefore, may change after that date. We undertake no obligation to update or revise any forward-looking statements, whether written or oral, that may be made by us or on our behalf from time to time, except as required by applicable law.
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