Immunoprecise(IPA)2024-09-16 13:04Financial Performance - Revenue for the three months ended July 31, 2024, was CAD 5.263 million, a decrease of 7.5% compared to CAD 5.688 million for the same period in 2023[2] - Gross profit for the same period was CAD 2.356 million, down from CAD 2.795 million, reflecting a gross margin decrease[2] - The net loss for the period was CAD 3.999 million, compared to a loss of CAD 3.416 million in the prior year, highlighting ongoing financial challenges[2] - The company reported a net loss of CAD 3,416,000 for the period ended July 31, 2023, which was an improvement from the previously reported loss of CAD 3,565,000[15] - The company's net loss for the three months ended July 31, 2024, was 3.416 million in the same period in 2023[49] Assets and Liabilities - Total assets decreased to CAD 59.299 million as of July 31, 2024, down from CAD 59.988 million at the end of April 2024[1] - The company reported total liabilities of CAD 26.445 million, an increase from CAD 24.310 million at the end of April 2024[1] - The accumulated deficit increased to CAD 102.559 million as of July 31, 2024, from CAD 98.560 million at the end of April 2024[3] - Total liabilities were adjusted to CAD 24,310,000 as of April 30, 2024, down from the previously reported CAD 26,067,000 due to a correction of deferred tax liabilities[14] - The accumulated deficit as of April 30, 2024, was CAD (98,560,000), improved from CAD (100,265,000) after adjustments[14] Cash and Financing - Cash and cash equivalents at the end of the period were CAD 4.000 million, compared to CAD 6.813 million at the end of July 2023[4] - The company anticipates needing to raise additional funds to finance operations and strategic goals, with uncertainties regarding future financing availability[6][7] - The company has incurred operating losses since inception, raising concerns about its ability to continue as a going concern without sufficient financing[6] - The company completed the first tranche of convertible debentures amounting to U.S.1.0 million was completed on August 16, 2024[22] Research and Development - Research and development expenses increased significantly to CAD 1.642 million, up from CAD 0.947 million, indicating a focus on innovation[2] Property and Equipment - The net book value of property and equipment as of July 31, 2024, was CAD 16,437,000, compared to CAD 16,696,000 as of April 30, 2024[19] - The company reported total additions to property and equipment of CAD 261,000 for the three months ended July 31, 2024[19] - The accumulated depreciation for property and equipment as of July 31, 2024, was CAD 5,193,000, reflecting a depreciation expense of CAD 783,000 for the period[19] Employee Compensation - Employee remuneration expenses totaled 4.184 million in 2023, reflecting a decrease of approximately 22.3%[41] - Key management personnel compensation for the three months ended July 31, 2024, was 1.294 million in 2023, indicating a reduction of about 37.2%[42] - The company recorded share-based payments expense of 0.8 million in 2023[36] Revenue Breakdown - Revenue from the United States increased to 2.433 million in the prior year[46] - Revenue from Europe decreased to 2.965 million in the same period last year[46] - Project revenue for the three months ended July 31, 2024, was 5.216 million in 2023[47] Shareholder Equity - The company’s total shareholders' equity increased to CAD 35,678,000 as of April 30, 2024, reflecting an adjustment of CAD 1,757,000[14] Other Financial Information - The company has a contingent earnout payment commitment of €12.0 million related to the acquisition of BioStrand, based on 20% of BioStrand's EBITDA over a 7-year period[44] - The company recorded €0.1 million in grant income during the three months ended July 31, 2024, from a previous grant funding of €0.5 million received in May 2022[45]