# EDGAR Filing Document

**Accession Number:** 0001715925
**File Stem:** 0001193125-25-237260
**Filing Date:** 2025-10
**Character Count:** 18004
**Document Hash:** f71424075f1f88647a4e01a77ea3793e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-237260.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001193125-25-237260

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251010

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MindWalk Holdings Corp.
- **CENTRAL INDEX KEY:** 0001715925
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 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:** 251388900

**BUSINESS ADDRESS:**
- **STREET 1:** INDUSTRIOUS, 823 CONGRESS AVE, SUITE 300
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 6048060626

**MAIL ADDRESS:**
- **STREET 1:** INDUSTRIOUS, 823 CONGRESS AVE, SUITE 300
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ImmunoPrecise Antibodies Ltd.
- **DATE OF NAME CHANGE:** 20170830

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**Form 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the month of **<u>October, 2025</u>**.

Commission File Number: **<u>001-39530</u>**

**<u>MindWalk Holdings Corp.</u>** 

**Industrious 823 Congress Ave Suite 300 Austin, Texas 78701**

(Address of 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 ☐

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**INCORPORATION BY REFERENCE**

<br>Exhibit 99.1 of this Form 6-K is incorporated by reference into the Registration Statement on Form S-8 (File No. 333-256730) and Registration Statements on Form F-3 (File Nos. 333-273197 and 333-281312) of the Company.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit**<br>| &nbsp;&nbsp;&nbsp;**Description**<br>|
| &nbsp;&nbsp;99.1<br>| [<u>Unaudited Pro Forma Condensed Consolidated Financial Information</u>](hyft-ex99_1.htm) |

---

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**<u>SIGNATURES</u>** 

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, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **MINDWALK HOLDINGS CORP.** | **MINDWALK HOLDINGS CORP.** |
| Date: October 10, 2025 |  |  |
|  | By: | /s/ Jennifer Bath<br>|
|  | Name: | Jennifer Bath |
|  | Title: | President and Chief Executive Officer |

---

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## Exhibit 99.1

Exhibit 99.1

**Unaudited Pro Forma Financial Information**

**Overview**

On August 6, 2025 MindWalk Holdings Corp. (formerly "ImmunoPrecise Antibodies Ltd.") (NASDAQ: HYFT) ("MindWalk" or the "Company"), a biotherapeutics company delivering advanced solutions in biologics and drug discovery, announced the divesture of its Netherlands-based subsidiary, ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe"), to AVS Bio for a total enterprise value of $12 million USD. The unaudited pro forma condensed consolidated financial information is based on MindWalk's historical consolidated financial statements as adjusted to give effect to the transaction accounting adjustments in accordance with IFRS to reflect the sale of subsidiary, IPA Europe B.V ("Divestiture").

The Divestiture did not meet the criteria requiring discontinued operations presentation in accordance with IFRS 5 for the fiscal year ended April 30, 2025. The Divestiture is considered a disposition of a significant business under IFRS 5. As a result, the Company prepared the unaudited pro forma condensed consolidated financial statements included herein, which were prepared in accordance with Rule 3-05 of Regulation S-X and are based on historical financial information of the Company. The historical consolidated financial information has been adjusted in the accompanying unaudited pro forma condensed consolidated financial statements to give effect to pro forma events that are (i) directly attributable to the Divestiture and (ii) factually supportable. Certain information and disclosures normally included in financial statements prepared in accordance with IFRS have been condensed or omitted from this report as is permitted by such rules and regulations.

**Unaudited Pro Forma Condensed Consolidated Financial Information** 

The accompanying unaudited pro forma condensed consolidated financial information includes pro forma adjustments that are directly attributable to the Divestiture and are factually supportable. Pro forma adjustments are presented for informational purposes only and are described in the accompanying notes based on information and assumptions currently available at the time of furnishing this Form 6 -K with which unaudited pro forma condensed consolidated financial information is included as an exhibit. The unaudited pro forma condensed consolidated financial information is not necessarily indicative of what the Company's results of operations or financial condition would have been had the Divestiture been completed on the dates indicated below. In addition, it is not necessarily indicative of the Company's future results of operations or financial condition and does not reflect all actions that have been or may be taken by the Company following the Divestiture.

The accompanying unaudited pro forma condensed consolidated financial statements are based on the audited consolidated financial statements and accompanying notes included in the Annual Report on Form 20-F, for the fiscal year ended April 30, 2025. The unaudited pro forma condensed consolidated balance sheet as of April 30, 2025 gives effect to the Divestiture as if it had occurred on April 30, 2024. The unaudited pro forma condensed consolidated statement of operations for year ended April 30, 2025 gives effect to the Divestiture as if it had occurred on May 1, 2022.

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**MINDWALK HOLDINGS CORP.**

**PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF FINACIAL POSITION**

(Unaudited - Expressed in Canadian dollars)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
| *(in thousands)* | **Note** | **Historical** | **Commercial<br>Divesture Note 1** | **Other Transaction<br>Adjustment** | **Pro Forma** |
| **ASSETS** |  |  |  |  |  |
| Current assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | **2** | 10665 | (1248) | 14076 | 23493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable, net |  | 4115 | (2551) |  | 1564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax receivable | **4** | 143 | (10) | 12 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory |  | 2095 | (1578) |  | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue |  | 548 | (276) |  | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **3** | 1188 |  | 11 | 1199 |
|  |  | 18754 | (5663) | 14099 | 27190 |
| Restricted cash |  | 126 |  |  | 126 |
| Deposit on equipment |  | 502 | (477) |  | 25 |
| Property and equipment |  | 15762 | (11407) |  | 4355 |
| Intangible assets |  | 1067 | (1067) |  |  |
| Goodwill |  | 8230 | (8230) |  |  |
| Total assets |  | 44441 | (26844) | 14099 | 31696 |
| **LIABILITIES** |  |  |  |  |  |
| Current liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 5283 | (887) |  | 4396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  | 1090 | (605) |  | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax payable | **4** | 475 | (487) | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases |  | 1850 | (1467) |  | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition payments |  | 314 |  |  | 314 |
|  |  | 9012 | (3446) | 12 | 5578 |
| Leases |  | 11553 | (8251) |  | 3302 |
| Deferred income tax liability | **3** | 250 | (261) | 11 |  |
| Total liabilities |  | 20815 | (11958) | 23 | 8880 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Share capital | **5** | 136371 | (83) | 83 | 136371 |
| Contributed surplus |  | 12833 |  |  | 12833 |
| Accumulated other comprehensive income |  | 3216 | (836) |  | 2380 |
| Accumulated deficit | **2, 5** | (128794) | (13967) | 13993 | (128768) |
|  |  | 23626 | (14886) | 14076 | 22816 |
| Total liabilities and shareholders' equity |  | 44441 | (26844) | 14099 | 31696 |

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**MINDWALK HOLDINGS CORP.**

**PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(Unaudited - Expressed in Canadian dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** | **Year Ended April 30, 2025** |
| *(in thousands, except share data)* | **Note** | **Historical** | **Commercial<br>Divesture Note 1** | **Other Transaction<br>Adjustment** | **Pro Forma** |
| **REVENUE** |  | 24520 | (15207) |  | 9313 |
| **COST OF SALES** |  | 10972 | (7390) |  | 3582 |
| **GROSS PROFIT** |  | 13548 | (7817) |  | 5731 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | 4943 | (642) |  | 4301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing |  | 4298 | (751) |  | 3547 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | 14735 | (2658) |  | 12077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets |  | 21184 |  |  | 21184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | 1948 | (418) |  | 1530 |
|  |  | 47108 | (4469) |  | 42639 |
| **Loss before other income (expenses) and income taxes** |  | (33560) | (3348) |  | (36908) |
| **OTHER INCOME (EXPENSES)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion |  | (10) |  |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant and subsidy income |  | 180 | (43) |  | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other (expense) income |  | (283) | (13) |  | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (loss) gain |  | (594) | 38 |  | (556) |
|  |  | (707) | (18) |  | (725) |
| **Loss before income taxes** |  | (34267) | (3366) |  | (37633) |
| **Income taxes** |  | 4033 | 450 |  | 4483 |
| **NET LOSS FOR THE PERIOD** |  | (30234) | (2916) |  | (33150) |
| **LOSS PER SHARE – BASIC AND DILUTED** | **LOSS PER SHARE – BASIC AND DILUTED** | (0.91) |  |  | (0.99) |
| **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING** |  | 33385499 |  |  | 33385499 |

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**MINDWALK HOLDINGS CORP.**

**PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(Unaudited - Expressed in Canadian dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** | **Year Ended April 30, 2024** |
| *(in thousands, except share data)* | **Note** | **Historical** | **Commercial<br>Divesture Note 1** | **Other Transaction<br>Adjustment** | **Pro Forma** |
| **REVENUE** |  | 24518 | (15585) |  | 8933 |
| **COST OF SALES** |  | 12465 | (7623) |  | 4842 |
| **GROSS PROFIT** |  | 12053 | (7962) |  | 4091 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | 4043 | (304) |  | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing |  | 3543 | (687) |  | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | 15592 | (2952) |  | 12640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 11161 |  |  | 11161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets |  | 3870 |  |  | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | 2968 | (602) |  | 2366 |
|  |  | 41177 | (4545) |  | 36632 |
| **Loss before other income (expenses) and income taxes** |  | (29124) | (3417) |  | (32541) |
| **OTHER INCOME (EXPENSES)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion |  | (19) |  |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant and subsidy income |  | 331 | (31) |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other (expense) income |  | 23 | (1) |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (loss) gain |  | 86 | (10) |  | 76 |
|  |  | 421 | (42) |  | 379 |
| **Loss before income taxes** |  | (28703) | (3459) |  | (32162) |
| **Income taxes** |  | 2588 | 272 |  | 2860 |
| **NET LOSS FOR THE PERIOD** |  | (26115) | (3187) |  | (29302) |
| **LOSS PER SHARE – BASIC AND DILUTED** | **LOSS PER SHARE – BASIC AND DILUTED** | (1.02) |  |  | (1.14) |
| **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING** |  | 25635526 |  |  | 25635526 |

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**MINDWALK HOLDINGS CORP.**

**PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(Unaudited - Expressed in Canadian dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30, 2023** | **Year Ended April 30, 2023** | **Year Ended April 30, 2023** | **Year Ended April 30, 2023** | **Year Ended April 30, 2023** |
| *(in thousands, except share data)* | **Note** | **Historical** | **Commercial<br>Divesture Note 1** | **Other Transaction<br>Adjustment** | **Pro Forma** |
| **REVENUE** |  | 20665 | (13938) |  | 6727 |
| **COST OF SALES** |  | 9102 | (6484) |  | 2618 |
| **GROSS PROFIT** |  | 11563 | (7454) |  | 4109 |
| **EXPENSES** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development |  | 14101 | (263) |  | 13838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing |  | 3608 | (668) |  | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | 15383 | (1809) |  | 13574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of goodwill |  | 2460 |  |  | 2460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | 4414 | (1995) |  | 2419 |
|  |  | 39966 | (4735) |  | 35231 |
| **Loss before other income (expenses) and income taxes** |  | (28403) | (2719) |  | (31122) |
| **OTHER INCOME (EXPENSES)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion |  | (30) |  |  | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant and subsidy income |  | 332 |  |  | 332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other (expense) income |  | 122 | (21) |  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (loss) gain |  | 227 | 13 |  | 240 |
|  |  | 651 | (8) |  | 643 |
| **Loss before income taxes** |  | (27752) | (2727) |  | (30479) |
| **Income taxes** |  | 1192 | (237) |  | 955 |
| **NET LOSS FOR THE PERIOD** |  | (26560) | (2964) |  | (29524) |
| **LOSS PER SHARE – BASIC AND DILUTED** | **LOSS PER SHARE – BASIC AND DILUTED** | (1.07) |  |  | (1.19) |
| **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING** |  | 24897185 |  |  | 24897185 |

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**MINDWALK HOLDINGS CORP.**

 **NOTES TO THE PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

(Unaudited - Expressed in Canadian dollars)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **COMMERCIAL BUSINESS DISCONTINUED OPERATIONS**

The Commercial Divesture reflects the Company's current best estimate of the assets, liabilities, stockholders' equity, revenue, and expenses of the Commercial Business prepared in accordance with IFRS-5.

The accompanying unaudited pro forma condensed consolidated financial statements have been prepared to illustrate the effects of the disposition as if it had occurred on the years ended April 30, 2025, 2024 and 2023, as presented.

The unaudited pro forma condensed consolidated statements of operations for the years ended April 30, 2025, 2024 and 2023 present continuing operations as if IPA Europe had been divested at the beginning of the periods presented. The unaudited pro forma condensed consolidated balance sheet as of April 30, 2025 reflects the removal of assets and liabilities sold.

These pro forma financial statements are presented for informational purposes only and are not necessarily indicative of the Company's financial position or results of operations had the transaction been completed on the dates assumed, nor are they necessarily indicative of the Company's future results.

The amounts are considered preliminary, and as such, actual results could materially differ from these estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **ADJUSTMENT FOR CASH PROCEEDS**

On August 6, 2025, MindWalk Holdings Corp. (formerly ImmunoPrecise Antibodies Ltd.), a biotherapuetics company delivering solutions in biologics and drug discovery, announced the divestiture of the Netherlands-based subsidiary, ImmunoPrecise Antibodies (Europe) B.V. to AVS Bio for a total enterprise value of U.S. $12 million. The transaction generated U.S. $11.7 million in net proceeds. The divestiture included the purchase of the net assets of IPA Europe B.V., including the Oss and Utrecht locations.

The impact of this transaction will be reflected in the Company's consolidated financial statements for the fiscal year ending April 30, 2026, subject to the customary post-closing adjustments. The final amount of the gain or loss has not yet been determined as the purchase price adjustments are ongoing.

The adjustment reflects the net proceeds received on the divestiture, net of transaction costs, certain escrows and estimated working capital adjustments. The escrow funds will be available to indemnify AVS Bio, pursuant to and in accordance with the SPA agreement between IPA Europe and AVS Bio, dated August 6, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **RECLASS DEFERRED TAX LIABILITY**

The adjustment reflects a reclass from deferred tax liability to deferred tax asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **RECLASS OF TAX PAYABLE**

The adjustment reflects a reclass from tax payable to tax receivable as a result of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **ADJUSTMENT TO SHARE CAPITAL and ACCUMULATED DEFICIT**

Adjustment reflects the elimination of shared capital and accumulated deficit in consolidation.

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