Immunoprecise(IPA) - 2025 Q2 - Quarterly Report

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$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$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$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]