Biotheus, Inc.

AUSTIN, Texas--(BUSINESS WIRE)--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, today announces its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted. We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company’s history, with a loss of only $316,000. Financial Highlights: Achieved strong 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%, up from 48% from Q4 FY24 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: The Company’s LENS ai ™ platform demonstrated that it’s in silico epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—yet delivering structural insights in hours instead of weeks. An important breakthrough using the Company's HYFT®-powered LENS ai 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. IPA’s AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company’s HYFT-driven LENS ai platform. Entered a strategic USD $8–10 million partnership with a publicly traded biotechnology company focused on the discovery and development of antibody-drug conjugates and bispecific antibodies for potential oncology therapeutics. 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. ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), for the transfer and evaluation of antibody assets for bispecific tumor-targeting. Successfully engineered antibodies in silico to a challenging tumor target using LENS ai , advancing IPA's vision for accessible, next-generation therapeutics. 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. 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 LENS ai ecosystem. 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 strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company’s history, 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 AI-based product development utilizing our LENSai platform, powered by our patented 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. 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 for FY25 rose sharply to 64%, compared to 48% for FY24. 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 for clients. 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 (without rounding) from $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 https://ir.ipatherapeutics.com/events-and-presentations/default.aspx. ***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: https://events.q4inc.com/attendee/849565157 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. About ImmunoPrecise Antibodies Ltd. ImmunoPrecise Antibodies Ltd. is an AI-driven biotherapeutic research, technology and scientifically robust life science company that discovers and develops customized and novel antibodies by generating proprietary and patented processes, procedures and innovative approaches to antibody discovery, development, and production. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the “IPA Family”). For more information, visit www.ipatherapeutics.com Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. These statements reflect the Company’s expectations, plans, projections, and beliefs regarding future events or performance. Words such as “expects,” “anticipates,” “intends,” “believes,” “plans,” “potential,” “will,” “may,” “continue,” and variations thereof are intended to identify forward-looking statements. Forward-looking statements in this release include, but are not limited to, statements related to the Company’s operational and financial outlook, the potential impact and continuity of strategic partnerships, including the recently announced commercial agreement and collaborations with cloud infrastructure providers, our projected growth in AI-driven revenues and margins, our ability to commercialize new technologies such as de novo antibody design and AI-designed GLP-1 therapeutics, future demand for our platform capabilities, ongoing strategic initiatives including business realignment and divestitures, and our ability to drive sustainable profitability. The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company’s internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management’s evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss. These statements are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These include, but are not limited to: execution risks related to strategic partnerships, delays or failures in technology development or commercialization, market adoption of AI-based drug discovery tools, fluctuations in financial markets, general economic conditions, and risks related to funding requirements and liquidity. The Company cautions readers not to place undue reliance on these forward-looking statements. All such statements are made as of the date of this release and, unless required by law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. For a complete discussion of risk factors, investors should refer to IPA’s filings with Canadian and U.S. securities regulators, including the most recent Annual Report on Form 20-F available at www.sedarplus.ca and www.sec.gov. IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian dollars) Three months ended April 30, Twelve months ended April 30, (in thousands, except share data) 2025 $ 2024 $ 2025 $ 2024 $ REVENUE 6,981 6,459 24,520 24,518 COST OF SALES 2,521 3,351 10,972 12,465 GROSS PROFIT 4,460 3,108 13,548 12,053 EXPENSES Research and development 1,089 1,260 4,943 4,043 Sales and marketing 1,033 910 4,298 3,543 General and administrative 3,706 4,119 14,735 15,592 Impairment of Goodwill — 11,161 — 11,161 Impairment of Intangible assets — 3,870 21,184 3,870 Amortization of Intangible assets 106 701 1,948 2,968 5,934 22,021 47,108 41,177 Loss before other income (expenses) and income taxes (1,474 ) (18,913 ) (33,560 ) (29,124 ) OTHER INCOME (EXPENSES) Accretion (2 ) (4 ) (10 ) (19 ) Grant and subsidy income 16 31 180 331 Interest and other (expense) income 3 (3 ) (283 ) 23 Unrealized foreign exchange (loss) gain (443 ) 65 (594 ) 86 (426 ) 89 (707 ) 421 Loss before income taxes (1,900 ) (18,824 ) (34,267 ) (28,703 ) Income taxes (261 ) 1,214 4,033 2,588 NET LOSS FOR THE PERIOD (2,161 ) (17,610 ) (30,234 ) (26,115 ) OTHER COMPREHENSIVE INCOME (LOSS) Items that will be reclassified subsequently to loss Exchange difference on translating foreign operations 593 497 1,139 (613 ) COMPREHENSIVE LOSS FOR THE PERIOD (1,568 ) (17,113 ) (29,095 ) (26,728 ) LOSS PER SHARE – BASIC AND DILUTED (0.05 ) (0.66 ) (0.91 ) (1.02 ) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 45,800,482 26,668,766 33,385,499 25,635,526 IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian dollars) (in thousands) April 30, 2025 $ April 30, 2024 $ ASSETS Current assets Cash 10,665 3,459 Amounts receivable, net 4,115 3,790 Tax receivable 143 414 Inventory 2,095 2,139 Unbilled revenue 548 277 Prepaid expenses 1,188 1,408 18,754 11,487 Restricted cash 126 86 Deposit on equipment 502 475 Property and equipment 15,762 16,696 Intangible assets 1,067 23,557 Goodwill 8,230 7,687 Total assets 44,441 59,988 LIABILITIES Current liabilities Accounts payable and accrued liabilities 5,283 4,372 Deferred revenue 1,090 1,352 Tax payable 475 553 Leases 1,850 1,563 Deferred acquisition payments 314 284 9,012 8,124 Leases 11,553 12,118 Deferred income tax liability 250 4,068 Total liabilities 20,815 24,310 SHAREHOLDERS' EQUITY Share capital 136,371 119,773 Contributed surplus 12,833 12,388 Accumulated other comprehensive income 3,216 2,077 Accumulated deficit (128,794 ) (98,560 ) 23,626 35,678 Total liabilities and shareholders’ equity 44,441 59,988 IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended April 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) (in thousands) 2025 $ 2024 $ Operating activities: Net loss for the period (30,234 ) (26,115 ) Items not affecting cash: Accretion 10 19 Amortization and depreciation 5,119 5,735 Asset impairment 21,184 15,031 Deferred income taxes (3,935 ) (1,773 ) Foreign exchange 622 15 Gain on investment (7 ) (2 ) Share-based expense 445 1,535 (6,796 ) (5,555 ) Changes in non-cash working capital related to operations: Amounts receivable (298 ) (601 ) Inventory 138 (102 ) Unbilled revenue (248 ) 360 Prepaid expenses 261 624 Accounts payable and accrued liabilities 827 983 Sales and income taxes payable and receivable 8 733 Deferred revenue (302 ) 374 Net cash used in operating activities (6,410 ) (3,184 ) Investing activities: Purchase of equipment (799 ) (1,397 ) Security deposit on leases — (141 ) Deferred acquisition payments — (146 ) Sale of QVQ Holdings BV shares — 121 Net cash used in investing activities (799 ) (1,563 ) Financing activities: Proceeds from share issuance, net of transaction costs 12,228 2,360 Proceeds from debenture 4,242 — Repayment of leases (1,577 ) (1,339 ) Net cash provided by financing activities 14,893 1,021 Increase (decrease) in cash during the period 7,684 (3,726 ) Foreign exchange (438 ) (1,095 ) Cash – beginning of the period 3,545 8,366 Cash – end of the period 10,791 3,545 Cash is comprised of: Cash 10,665 3,459 Restricted cash 126 86 10,791 3,545 Cash paid for interest — — Cash paid for income tax 2 —

After 25 years of trying to lead biopharma’s mRNA revolution across infectious diseases and cancer, German biotech CureVac made the surprise announcement Thursday morning that it would exit to its rival and legal opponent BioNTech . The move, anticipated to close later this year, means CureVac will hand over its pipeline, people and operations to its main competitor even as litigation continues over its patented technology. “At some stage, we started talking, but there was no process. It developed organically,” CureVac CEO Alexander Zehnder said in an interview with Endpoints News on Thursday afternoon. “We came to, ‘Why don’t we make something together rather than fighting each other in court, right?'” Zehnder continued. “We saw a lot of complementary and different building blocks that we can bring to the table, some that they bring to the table. There’s very good chemistry always between the two companies, despite the litigation that we’re involved in.” A patent infringement hearing between CureVac and BioNTech/Pfizer had been set for July 1 in Germany and will still take place as the deal goes through customary regulatory approvals, Zehnder said. CureVac alleged that BioNTech’s Covid-19 vaccine infringed some of its mRNA intellectual property. A BioNTech spokesperson told Endpoints the company “generally” does “not comment on active litigation.” If the case ended in CureVac’s favor, there was a risk that BioNTech would have to dish out backdated royalties on the approximately $32 billion in global sales of the Covid-19 vaccine Comirnaty, Leerink Partners analyst Daina Graybosch wrote in a note to clients. But the all-stock deal, valued at about $1.25 billion for CureVac, is “essentially an out-of-court settlement, in our view,” according to the analyst note. CureVac had cash runway until at least 2028, meaning it was able to do the deal from a position of financial strength, rather than inking an exit with its “back against the wall,” Zehnder said. The company’s valuation has cratered, though, in the years after the investor furor that took place during the pandemic. CureVac was valued at more than $9.8 billion in its first day of public trading in August 2020, at the height of the Covid-19 vaccine race. BioNTech CEO Uğur Şahin said in the deal announcement that the two companies have “complementary capabilities.” Zehnder also pointed to ways the companies’ technologies and pipelines could benefit from each other. “We see a lot of combination potential for our pipeline with not just their mRNA pipeline but their broader pipeline, whether it’s bispecifics with the PD-L1xVEGF and so on and so forth” in infectious diseases, Zehnder said. BioNTech has been building out its technology, pipeline and manufacturing footprint since 2020 via acquisitions, including deals with Biotheus, InstaDeep, PhagoMed Biopharma, Kite’s TCR platform and Neon Therapeutics, among others. CureVac has a clinical-stage glioblastoma immunotherapy and near-term trials slated for certain forms of non-small cell lung cancer and urinary tract infection. CureVac’s three central present-day R&D programs — in brain tumors, lung cancer and UTIs — are a small sliver of the broad ambitions CureVac had during its quarter-of-a-century life. Founded in 2000, the Tübingen-based biotech signed a sprawling set of deals over the years with pharma giants like Johnson & Johnson, Boehringer Ingelheim, Eli Lilly, GSK and others to create cancer vaccines and other mRNA-based products. It also linked up with large nonprofits and global organizations like the Gates Foundation, IAVI, CEPI and others to create mRNA vaccines for infectious diseases. Its profile, like that of its German peer BioNTech, skyrocketed in 2020 when the Covid-19 pandemic hit. The dawn of mRNA had arrived and both companies were on a mission to get a Covid-19 vaccine out to the world. In the end, BioNTech and its partner Pfizer would succeed. CureVac tried to as well. It rushed to meet the dire moment, forging multiple manufacturing partnerships, lining up deals with European governments and collaborating with GSK. It raised more than $600 million in private funding in the summer of 2020 and then landed a $213 million IPO that August. But CureVac would falter 11 months later in a pivotal trial of its candidate, blaming pandemic variants . Since then, it’s adjusted its priorities. CureVac sold infectious disease vaccine candidates to GSK and has downsized in the past year. It had 983 employees at the end of 2024, per its annual report, but has about 700 staffers today, Zehnder said. Most work in Germany, but CureVac also has employees in Belgium, the Netherlands and the US. “Will there be some synergies? For sure. But that was not a main driver for the deal and that will play out more, I would say ’27 and onwards, if at all. But of course, that’s at the discretion of BioNTech,” Zehnder said.

BioNTech plans to buy mRNA-based cancer immunotherapy and infectious disease vaccine company CureVac in an all-stock deal, the companies said Thursday. The acquisition gives an implied equity value of about $1.25 billion for CureVac, whose shareholders will own between 4% to 6% of BioNTech after the deal closes, the companies said. The move comes about three weeks before a planned mRNA patent infringement hearing against BioNTech/Pfizer in the Regional Court Düsseldorf. It also comes as mRNA vaccines have been thrown into the political spotlight — the same week that HHS Secretary Robert F. Kennedy Jr. dismantled and named new members of the CDC’s vaccine advisory committee. CureVac’s shares $CVAC rose 30% in premarket trading. Moving beyond its Covid-19 fame, BioNTech is further solidifying its future in its oncology roots. CureVac helps it boost its cancer ambitions via an expansion of its mRNA cancer immunotherapies. The German biotech further delved into oncology last year when it bought its Chinese partner Biotheus for $800 million upfront . Earlier this month, BioNTech said Bristol Myers Squibb would pay $1.5 billion upfront to collaborate on the lead drug candidate from that deal to get into the PD-L1xVEGF race. “For more than two decades, both companies have operated with related ambitions, often tackling challenges from different angles. This transaction aims at combining complementary scientific capabilities, proprietary technologies, and manufacturing expertise in the mRNA field under one roof,” CureVac CEO Alexander Zehnder said in a statement. CureVac wasn’t in immediate need of cash. It had runway into 2028, with about €438 million ($508 million) in cash and equivalents at the end of March. But having BioNTech on its side could accelerate its work on cancer immunotherapies and vaccines. CureVac has a pipeline of mRNA-based immunotherapies for various cancers. The biotech’s immunotherapy for glioblastoma is in Phase 1, with a go/no-go decision for Phase 2 expected in the second half of this year. For its off-the-shelf candidate in squamous non-small cell lung cancer, CureVac has said it plans to begin a clinical trial in the US in the second half of this year. Meanwhile, within the same time frame, it planned to submit an IND in the US for a urinary tract infection vaccine. CureVac offloaded its influenza and Covid vaccine candidates to its collaborator GSK last year for $429 million upfront. The company, which had attempted to get into the Covid-19 vaccine race, laid off employees a few months prior to that deal. CureVac was founded in 2000, nearly a decade before BioNTech, and claims it was the “world’s first company to successfully harness mRNA for medical purposes.” It has offices in Germany, the US, Switzerland, Netherlands and Belgium.