On July 29, 2025 ImmunoPrecise Antibodies Ltd. ("IPA", "Company", "we" or "us") (NASDAQ: IPA), a bio-native AI company operating at the intersection of TechBio and next-generation drug discovery, reported its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted (Press release, ImmunoPrecise Antibodies, JUL 29, 2025, View Source [SID1234654598]).
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Financial Highlights:
•
Achieved record revenue for Fiscal Year 2025 of $24.5 million
•
Delivered highest-ever fourth quarter revenue of $7.0 million
•
Reported record fourth quarter Adjusted EBITDA of ($0.3) million, reflecting improved operating efficiency
•
Achieved fourth quarter gross margin of 64%, representing strongest margin performance since Q3 of Fiscal Year 2021
•
BioStrand segment grew over 180% in Fiscal year 2025 and had gross margins approaching 90%
•
BioStrand currently represents over 5% of total annual revenue this year, up from less than 2% in Fiscal Year 2024
Recent Corporate Highlights:
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The Company’s LENSai platform demonstrated that its in silico epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—delivering structural insights in hours instead of weeks.
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An important breakthrough using the Company’s HYFT-powered LENSai platform, as it identified a highly conserved epitope across all four dengue virus serotypes, a key milestone toward developing a potential universal dengue vaccine. Subsequently announced in silico data supporting the vaccine candidate’s safety and its ability to activate a balanced immune response.
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IPA’s AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company’s HYFT-driven LENSai platform.
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Entered into a strategic USD $8M – 10M partnership with a biotechnology company focusing on advancing the discovery and development of Antibody-Drug Conjugates and bispecific antibodies for the cancer treatment.
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Realigned internal R&D strategy to focus on launching an AI-powered therapeutic pipeline, reinforcing IPA’s shift toward a bio-native AI drug discovery model.
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ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), who is evaluating the antibody asset for bispecific tumor-targeting.
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Successfully engineered antibodies in silico to a challenging tumor target using LENS, advancing IPA’s vision for accessible, next-gen therapeutics.
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Appointed industry veteran Jon Lieber to its Board of Directors, bringing over 30 years of strategic leadership across biotech, capital markets, and public company governance, further strengthening IPA’s financial oversight and commercial execution.
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Named Jeff Fried, a recognized healthcare data visionary, to its Advisory Board. Fried has played a key role in advancing IPA’s AI platform capabilities, particularly the integration of vector search to support large-scale, AI-driven discovery within LENSai ecosystem.
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Regained compliance with Nasdaq minimum bid price requirement, reflecting strengthened investor confidence and continued alignment with strategic listing standards.
"Fiscal 2025 was a record-setting year for IPA across multiple dimensions," said Dr. Jennifer Bath, ImmunoPrecise Antibodies CEO. "We delivered our highest-ever annual and fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in recent years, with a loss of only $316,000. This reflects our continued progress toward profitability while accelerating innovation through our HYFT-powered LENSai platform. Our BioStrand segment alone grew by more than 180% in Fiscal 2025, highlighting the strength of our AI-driven pipeline. These results underscore the growing commercial validation of our technology, our strategic collaborations, and our ability to deliver real-world impact through next-generation antibody discovery and therapeutic design."
"As we look ahead to the next fiscal year, we are well-positioned to build on our momentum. We are poised to refocus our business on our AI-based product development utilizing our LENSai platform, powered by our HYFT technology. We anticipate the near-term completion of the previously announced divestiture of our Dutch subsidiary, as part of our continued focus on streamlining operations and aligning resources with strategic priorities. Together, these strategic steps will sharpen our focus, strengthen our core capabilities, and set the stage for an even brighter future for IPA," concluded Dr. Bath.
Fourth Quarter 2025 Financial Results
Revenue for the three months ended April 30, 2025, was $7.0 million, representing an 8% increase compared to $6.5 million for the same period in 2024. This growth was primarily driven by a $0.6 million increase in project revenues.
Gross profit for the three months ended April 30, 2025, was $4.5 million, up from $3.1 million in the same period last year. Gross margin rose sharply to 64%, compared to 48% in the same period in 2024. This improvement was driven, in part, by a greater contribution from high-margin BioStrand revenues.
Research and development ("R&D") expenses totaled $1.1 million, down from $1.3 million in the prior-year quarter, due to reallocating project-related R&D efforts to cost of sales.
Sales and marketing expenses increased to $1.0 million, compared to $0.9 million in the same period last year, due to an increase in digital campaign expenses.
General and administrative expenses declined to $3.7 million from $4.1 million, driven by ongoing cost control efforts.
Operating loss, excluding amortization and non-recurring charges, improved significantly to $1.4 million, compared to $3.2 million in the fourth quarter of Fiscal Year 2024.
Net loss narrowed to $2.2 million, a marked improvement from a net loss of $17.6 million in the same quarter last year, which included a $15 million non-cash impairment charge related to BioStrand’s goodwill and intangible assets.
Adjusted EBITDA loss improved to $0.3 million, compared to a loss of $1.7 million in the fourth quarter of Fiscal Year 2024, reflecting improved gross profits and enhanced operating efficiency.
Full Year 2025 Financial Results
Revenue for Fiscal Year 2025, was $24.5 million, up slightly versus $24.5 million in Fiscal Year 2024.
Gross Profit for Fiscal Year 2025 was $13.5 million, a 12.4% increase compared to $12.1 million in Fiscal Year 2024. Gross margin expanded by 600 basis points to 55%, up from 49% in the prior year. This margin improvement was driven by a greater revenue contribution from the high-margin BioStrand segment, coupled with an increased focus on cost efficiencies.
Research and development expenses were $4.9 million in Fiscal Year 2025, up from $4.0 million in Fiscal Year 2024, reflecting increased investment in R&D activities within the BioStrand segment.
Sales and marketing expenses were $4.3 million in Fiscal Year 2025, compared to $3.5 million in Fiscal Year 2024, reflecting increased spending on advertising related to digital campaign expenses.
General and administrative expenses totaled $14.7 million in Fiscal Year 2025, down from $15.6 million in Fiscal Year 2024, reflecting the Company’s continued focus on operational efficiency and cost discipline.
Operating loss in Fiscal Year 2025, excluding amortization and non-recurring charges, improved to $10.4 million, compared to $11.1 million in Fiscal Year 2024.
Net loss in Fiscal Year 2025 was $30.2 million, or $(0.91) per share on a basic and diluted basis, compared to a net loss of $26.1 million or $(1.02) on a basic and diluted basis in Fiscal Year 2024.
Total cash, cash equivalents, and marketable securities, including restricted cash, were $10.8 million as of April 30, 2025.
The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below:
Three Months Ended
April 30,
Year Ended
April 30,
(in thousands)
2025
$
2024
$
2025
$
2024
$
Net loss
(2,161
)
(17,610
)
(30,234
)
(26,115
)
Income taxes
261
(1,214
)
(4,033
)
(2,588
)
Amortization and depreciation
913
1,579
5,119
5,735
Accretion
2
4
10
19
Asset impairment charge
—
15,031
21,184
15,031
Foreign exchange realized gain (loss)
(33
)
18
(5
)
142
Interest expense
209
323
948
849
Interest and other income
(3
)
3
283
(23
)
Unrealized foreign exchange loss (gain)
443
(65
)
594
(86
)
Share-based expense
53
237
445
1,535
Adjusted EBITDA
(316
)
(1,694
)
(5,689
)
(5,501
)
*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.
Conference Call and Webcast Details
The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Friday, July 29, 2025, at 10:30AM ET.
The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s IR pages at View Source
***Participant Dial-In Details***
Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name.
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USA – Toll-Free (800) 715-9871
Canada – Toll-Free (800) 715-9871
***Webcast Details***
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Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.
Anyone listening to the call is encouraged to read the company’s periodic reports available on the company’s profile at www.sedarplus.com and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports.