ImmunoPrecise Antibodies (IPA) Reports Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2025

On March 28, 2025 IMMUNOPRECISE ANTIBODIES LTD. (the "Company" or "IPA") (NASDAQ: IPA), an AI-driven biotherapeutic research and technology company, reported financial results for the third quarter ("Q3") of its 2025 fiscal year ("FY25"), which ended January 31, 2025. All numbers are expressed in Canadian dollars, unless otherwise noted (Press release, ImmunoPrecise Antibodies, MAR 28, 2025, View Source [SID1234651580]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"As we continue to revolutionize the AI-enabled drug discovery sector, our recent milestones underscore the growing recognition of our innovative AI and growth potential. Notably, we’ve secured a strategic partnership valued at $8-10 million USD with a leading biotech company, leveraging our proprietary B-cell Select technology and AI-driven capabilities to enhance our development and optimization processes. These AI-driven development and optimization capabilities are accelerating the advancement of novel therapies, positioning us at the forefront of innovation. Our collaborations with Vultr, AMD and other Leading Providers of Advanced GPU technologies further enhance our lab-in-a-loop drug discovery and development capabilities, not only driving cost-effectiveness for our pharma partners but also increasing our competitiveness in securing future collaborations. This strategic alignment is positively impacting both our top line and gross profit margins in the AI sector, as we continue to drive robust growth and expand our presence in the rapidly evolving AI healthcare landscape. We are excited about the potential of these current partnerships and looks forward to forming new collaborations that will further accelerate our mission to transform the future of healthcare through AI-driven innovation," stated Dr. Jennifer Bath, President and CEO.

"While BioStrand’s AI revenue currently represents a modest portion of our total topline, it stands out for its remarkably high gross margins—exceeding 90% in recent quarters, a level of profitability that is truly exceptional in our industry. This positive dynamic reveals one of the most important yet underappreciated financial drivers of our business: as AI revenues scale, so does the path to profitability at an accelerated pace. Unlike traditional project-based services, IPA’s AI-driven offerings generate significant leverage and recurring value, creating a robust foundation for sustainable growth. This margin profile—combined with accelerating adoption—positions IPA’s AI segment as a powerful engine for long-term shareholder value and a key catalyst for our future success," stated Joseph Scheffler, Interim CFO.

Third Quarter Corporate Update and Recent Business Highlights


Entered into a USD $8M–$10M partnership with a USD $3 billion market cap global biotechnology company to co-develop Antibody-Drug Conjugates (ADCs) and bispecific antibodies, reinforcing demand for IPA’s B-Cell and AI-powered platforms.

Expanded AI infrastructure through strategic collaborations with Vultr, AMD and other leading providers of advanced GPU technologies enabling high-performance GPU computing for generative AI.

Corporate headquarters relocated to Austin, Texas: Expanding IPA’s U.S. footprint in the heart of a thriving AI, biotech, and semiconductor ecosystem. This strategic move takes advantage of Texas’s zero corporate income tax, allowing us to reinvest savings in business expansion and innovation. Additionally, the state’s robust economy and skilled workforce will support our growth ambitions, positioning us for increased competitiveness and profitability in the rapidly evolving AI healthcare landscape.

Resilience in Challenging Market Conditions: Our year-to-date revenue stability and high margin profile, including BioStrand’s 131.8% year-over-year revenue growth and 97% gross margin, underscore IPA’s solid financial position and ability to navigate difficult market conditions effectively.

Announced key leadership changes, including the appointment of Joseph Scheffler as Interim CFO and Dr. Kamil Isaev to the Board of Directors, enhancing financial oversight and business strategy.

Completed a USD $8.8 million At-the-Market (ATM) equity raise and announced the full conversion of the Yorkville debenture, strengthening IPA’s balance sheet and removing near-term convertible debt.

Pioneered AI-designed GLP-1 therapeutics for diabetes and metabolic disorders, using unique nucleic acid-based delivery technology and the LENSai platform to enhance efficacy, safety, and patient compliance.

Realigned pipeline strategy, launching a new AI-powered therapeutic development pipeline driven by first principles thinking and proprietary machine learning models.

Revealed multiple ADC lead candidates with demonstrated tumor-killing capabilities, potentially positioning IPA in the high-growth $20B antibody-drug conjugate market.

Insider Confidence Reinforced: Key members of IPA’s leadership and BioStrand co-founders acquired 763,120 shares on the open market—an aggregate investment of USD $306,000—demonstrating strong internal conviction in the Company’s long-term strategy and AI-driven growth trajectory.

Second Quarter FY25 Financial Results


Revenue: Total revenue was $6.2 million, compared to revenue of $6.2 million in fiscal year 2024 ("FY24") Q3. Project revenue generated $5.6 million, including projects using IPA’s proprietary B Cell Select platform and IPA’s proprietary LENSai platform, compared to $5.8 million in FY24 Q3. Product sales and cryostorage revenue were $0.6 million, compared to $0.4 million in FY24 Q3.


Research & Development (R&D) Expenses: R&D expenses were $1.1 million, compared to $1.0 million in FY24 Q3, reflecting increased salary and benefits related to the build of the Company’s LENSai platform. 

Sales & Marketing (S&M) Expenses: S&M expenses were $1.3 million, compared to $0.6 million in FY24 Q3 and includes S&M expenses related to social media and digital campaigns. S&M costs related to BioStrand LENSai.

General & Administrative (G&A) Expenses: G&A expenses were $3.6 million, compared to $4.2 million in FY24 Q3.  

Impairment: The Company recorded an impairment charge of $21.2 million related to BioStrand’s intangible assets. This adjustment reflects a delay in expected cash flows and resulted in full impairment of the remaining intangible assets after . the Company recorded an impairment charge of $15.0 million related to BioStrand in fiscal 2024. Despite this change in valuation, IPA remains committed to its strategic investments and long-term growth plans.

Net Loss: Net loss of $21.5 million, or $(0.66) per share on a basic and diluted basis, as compared to a net loss of $2.7 million or $(0.10) on a basic and diluted basis in FY24 Q3.

Liquidity: Cash totaled $12.9 million as of January 31, 2025, compared to $3.5 million as of April 30, 2024.

*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, March 28, 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.

USA / International Toll +1 (646) 307-1963
USA – Toll-Free (800) 715-9871
Canada – Toll-Free (800) 715-9871

***Webcast Details***

Attendee URL:
View Source

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.