# EDGAR Filing Document

**Accession Number:** 0001715925
**File Stem:** 0001564590-23-003708
**Filing Date:** 2023-3
**Character Count:** 131128
**Document Hash:** 5b2ededbc02d8fdf4442f57d9c55799a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001564590-23-003708.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001564590-23-003708

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20230316

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ImmunoPrecise Antibodies Ltd.
- **CENTRAL INDEX KEY:** 0001715925
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39530
- **FILM NUMBER:** 23737185

**BUSINESS ADDRESS:**
- **STREET 1:** 880 - 580 HORNBY STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C3B6
- **BUSINESS PHONE:** 6048060626

**MAIL ADDRESS:**
- **STREET 1:** 880 - 580 HORNBY STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C3B6

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 6-K

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#### REPORT OF FOREIGN ISSUER

#### PURSUANT TO RULE 13a-16 OR 15d-16

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### For the month of March 2023

#### Commission File No. 001-39530

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## ImmunoPrecise Antibodies Ltd.

#### (Translation of registrant's name into English)

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#### 3204-4464 Markham Street Victoria, British Columbia V8Z 7X8

#### (Address of registrant's principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7): ☐

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#### INCORPORATION BY REFERENCE
Exhibits 99.1 and 99.2 of this Form 6-K are incorporated by reference into the Registration Statement on Form F-10 (File No. 333-249957) and Registration Statement on Form S-8 (File No. 333-256730) of the Registrant, Immunoprecise Antibodies Ltd.

#### EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit**<br>| &nbsp;&nbsp;&nbsp; **Description**<br>|
| &nbsp;&nbsp; 99.1 | [<u>Management's Discussion and Analysis for the three and nine months ended January 31, 2023 and 202</u>](ipa-ex991_6.htm)<u>2</u> |
| &nbsp;&nbsp; 99.2 | [<u>Condensed Interim Consolidated Financial Statements for the three and nine months ended January 31, 2023 and 202</u>](ipa-ex992_7.htm)<u>2</u> |
| &nbsp;&nbsp; 99.3 | [<u>CEO Certification (pursuant to Canadian regulations)</u>](ipa-ex993_9.htm) |
| &nbsp;&nbsp; 99.4 | [<u>CFO Certification (pursuant to Canadian regulations)</u>](ipa-ex994_8.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

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| | | |
|:---|:---|:---|
|  | **IMMUNOPRECISE ANTIBODIES LTD.** | **IMMUNOPRECISE ANTIBODIES LTD.** |
| Date: March 16, 2023 |  |  |
|  | By: | /s/ Brad McConn<br>|
|  | Name: | Brad McConn |
|  | Title: | Chief Financial Officer |

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## Exhibit 99.1

Exhibit 99.1

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
The following Management's Discussion and Analysis ("MD&A") should be read in conjunction with the unaudited condensed interim consolidated financial statements of ImmunoPrecise Antibodies Ltd. ("the Company", "ImmunoPrecise" or "IPA") for the three and nine months ended January 31, 2023, together with the audited consolidated financial statements and accompanying MD&A of the Company for the year ended April 30, 2022. This MD&A is the responsibility of management and was reviewed and approved by the Board of Directors of IPA on March 15, 2023.

The referenced financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board and as applicable to the preparation of interim financial statements, including IAS 34, *Interim Financial Reporting*. Except as otherwise noted, all dollar figures in this MD&A are stated in Canadian dollars, which is the Company's reporting currency.

#### FORWARD-LOOKING STATEMENTS
This MD&A contains certain statements that constitute "forward-looking statements" within the meaning of National Instrument 51-102, Continuous Disclosure Obligations of the Canadian Securities Administrators.

Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions.

In this MD&A, forward-looking statements include statements regarding: the Company's future plans and expenditures, the satisfaction of rights and performance of obligations under agreements to which the Company is a party; product development; future revenue growth; research and development initiatives; changes to office locations; general market trends and developments; the timing and results of patent and IND filings, including with respect to the PolyTope TATX-03 antibody combination therapy; and the Company's ability to sustain existing operations. The forward-looking statements that are contained in this MD&A involve a number of risks and uncertainties and are based on certain assumptions, including: the progress, timing and costs related to the execution of the Company's business plan and strategy; estimates and projections regarding the industry in which the Company operates; the future success of research and development activities; the absence of material changes in general business and economic conditions; estimates regarding the future financing and capital requirements; and the absence of adverse changes in relevant laws and regulations. Consequently, actual results might differ materially from results forecast or suggested in these forward-looking statements. Some of these risks and uncertainties are identified under the heading "RISKS AND UNCERTAINTIES" in this MD&A.

Furthermore, forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

#### GENERAL
The Company was incorporated under the laws of Alberta on November 22, 1983, and is listed on the NASDAQ Global Market ("Nasdaq") under the trading ticker symbol "IPA". The Company voluntarily delisted its common shares from trading on the TSX Venture Exchange ("TSXV"), effective as of November 25, 2022. The address of the Company's head office is 3204 – 4464 Markham Street, Victoria, BC V8Z 7X8.

#### OVERVIEW

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
ImmunoPrecise Antibodies Ltd. is a biotherapeutic research and technology company that leverages systems biology, multi-omics modelling and complex artificial intelligence systems to support its proprietary technologies in bioplatform-based antibody discovery. Services include highly specialized, full-continuum therapeutic biologics discovery, development, and out-licensing to support its business partners in their quest to discover and develop novel biologics against the most challenging targets.

The Company offers comprehensive support to its partners including *in silico* target analysis using natural language processing and proprietary HYFT analysis, customized project design, target identification and preparation, an on-site vivarium, proprietary immunization services, a broad suite of advanced discovery platforms, *in silico* immunogenicity analysis, *in silico* off-target analyses, *in silico* epitope mapping, high-throughput characterizations, including functional screening, to facilitate lead candidate selection, lead optimization, antibody engineering and manufacturing, all under one contract.

The Company's depth of experience, innovative technologies, scientific rigor, and focus on quality provide superior one-stop service solutions which support its goal to reduce the time and risk associated with conventional multi-vendor product development.

The Company has achieved organic revenue growth through market penetration and service diversification in the biologics contract research organization ("CRO") space, as well as accretive growth through strategic expansion of its operations into Europe, by acquiring and integrating innovative technologies and investing in research and development ("R&D").

#### Services
The Company's capabilities include, but are not limited to, multi-omic data analysis custom antigen modeling, *in silico* target analysis using natural language processing and proprietary HYFT analysis, design and manufacturing; proprietary B cell sorting including function-first B cell, screening and sequencing; custom, immune and proprietary naïve phage display libraries production and screening; hybridoma discovery and production with multiplexed, high-throughput screening and single clone-picking; expertise with transgenic animals and multi-species antibody discovery; antibody characterization studies such as affinity measurements, functional assays, epitope mapping and binning; *in silico* immunogenicity analysis, *in silico* off-target analyses, *in silico* epitope mapping; bi-specific, single domain (such as variable domain of the heavy chain "VHH", and variable new antigen receptor "VNAR" (shark)) antibody manufacturing; recombinant cloning and production of antibodies, protein and antibody downstream processing with purification of protein in gram scale levels including characterization and validation; transient and stable cell line generation; antibody engineering, optimization including humanization; cryopreservation and cryostorage.

The Company's wholly owned subsidiaries, ImmunoPrecise Antibodies (Canada) Ltd. ("IPA Canada") and ImmunoPrecise Antibodies (Europe) B.V. (consisting of the former ModiQuest Research B.V. and U-Protein Express B.V.) ("IPA Europe"), have been designated as approved CROs for leading, transgenic animal platforms producing antibodies with human antigen binding domains, along with protein manufacturing. Through IPA Canada and IPA Europe, the Company has made strategic investments in R&D activities to develop proprietary technologies enabling the application of its B cell Select<sup>®</sup> and DeepDisplay™ platforms to a broad range of species and strains, including transgenic animals.

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023

#### Operations of the Company
The Company's operations are based in Utrecht and Oss (the Netherlands), Diepenbeek (Belgium), Victoria, British Columbia (Canada), and Fargo, North Dakota (United States).

The Company's global management, operating out of North America and Europe, is responsible for all global oversight into pipeline development, finances and accounting, sales and marketing, investor communications, and information technology. The Company utilizes an enterprise resource management system ("ERP") globally for marketing and sales automation and customer relationship management, as well as accounting and financial reporting, resource planning and project management.

The Company's head office is in Victoria, British Columbia. The headquarters for US operations, including ImmunoPrecise Antibodies (ND) Ltd. and ImmunoPrecise Antibodies (USA) Ltd., are based in Fargo, North Dakota, and allow the Company to take advantage of a US location that has a significant and diverse economy with a strong history of supporting global life science companies.

IPA Canada operates from Victoria, British Columbia (Canada), performing custom antibody generation since its inception. The Company has recently completed the expansion of its vivarium in Victoria while simultaneously intensifying its capabilities in measuring protein binding kinetics and high-throughput label-free protein-protein interactions, enlarging the vivarium, and further developing and improving technologies such as its B cell Select<sup>®</sup> platform.

Since the acquisitions of U-Protein Express B.V. ("UPE") and ModiQuest Research B.V. ("MQR") (now together named IPA Europe), the Company has focused on optimizing its technologies to support the development of novel therapeutic antibodies, bringing an expanded array of capabilities to partners in Europe, North America and the rest of the world. The former MQR team located in Oss added, among other capabilities, in depth expertise in *in vitro* antibody phage library generation and screening, antibody characterization including functionality and developability profiling, antibody optimization, including humanization, and antibody engineering to the Company's extensive service portfolio.

The former UPE team located in Utrecht specializes in the manufacture of complex proteins and antibodies in a variety of formats, and from a range of mammalian cell types, using its proprietary expression platform rPEx<sup>®</sup>. Their operations have enabled the successful support of over five thousand different programs for pharmaceutical and biotechnology industries as well as leading, academic institutions.

On April 14, 2022, the Company completed the acquisition of control over BioStrand BV, BioKey BV, and BioClue BV (collectively "BioStrand"), a group of Belgian biotech entities and pioneers in the field of bioinformatics and biotechnology, through its wholly owned subsidiary ImmunoPrecise Netherlands BV. The Company paid a consideration of approximately €20.0 million to the vendors, consisting of an aggregate of 4,077,774 common shares and a cash payment of approximately €3.7 million. The consideration also includes a contingent earnout payment based on the profitability of BioStrand over a 7-year period, which shall not exceed in total €12.0 million. BioStrand focuses on technology in the field of bioinformatics and biotechnology related to the identification of characteristic biological fingerprints in proteins, RNA and DNA, and their different information layers, the development of a knowledgebase containing these characteristic biological fingerprints and information layers, and the use of this database to process and compare these fingerprints.

CRO services are presently the core revenue generator of the Company, though it also continues to develop an intellectual property portfolio of proprietary methods and physical assets through internal R&D, collaborations, acquisitions and in-licensing. The Company has invested strategically in the development and licensing of antibody discovery technologies and related intellectual property assets. These investments have been enhanced by internal discovery programs focused on novel therapeutic antibodies and vaccines in areas such as oncology, inflammation, neurodegenerative diseases, autoimmunity, atherosclerosis, and COVID-19. These programs diversify the nature of opportunities by which

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
pharmaceutical partners may choose to engage the Company by enabling the co-development, in-licensing, or sale of later-stage pre-clinical assets.

In 2019, the Company formed Talem Therapeutics LLC ("Talem"), based in Cambridge, Massachusetts, to support its internal and partnered pre-clinical therapeutic discovery programs, offering strategic partnerships with companies using IPA's full-service antibody discovery capabilities. The innovative technologies and expertise at IPA enable Talem to generate novel potential best-in-class and first-in-class therapies with an emphasis on optimization for clinical success.

#### STRATEGY AND OUTLOOK
The Company's management team places an emphasis on initiatives designed to drive revenue, bolster internal assets, and maximize shareholder value. The Company aims to continue to build on revenue and asset generation through internal development and well-informed, strategic acquisitions and joint ventures. The Company's strategy also includes growth through alliances and partnerships, within both its research (Talem) and service sectors, as well as potential new market sectors such as pre-clinical and clinical manufacturing.

The Company's objective is to continue growing as a preferred partner for therapeutic antibody researchers. Therefore, the Company's aim is to deliver a comprehensive and integrated continuum of technologically advanced and high-throughput data-driven protein and antibody services to its partners to enable them to bring novel therapies to the clinic faster. The Company intends to continue focusing on the development and refinement of its integrated end-to-end platform, which, when coupled with strong scientific know-how, can help partners navigate through the process of lead candidate advancement. The Company offers customized solutions for antibody discovery while providing details via the project management team to ensure partners have the project data they need, with the security measures required to ensure their peace of mind.

In fall 2022, the Company moved its Utrecht location from its previous premises in the Life Science Incubator to new, larger premises within the Utrecht Science Park. The new location increases lab capacity by 100%, to align with the Company's revenue growth objectives.

In the second half of 2023, the Company will move its Oss location to an advanced new facility within the Pivot Park campus. The move will increase space by almost 30%.

Both expansions are a strategic commitment to the locations of IPA Europe and will enable the Company to significantly increase capacity, personnel and service offerings to serve the increasing market needs in Europe, North America, and Asia.

The Company believes its strategy is supported by growing trends in pharma and finance. Large pharmaceutical companies continue to outsource research, with trends showing an increase on the reliance of external partners to improve the efficiency and cost of development, increase turnaround time, and access advanced and integrated expertise. A report by Mike Straus dated March 10, 2022, titled "CRO Update: Where are Contract Research Organizations Headed?" supports this concept while stating that, despite challenges such as controlling sponsors, a labor shortage, and market consolidation, the CRO industry will continue to be buoyed by growing demand for outsourced R&D services. The article states that the main factors driving CRO performance over time include outsourcing of more work by Big Pharma, robust biopharmaceutical funding, new biotech start-ups gaining financing, regulators asking for more data and imposing more protocol requirements, a more crowded pharmaceutical marketplace, and a push by pharma companies to find better competitive differentiators.

To streamline, many large pharmaceutical companies are limiting the number of external partners that can be contracted. This is particularly promising for those CROs that fill multiple niches in the discovery and manufacturing pipeline, as the Company believes it can do.

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
According to a report titled "Global and China Monoclonal Antibody Industry Report, 2019-2025" published in April 2019 on *ResearchandMarkets.com*, the key industry participants serving the monoclonal antibodies market are Novartis, Merck & Co., Amgen, AbbVie, Johnson & Johnson, and Roche.

In May 2020, *ResearchandMarkets.com* stated in their report "Global Antibody Production Market (2020 to 2025) – Growth, Trends, and Forecasts" that investments by pharma and biotech companies in antibody R&D are expected to increase given the rising prevalence of cancer, infectious diseases, autoimmune and other chronic diseases. Additionally, a piece on the website for *Genetic Engineering & Biotechnology News* titled "Antibody Discovery Looks over the Horizon" published on February 7, 2019, stated that antibodies are a mainstay in oncology as physicians move away from other types of therapies such as small molecules. In recent years, the success of key pipeline drugs in the immuno-oncology space have been a key component of the record high capital market funding for the biotechnology sector, according to Objective Capital Partners' report on the CRO sector fundamentals, as noted above.

The market for therapeutic antibodies was worth US$115 billion in 2018 and according to a study published in the Journal of Biomedical Science in January 2020, it is estimated that the human therapeutic antibody market will grow to US$300 billion in 2025. The biopharmaceuticals sector is the fastest growing pharma sector. While the sale of therapeutic antibodies increased by 93% from US$84 billion in 2014 to nearly US$163 billion in 2019, other recombinant protein therapeutics have remained unchanged over the same period, according to "The Therapeutic Monoclonal Antibody Product Market" published in October 2020, in *BioProcess International*. Companies are currently sponsoring clinical studies for more than 570 monoclonal antibodies. In recent years, the number of monoclonal antibody drugs approved for commercialization has proliferated, with the 100th monoclonal antibody approved by the United States Food and Drug Administration ("FDA") as of May 2021 (*Nature Reviews Drug Discovery*) and a further 17 investigational antibody therapeutics in regulatory review in either the United States or Europe as of June 2021 according to *AntibodySociety.org.*

The protein and antibody-related service and product market is expected to grow with a CAGR of 6.2% by 2027 to US$5.6 billion, according to *GrandViewResearch.com. ResearchandMarkets.com* expect the research antibody market size to reach US$5.9 billion by 2028, with a CAGR of 6.4%, with the majority driven by a rise in R&D initiatives by biopharmaceutical and biotechnology companies and government bodies.

*AI for Drug Discovery* 

Finding a novel drug candidate and its therapeutic target is the first phase in the drug discovery process. Drug development or novel drug targets are assessed based on efficacy, potency, bioavailability, and toxicity. The healthcare industry makes substantial use of artificial intelligence, particularly when it comes to drug research. AI technology has the ability to identify therapeutic targets and is a vital component of drug design, discovery, identification, and efficient screening of molecules. "The global Artificial Intelligence (AI) in Drug Discovery Market size was valued at USD 253.8 million in 2019 is anticipated to reach USD 3,932.87 million by 2030, demonstrating a CAGR of 40.8 % from 2020 to 2030. AI helps in perceiving the mechanism of disease, establishing biomarkers, and generating data or models for the drug discovery process and thereby expected to propel the market over the forecast period of 2020-2030. Furthermore, rising research and development activities and software launches by the key market players are estimated to spur the market. A wave of new research and development collaborations between key biopharma players and AI-driven companies, mostly startups" *published August 2022 by ReportLinker.*

The Company completed the acquisition of BioStrand on April 14, 2022. BioStrand proposes a truly transversal and universal solution and technology that aspires to work for all studied species, any sequencing machine used for data generation, and any application domain.

The switch from classical bio-informatics algorithms to indexing, exact matching, and pattern recognition allows for ultra-scalability and high-speed analysis of large datasets while keeping high accuracy. The Company's LENSai® technology

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
enables us to seek the fullest potential from data, discover interconnectivities between data, and extract new and valuable information out of the existing data. Moreover, it provides a comprehensive framework for the generation of new data-driven hypotheses based on multidimensional models derived from any available data source. Furthermore, HYFT™ patterns convert unstructured data into structured data and allow for a default feature reduction and very efficient downstream analysis with advanced AI/ML techniques. These HYFT™ fingerprints connect sequences and literature analysis through a bottom-up NLP approach, by providing a universal syntax for the language of biology. This proprietary pattern and profile detection is critical in understanding diseases and biological processes. With BioStrand's HYFT™ framework, all accessible biological data is rapidly computable. BioStrand has developed a universal technology for "omics" (DNA, RNA, amino acids) data management, analysis, and storage that solves current bioinformatics challenges and bottlenecks. The LENSai® platform combines a hugely efficient integration of omics data and metadata with novel analysis technology capable of processing enormous tasks at very high speed and scale, yet with a light computational footprint.

*COVID-19 R&D* 

There is an ongoing need for therapeutics to protect against COVID-19 even now that vaccines are available, as vaccines do not provide protection for all individuals. This is particularly true for immunocompromised individuals such as the elderly, cancer patients, individuals with HIV or those undergoing bone marrow and organ transplants, whose immune systems are too weak to mount an effective response upon vaccination. In addition, SARS-CoV-2 vaccines appear to be less effective against variants of the virus. Without 100% protection, important segments of higher exposure risk populations will likely be left unprotected – namely frontline workers and those living in group care.

Therapeutic antibodies are providing breakthrough medicines for cancer, inflammation, autoimmune and infectious diseases due in part to their high on-target affinity and exquisite specificity making them highly efficacious with good safety profiles.

Technological advances in antibody discovery methods such as B cell sorting now enable the rapid and systematic generation of high-quality fully human antibodies from healthy donors, diseased patients, and transgenic animals. Furthermore, when therapeutic antibodies are combined into cocktails, they can provide unique protection against infectious diseases by working synergistically to neutralize pathogens via multiple mechanism of action engaged in concert, boosting potency beyond the sum of their individual components. Single antibodies are vulnerable to mutagenic escape and can be rendered ineffective by a single point mutation in the pathogen. In contrast, antibody cocktails may protect against mutagenic escape because they cover a larger epitope footprint on the pathogen's surface than possible with a single antibody, providing longer-lasting protection against several mutations.

The Company's diverse panel of anti-SARS-CoV-2 antibodies with therapeutic potential can be curated into synergistic cocktails, providing opportunities for out-licensing and sponsorship deals which the Company believes would enable it to respond quickly to emerging viral variants as well as formulation into bi- or multi-specifics. The Company has successfully completed pre-clinical studies in Syrian hamsters and could demonstrate powerful *in vivo* efficacy in both therapeutic and prophylactic settings.

On January 27, 2022, Talem filed for patent protection of its PolyTope® TATX-03 antibody cocktail via the PCT (Patent Cooperation Treaty) system (which now has 157 member states) as well as national filings in the US, Taiwan, Argentina, and Paraguay, enabling the Company to pursue patent protection of the PolyTope TATX-03 cocktail in all sizeable potential markets. The Company successfully completed final, non-clinical studies of PolyTope TATX-03.

Talem has provided an update on their ongoing partnership with ChemPartner, the CDMO contracted to produce Talem's anti-COVID therapeutic drug product, PolyTope. While the Talem has experienced some unanticipated delays in the production of the drug product, and has adjusted their milestones accordingly, they have yet to receive the drug product from ChemPartner. Talem has escalated their concerns regarding delivery timelines with ChemPartner and is working closely with ChemPartner to negotiate what they hope will be a mutually beneficial outcome to realize the drug's life-saving

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
potential amidst evolving variants and changing commercial conditions. Talem remains hopeful that the two companies can reach a mutually beneficial resolution for all parties involved.

Given these circumstances, Talem has made the decision to significantly reduce further investments in their COVID program, while still recognizing that COVID-19 remains an ongoing global concern.

#### OVERALL PERFORMANCE AND LIQUIDITY
The Company achieved revenues of $5.2 and $15.0 million during the three and nine months ended January 31, 2023, a 7.4% and 6.5% increase from revenues during the three and nine months ended January 31, 2022 of $4.8 million and $14.1 million. The Company incurred total operating expenses of $7.5 million during the three months ended January 31, 2023, an increase of $0.7 million compared to the three months ended January 31, 2022. Operating expenses totaled $30.7 million during the nine months ended January 31, 2023, a $10.6 million increase from the same period last year. Net loss totaled $4.7 million and $21.4 million for the three and nine months ended January 31, 2023, compared to a net loss of $3.8 million and $12.1 million during the same periods last year.

As of January 31, 2023, the Company had cash on hand of $11.4 million compared to $30.0 million as of April 30, 2022. The Company expects its cash on hand as of January 31, 2023 will be sufficient to fund the Company's operations for at least one year from the date this MD&A is issued. The Company's forecast are subject to changes in the Company's internally funded initiatives, including *in silico* antibody services and pre-clinical assets, and if required, the Company has discretion to reduce or delay its investment in research and development. The Company will need to raise additional funds to finance its strategic goals and there can be no assurances that sufficient funding, including adequate financing, will be available. The ability of the Company to arrange additional financing in the future depends in part on the prevailing capital market conditions and profitability of its operations.

#### RESULTS OF OPERATIONS

#### Comparison of the three months ended January 31, 2023 and 2022
*<u>Revenue</u>*

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|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| Project revenue | 4754 | 4073 | 681 | 16.7% |
| Product sales revenue | 363 | 465 | (102) | -21.9% |
| Cryostorage revenue | 54 | 277 | (223) | -80.5% |
| **Total revenue** | **5171** | **4815** | **356** | 7.4<br>**%** |

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The Company achieved revenue of $5.2 million during the three months ended January 31, 2023, a 7.4% increase from the three months ended January 31, 2022. Growth was primarily driven by increases in protein manufacturing and the Company's B cell Select® platform.

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### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
*<u>Gross Profit</u>*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| **Gross profit** | **2964** | **2586** | **378** | 14.6<br>**%** |
| Gross profit margin | 57% | 54% |  |  |

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Gross profit totaled $3.0 million during the three months ended January 31, 2023, an increase of 14.6% compared to the three months ended January 31, 2022. Cost of sales includes $0.8 million in lab supplies, $0.6 million in allocated compensation expense, and $0.6 million in allocated depreciation and equipment maintenance.

*<u>Research and development</u>*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| Research and development | 1032 | 2058 | (1026) | -49.9% |

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During the three months ended January 31, 2023, research and development expenses decreased to $1.0 million from $2.1 million during the three months ended January 31, 2022. Expenditures on research activities totaled $0.5 million during the three months ended January 31, 2023, including $0.4 million on Talem's PolyTope® antibody combination therapy. Additional expenditures include compensation expense of $0.3 million and depreciation of $0.1 million.

*<u>Sales and marketing</u>*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| Sales and marketing | 836 | 812 | 24 | 3.0% |

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Sales and marketing expense totaled $0.8 during the three months ended January 31, 2023, compared to $0.8 million during the three months ended January 31, 2022. Expenditures during the three months ended January 31, 2023 include $0.6 million in compensation expense and $0.2 million in advertising costs.

*<u>General and administrative</u>*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| General and administrative | 4643 | 3521 | 1122 | 31.9% |

---

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
During the three months ended January 31, 2023, general and administrative expenses totaled $4.6 million, an increase of $1.1 million compared to the three months ended January 31, 2022. Salaries and benefits increased $0.7 million due primarily to the addition of staff at BioStrand and routine annual pay increases. Professional fees increased $0.3 million, primarily due to legal and consulting fees. Management fees increased $0.4 million due to contracted general managers at the BioStrand site. Insurance and share-based payment expense each decreased by $0.1 million.

*<u>Other Income / Expense</u>*

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** |
| Accretion |  | (21) | 21 |
| Grant income | 22 | 36 | (14) |
| Subsidy income |  |  |  |
| Interest and other income | 39 | 160 | (121) |
| Unrealized foreign exchange gain | (76) | 514 | (590) |
| **Total other income (expense)** | **(15)** | **689** | **(704)** |

---

The Company recorded other expense of $15,000 during the three months ended January 31, 2023, compared to other expense of $0.7 million during the three months ended January 31, 2022. The most noteworthy variance is the decrease in unrealized foreign exchange gain of $0.6 million compared to the three months ended January 31, 2022, a result of currency revaluations at the current quarter-end exchange rate.

#### Comparison of the nine months ended January 31, 2023 and 2022
*<u>Revenue</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| Project revenue | 13817 | 12652 | 1165 | 9.2% |
| Product sales revenue | 1054 | 1177 | (123) | -10.5% |
| Cryostorage revenue | 173 | 296 | (123) | -41.6% |
| **Total revenue** | **15044** | **14125** | **919** | 6.5<br>**%** |

---

The Company recorded total revenue of $15.0 million during the nine months ended January 31, 2023, an increase of $0.9 million, or 6.5%, compared to the nine months ended January 31, 2022. Project revenue growth was driven primarily by increases in protein manufacturing and the Company's B cell Select® platform. The Company derives significant revenue from locations in the Netherlands, and total revenue has been negatively impacted by approximately $0.6 million due to the weakening of the euro during the nine months ended January 31, 2023, as compared to the prior year. Total revenue increased 10.9% from the nine months ended January 31, 2022, when accounting for the effect of currency translations.

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
*<u>Gross Profit</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| **Gross profit** | **8222** | **7667** | **555** | 7.2<br>**%** |
| Gross profit margin | 55% | 54% |  |  |

---

Gross profit totaled $8.2 million during the nine months ended January 31, 2023, an increase of $0.6 million compared to the nine months ended January 31, 2022. Gross profit as a percent of revenue increased to 55% compared to 54% during the same period last year. The increase in cost of sales is attributable to increased cost of supplies to support growth in revenue.

*<u>Research and development</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| Research and development | 11778 | 6339 | 5439 | 85.8% |

---

Research and development expense totaled $11.8 million during the nine months ended January 31, 2023, an increase of $5.4 million compared to the nine months ended January 31, 2022. The Company, through its subsidiary Talem, invested $9.3 million in the PolyTope® antibody combination therapy during the period. Additional expenses include $1.3 million invested in the development and expansion of discovery services, $0.9 million in salaries and benefits including share-based payments allocated to research and development, and $0.2 million of depreciation.

*<u>Sales and marketing</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| Sales and marketing | 2674 | 1814 | 860 | 47.4% |

---

During the nine months ended January 31, 2023, sales and marketing expense totaled $2.7 million, compared to $1.8 million during the nine months ended January 31, 2022. Salaries and benefits including share-based payments increased $0.3 million as the Company invested in strategic sales and marketing leadership roles. Advertising, which includes conferences and conventions, increased $0.3 million, and travel increased $0.1 million.

*<u>General and administrative</u>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |  |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** | **Change%** |
| General and administrative | 13149 | 10464 | 2685 | 25.7% |

---

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
General and administrative expense totaled $13.1 million during the nine months ended January 31, 2023, a $2.7 million increase compared to the nine months ended January 31, 2022. Professional fees increased $1.0 million, primarily due to legal and consulting costs. Management fees increased $1.1 million due to contracted general managers at the BioStrand site. Salaries and benefits including share-based payments increased $0.5 million, primarily due to additional staff at the BioStrand site.

*<u>Other Income / Expense</u>*

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |  |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **Change**<br> **$** |
| Accretion | (3) | (65) | 62 |
| Grant income | 306 | 36 | 270 |
| Subsidy income |  | 20 | (20) |
| Interest and other income | 73 | 170 | (97) |
| Unrealized foreign exchange gain | 244 | 821 | (577) |
| **Total other income (expense)** | **620** | **982** | **(362)** |

---

The Company recorded other income of $0.6 million during the nine months ended January 31, 2023, compared to $1.0 million during the nine months ended January 31, 2022. The decrease is primarily attributable to a decline in unrealized foreign exchange gain of $0.6 million, partially offset by an increase in grant income of $0.3 million, recorded at the BioStrand site, from VLAIO (Flanders Innovation & Entrepreneurship), the research fund of the Flemish regional government in Belgium.

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023

#### SUMMARY OF QUARTERLY RESULTS
The following table sets out financial information for the past eight quarters:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended ($)** | **Three Months Ended ($)** | **Three Months Ended ($)** | **Three Months Ended ($)** |
| *(in thousands, except share data)* | **January 31,**<br> **2023** | **October 31,**<br> **2022** | **July 31,**<br> **2022** | **April 30,**<br> **2022** |
| Total revenue | 5171 | 5184 | 4689 | 5239 |
| Cost of sales | 2207 | 2405 | 2210 | 1923 |
| Gross profit | 2964 | 2779 | 2479 | 3316 |
| Operating expenses | 7544 | 10603 | 12550 | 7603 |
| Other income (expenses) | (15) | 347 | 288 | (82) |
| Income taxes | 104 | (126) | (403) | 275 |
| Net loss | (4699) | (7351) | (9380) | (4644) |
| Basic and diluted loss per share\* | (0.19) | (0.30) | (0.38) | (0.22) |
|  | **Three Months Ended ($)** | **Three Months Ended ($)** | **Three Months Ended ($)** | **Three Months Ended ($)** |
| *(in thousands, except share data)* | **January 31,**<br> **2022** | **October 31,**<br> **2021** | **July 31,**<br> **2021** | **April 30,**<br> **2021** |
| Total revenue | 4815 | 4722 | 4588 | 4877 |
| Cost of sales | 2229 | 2147 | 2082 | 2100 |
| Gross profit | 2586 | 2575 | 2506 | 2777 |
| Operating expenses | 6893 | 7263 | 5972 | 5877 |
| Other income (expenses) | 689 | (131) | 424 | (913) |
| Income taxes | 208 | 190 | 188 | 1021 |
| Net loss | (3826) | (5009) | (3230) | (5034) |
| Basic and diluted loss per share\* | (0.20) | (0.26) | (0.17) | (0.29) |

---

\*The basic and fully diluted calculations result in the same value due to the anti-dilutive effect of outstanding stock options and warrants.

#### Revenue
The Company achieved revenue of $5.2 million during the three months ended January 31, 2023, an increase of 7.4% compared to the three months ended January 31, 2022. The Company has achieved year-over-year revenue growth for five straight quarters, driven by growth in the Company's B cell Select platform and protein manufacturing services.

#### Gross Profit
The Company's annual gross profit margins have historically been in the 53-64% range, which is in line with management's expectation.

During the three months ended January 31, 2021, the Company's gross profit margin of 79% was primarily the result of a notable sale of an internally generated therapeutic antibody for $1.2 million. The costs related to this sale were expensed in a prior fiscal year.

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
Historically, allocations of overhead to cost of sales were estimated and periodically adjusted. Leveraging the new ERP system, beginning the three months ended April 30, 2021, the Company implemented a process for consistent monthly overhead allocations.

#### Operating Expense
The Company's operating expenses have trended up over the last eight quarters as the Company invested in research and development, completed the BioStrand acquisition, prepared for and completed the Nasdaq listing, and added key leaders and technical employees to the team to aid in executing the Company's strategies.

#### Other Income (Expense)
During the year ended April 30, 2021, the Company received $1.9 million in grant income related to COVID-19 research, along with government subsidies of $0.8 million. Other income (expense) is impacted by unrealized foreign exchange gains or losses during the period resulting from exposure to contracts and cash denominated in euros or US dollars.

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023

#### NON-IFRS MEASURES
The following are non-IFRS measures and investors are cautioned not to place undue reliance on them and are urged to read all IFRS accounting disclosures present in the condensed interim consolidated financial statements and accompanying notes for the year ended April 30, 2022.

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 interest, accretion, taxes, depreciation, amortization, share-based compensation, foreign exchange gain/loss, and asset impairment charges. 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.

The Company defines adjusted operating expenses as operating expenses before taxes, interest, share-based compensation, depreciation, amortization, accretion, foreign exchange loss, and asset impairment charges. Adjusted operating expenses are presented on a basis consistent with the Company's internal management reports. The most directly comparable IFRS measure to adjusted operating expenses is operating expenses.

The non-IFRS measures are reconciled to reported IFRS figures in the tables below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| Net loss | (4699) | (3826) | (21431) | (12065) |
| Income taxes | 104 | 208 | (425) | 586 |
| Amortization and depreciation | 1690 | 949 | 4704 | 2843 |
| Accretion |  | 21 | 3 | 65 |
| Asset impairment charge |  | 167 |  | 167 |
| Foreign exchange realized loss | 8 | (55) | 95 | (16) |
| Interest expense | 119 | 86 | 209 | 234 |
| Interest and other income | (39) | (160) | (73) | (170) |
| Unrealized foreign exchange loss (gain) | 76 | (514) | (244) | (821) |
| Share-based payments | 193 | 492 | 1307 | 2297 |
| **Adjusted EBITDA** | **(2548)** | **(2632)** | **(15855)** | **(6880)** |

---

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br> **January 31,** | **Three Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** | **Nine Months Ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| Operating expenses | (7544) | (6893) | (30698) | (20128) |
| Amortization and depreciation | 1157 | 638 | 3539 | 1948 |
| Asset impairment charge |  | 167 |  | 167 |
| Foreign exchange loss (gain) | 8 | (55) | 95 | (16) |
| Interest expense | 119 | 86 | 209 | 234 |
| Share-based payments | 193 | 492 | 1307 | 2297 |
| **Adjusted Operating Expenses** | **(6067)** | **(5565)** | **(25548)** | **(15498)** |

---

#### LIQUIDITY AND CAPITAL RESOURCES
The Company's objectives when managing capital are to ensure sufficient liquidity for operations and adequate funding for growth and capital expenditures while maintaining an efficient balance between debt and equity. The capital structure of the Company consists of shareholders' equity.

The Company adjusts its capital structure upon approval from its Board of Directors, considering economic conditions and the Company's working capital requirements. There were no changes in the Company's approach to capital management during the year. The Company is not subject to any externally imposed capital requirements.

On December 11, 2020, the Company filed a $150 million shelf registration statement with the TSXV which was filed with the United States Securities and Exchange Commission (the "SEC") on January 5, 2021, under which the Company may offer for sale, from time to time, either separately or together in any combination, equity, debt, or other securities described in the shelf registration statement through the 25-month expiration period. The shelf registration statement expired during the three months ended January 31, 2023.

On February 8, 2021, the Company closed a public offering of 1,616,293 common shares of the Company, at a price of U.S. $13.45 per common share for gross proceeds of U.S. $21.7 million, net proceeds less underwriting discounts and commissions of U.S. $19.6 million.

On February 10, 2021, Company also issued an additional 242,443 common shares at a price of U.S. $13.45 per common share for gross proceeds of U.S. $3.3 million, net proceeds less underwriting discounts and commissions of U.S. $3.0 million.

In connection with the public offering, the Company issued underwriter warrants to purchase 130,111 common shares with an exercise price of U.S. $16.81, or 125% of the public offering price with an expiry date of February 3, 2026.

As of January 31, 2023, the Company held cash of $11.4 million (April 30, 2022 – $30.0 million) and had working capital of $12.2 million (April 30, 2022 – $28.2 million). During the nine months ended January 31, 2023, the cash used in operating activities was $17.6 million. As part of the investing activities, the Company made equipment purchases of $1.0 million, and paid deferred acquisition payments of $0.6 million. As part of the financing activities, the Company received $0.7 million from issuing common shares, and incurred lease repayments of $1.0 million.

As of January 31, 2023, the Company has an estimated annual commitment of €0.5 million related to a lease agreement to lease a new facility for its Oss, the Netherlands location.

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
The consideration paid for the acquisition of BioStrand includes a contingent earnout payment based on the profitability of BioStrand over a 7-year period, which shall not exceed in total €12.0 million.

Although the Company is a going concern and, according to management's estimates, has sufficient cash reserves to sustain existing operations for at least one year, the Company does not have cash reserves to fund all its strategic future growth and expansion plans. The Company has historically incurred net losses. There is no assurance that sufficient revenues will be generated in the near future. To the extent that the Company has negative operating cash flows in future periods, it may need to deploy a portion of its existing working capital to fund such negative cash flows. The Company may need to raise additional funds through issuances of common shares or through loan financing. There is no assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favorable to the Company as those previously obtained, or at all. If the Company is unable to obtain additional financing from outside sources and eventually generate enough revenues, the Company may be forced to sell a portion or all of the Company's assets or curtail or discontinue the Company's operations.

#### CAPITAL EXPENDITURES
The Company made equipment purchases of $1.0 million during the nine months ended January 31, 2023 (2022 - $0.9 million).

#### OUTSTANDING SHARE DATA
The Company's outstanding share information as of March 15, 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Security** | **Number** | **Exercise Price** | **Expiry date** |
| Issued and outstanding common shares | 24935448 | NA | NA |
| Stock options | 11000 | $5.05 | April 3, 2023 |
| Stock options | 19000 | $4.75 | September 24, 2023 |
| Stock options | 20000 | $4.10 | November 7, 2023 |
| Stock options | 180000 | $5.00 | December 31, 2023 |
| Stock options | 60000 | $5.00 | January 11, 2024 |
| Stock options | 250000 | $8.50 | September 1, 2025 |
| Stock options | 210000 | $20.30 | January 6, 2026 |
| Stock options<sup>(1)</sup> | 10000 | $10.40 | May 9, 2026 |
| Stock options | 30000 | $9.19 | August 5, 2026 |
| Stock options | 28250 | $6.89 | January 2, 2026 |
| Stock options | 335332 | $7.94 | January 7, 2027 |
| Stock options | 33666 | $8.30 | January 7, 2027 |
| Stock options | 25000 | $6.35 | February 22, 2024 |
| Stock options | 80000 | $5.79 | May 15, 2027 |
| Warrants<sup>(1)</sup> | 130111 | $16.81 | February 3, 2026 |
| **Total** | **26357807** |  |  |

---

(1) Priced in USD.

#### OFF-BALANCE SHEET ARRANGEMENTS
The Company does not utilize off-balance sheet transactions.

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023

#### CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of the consolidated financial statements in conformity with IFRS required estimates and judgments that affect the amounts reported in the financial statements. Actual results could differ from these estimates and judgments. Estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised. Estimates and judgments applied in preparation of the consolidated financial statements are the same as those presented in the Company's audited annual financial statements for the year ended April 30, 2022.

#### ADOPTION OF NEW ACCOUNTING STANDARDS
*Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37)*

The amendments to IAS 37 specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. Costs that relate directly to a contract can either be incremental costs of fulfilling contracts (an example would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

The Company adopted this standard effective May 1, 2022. The adoption of the amendment to IAS 37 did not have an impact on the Company's consolidated financial statements for the nine months ended January 31, 2023.

#### DISCLOSURE CONTROLS AND PROCEDURES
The Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") have designed Disclosure & Procedures, or have caused them to be designed under their supervision. Such procedures are designed to ensure that material information relating to the Company and its consolidated subsidiaries is made known to CEO and CFO by others within the Company, and such disclosure procedures are effective to perform the function for which they were established; in order to provide reasonable assurance that:

• material information relating to the Company is made known to the CEO and CFO by others, particularly during the period in which the interim and annual filings are being prepared; and

• information required to be disclosed by the Company in its annual filings, interim filings or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation.

In connection with National Instrument 52-109 - Certificate of Disclosure in Issuer's Annual and Interim Filings, the Chief Financial Officer of the Company has filed a 52-109F2 Certificate of Interim Filings, Full Certificate relating to the establishment and maintenance of disclosure controls and procedures and internal controls over financial reporting with respect to the financial information contained in the unaudited condensed interim consolidated financial statements for the three and nine months ended January 31, 2023 and this accompanying MD&A.

For further information, the reader should refer to the Company's Certificate of Interim Filings and the Annual Filings on SEDAR at <u>www.sedar.com</u> and SEC at <u>www.sec.gov</u>.

#### FINANCIAL INSTRUMENTS

------

### IMMUNOPRECISE ANTIBODIES LTD.

#### MANAGEMENT DISCUSSION AND ANALYSIS

#### FOR THE NINE MONTHS ENDED JANUARY 31, 2023
The Company's financial instruments include cash, amounts receivable, restricted cash, investment, accounts payable and accrued liabilities, deferred acquisition payments, and leases. The fair value of investment is determined based on "Level 3" inputs which consist of unobservable inputs to the valuation methodology used. As at January 31, 2023, the Company believes the carrying values of cash, amounts receivable, restricted cash, accounts payable and accrued liabilities, and deferred payments approximate their fair values because of their nature and relatively short maturity dates or durations.

#### RISKS AND UNCERTAINTIES
There are numerous and varied risks, known and unknown, that may prevent the Company from achieving its goals. A detailed description of the risks and uncertainties pertaining to the Company's operations can be found in the Company's Annual Information Form for the fiscal year ended April 30, 2022. The Company is not aware of any significant changes to the risks and uncertainties disclosed at that time.

The Company's Annual Information Form can be found on SEDAR at <u>www.sedar.com</u> and SEC at <u>www.sec.gov.</u>

#### FURTHER INFORMATION:
Additional information relating to the Company can be found on SEDAR at <u>www.sedar.com</u> and SEC at <u>www.sec.gov</u>.

## Exhibit 99.2

Exhibit 99.2

### IMMUNOPRECISE ANTIBODIES LTD.

#### CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

#### For the three and nine months ended January 31, 2023 and 2022

#### (Unaudited - Expressed in Canadian Dollars)

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited - Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Note** | **January 31,**<br> **2023**<br> **$** | **April 30,**<br> **2022**<br> **$** |
| **ASSETS** |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 11324 | 29965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable |  | 2278 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales tax receivable |  | 333 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventory |  | 1808 | 1615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unbilled revenue |  | 653 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | 2474 | 2481 |
|  |  | 18870 | 37470 |
| Restricted cash |  | 85 | 82 |
| Deposit on equipment |  | 324 | 369 |
| Investment at fair value through profit and loss |  | 96 | 142 |
| Property and equipment | **6, 9** | 10465 | 3559 |
| Intangible assets | **7** | 31491 | 32390 |
| Goodwill | **5** | 21107 | 19635 |
| Total assets |  | 82438 | 93647 |
| **LIABILITIES** |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | **12** | 4303 | 4768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales tax payable |  |  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | 813 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | 105 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Convertible debentures – liability component | **8** |  | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leases | **9** | 1291 | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition payments | **5** | 140 | 740 |
|  |  | 6652 | 9292 |
| Leases | **9** | 6184 | 468 |
| Deferred acquisition payments | **5** | 534 | 497 |
| Deferred income tax liability |  | 7987 | 8105 |
| Total liabilities |  | 21357 | 18362 |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | **10** | 117224 | 114559 |
| Convertible debentures – equity component | **8** |  | 103 |
| Contributed surplus | **10** | 10405 | 9630 |
| Accumulated other comprehensive loss |  | 1411 | (2479) |
| Accumulated deficit |  | (67959) | (46528) |
|  |  | 61081 | 75285 |
| Total liabilities and shareholders' equity |  | 82438 | 93647 |

---

Nature of operations (Note 1)

Approved and authorized on behalf of the Board of Directors on March 15, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>"</u>*<u>James Kuo"</u>* Director <u>"</u>*<u>Greg Smith</u>*<u>"</u> Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited - Expressed in Canadian dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| *(in thousands, except share data)* | **Note** | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| **REVENUE** |  | 5171 | 4815 | 15044 | 14125 |
| **COST OF SALES** |  | 2207 | 2229 | 6822 | 6458 |
| **GROSS PROFIT** |  | 2964 | 2586 | 8222 | 7667 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Research and development |  | 1032 | 2058 | 11778 | 6339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing |  | 836 | 812 | 2674 | 1814 |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative |  | 4643 | 3521 | 13149 | 10464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | **7** | 1033 | 502 | 3097 | 1511 |
|  |  | 7544 | 6893 | 30698 | 20128 |
| **Loss before other income (expenses) and income taxes** |  | (4580) | (4307) | (22476) | (12461) |
| **OTHER INCOME (EXPENSES)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion | **8** |  | (21) | (3) | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Grant income | **14** | 22 | 36 | 306 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subsidy income | **14** |  |  |  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and other income |  | 39 | 160 | 73 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized foreign exchange gain (loss) |  | (76) | 514 | 244 | 821 |
|  |  | (15) | 689 | 620 | 982 |
| **Loss before income taxes** |  | (4595) | (3618) | (21856) | (11479) |
| **Income taxes** |  | (104) | (208) | 425 | (586) |
| **NET LOSS FOR THE PERIOD** |  | (4699) | (3826) | (21431) | (12065) |
| **OTHER COMPREHENSIVE INCOME (LOSS)** | **OTHER COMPREHENSIVE INCOME (LOSS)** | **OTHER COMPREHENSIVE INCOME (LOSS)** | **OTHER COMPREHENSIVE INCOME (LOSS)** | **OTHER COMPREHENSIVE INCOME (LOSS)** | **OTHER COMPREHENSIVE INCOME (LOSS)** |
| **Items that will be reclassified subsequently to loss** | **Items that will be reclassified subsequently to loss** | **Items that will be reclassified subsequently to loss** | **Items that will be reclassified subsequently to loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange difference on translating foreign operations | &nbsp;&nbsp;&nbsp;&nbsp; Exchange difference on translating foreign operations | 3748 | (64) | 3890 | (798) |
| **COMPREHENSIVE LOSS FOR THE PERIOD** | **COMPREHENSIVE LOSS FOR THE PERIOD** | (951) | (3890) | (17541) | (12863) |
| **LOSS PER SHARE – BASIC AND DILUTED** | **LOSS PER SHARE – BASIC AND DILUTED** | (0.19) | (0.20) | (0.86) | (0.62) |
| **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING** |  | 24944679 | 19429459 | 24852887 | 19332597 |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited - Expressed in Canadian dollars)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands, except share data)* | **Number of**<br> **Shares** | **Share Capital**<br> **$** | **Convertible**<br> **Debentures**<br> **– Equity**<br> **Component**<br> **$** | **Contributed**<br> **Surplus**<br> **$** | **Accumulated**<br> **Other**<br> **Comprehensive**<br> (Loss) Income<br> **$** | **Accumulated**<br> **Deficit**<br> **$** | **Total**<br> **$** |
| **Balance, April 30, 2021** | **19169216** | **80102** | **127** | **7201** | **(687)** | **(29819)** | **56924** |
| Shares issued pursuant to deferred acquisition payment to IPA Europe | 41488 | 503 |  |  |  |  | 503 |
| Shares issued pursuant to option exercise | 158000 | 788 |  | (326) |  |  | 462 |
| Shares issued pursuant to warrant exercise | 17194 | 68 |  | (7) |  |  | 61 |
| Shares issued pursuant to conversion of convertible debentures | 75292 | 329 | (25) |  |  |  | 304 |
| Share-based payments |  |  |  | 2297 |  |  | 2297 |
| Comprehensive income (loss) for the period |  |  |  |  | (798) | (12065) | (12863) |
| **Balance, January 31, 2022** | **19461190** | **81790** | **102** | **9165** | **(1485)** | **(41884)** | **47688** |
| **Balance, April 30, 2022** | **24476846** | **114559** | **103** | **9630** | **(2479)** | **(46528)** | **75285** |
| Shares issued pursuant to option exercise | 178725 | 1247 |  | (532) |  |  | 715 |
| Shares issued pursuant to conversion of convertible debentures | 309877 | 1418 | (103) |  |  |  | 1315 |
| Share-based payments |  |  |  | 1307 |  |  | 1307 |
| Comprehensive income (loss) for the period |  |  |  |  | 3890 | (21431) | (17541) |
| **Balance, January 31, 2023** | **24965448** | **117224** | **—** | **10405** | **1411** | **(67959)** | **61081** |

---

The accompanying notes are an integral part of these condensed interim consolidated financial statements

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#### IMMUNOPRECISE ANTIBODIES LTD.

#### CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands)* | **Note** | **2023**<br> **$** | **2022**<br> **$** |
| **Operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss for the period |  | (21431) | (12065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Items not affecting cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and depreciation | **6, 7, 15** | 4702 | 2843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset impairment |  |  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes |  | (676) | 586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion | **8** | 3 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (152) | (837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on investment |  | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments | **10, 11** | 1307 | 2297 |
|  |  | (16274) | (6944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in non-cash working capital related to operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts receivable |  | 350 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory |  | (62) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unbilled revenue |  | 1 | (125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses |  | (316) | (860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities | **12** | (715) | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and income taxes payable and receivable |  | (343) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | (240) | (85) |
| Net cash used in operating activities |  | (17599) | (8134) |
| **Investing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of equipment | **6** | (1033) | (924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Security deposit on leases |  | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchase of customer list |  |  | (191) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition payments |  | (610) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sale of QVQ Holdings BV shares |  | 80 |  |
| Net cash used in investing activities |  | (1523) | (1115) |
| **Financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from share issuance, net of transaction costs | **10** | 715 | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repayment of leases | **9** | (955) | (702) |
| Net cash used in financing activities |  | (240) | (179) |
| Decrease in cash during the period |  | (19362) | (9428) |
| Foreign exchange |  | 724 | 657 |
| Cash – beginning of the period |  | 30047 | 41838 |
| Cash – end of the period |  | 11409 | 33067 |
| Cash is comprised of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash |  | 11324 | 32986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted cash |  | 85 | 81 |
|  |  | 11409 | 33067 |
| Cash paid for interest |  | 263 | 38 |
| Cash paid for income tax |  | 591 | 671 |

---

Supplemental cash flow information (Note 16)

The accompanying notes are an integral part of these condensed interim consolidated financial statements

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**1.** **NATURE OF OPERATIONS** 

ImmunoPrecise Antibodies Ltd. (the "Company" or "IPA") was incorporated under the laws of Alberta on November 22, 1983. The Company is listed on the NASDAQ Global Market ("Nasdaq") under the trading ticker symbol "IPA." The Company is a supplier of custom antibody discovery services. The address of the Company's corporate office is 3204 – 4464 Markham Street, Victoria, BC, Canada V8Z 7X8.

<u>Going concern basis</u>

The condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern. The Company has incurred operating losses since its inception, including $21.4 million for the nine months ended January 31, 2023, and has accumulated a deficit of $68.0 million as of January 31, 2023. The Company had $11.4 million cash on hand as of January 31, 2023. The Company expects its cash on hand as of January 31, 2023 will be sufficient to fund the Company's operations for at least one year from the date these condensed financial statements are available to be issued. The Company's forecasts are subject to changes in the Company's internally funded initiatives, including *in silico* antibody services and pre-clinical assets, and if required, the Company has discretion to reduce or delay its investment in research and development. The Company will need to raise additional funds to finance its strategic goals and there can be no assurances that sufficient funding, including adequate financing, will be available. The ability of the Company to arrange additional financing in the future depends in part on the prevailing capital market conditions and profitability of its operations.

**2.** **BASIS OF PRESENTATION** 

**(a)** **Statement of compliance** 

These condensed interim consolidated financial statements have been prepared in conformity with International Accounting Standard ("IAS") 34, *Interim Financial Reporting,* using the same accounting policies as detailed in the Company's audited annual financial statements for the year ended April 30, 2022. They do not include all the information required for complete annual financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC") and therefore should be read together with the audited annual financial statements for the year ended April 30, 2022.

These condensed interim consolidated financial statements were approved by the Board of Directors.

**(b)** **Basis of measurement** 

These condensed interim consolidated financial statements have been prepared on the historical cost basis. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cashflow information.

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#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**(c)** **Basis of c onsolidation** 

These condensed interim consolidated financial statements include the financial statements of the Company and the following subsidiaries which are wholly owned and subject to control by the Company:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of Subsidiary | % Equity<br> Interest -<br> October 31,<br> 2022 | % Equity<br> Interest -<br> April 30,<br> 2022 | Country of<br> Incorporation | Functional Currency |
| ImmunoPrecise Antibodies (Canada) Ltd. | 100% | 100% | Canada | Canadian dollar |
| ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") | 100% | 100% | USA | US dollar |
| ImmunoPrecise Antibodies (N.D.) Ltd. | 100% | 100% | USA | US dollar |
| ImmunoPrecise Antibodies (MA) LLC | 100% | 100% | USA | US dollar |
| Talem Therapeutics LLC ("Talem") | 100% | 100% | USA | US dollar |
| ImmunoPrecise Netherlands B.V. | 100% | 100% | Netherlands | Euro |
| ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") | 100% | 100% | Netherlands | Euro |
| BioStrand B.V. | 100% | 100% | Belgium | Euro |
| Idea Family B.V. | 100% | 100% | Belgium | Euro |
| BioKey B.V. | 100% | 100% | Belgium | Euro |
| BioClue B.V. | 100% | 100% | Belgium | Euro |
| ImmunoPrecise Antibodies (Quebec), Ltd. | 100% | 100% | Canada | Canadian dollar |
| 9438-9244 Quebec, Inc. | 100% | 100% | Canada | Canadian dollar |

---

Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions and unrealized intercompany gains and losses are eliminated upon consolidation.

**(d)** **Functional and presentation currency** 

The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. The presentation currency of the Company is the Canadian dollar.

<u>Foreign currency translation</u>

Entities whose functional currencies differ from the presentation currency are translated into Canadian dollars as follows: assets and liabilities – at the closing rate as at the reporting date, and income and expenses – at the average rate of the period. All resulting changes are recognized in other comprehensive income as cumulative translation differences.

<u>Foreign currency transactions</u>

Transactions in foreign currencies are translated into the functional currency at exchange rates at the date of the transactions. Foreign currency monetary assets and liabilities are translated at the functional currency exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss.

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

When the Company disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary are reallocated between controlling and non-controlling interests.

**3.** **ADOPTION OF NEW ACCOUNTING STANDARDS** 

<u>Standards adopted</u>

*Onerous Contracts – Cost of Fulfilling a Contract (Amendments to IAS 37)*

The amendments to IAS 37 specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. Costs that relate directly to a contract can either be incremental costs of fulfilling contracts (an example would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract).

The Company adopted this standard effective May 1, 2022. The adoption of the amendment to IAS 37 did not have an impact on the Company's consolidated financial statements for the three and nine months ended January 31, 2023.

<u>Standards not yet adopted</u>

*Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)*

The amendments to IAS 1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date.

These amendments are effective for reporting periods beginning on or after January 1, 2024.

**4.** **CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS** 

The preparation of the condensed interim consolidated financial statements in conformity with IFRS required estimates and judgments that affect the amounts reported in the financial statements. Actual results could differ from these estimates and judgments. Estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised. Estimates and judgments applied in the preparation of the condensed interim consolidated financial statements are the same as those presented in the Company's audited annual financial statements for the year ended April 30, 2022, except as noted below.

*<u>Reclassification</u>*

For the period ended October 31, 2022, the Company changed the presentation of its expense analysis from the nature of expense method to the function of expense method. In accordance with IAS 1, the Company reclassified comparative amounts beginning with the period started May 1, 2021. The reclassification is intended to provide more relevant information about the activities of separate functions at the Company, along with increased comparability to industry peers.

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#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**5.** **ACQUISITION OF BIOSTRAND** 

On April 13, 2022, the Company acquired all the issued and outstanding shares of BioStrand B.V., BioKey B.V., BioClue B.V. and Idea Family B.V. (collectively "BioStrand") on terms as follows:

€2.7 million (CAD $3.7 million) was paid in cash on closing;

4,077,774 common shares of the Company were issued on closing;

Deferred cash payment of €0.5 million (CAD $0.7 million) to be paid 90 days subsequent to closing; and

Deferred cash payment of €0.5 million (CAD $0.6 million) to be paid over the next 3 years.

BioStrand focuses on technology in the field of bioinformatics and biotechnology related to the identification of characteristic biological sequences in proteins, RNA and DNA, and their different information layers, the development of a knowledgebase containing these characteristic biological sequences and information layers, and the use of this database to process biological sequences and compare processed biological sequences. The acquisition provides the Company with advanced omics capabilities to enhance its antibody discovery processes and offer multi-omics data analysis to its clients.

The transaction was accounted for as a business combination, as the operations of BioStrand meet the definition of a business. As the transaction was accounted for as a business combination, legal and consulting costs of $0.7 million and $0.1 million, respectively, were expensed during the year ended April 30, 2022. The goodwill resulting from the allocation of the purchase price to the total fair value of net assets will represent the sales growth potential and assembled workforce of BioStrand.

During the three months ended July 31, 2022, the Company recorded the right-of-use assets and lease liabilities in connection with building and vehicle leases at BioStrand. During the three months ended October 31, 2022, the Company adjusted goodwill upon the finalization of the deferred cash payment paid 90 days subsequent to closing. Both adjustments occurred during the measurement period and were applied retrospectively. The Company has allocated the purchase price as follows:

---

| |
|:---|
| *(in thousands)* |
| Cash |
| Common shares of the Company |
| **Fair value of consideration** |
| Cash |
| Amounts receivable |
| Unbilled revenue |
| Equipment |
| Intangible assets (not deductible for tax purposes) |
| Proprietary processes (not deductible for tax purposes) |
| Goodwill (not deductible for tax purposes) |
| Accounts payable and accrued liabilities assumed) |
| Deferred revenue |
| Leases) |
| Deferred income tax liability) |

---

The intangible assets are primarily comprised of acquired technology assets that are expected to have a useful life of 15 years.

The fair value of the 4,077,774 common shares issued ($29.1 million) was determined based on the Canadian dollar equivalent of the consideration required of €21.3 million pursuant to the share purchase agreement using the stock price on the date of the acquisition. The common shares are subject to an escrow agreement, and will be released to

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#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

the vendors on the following schedule: 15% one year after closing, 20% two years after closing, and 65% three years after closing.

The operating results for BioStrand have been recognized in the consolidated statement of comprehensive loss beginning on April 13, 2022, the effective date of control. During the year ended April 30, 2022, the Company recorded a net loss of $0.2 million related to BioStrand.

The deferred cash payments of €1.0 million was fair valued on the date of acquisition using a discounted cash flow model. The changes in the value of the subsequent payments during the nine months ended January 31, 2023 and year ended April 30, 2022 are as follows:

---

| | |
|:---|:---|
| *(in thousands)* | **$** |
| Balance, April 30, 2021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amount at date of acquisition |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange) |  |
| Balance, April 30, 2022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Working capital adjustment) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred acquisition payment) |  |
| **Balance, January 31, 2023** |  |
| Less: Current portion) |  |
| Non-current portion |  |

---

The share purchase agreement related to the acquisition of BioStrand includes contingent earnout payments (see Note 13).

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#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**6.** **PROPERTY AND EQUIPMENT** 

The table below includes both property and equipment and right-of-use assets.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Computer**<br> **Hardware**<br> **$** | **Furniture &**<br> **Equipment**<br> **$** | **Computer**<br> **Software**<br> **$** | **Building**<br> **$** | **Automobile**<br> **$** | **Leasehold**<br> **Improvements**<br> **$** | **Lab**<br> **Equipment**<br> **$** | **WIP -**<br> **Leasehold**<br> **Improvements**<br> **$** | <br> **Total**<br> **$** |
| Cost: |  |  |  |  |  |  |  |  |  |
| Balance, April 30, 2021 | 96 | 36 | 49 | 2730 | 94 | 353 | 5048 |  | 8406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions | 39 | 3 |  | 311 | 1 |  | 991 | 138 | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of BioStrand | 24 |  |  | 69 | 152 |  |  |  | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposals | (21) | (5) |  |  |  |  |  |  | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease modification |  |  |  | (22) |  |  |  |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subsidy reimbursement |  |  |  |  |  |  | (106) |  | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset impairment |  |  |  | (363) |  |  |  |  | (363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (2) | 1 | (2) | (139) | (8) |  | (261) |  | (411) |
| Balance, April 30, 2022 | 136 | 35 | 47 | 2586 | 239 | 353 | 5672 | 138 | 9206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions | 125 |  |  | 7412 |  | 82 | 749 |  | 8368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Completion of work-in-process |  |  |  |  |  | 166 |  | (138) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposals | (3) |  |  | (616) | (93) |  | (13) |  | (725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 12 |  | 2 | 145 | 17 | 4 | 327 |  | 507 |
| **Balance, January 31, 2023** | **270** | **35** | **49** | **9527** | **163** | **605** | **6735** | **—** | **17384** |
| Accumulated Depreciation: |  |  |  |  |  |  |  |  |  |
| Balance, April 30, 2021 | 61 | 28 | 42 | 1334 | 27 | 296 | 2594 |  | 4382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 31 | 6 | 7 | 698 | 23 | 51 | 940 |  | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposals | (21) | (5) |  |  |  |  |  |  | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset impairment |  |  |  | (196) |  |  |  |  | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (1) |  | (2) | (100) | (4) | 1 | (163) |  | (269) |
| Balance, April 30, 2022 | 70 | 29 | 47 | 1736 | 46 | 348 | 3371 |  | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 58 | 2 |  | 732 | 44 | 27 | 743 |  | 1606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposals | (3) |  |  | (600) | (55) |  |  |  | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 4 |  | 2 | 127 | 7 |  | 184 |  | 324 |
| **Balance, January 31, 2023** | **129** | **31** | **49** | **1995** | **42** | **375** | **4298** | **—** | **6919** |
| Net Book Value: |  |  |  |  |  |  |  |  |  |
| April 30, 2022 | 66 | 6 |  | 850 | 193 | 5 | 2301 | 138 | 3559 |
| **January 31, 2023** | **141** | **4** | **—** | **7532** | **121** | **230** | **2437** | **—** | **10465** |

---

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#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**7.** **INTANGIBLE ASSETS** 

Changes in the value of the intangible assets during the nine months ended January 31, 2023 and the year ended April 30, 2022 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands)* | **Internally**<br> **Generated**<br> **Development**<br> **Costs**<br> **$** | **Intellectual**<br> **Property**<br> **$** | **Proprietary**<br> **Processes**<br> **$** | **Certifications**<br> **$** | **Customer List**<br> **$** | <br> **Total**<br> **$** |
| Cost: |  |  |  |  |  |  |
| Balance, April 30, 2021 | 33 | 4089 | 7635 | 138 |  | 11895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costs expensed |  |  |  |  | 191 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of BioStrand |  | 28459 | 391 |  |  | 28850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (634) | (667) | (12) | (11) | (1324) |
| Balance, April 30, 2022 | 33 | 31914 | 7359 | 126 | 180 | 39612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 2391 | 551 | 9 | 14 | 2965 |
| **Balance, January 31, 2023** | **33** | **34305** | **7910** | **135** | **194** | **42577** |
| Accumulated Amortization: |  |  |  |  |  |  |
| Balance, April 30, 2021 | 1 | 1445 | 4391 |  |  | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization | 7 | 398 | 1577 |  | 31 | 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | (150) | (477) |  | (1) | (628) |
| Balance, April 30, 2022 | 8 | 1693 | 5491 |  | 30 | 7222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization | 5 | 1842 | 1061 | 121 | 68 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange |  | 268 | 488 | 4 | 7 | 767 |
| **Balance, January 31, 2023** | **13** | **3803** | **7040** | **125** | **105** | **11086** |
| Net Book Value: |  |  |  |  |  |  |
| April 30, 2022 | 25 | 30221 | 1868 | 126 | 150 | 32390 |
| **January 31, 2023** | **20** | **30502** | **870** | **10** | **89** | **31491** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**8.** **CONVERTIBLE DEBENTURES** 

On May 15, 2020, the Company closed a non-brokered private placement financing by issuing 10% convertible debentures ("New Debentures") for total proceeds of $2.59 million. On May 27, 2020, the Company issued an additional $0.04 million of the 10% New Debentures. In total, the Company issued $2.6 million of the New Debentures. The New Debentures are unsecured, bear interest at a rate of 10% per year and payable at maturity. The maturity date is May 15, 2022 for $2.59 million of the New Debentures and May 22, 2022 for $0.04 million of the New Debentures. The principal amount of the New Debentures may be convertible, at the option of the holder, into units of the Company at a conversion price of $4.25 per share. The Company may force convert the principal amount of the New Debentures at $4.25 per share if the average closing price is equal to or greater than $7.50 for 20 trading days.

The fair value of the New Debentures at the time of issue was calculated as the discounted cash flows assuming a 15% effective interest rate. The fair value of the equity component was determined at the time of issue as the difference between the face value and the fair value of the New Debentures. On initial recognition, the Company bifurcated $2.4 million to the carrying value of the New Debentures and $0.2 million to the equity component.

Under the financing, the Company paid finder's cash commissions totaling $0.08 million and incurred legal and filing fees of $0.03 million. The transaction costs were allocated pro-rata based on the carrying values of the New Debentures and the equity component, with $0.1 million allocated to the New Debentures and $0.01 million allocated to the equity component.

The changes in the value of the New Debentures during the nine months ended January 31, 2023 and the year ended April 30, 2022 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **Liability**<br> **Component**<br> **$** | **Equity**<br> **Component**<br> **$** |
| Balance, April 30, 2021 | 1531 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion expense | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion to shares | (304) | (24) |
| Balance, April 30, 2022 | 1312 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accretion expense | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Conversion to shares | (1315) | (103) |
| **Balance, January 31, 2023** | **—** | **—** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**9.** **LEASES** 

The Company has leases for lab and office space, automobiles and one item of lab equipment. Each lease is reflected in the consolidated statement of financial position as a right-of-use asset and a lease liability. The Company classifies right-of-use assets in a consistent manner to its property and equipment. The following is a schedule of the Company's future minimum lease payments related to the equipment and automobiles under finance lease and the office lease obligation:

---

| |
|:---|
| *(in thousands)* |
| 2023 |
| 2024 |
| 2025 |
| 2026 |
| 2027 |
| More than 5 years |
| Total minimum lease payments |
| Less: imputed interest) |
| Total present value of minimum lease payments |
| Less: Current portion) |
| Non-current portion |

---

Total cash outflow for leases during the nine months ended January 31, 2023 was $1.0 million (2022 - $0.7 million).

The nature of the Company's leases by type of right-of-use asset as at January 31, 2023 is as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Right-of-use asset type** | **No. of right-of-use assets leased** | **Range of remaining term** | **Average remaining lease term** | **No. of leases with extension options** | **No. of leases with options to purchase** | **No. of leases with variable payments linked to an index** | **No. of leases with termination options** |
| Lab and office facilities | 5 | 0 - 9 years | 2.5 years | 5 |  | 3 | 2 |
| Automobiles | 6 | 1.5 - 4 years | 2 years |  |  | 6 | 6 |
| Lab equipment | 1 | <0.5 years | <0.5 years |  | 1 |  |  |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

<u>Right-of-use assets</u>

The Company reviews long-lived assets with finite useful lives for impairment whenever circumstances indicate that the carrying amount of the asset may not be recoverable. During the year ended April 30, 2022, a significant change in the planned use of a right-of-use asset related to leased office space indicated possible impairment of the asset. Due to the nature of the leased space, the Company determined the recoverable amount to be nominal, and recorded an impairment charge of $0.2 million, the full carrying value of the asset.

During the three months ended October 31, 2022, the Company recorded a right-of-use asset of $6.2 million upon commencement of a new lease at the Utrecht, the Netherlands location. The lease includes an initial term of five years, and a renewal option for an additional five years. The Company has determined that it is reasonably certain to exercise the renewal option.

The changes in the value of right-of-use assets during the nine months ended January 31, 2023 and the year ended April 30, 2022 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands)* | **Building**<br> **$** | **Automobile**<br> **$** | **Lab**<br> **Equipment**<br> **$** | <br> **Total**<br> **$** |
| Cost: |  |  |  |  |
| Balance, April 30, 2021 | 2730 | 94 | 623 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions | 311 | 1 |  | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition of BioStrand | 69 | 152 |  | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease modification | (22) |  |  | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment | (369) |  |  | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (133) | (8) | 28 | (113) |
| Balance, April 30, 2022 | 2586 | 239 | 651 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additions | 7412 |  |  | 7412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposals | (616) | (93) |  | (709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 145 | 17 | 32 | 194 |
| **Balance, January 31, 2023** | **9527** | **163** | **683** | **10373** |
| Accumulated Depreciation: |  |  |  |  |
| Balance, April 30, 2021 | 1334 | 27 | 220 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 698 | 23 | 224 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment | (196) |  |  | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | (100) | (4) | 16 | (88) |
| Balance, April 30, 2022 | 1736 | 46 | 460 | 2242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 732 | 44 | 178 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposals | (600) | (55) |  | (655) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange | 127 | 7 | 25 | 159 |
| **Balance, January 31, 2023** | **1995** | **42** | **663** | **2700** |
| Net Book Value: |  |  |  |  |
| April 30, 2022 | 850 | 193 | 191 | 1234 |
| **January 31, 2023** | **7532** | **121** | **20** | **7673** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

<u>Lease payments not recognized as a liability</u>

The Company has elected not to recognize a lease liability for leases with an expected term of 12 months or less. Additionally, certain variable lease payments are not permitted to be recognized as lease liabilities and are recognized in profit and loss as incurred. The expense relating to payments not included in the measurement of the lease liability during the nine months ended January 31, 2023 and 2022 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** |
| Leases of low value assets | 30 | 18 |
| Variable lease payments | 169 | 96 |
|  | **199** | **114** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**10.** **SHARE CAPITAL** 

**a)** **Authorized:** 

Unlimited common shares without par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Share capital transactions:

*2022 Transactions*

On May 3, 2021, the Company issued 41,488 common shares pursuant to the final deferred payment for the acquisition of IPA Europe. The common shares were valued at $0.5 million.

On April 13, 2022, the Company issued 4,077,774 common shares pursuant to the acquisition of BioStrand (Note 5). The common shares were valued at $29.1 million.

During the year ended April 30, 2022, the Company issued 188,000 common shares pursuant to the exercise of stock options for total gross proceeds of $0.6 million. A value of $0.4 million was transferred from contributed surplus to share capital as a result. The weighted average share price at the dates the stock options were exercised was $7.95.

During the year ended April 30, 2022, the Company issued 925,076 common shares pursuant to the exercise of warrants and finder's warrants for total gross proceeds of $3.2 million. A value of $0.3 million was transferred from contributed surplus to share capital as a result.

During the year ended April 30, 2022, the Company issued 75,292 common shares with a value of $0.3 million pursuant to the conversion of $0.3 million principal balance of convertible debentures.

*2023 Transactions*

During the nine months ended January 31, 2023, the Company issued 178,725 common shares pursuant to the exercise of stock options for total gross proceeds of $0.7 million. A value of $0.5 million was transferred from contributed surplus to share capital as a result. The weighted average share price at the dates the stock options were exercised was US $4.54.

During the nine months ended January 31, 2023, the Company issued 309,877 common shares with a value of $1.3 million pursuant to the conversion of $1.3 million principal balance of convertible debentures.

*Subsequent Events*

Subsequent to January 31, 2023, the Company issued 84,812 common shares pursuant to the cashless exercise of 140,000 stock options.

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**c)** **Options** 

The following table summarizes stock option awards during the nine months ended January 31, 2023 and the year ended April 30, 2022, including the grant date fair value determined using the Black-Scholes option pricing model:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Black-Scholes Option Pricing Model Inputs** | **Black-Scholes Option Pricing Model Inputs** | **Black-Scholes Option Pricing Model Inputs** | **Black-Scholes Option Pricing Model Inputs** | **Black-Scholes Option Pricing Model Inputs** |  |
| **Grant date** | **Stock options granted** | **Exercisable price/option**<br> **$** | **Awarded to** | **Share price on grant date**<br> **$** | **Dividend yield** | **Expected volatility** | **Risk-free rate** | **Expected life** | **Fair value** |
| May 9, 2021<sup>(3)</sup> | 10000 | 7.72<sup>(7)</sup> | Strategic board members | 9.42 | 0% | 78% | 0.70% | 5.0 years | $0.06 million |
| June 13, 2021<sup>(4)</sup> | 43750 | 7.14<sup>(7)</sup> | Consultant | 8.63 | 0% | 78% | 0.71% | 3.0 years | $0.2 million |
| August 7, 2021<sup>(2)</sup> | 45000 | 9.19 | Employee | 9.19 | 0% | 79% | 0.80% | 5.0 years | $0.3 million |
| January 2, 2022<sup>(1)</sup> | 28250 | 6.89 | Directors | 6.89 | 0% | 77% | 1.18% | 4.0 years | $0.1 million |
| January 7, 2022<sup>(2)</sup> | 225000 | 7.94 | Officers and employees | 7.94 | 0% | 77% | 1.42% | 5.0 years | $1.1 million |
| January 7, 2022<sup>(2)</sup> | 113000 | 7.94 | Employees | 7.94 | 0% | 77% | 1.42% | 4.7 years | $0.5 million |
| January 13, 2022<sup>(5)</sup> | 15000 | 8.30 | Officer | 8.30 | 0% | 77% | 1.43% | 1.0 years | $0.04 million |
| January 13, 2022<sup>(2)</sup> | 24000 | 8.30 | Employees | 8.30 | 0% | 77% | 1.43% | 4.7 years | $0.1 million |
| March 11, 2022<sup>(6)</sup> | 25000 | 6.35 | Consultant | 4.67 | 0% | 76% | 1.77% | 2.0 years | $0.03 million |
| May 15, 2022<sup>(2)</sup> | 80000 | 5.79 | Employees | 5.79 | 0% | 77% | 2.73% | 5.0 years | $0.3 million |

---

(1) Vesting conditions are as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date; and one-quarter 12 months after grant date.

(2) Vesting conditions are as follows: one-third 6 months after grant date; one-third 12 months after grant date; and one-third 18 months after grant date.

(3) Vesting conditions are as follows: one-third one year after grant date; one-third two years after grand date; and one-third three years after grant date.

(4) The option vested immediately.

(5) Vesting conditions are as follows: one-third 2 months after grant date; one-third 4 months after grant date; and one-third 6 months after grant date.

(6) Vesting conditions are as follows: one-half 3 months after grant date; one-half 6 months after grant date.

(7) Priced in US dollars

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

Expected volatility of options granted is based on the historical volatility of the company from January 1, 2019 to the option grant date.

During the three and nine months ended January 31, 2023, the Company has recorded $0.2 million and $1.3 million (2022 - $0.5 million and $2.3 million) of share-based payments expense.

The changes in the stock options for the nine months ended January 31, 2023 and the year ended April 30, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **options**<br> **#** | **Weighted**<br> **average**<br> **exercise price**<br> **$** | **Weighted**<br> **average life**<br> **remaining**<br> (years) |
| Balance, April 30, 2021 (outstanding) | 1358900 | 7.93 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granted | 529000 | 7.98 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercised | (188000) | 3.26 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expired | (60250) | 10.75 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (15500) | 20.30 |  |
| Balance, April 30, 2022 (outstanding) | 1624150 | 8.29 | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granted | 80000 | 5.79 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercised | (178725) | 4.00 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expired | (68842) | 10.20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forfeited | (24335) | 9.45 |  |
| **Balance, January 31, 2023 (outstanding)** | **1432248** | 8.58 | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unvested | (202729) | 7.52 | 3.94 |
| **Exercisable, January 31, 2023** | **1229519** | 8.75 | 2.25 |

---

Details of the options outstanding as at January 31, 2023 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Expiry Date** | **Exercise**<br> **price $** | **Remaining**<br> **life (year)** | **Options**<br> **outstanding** | **Unvested** | **Vested** |
| &nbsp;&nbsp; February 7, 2023 | 2.35 | 0.02 | 140000 | - | 140000 |
| &nbsp;&nbsp; April 3, 2023 | 5.05 | 0.17 | 11000 | - | 11000 |
| &nbsp;&nbsp; September 24, 2023 | 4.75 | 0.65 | 19000 | - | 19000 |
| &nbsp;&nbsp; November 7, 2023 | 4.10 | 0.77 | 20000 | - | 20000 |
| &nbsp;&nbsp; December 31, 2023 | 5.00 | 0.92 | 180000 | - | 180000 |
| &nbsp;&nbsp; January 11, 2024 | 5.00 | 0.95 | 60000 | - | 60000 |
| &nbsp;&nbsp; September 1, 2025 | 8.50 | 2.59 | 250000 | - | 250000 |
| &nbsp;&nbsp; January 6, 2026 | 20.30 | 2.93 | 210000 | - | 210000 |
| &nbsp;&nbsp; May 9, 2026<sup>(1)</sup> | 10.40 | 3.27 | 10000 | 6667 | 3333 |
| &nbsp;&nbsp; August 5, 2026 | 9.19 | 3.51 | 30000 | 15000 | 15000 |
| &nbsp;&nbsp; January 2, 2026 | 6.89 | 2.92 | 28250 | 7063 | 21187 |
| &nbsp;&nbsp; January 7, 2027 | 7.94 | 3.94 | 335332 | 112667 | 222665 |
| &nbsp;&nbsp; January 7, 2027 | 8.30 | 3.95 | 33666 | 7999 | 25667 |
| &nbsp;&nbsp; February 22, 2024 | 6.35 | 1.06 | 25000 | - | 25000 |
| &nbsp;&nbsp; May 15, 2027 | 5.79 | 4.29 | 80000 | 53333 | 26667 |
|  | 8.58 | 2.49 | **1432248** | **202729** | **1229519** |

---

(1) US $7.72

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**d)** **Warrants** 

The changes in the warrants for the nine months ended January 31, 2023 and the year ended April 30, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **warrants**<br> **#** | **Weighted**<br> **average**<br> **exercise price**<br> **$** | **Weighted**<br> **average life**<br> **remaining**<br> (years) |
| Balance, April 30, 2021 | 878300 | 3.50 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercised | (878300) | 3.50 |  |
| Balance, January 31, 2023 and April 30, 2022 |  |  |  |

---

**e)** **Finder's Warrants** 

The changes in the finder's warrants for the nine months ended January 31, 2023 and the year ended April 30, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **warrants**<br> **#** | **Weighted average**<br> **exercise price**<br> **$** | **Weighted average life**<br> **remaining (years)** |
| Balance, April 30, 2021 | 176888 | 16.12 | 3.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercised | (46777) | 3.50 |  |
| Balance, April 30, 2022 | 130111 | 21.59 | 3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exercised |  |  |  |
| **Balance, January 31, 2023** | **130111** | 22.93 | 3.01 |

---

Details of the finder's warrants outstanding as at January 31, 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Expiry Date** | **Exercise price**<br> **$** | **Remaining life**<br> (year) | **Warrants**<br> **outstanding** |
| &nbsp;&nbsp; February 3, 2026<sup>(1)</sup> | 22.93 | 3.01 | 130111 |

---

(1) US $16.81

**11.** **EMPLOYEE REMUNERATION** 

Expenses recognized for employee benefits for the three and nine months ended January 31, 2023 and 2022 are detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| Wages, salaries | 2719 | 2250 | 7741 | 6052 |
| Employee benefits | 216 | 259 | 552 | 566 |
| Payroll taxes | 200 | 178 | 681 | 510 |
| Severance | 73 | 8 | 133 | 8 |
| Share-based payments | 193 | 492 | 1307 | 2297 |
|  | **3401** | **3187** | **10414** | **9433** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**12.** **RELATED PARTY TRANSACTIONS** 

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management consists of Dr. Jennifer Bath, President and CEO; Brad McConn, CFO; Dr. Stefan Lang, former Chief Business Officer; Dr. Ilse Roodink, Chief Scientific Officer; Lisa Helbling, former Chief Financial Officer, Dr. Yasmina Abdiche, former Chief Scientific Officer; and Directors of the Company. During the nine months ended January 31, 2023 and 2022, the compensation for key management is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| Salaries and other short-term benefits | 530 | 695 | 1938 | 1980 |
| Severance (included in salaries) | 63 |  | 123 | 8 |
| Share-based payments | 124 | 383 | 555 | 885 |
| Director compensation (included in salaries) | 83 | 84 | 250 | 282 |
|  | **800** | **1162** | **2866** | **3155** |

---

At January 31, 2023, included in accounts payable and accrued liabilities is $0.7 million (April 30, 2022 - $0.4 million) due to related parties. The amounts payable are non-interest bearing and unsecured.

These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties, unless otherwise noted.

**13.** **COMMITMENTS** 

The Company entered into a lease agreement for a new facility for its Oss, the Netherlands location on October 16, 2021. The lease will have a five-year term with an optional five-year extension, and is estimated to commence June 1, 2023 at an estimated annual cost of €0.5 million indexed for inflation.

The share purchase agreement related to the acquisition of BioStrand includes contingent earnout payments based on 20% of the EBITDA of BioStrand, as defined in the share purchase agreement, over a 7-year period, which shall not exceed in total €12.0 million. The Company has determined these payments relate to post-acquisition services because they are contingent on the employment of two key employees and will be expensed in the period earned.

**14.** **GRANT AND SUBSIDY INCOME** 

During May 2022, the Company received a €0.5 million round of grant funding from VLAIO (Flanders Innovation & Entrepreneurship), the research fund of the Flemish regional government in Belgium. The Company received the first disbursement of €0.2 million during the three months ended July 31, 2022. During the three and nine months ended January 31, 2023, the Company recorded nil and €0.2 million in grant income related to this funding.

**15.** **SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE** 

At January 31, 2023 and April 30, 2022, the Company has one reportable segment, being antibody production and related services.

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

The Company's revenues are allocated to geographic regions for the three and nine months ended January 31, 2023 and 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| United States of America | 3006 | 1759 | 6942 | 5139 |
| Canada | 121 | 160 | 518 | 386 |
| Europe | 1889 | 2303 | 6816 | 6769 |
| Other | 155 | 593 | 768 | 1831 |
|  | **5171** | **4815** | **15044** | **14125** |

---

The Company's revenues are allocated according to revenue types for the three and nine months ended January 31, 2023 and 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| Project revenue | 4754 | 4073 | 13817 | 12652 |
| Product sales revenue | 363 | 465 | 1054 | 1177 |
| Cryostorage revenue | 54 | 277 | 173 | 296 |
|  | **5171** | **4815** | **15044** | **14125** |

---

The Company's non-current assets are allocated to geographic regions as of January 31, 2023 and April 30, 2022 as follows:

---

| | | |
|:---|:---|:---|
|  | **January 31,**<br> **2023**<br> **$** | **April 30,**<br> **2022**<br> **$** |
| North America - Corporate | 88 | 76 |
| North America | 1091 | 1481 |
| Belgium | 42647 | 41355 |
| Netherlands | 19742 | 13265 |
|  | **63568** | **56177** |

---

Geographic segmentation of the Company's net income (loss) for the three and nine months ended January 31, 2023 and 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| North America - Corporate | (620) | (1815) | (4500) | (6037) |
| North America | (3146) | (2188) | (14327) | (7217) |
| Belgium | (1267) |  | (3276) |  |
| Netherlands | 334 | 177 | 672 | 1189 |
|  | **(4699)** | **(3826)** | **(21431)** | **(12065)** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

Geographic segmentation of the interest and accretion, and amortization and depreciation for the three and nine months ended January 31, 2023 and 2022 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| **Interest and accretion**<br> *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| North America - Corporate | 2 | 72 | 17 | 197 |
| North America | 3 | 12 | 14 | 41 |
| Belgium | 3 |  | 12 |  |
| Netherlands | 111 | 33 | 169 | 85 |
|  | **119** | **117** | **212** | **323** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**<br> **January 31,** | **Three months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** | **Nine months ended**<br> **January 31,** |
| **Amortization and depreciation**<br> *(in thousands)* | **2023**<br> **$** | **2022**<br> **$** | **2023**<br> **$** | **2022**<br> **$** |
| North America - Corporate | 4 | 15 | 11 | 53 |
| North America | 195 | 201 | 563 | 592 |
| Belgium | 554 |  | 1717 |  |
| Netherlands | 935 | 733 | 2411 | 2198 |
|  | **1688** | **949** | **4702** | **2843** |

---

------

#### IMMUNOPRECISE ANTIBODIES LTD.

#### NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended January 31, 2023 and 2022

(Unaudited - Expressed in Canadian Dollars)

**16.** **SUPPLEMENTAL CASH FLOW INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Non-cash investing and financing transactions**<br> *(in thousands)* | **January 31,**<br> **2023**<br> **$** | **January 31,**<br> **2022**<br> **$** |
| Acquisition of building and equipment by lease | 7412 | 327 |
| Fair value of shares issued pursuant to deferred acquisition payment to IPA Europe |  | 503 |

---

The following changes in liabilities arose from financing activities:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** |  |
| *(in thousands)* | **April 30,**<br> **2022**<br> **$** | **Cash Flows**<br> **$** | **Acquisition**<br> **$** | **Settlement**<br> **/ Disposal**<br> **$** | **Accretion**<br> **$** | **Foreign**<br> **exchange**<br> **movements**<br> **and change**<br> **in estimates**<br> **$** | **January 31,**<br> **2023**<br> **$** |
| Deferred acquisition payments | 1237 | (610) |  |  |  | 47 | 674 |
| Convertible debentures | 1312 |  |  | (1315) | 3 |  |  |
| Leases | 1455 | (955) | 7412 |  |  | (437) | 7475 |
| **Total** | 4004 | (1565) | 7412 | (1315) | 3 | (390) | 8149 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** | **Non-cash changes** |  |
| *(in thousands)* | **April 30,**<br> **2021**<br> **$** | **Cash Flows**<br> **$** | **Acquisition**<br> **$** | **Debt forgiven**<br> **/ Settlement**<br> **/ Disposal**<br> **$** | **Accretion**<br> **$** | **Foreign**<br> **exchange**<br> **movements**<br> **and change**<br> **in estimates**<br> **$** | **January 31,**<br> **2022**<br> **$** |
| Deferred acquisition payments | 498 |  |  | (503) |  | 5 |  |
| Convertible debentures | 1531 |  |  | (304) | 65 |  | 1292 |
| Leases | 1926 | (702) | 327 |  |  | (29) | 1522 |
| **Total** | 3955 | (702) | 327 | (807) | 65 | (24) | 2814 |

---

## Exhibit 99.3

Exhibit 99.3

#### Form 5 2 - 109F2

#### Cert i f i c a ti on of I n t e rim Fil i ngs

#### Fu l l C e rt i f i c a te
I, Jennifer Bath, *Chief Executive Officer, ImmunoPrecise Antibodies, Ltd.,* certify the following:

1.  ***R ev i e w :*** I have r ev i e w ed t h e i n t e r i m f i na n c i al r epo r t a nd i n t e r i m M D & A (t o ge t h e r , t he " i n t e r i m f i li n g s") o f I m m uno P r e c i s e A n t i bo d i es, L t d . (t h e " i s s u e r ") f or t h e i n t e r i m p e r i od e nded January,

31, 2023.

2.  ***N o m i sre p re s en t a t i ons:*** B a sed on m y k no w l e dge, h av i ng ex e r c i sed r e a son a b l e d i l i gence, t he i n t e r i m f i l i ngs do not co n t a i n any un t r ue s t a t e m e nt o f a m a t e r i a l f act or o m i t t o s t a t e a m a t e r i al f a c t r e qu i r ed t o b e s t a t ed o r t h a t i s ne c es s a r y t o m a k e a s t a t e m e n t n o t m i s l e ad i n g i n li g ht o f t he c i r cu m s t anc e s und e r w h i ch i t w a s m a d e, w it h r esp e ct t o t he p e r i od cov e r ed by t h e i n t e r i m f i l i n g s.

3.  ***F a i r p r ese n t a ti o n :*** B a s ed o n m y k no w l e d ge, h av i n g e x e r c i sed r e aso n ab l e d i l i gen c e, t he i n t e r i m fi n a nc i al r e p o r t t o g e t h er w i t h t h e o t her f i na n c i a l i n f or m a ti on i n c l u d ed i n t h e i n t er i m f i l i ngs f a i r l y p r e s ent i n a l l m a t e r i al r e s p e c t s t he fi n an c i a l co n d i ti o n , fi n a nc i al pe r f o r m a nce and cash fl o w s of t he i s su e r , a s of t he d a t e of and f or t he pe r i o d s p r e se n t e d i n t he i n t e r i m f i l i ngs.

4.  ***R espon s i b i l i t y :*** The i s s ue r' s o t h e r ce r t i f y i ng o f f i ce r (s) and I a r e r e spon s i b l e f o r e s t ab l i s h i ng and m a i n t a i n i ng d i s c l o su r e co n t r o l s and p r o c ed u r es (DC & P) and i n t e r n al co n tr o l ov e r f i nan c i a l r ep o r t i ng (I C F R) , as t ho s e t e r m s a r e d e f i ned i n N a ti o n a l I ns t r u m ent 52 - 109 *C e r t i f i ca t i on o f D i sc l osu r e i n I s s ue r s' Ann u al and I n t e r i m F i l i ng s ,* f o r t he i s su e r .

5.  ***D es i g n :*** Su b j e c t t o t h e l i m i t a t i ons, i f any, d es c ri b ed i n pa r a g r a p hs 5.2 and 5 . 3, t h e i ss u e r ' s o t h e r ce r t i f y i n g o f f i ce r (s) a n d I h ave, as at t he end of t he pe r i od cov e r ed b y t he i n t e r i m f i l i ngs

(a) des i g ned DC & P, o r ca u sed i t to be d e s i g n ed und e r o u r supe r v i s i on, t o p r ov i d e r e a s onable ass u r an c e t h at

(i) m a t e r i a l i n f o r m a t i on r e l a t i n g t o t he i ss u er i s m a d e kn o w n t o us by o t he r s, pa r t i c u l a rl y d u r i ng t he p e r i od i n w h i ch t he i n t e r i m f i li ngs a r e b e i ng p r e pa r ed; and

(ii) i n f o r m a t i on r eq u i r ed t o be d i s c l o s ed by t he i s su e r i n i t s ann u al f i li n gs, i n t e r im f i li n g s or o t h er r ep o r t s f i l ed or su b m i t t ed b y i t un d er s e cu r it i es l e g i s l a t i on i s r ec o r ded, p r o ce s sed, su mm a r i zed a nd r epo r t ed w i t h i n t he t i m e p e ri o ds s p e c i f i ed i n se c u r i t i es l e g i s l a t i o n ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1  ***C on t r o l f r a m e w or k :*** The c on tr o l fr a m e w o r k t he i ss u e r ' s o t h e r c e r t if y i ng o f f i c e r (s) and I used t o des i g n t h e i ssu e r ' s I C FR i s the C o m m i t t e e of S pons o r i ng O r gan i z a ti o n s of t h e T r e a d w ay C o m m i s s i on (COSO) I n t e r n al C o n tr o l - I n t eg r a t ed F r a m e w o r k.

&nbsp;&nbsp;&nbsp;&nbsp;5.2**ICFR – material weakness relating to design:** N/A

&nbsp;&nbsp;&nbsp;&nbsp;5.3***Limitation on scope of design:*** N/A

------

6.  ***R epor t i ng c h anges i n I C F R :*** The i ss u er h as d i s c l o s ed i n i t s i n t e ri m M D & A any c hange i n t he i ss u e r ' s I C FR t h a t o c cu r r ed du r i ng t he p e r i od be g i n n i n g on November 1 , 2022 a n d ended on January 31, 2 023 t h a t has m a t e r i a ll y a f f e c t ed, or i s r e a s o nab l y l i ke l y t o m a t e r i a l l y af f e c t , t h e i ss u e r ' s I C F R.

Date: March 16, 2023

/s/ Jennifer Bath

[Signature] Jennifer Bath

Chief Executive Officer

## Exhibit 99.4

Exhibit 99.4

#### Form 5 2 - 109F2

#### Cert i f i c a ti on of I n t e rim Fil i ngs

#### Fu l l C e rt i f i c a te
I, Brad McConn, *Chief Financial Officer, ImmunoPrecise Antibodies, Ltd.,* certify the following:

1.  ***R ev i e w :*** I h ave r e v i e w ed t h e i n t e r i m f i na n c i a l r e p o r t a nd i n t e r i m M D & A (t o g e t he r , t he " i n t e r i m f i li n g s") o f I m m uno P r e c i s e A n t i bo d i es, L t d . (t h e " i s su e r ") f or t h e i n t e r i m p e r i od e nded January,

31, 2023.

2.  ***N o m i sre p re s en t a t i ons:*** B a sed on m y k no w l e dge, h av i ng ex e r c i sed r e a son a b l e d i l i gence, t he i n t e r i m f i l i ngs do not co n t a i n any un t r ue s t a t e m e nt o f a m a t e r i a l f act or o m i t t o s t a t e a m a t e r i al f a c t r e qu i r ed t o b e s t a t ed o r t h a t i s ne c es s a r y t o m a k e a s t a t e m e n t n o t m i s l e ad i n g i n li g ht o f t he c i r cu m s t anc e s und e r w h i ch i t w a s m a d e, w it h r esp e ct t o t he p e r i od cov e r ed by t h e i n t e r i m f i l i n g s.

3.  ***F a i r p r ese n t a ti o n :*** B a s ed o n m y k no w l e d ge, h av i n g e x e r c i sed r e aso n ab l e d i l i gen c e, t he i n t e r i m fi n a nc i al r e p o r t t o g e t h er w i t h t h e o t her f i na n c i a l i n f or m a ti on i n c l u d ed i n t h e i n t er i m f i l i ngs f a i r l y p r e s ent i n a l l m a t e r i al r e s p e c t s t he fi n an c i a l co n d i ti o n , fi n a nc i al pe r f o r m a nce and cash fl o w s of t he i s su e r , a s of t he d a t e of and f or t he pe r i o d s p r e se n t e d i n t he i n t e r i m f i l i ngs.

4.  ***R espon s i b i l i t y :*** The i s s ue r' s o t h e r ce r t i f y i ng o f f i ce r (s) and I a r e r e spon s i b l e f o r e s t ab l i s h i ng and m a i n t a i n i ng d i s c l o su r e co n t r o l s and p r o c ed u r es (DC & P) and i n t e r n al co n tr o l ov e r f i nan c i a l r ep o r t i ng (I C F R) , as t ho s e t e r m s a r e d e f i ned i n N a ti o n a l I ns t r u m ent 52 - 109 *C e r t i f i ca t i on o f D i sc l osu r e i n I s s ue r s' Ann u al and I n t e r i m F i l i ng s ,* f o r t he i s su e r .

5.  ***D es i g n :*** Su b j e c t t o t h e l i m i t a t i ons, i f any, d es c ri b ed i n pa r a g r a p hs 5.2 and 5 . 3, t h e i ss u e r ' s o t h e r ce r t i f y i n g o f f i ce r (s) a n d I h ave, as at t he end of t he pe r i od cov e r ed b y t he i n t e r i m f i l i ngs

(a) des i g ned DC & P, o r ca u sed i t to be d e s i g n ed und e r o u r supe r v i s i on, t o p r ov i d e r e a s onable ass u r an c e t h at

(i) m a t e r i a l i n f o r m a t i on r e l a t i n g t o t he i ss u er i s m a d e kn o w n t o us by o t he r s, pa r t i c u l a rl y d u r i ng t he p e r i od i n w h i ch t he i n t e r i m f i li ngs a r e b e i ng p r e pa r ed; and

(ii) i n f o r m a t i on r eq u i r ed t o be d i s c l o s ed by t he i s su e r i n i t s ann u al f i li n gs, i n t e r im f i li n g s or o t h er r ep o r t s f i l ed or su b m i t t ed b y i t un d er s e cu r it i es l e g i s l a t i on i s r ec o r ded, p r o ce s sed, su mm a r i zed a nd r epo r t ed w i t h i n t he t i m e p e ri o ds s p e c i f i ed i n se c u r i t i es l e g i s l a t i o n ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1  ***C on t r o l f r a m e w or k :*** The c on tr o l fr a m e w o r k t he i ss u e r ' s o t h e r c e r t if y i ng o f f i c e r (s) and I used t o des i g n t h e i ssu e r ' s I C FR i s the C o m m i t t e e of S pons o r i ng O r gan i z a ti o n s of t h e T r e a d w ay C o m m i s s i on (COSO) I n t e r n al C o n tr o l - I n t eg r a t ed F r a m e w o r k .

&nbsp;&nbsp;&nbsp;&nbsp;5.2**ICFR – material weakness relating to design:** N/A

&nbsp;&nbsp;&nbsp;&nbsp;5.3***Limitation on scope of design:*** N/A

------

6.  ***R epor t i ng c h anges i n I C F R :*** The i ss u er h as d i s c l o s ed i n i t s i n t e ri m M D & A any c hange i n t he i ss u e r ' s I C FR t h a t o c cu r r ed du r i ng t he p e r i od be g i n n i n g on November 1 , 2022 a n d ended on January 31, 2 023 t h a t has m a t e r i a ll y a f f e c t ed, or i s r e a s o nab l y l i ke l y t o m a t e r i a l l y af f e c t , t h e i ss u e r ' s I C F R.

Date: March 16, 2023

<u>/s/ Brad McConn</u>

[Signature] Brad McConn

Chief Financial Officer