Core Viewpoint - ImmunoPrecise Antibodies Ltd. (IPA) has received a Zacks Rank 2 (Buy) upgrade due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is primarily based on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The Zacks rating upgrade for ImmunoPrecise Antibodies reflects a positive outlook on its earnings, which could positively affect its stock price [4]. Impact of Earnings Estimates on Stock Prices - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors utilize earnings estimates to determine the fair value of a company's shares, influencing their buying or selling actions, which in turn affects stock prices [5]. Business Improvement Indicators - Rising earnings estimates and the Zacks rating upgrade suggest an improvement in ImmunoPrecise Antibodies' underlying business, which may lead to higher stock prices as investors respond positively [6]. Earnings Estimate Revisions - ImmunoPrecise Antibodies is projected to earn -$0.17 per share for the fiscal year ending April 2025, reflecting a year-over-year change of 78.2% [9]. - Over the past three months, the Zacks Consensus Estimate for ImmunoPrecise Antibodies has increased by 37%, indicating a positive trend in earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade of ImmunoPrecise Antibodies to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [11].

Financial Data and Key Metrics Changes - For Q3 2025, ImmunoPrecise Antibodies generated CAD 6.2 million in revenue, consistent with the same quarter last year, indicating stable performance across wet lab operations [44] - BioStrand reported CAD 0.6 million in revenue for Q3, contributing to a year-to-date revenue exceeding CAD 1 million with a gross profit margin of 97% [44][11] - Operating expenses totaled CAD 27.8 million, primarily due to a non-cash impairment charge of CAD 21.2 million related to BioStrand's intangible assets [45] - The net loss for the quarter was CAD 21.5 million or CAD 0.66 per share, while the net loss pre-impairment was CAD 2.9 million or CAD 0.09 per share [47] Business Line Data and Key Metrics Changes - The percentage of antibody discovery projects aimed at therapeutic ends increased from 19% to 48% year-over-year at the main wet lab discovery site in Canada, indicating a shift towards higher revenue potential services [10] - BioStrand achieved a remarkable 131.8% year-over-year revenue increase, significantly impacting the financial trajectory of the company [11] Market Data and Key Metrics Changes - The demand for therapeutic applications is rapidly growing, with a notable increase in projects aimed at therapeutic ends [10] - The biotech industry has faced significant capital constraints, with 41 biotech companies filing for bankruptcy in 2023, highlighting the challenging market environment [16] Company Strategy and Development Direction - The company has secured a strategic partnership valued at USD 8 million to USD 10 million, leveraging proprietary B-cell select technology and AI-driven capabilities [8] - A strategic partnership with RIBOPRO was established to integrate messenger RNA and LNP technologies, focusing on AI-designed GLP-1 therapeutics for diabetes [9] - The company is realigning its pipeline strategy and has revealed multiple ADC lead candidates with tumor-killing capabilities [9] - The relocation of the corporate headquarters to Austin, Texas, aims to expand the US footprint in a thriving AI and biotech ecosystem [8] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining a contingency funding model to navigate the challenging market environment and avoid financial pitfalls [18] - The company is entering the next quarter in a more focused and financially disciplined position, with a leaner structure and validated AI economics [48] - The integration of AI into wet lab capabilities is expected to enhance service offerings and profit margins [60] Other Important Information - The company successfully raised CAD 12.2 million through its At-the-Market facility, strengthening its financial position [47] - The full conversion of the Yorkville debenture has eliminated dilution risk and positioned the company for growth initiatives from a clean financial foundation [16] Q&A Session Summary Question: Details on the recent USD 8 million to USD 10 million deal - The initial purchase order was USD 8 million, with potential expansion to USD 10 million for additional engineering and optimization [55] - The expected timeline for the project is 18 months, with revenue drawn down weekly based on work completed [56] Question: Expectations for additional partnerships or collaborations - The company is incentivizing its team to focus on multi-site, multi-target programs, indicating a shift in how offerings are structured [62] Question: Impact of collaboration with Vultr on margins - The collaboration specifically benefits AI programs requiring significant GPU usage, leading to faster execution and cost efficiencies [70] Question: Cost implications post-European divestiture - Overall operating costs will be significantly lower post-divestiture, as European operations were more expensive than North American ones [76]

Exhibit 99.2 IMMUNOPRECISE ANTIBODIES LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and nine months ended January 31, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) IMMUNOPRECISE ANTIBODIES LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian dollars) | | | January 31, | April 30, | | --- | --- | --- | --- | | | | 2025 | 2024 | | (in thousands) | Note | $ | $ | | ASSETS | | | | | Current assets | | | | | Cash | | 12,915 | ...

Financial Data and Key Metrics Changes - For Q3 2025, the company generated CAD 6.2 million in revenue, consistent with the same quarter last year, indicating stable performance across wet lab operations [44] - BioStrand achieved CAD 0.6 million in revenue for the third quarter, contributing to a year-to-date revenue exceeding CAD 1 million and a gross profit margin of 97% [44] - Operating expenses totaled CAD 27.8 million, primarily due to a non-cash impairment charge of CAD 21.2 million related to BioStrand's intangible assets [45] - The net loss for the quarter was CAD 21.5 million, or CAD 0.66 per share, while the net loss excluding impairment was CAD 2.9 million, or CAD 0.09 per share [46][47] - Cash reserves increased to CAD 12.9 million from CAD 3.5 million at the end of fiscal year 2024, bolstered by an equity raise and the conversion of the Yorkville debenture [47] Business Line Data and Key Metrics Changes - The percentage of antibody discovery projects aimed at therapeutic applications increased from 19% to 48% year-over-year at the main wet lab discovery site in Canada, highlighting a shift towards higher revenue potential services [10] - BioStrand's revenue increased by 131.8% year-over-year, showcasing significant growth and high profitability [10] Market Data and Key Metrics Changes - The company has successfully secured a strategic partnership valued at USD 8 to 10 million with a leading biotech firm, enhancing its market position and revenue potential [7][26] - The demand for therapeutic applications is rapidly growing, with a notable increase in projects aimed at therapeutic ends [10][101] Company Strategy and Development Direction - The company has realigned its pipeline strategy, focusing on a new therapeutic development pipeline and revealing multiple ADC lead candidates [8] - A strategic partnership with RivalPro was established to integrate messenger RNA and LNP technologies, indicating a focus on innovative therapeutic solutions [7] - The relocation of the corporate headquarters to Austin, Texas, aims to expand the company's footprint in a thriving AI and biotech ecosystem [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the significant capital constraints faced by the biotech industry, with 41 companies filing for bankruptcy in 2023, emphasizing the company's proactive financial strategies to avoid similar pitfalls [16][17] - The company is entering the next quarter in a more focused and financially disciplined position, with a validated AI economics model and strong partner momentum [48] Other Important Information - The company is actively evaluating additional non-dilutive funding mechanisms and strategic asset realignment, including a potential divestiture of select European operations [48] - A major commercial milestone was achieved with a strategic partnership for next-generation cancer therapeutics, structured as an all-cash contract [26][27] Q&A Session Summary Question: Details on the recent $8 to $10 million deal - The initial purchase order was for $8 million, with potential for a second order based on project needs, expected to be drawn down weekly as work progresses [54][56] Question: Expectations for additional partnerships - The company anticipates more partnerships structured similarly, focusing on cash-based, execution-driven agreements that enhance flexibility and control over projects [58][64] Question: Impact of collaboration with Vulture on margins - The collaboration primarily benefits AI programs requiring significant GPU usage, improving margins and operational efficiency across those specific projects [66][68] Question: Cost implications post-European divestiture - Overall operating costs will decrease significantly as European operations are more expensive than North American ones, with a focus on streamlining services and enhancing profitability [74][76]

分组1 - ImmunoPrecise Antibodies Ltd. reported a quarterly loss of $0.06 per share, which aligns with the Zacks Consensus Estimate, showing an improvement from a loss of $0.08 per share a year ago [1] - The company's revenues for the quarter ended January 2025 were $4.33 million, missing the Zacks Consensus Estimate by 12.19% and down from $4.6 million year-over-year [2] - Over the last four quarters, ImmunoPrecise Antibodies has consistently failed to surpass consensus EPS and revenue estimates [2][6] 分组2 - The stock has increased approximately 7% since the beginning of the year, contrasting with a -3.2% decline in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.05 on revenues of $5.02 million, and for the current fiscal year, it is -$0.27 on revenues of $18.02 million [7] - The Medical Info Systems industry, to which ImmunoPrecise belongs, is currently ranked in the top 17% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Insights - Dogfish Head has launched a new product, the 30 Minute Light IPA, which features a 4.0% ABV, 95 calories, and 3.6g of carbs per 12oz serving, aiming to provide a flavorful yet lighter beer option [1][2] - The introduction of the 30 Minute Light IPA is the first addition to Dogfish Head's "Minute Series" since 2011, which includes other popular IPAs known for their hoppy flavors [2] - The launch coincides with "Quitters Day," a day when many people abandon their New Year's resolutions, and Dogfish Head is promoting this event by rewarding fans who share their resolution failures [4][5] Product Details - The 30 Minute Light IPA is described as a hoppy, crisp, and crushable beer that maintains the character of a world-class IPA while being lighter in calories and carbs [1] - The brewing process involves continual hopping, a technique developed by Dogfish Head's founder, Sam Calagione, which enhances the beer's flavor without increasing bitterness [3] - To celebrate the launch, Dogfish Head has partnered with Smith Island Baking Company to create a 30 Minute Light IPA-infused cake, available for purchase nationwide [9] Market Context - A survey conducted by Dogfish Head revealed that 80% of Americans abandon their New Year's resolutions by the second Friday in January, highlighting a cultural trend that the company is leveraging for marketing [4][7] - The survey also indicated that over half of Americans made resolutions in 2024, but only one in three completed them, with common reasons for failure being lack of motivation and time [7] - Dogfish Head's approach to "Quitters Day" aims to normalize the abandonment of resolutions and celebrate the journey rather than the outcome, aligning with the brand's ethos of creativity and non-conformity [5][6]

Company Overview - QIAGEN N.V. recently launched Ingenuity Pathway Analysis ("IPA") Interpret, a feature that simplifies the interpretation of complex biological data using AI technology [1] - The company has a market capitalization of $9.65 billion and delivered an average earnings surprise of 3.52% over the trailing four quarters [3] Product Launch and Features - IPA Interpret is an integrated component of QIAGEN's Digital Insight ("QDI") portfolio, designed to help researchers identify genes involved in diseases and biological processes [1][4] - The feature provides automated analysis, comparison, and contextualization of gene expression datasets, generating streamlined reports with updated graphical representations [4] - IPA Interpret allows researchers to easily share comprehensive reports with colleagues, fostering collaboration [5] Stock Performance - Following the announcement of IPA Interpret, QGEN stock price increased by 0.2% to $46.06 in after-market trading [2] - Over the past year, QGEN's shares have risen by 7.3%, outperforming the industry growth of 5.6% [10] Industry Prospects - The biological data visualization market is projected to grow from $0.61 billion in 2023 to $0.70 billion in 2024, with a compound annual growth rate of 15.1% [6] - Key factors driving this growth include the adoption of high-throughput technologies and advancements in imaging techniques [6] Recent Developments - QIAGEN achieved over 1000 placements of its EZ2 Connect automated sample preparation instrument, contributing to a total of more than 5,500 EZ series instruments globally [8] - The company also launched two new tools for designing and ordering custom solutions for microbial analysis [9]

Financial Data and Key Metrics Changes - For Q2 fiscal 2025, the company reported revenues of CAD 6.1 million, flat year-over-year but a 16% increase from Q1 fiscal 2025, indicating strong quarter-over-quarter growth across wet lab sites [39] - The net loss for Q2 fiscal 2025 was CAD 2.6 million or CAD 0.09 per share, compared to a loss of CAD 2.4 million or CAD 0.10 per share in Q2 fiscal 2024 [45] - Cash position at the end of Q2 fiscal 2025 was CAD 3.6 million, slightly up from CAD 3.5 million at year-end [45] Business Line Data and Key Metrics Changes - BioStrand, the AI-driven platform, achieved CAD 397,000 in revenue for Q2, marking its highest quarterly revenue to date, with life-to-date revenue of CAD 917,000 [39] - Research and development expenses increased to CAD 1.2 million in Q2 fiscal 2025 from CAD 0.8 million in Q2 fiscal 2024, reflecting a capital-efficient investment strategy [40] - Sales and marketing expenses were CAD 1.2 million in Q2 fiscal 2025, flat year-over-year, while general and administrative expenses remained stable at CAD 3.3 million [42][43] Market Data and Key Metrics Changes - The company is actively pursuing divestiture of two European wet labs to streamline operations and focus on high-impact growth areas, which is expected to enhance efficiencies and reduce redundancies [12][13] - The relocation of headquarters to Austin, Texas, is aimed at leveraging the city's strong biotech and AI community, which is expected to drive innovation and partnerships [8][9] Company Strategy and Development Direction - The company is focusing on AI-driven antibody development and has implemented cost-cutting measures to prioritize high-growth initiatives [14][38] - A rebranding initiative is planned to unify the company's entities under a strategic umbrella, emphasizing an integrated approach to drug discovery [23][24] - The divestiture of European assets is part of a strategy to reduce dilutive financing and redirect capital towards high-growth areas, particularly the LENSai platform [12][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the biotech sector but expressed confidence in the company's technologies and client retention rates [83] - The company anticipates continued growth in BioStrand's revenue, driven by increasing demand for its services and the conversion of early access users to paying clients [92][96] - Management is aware of the impact of convertible financing on share price and is exploring options to optimize the capital structure [100][101] Other Important Information - The company is enhancing its investor relations strategy following feedback and has participated in key industry events to boost its profile [16][19] - Significant progress has been made in the TATX-112 program, targeting aggressive cancers, with multiple antibodies identified for further development [25][26] Q&A Session Summary Question: Strategy behind moving headquarters and cost containment - The move to Austin is aimed at integrating into a vibrant biotech community and accessing non-dilutive funding sources, while cost containment measures are focused on aligning executive compensation with long-term goals [52][56] Question: Financial contributions from different entities - Canada remains a key contributor, particularly through the Memory B Cell Select platform, while BioStrand is expected to grow significantly as it converts early access users into paying clients [64][68] Question: Updates on discovery programs and upcoming data - Updates on assets under development are expected soon, with a focus on optimizing and engineering these assets through BioStrand [74][78] Question: Revenue flat year-over-year despite advancements - The flat revenue is attributed to timing and recovery from budget constraints in the biotech sector, with expectations for future growth as new products scale [81][84] Question: Capital structure and divestiture impact - The divestiture of European assets is expected to transform the balance sheet, allowing for a focus on faster-growing segments with higher profit margins [112][116]

Revenue Performance - Revenue for the three months ended October 31, 2024, was CAD 6,125,000, a slight decrease of 0.4% compared to CAD 6,150,000 for the same period in 2023[5] - Project revenue for the six months ended October 31, 2024, was $10,340,000, down 3.7% from $10,734,000 in the prior year[111] - Belgium's revenue for the three months ended October 31, 2024, was $21,980,000, a decrease of 1.3% from $22,261,000 in the previous year[111] - North America segment reported a revenue of $3,880,000 for the three months ended October 31, 2024, down from $4,138,000 in the same period last year, representing a decline of 6.3%[111] - Cryostorage revenue increased to $62,000 for the three months ended October 31, 2024, up 12.7% from $55,000 in the same period last year[111] Profit and Loss - The net loss for the period was CAD 2,553,000, compared to a net loss of CAD 2,409,000 for the same period in 2023, reflecting a 6% increase in losses[5] - The company reported a comprehensive loss of CAD 2,383,000 for the three months ended October 31, 2024, compared to CAD 1,947,000 in the prior year, indicating a 22.4% increase in comprehensive losses[5] - The company reported a net loss of CAD 6.6 million for the six months ended October 31, 2024, compared to a net loss of CAD 5.8 million for the same period in 2023, indicating an increase in losses of approximately 12.5%[27] - The company reported a comprehensive loss of CAD 6.5 million for the six months ended October 31, 2024, compared to CAD 6.9 million for the same period in 2023, indicating a slight improvement in overall losses[37] - The company reported a total loss of $(2,553,000) for the three months ended October 31, 2024, compared to a loss of $(2,409,000) in the same period last year[111] Expenses - Gross profit increased to CAD 3,437,000 for the three months ended October 31, 2024, representing a 16.3% increase from CAD 2,954,000 in the prior year[5] - Research and development expenses rose to CAD 1,155,000 for the three months ended October 31, 2024, up 38.5% from CAD 835,000 in the same period last year[5] - Employee remuneration for the six months ended October 31, 2024, totaled $6.2 million, a decrease from $7.7 million in the same period of 2023[86] - For the six months ended October 31, 2024, the company recorded share-based expense of $0.3 million, a decrease from $1.1 million in the same period of 2023[71] - Share-based expenses for the three months ended October 31, 2024, were $163,000, down from $604,000 in the same period of 2023[107] Financial Position - Total assets as of April 30, 2024, were CAD 59,963,000, a slight decrease from CAD 59,988,000 as of the same date in 2023[2] - The accumulated deficit increased to CAD (105,112,000) as of October 31, 2024, compared to CAD (98,560,000) at the same time last year, reflecting ongoing financial challenges[20] - As of October 31, 2024, the company has accumulated a deficit of CAD 105.1 million and had CAD 3.6 million in cash on hand, which is expected to be insufficient to fund operations for at least one year[28] - The company reported a net book value of $15,958,000 as of October 31, 2024, compared to $16,696,000 as of April 30, 2024, indicating a decrease of approximately 4.4%[59] Cash Flow - The company experienced a net cash used in operating activities of CAD 4.1 million for the six months ended October 31, 2024, compared to CAD 0.6 million for the same period in 2023, reflecting a significant increase in cash outflow[27] - Cash and cash equivalents at the end of the reporting period were CAD 3,534,000, up from CAD 3,459,000 at the end of the previous year[2] - Total cash outflow for leases during the six months ended October 31, 2024 was $0.7 million, consistent with the previous year[75] Financing Activities - The company plans to raise additional funds to finance operations and strategic goals, indicating potential future market expansion efforts[12] - The company reported a total of CAD 1.5 million in proceeds from share issuance during the financing activities for the six months ended October 31, 2024[27] - The company established an ATM Facility with Clear Street LLC, allowing for the sale of Common Shares with an aggregate gross sales price of up to U.S.$8.8 million[79] - The Company sold 1,588,539 Common Shares under the ATM Facility during the three months ended October 31, 2024, generating proceeds net of commissions of $1.4 million[80] Compliance and Regulatory - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as the closing bid price was below USD 1.00 for 30 consecutive business days[29] - The company corrected an immaterial error related to the recognition of a deferred tax asset, which resulted in an adjustment of CAD 1.7 million to the accumulated deficit as of April 30, 2024[37] Assets and Liabilities - The company had a total of CAD 21.9 million in property and equipment as of October 31, 2024, reflecting an increase from CAD 21.0 million as of April 30, 2024[41] - The total minimum lease payments amount to $16,814,000, with a present value of minimum lease payments at $13,330,000 as of October 31, 2024[67] - The company reported accumulated depreciation of $2,910,000 for right-of-use assets as of October 31, 2024, compared to $1,944,000 as of April 30, 2024[68] Segment Performance - North America corporate segment reported a loss of $(1,910,000) for the three months ended October 31, 2024, compared to a loss of $(1,142,000) in the same period last year[111] - The Netherlands segment showed a profit of $171,000 for the three months ended October 31, 2024, compared to a loss of $(94,000) in the same period last year[111]

Financial Data and Key Metrics Changes - For Q1 fiscal 2025, the company generated revenues of $5.3 million, representing a 7.5% decrease year-over-year but a 12% increase compared to Q1 fiscal 2023 [13] - The company reported a net loss of $4 million for Q1 fiscal 2025, or $0.15 per share, compared to a loss of $3.4 million, or $0.14 per share, in Q1 fiscal 2024 [15] - Cash at the end of Q1 fiscal 2025 was $4 million, reflecting cash used by operations including R&D spend of $2.2 million [16] Business Line Data and Key Metrics Changes - The fee-for-service drug discovery segment saw a notable surge in the initiation of VHH antibody discovery programs, with 25 new B Cell select programs initiated during the last quarter of fiscal 2024 and Q1 fiscal 2025 [9][40] - The antibody discovery labs in Victoria, Canada, and Oss, the Netherlands, achieved continued above-market growth of 16% and 19%, respectively [13] Market Data and Key Metrics Changes - The custom protein manufacturing site in Utrecht, Netherlands, experienced a decline in custom protein projects, attributed to timing impacts against the previous year's strong first quarter [13] - The company is focused on inventory management to meet ongoing market demand while maximizing revenue potential [10] Company Strategy and Development Direction - The company’s strategy is built on a multi-platform business model that maximizes value creation across different time horizons, focusing on consistent revenue generation through fee-for-service offerings and strategic licensing agreements [6][8] - The integration of AI technology with biotherapeutic expertise aims to deliver a holistic, data-driven approach to antibody development challenges [6] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand for antibody discovery and development services, contrasting with trends seen in other companies in the industry [27][28] - The company is optimistic about leveraging strategic licensing agreements to enhance revenue streams and is focused on the rollout of AI-driven solutions [41][42] Other Important Information - BioStrand announced a significant milestone in developing highly specific antibodies through computer simulations, demonstrating the capabilities of its AI-driven LENSai technology [10][41] - The company is preparing updates on its strategic Talem pipeline, which has incorporated AI enhancements [12] Q&A Session Summary Question: Progress of the base business and inventory building - Management confirmed that the Victoria and Oss locations had double-digit growth, and inventory rebuilding at the Utrecht site has already started generating revenue in Q2 [17][18] Question: Impact of product sales on Q1 revenue - Management indicated that the products were not sold in Q1 but saw a return on product builds in August [20] Question: Enhancements on the Talem portfolio using LENSai technologies - Management explained that lead candidates within the Talem portfolio were improved based on partner feedback to increase their value and attractiveness [21][22] Question: Revenue from fee-for-service offerings - Management confirmed that revenue has been seen from fee-for-service work and that the weighted pipeline for BioStrand is the strongest it has been [25] Question: Trends in client demand for discovery services - Management stated that unlike peers, the company continues to experience strong demand for antibody discovery services, driven by the B Cell Select platform [27][28] Question: Licensing model and its impact on net present value - Management explained that the licensing model creates predictable revenue streams, positively impacting net present value and market capitalization [32][33]