# EDGAR Filing Document

**Accession Number:** 0001715925
**File Stem:** 0000950170-25-099401
**Filing Date:** 2025-7
**Character Count:** 24413
**Document Hash:** bf56f8c14c071d37a520f70127f416ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-099401.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0000950170-25-099401

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250729

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ImmunoPrecise Antibodies Ltd.
- **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:** 251157761

**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

**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>July, 2025</u>**.

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

 **<u>ImmunoPrecise Antibodies Ltd.</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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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit**<br>| &nbsp;&nbsp;&nbsp;**Description**<br>|
| &nbsp;&nbsp;99.1 | [<u>Press Release dated July 29, 2025</u>](ipa-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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| | | |
|:---|:---|:---|
|  | **IMMUNOPRECISE ANTIBODIES LTD.** | **IMMUNOPRECISE ANTIBODIES LTD.** |
| Date: July 29, 2025 |  |  |
|  | By: | /s/ Jennifer Bath<br>|
|  | Name: | Jennifer Bath |
|  | Title: | Chief Executive Officer |

---

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## Exhibit 99.1

**ImmunoPrecise Antibodies (IPA) Reports Record Full Fiscal Year 2025 Results, Record Fourth Quarter Revenue, and Record Fourth Quarter Adjusted EBITDA**

**AUSTIN, Texas, July 29, 2025** – ImmunoPrecise Antibodies Ltd. ("IPA", "Company", "we" or "us") (NASDAQ: IPA), a bio-native AI company operating at the intersection of TechBio and next-generation drug discovery, today announces its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted.

**Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Achieved record revenue for Fiscal Year 2025 of $24.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delivered highest-ever fourth quarter revenue of $7.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reported record fourth quarter Adjusted EBITDA of ($0.3) million, reflecting improved operating efficiency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Achieved fourth quarter gross margin of 64%, representing strongest margin performance since Q3 of Fiscal Year 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•BioStrand segment grew over 180% in Fiscal year 2025 and had gross margins approaching 90%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•BioStrand currently represents over 5% of total annual revenue this year, up from less than 2% in Fiscal Year 2024

**Recent Corporate Highlights**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company's LENS<sup>ai</sup>™ platform demonstrated that its *in silico* epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—delivering structural insights in hours instead of weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An important breakthrough using the Company's HYFT®-powered LENS<sup>ai</sup> platform, as it identified a highly conserved epitope across all four dengue virus serotypes, a key milestone toward developing a potential universal dengue vaccine. Subsequently announced *in silico* data supporting the vaccine candidate's safety and its ability to activate a balanced immune response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•IPA's AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company's HYFT-driven LENS<sup>ai</sup> platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Entered into a strategic USD $8M – 10M partnership with a biotechnology company focusing on advancing the discovery and development of Antibody-Drug Conjugates and bispecific antibodies for the cancer treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Realigned internal R&D strategy to focus on launching an AI-powered therapeutic pipeline, reinforcing IPA's shift toward a bio-native AI drug discovery model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), who is evaluating the antibody asset for bispecific tumor-targeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Successfully engineered antibodies *in silico* to a challenging tumor target using LENS, advancing IPA's vision for accessible, next-gen therapeutics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Appointed industry veteran Jon Lieber to its Board of Directors, bringing over 30 years of strategic leadership across biotech, capital markets, and public company governance, further strengthening IPA's financial oversight and commercial execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Named Jeff Fried, a recognized healthcare data visionary, to its Advisory Board. Fried has played a key role in advancing IPA's AI platform capabilities, particularly the integration of vector search to support large-scale, AI-driven discovery within LENS<sup>ai</sup>™ ecosystem.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Regained compliance with Nasdaq minimum bid price requirement, reflecting strengthened investor confidence and continued alignment with strategic listing standards.

*"Fiscal 2025 was a record-setting year for IPA across multiple dimensions," said Dr. Jennifer Bath, ImmunoPrecise Antibodies CEO. "We delivered our highest-ever annual and fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in recent years, with a loss of only $316,000. This reflects our continued progress toward profitability while accelerating innovation through our HYFT-powered LENSai platform. Our BioStrand segment alone grew by more than 180% in Fiscal 2025, highlighting the strength of our AI-driven pipeline. These results underscore the growing commercial validation of our technology, our strategic collaborations, and our ability to deliver real-world impact through next-generation antibody discovery and therapeutic design."* 

**Fourth Quarter 2025 Financial Results**

Revenue for the three months ended April 30, 2025, was $7.0 million, representing an 8% increase compared to $6.5 million for the same period in 2024. This growth was primarily driven by a $0.6 million increase in project revenues.

Gross profit for the three months ended April 30, 2025, was $4.5 million, up from $3.1 million in the same period last year. Gross margin rose sharply to 64%, compared to 48% in the same period in 2024. This improvement was driven, in part, by a greater contribution from high-margin BioStrand revenues.

Research and development ("R&D") expenses totaled $1.1 million, down from $1.3 million in the prior-year quarter, due to reallocating project-related R&D efforts to cost of sales.

Sales and marketing expenses increased to $1.0 million, compared to $0.9 million in the same period last year, due to an increase in digital campaign expenses.

General and administrative expenses declined to $3.7 million from $4.1 million, driven by ongoing cost control efforts.

Operating loss, excluding amortization and non-recurring charges, improved significantly to $1.4 million, compared to $3.2 million in the fourth quarter of Fiscal Year 2024.

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Net loss narrowed to $2.2 million, a marked improvement from a net loss of $17.6 million in the same quarter last year, which included a $15 million non-cash impairment charge related to BioStrand's goodwill and intangible assets.

Adjusted EBITDA loss improved to $0.3 million, compared to a loss of $1.7 million in the fourth quarter of Fiscal Year 2024, reflecting improved gross profits and enhanced operating efficiency.

**Full Year 2025 Financial Results**

Revenue for Fiscal Year 2025, was $24.5 million, up slightly versus $24.5 million in Fiscal Year 2024.

Gross Profit for Fiscal Year 2025 was $13.5 million, a 12.4% increase compared to $12.1 million in Fiscal Year 2024. Gross margin expanded by 600 basis points to 55%, up from 49% in the prior year. This margin improvement was driven by a greater revenue contribution from the high-margin BioStrand segment, coupled with an increased focus on cost efficiencies.

Research and development expenses were $4.9 million in Fiscal Year 2025, up from $4.0 million in Fiscal Year 2024, reflecting increased investment in R&D activities within the BioStrand segment.

Sales and marketing expenses were $4.3 million in Fiscal Year 2025, compared to $3.5 million in Fiscal Year 2024, reflecting increased spending on advertising related to digital campaign expenses.

General and administrative expenses totaled $14.7 million in Fiscal Year 2025, down from $15.6 million in Fiscal Year 2024, reflecting the Company's continued focus on operational efficiency and cost discipline.

Operating loss in Fiscal Year 2025, excluding amortization and non-recurring charges, improved to $10.4 million, compared to $11.1 million in Fiscal Year 2024.

Net loss in Fiscal Year 2025 was $30.2 million, or $(0.91) per share on a basic and diluted basis, compared to a net loss of $26.1 million or $(1.02) on a basic and diluted basis in Fiscal Year 2024.

Total cash, cash equivalents, and marketable securities, including restricted cash, were $10.8 million as of April 30, 2025.

The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>April 30,** | **Three Months Ended<br>April 30,** | **Year Ended<br>April 30,** | **Year Ended<br>April 30,** |
| *(in thousands)* | **2025<br>$** | **2024<br>$** | **2025<br>$** | **2024<br>$** |
| Net loss | (2161) | (17610) | (30234) | (26115) |
| Income taxes | 261 | (1214) | (4033) | (2588) |
| Amortization and depreciation | 913 | 1579 | 5119 | 5735 |
| Accretion | 2 | 4 | 10 | 19 |
| Asset impairment charge |  | 15031 | 21184 | 15031 |
| Foreign exchange realized gain (loss) | (33) | 18 | (5) | 142 |
| Interest expense | 209 | 323 | 948 | 849 |
| Interest and other income | (3) | 3 | 283 | (23) |
| Unrealized foreign exchange loss (gain) | 443 | (65) | 594 | (86) |
| Share-based expense | 53 | 237 | 445 | 1535 |
| **Adjusted EBITDA** | **(316)** | **(1694)** | **(5689)** | **(5501)** |

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\*All financial figures are in Canadian Dollars (CAD) unless otherwise stated.

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**Conference Call and Webcast Details** 

The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Friday, July 29, 2025, at 10:30AM ET.

The conference call will be webcast live and available for replay via a link provided in the Events section of the Company's IR pages at https://ir.ipatherapeutics.com/events-and-presentations/default.aspx.

**\*\*\*Participant Dial-In Details\*\*\*** 

Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name.

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

**\*\*\*Webcast Details\*\*\*** 

Attendee URL: <br>https://events.q4inc.com/attendee/849565157

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

Anyone listening to the call is encouraged to read the company's periodic reports available on the company's profile at www.sedarplus.com and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports.

**About ImmunoPrecise Antibodies Ltd.**

ImmunoPrecise Antibodies Ltd. is an AI-driven biotherapeutic research, technology and scientifically robust life science company that discovers and develops customized and novel antibodies by generating proprietary and patented processes, procedures and innovative approaches to antibody discovery, development, and production. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the "IPA Family").

For more information, visit www.ipatherapeutics.com

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**Forward-Looking Statements**

This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. These statements reflect the Company's expectations, plans, projections, and beliefs regarding future events or performance. Words such as "expects," "anticipates," "intends," "believes," "plans," "potential," "will," "may," "continue," and variations thereof are intended to identify forward-looking statements.

Forward-looking statements in this release include, but are not limited to, statements related to the Company's operational and financial outlook, the potential impact and continuity of strategic partnerships, including the recently announced commercial agreement and collaborations with cloud infrastructure providers, our projected growth in AI-driven revenues and margins, our ability to commercialize new technologies such as de novo antibody design and AI-designed GLP-1 therapeutics, future demand for our platform capabilities, ongoing strategic initiatives including business realignment and divestitures, and our ability to drive sustainable profitability.

The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss.

These statements are based on management's current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These include, but are not limited to: execution risks related to strategic partnerships, delays or failures in technology development or commercialization, market adoption of AI-based drug discovery tools, fluctuations in financial markets, general economic conditions, and risks related to funding requirements and liquidity.

The Company cautions readers not to place undue reliance on these forward-looking statements. All such statements are made as of the date of this release and, unless required by law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.

For a complete discussion of risk factors, investors should refer to IPA's filings with Canadian and U.S. securities regulators, including the most recent Annual Report on Form 20-F available at www.sedarplus.ca and www.sec.gov.

**Investor Relations Contact**

<u>investors@ipatherapeutics.com</u> 

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**IMMUNOPRECISE ANTIBODIES LTD.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS**

(Unaudited - Expressed in Canadian dollars)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended<br>April 30,** | **Three months ended<br>April 30,** | **Twelve months ended<br>April 30,** | **Twelve months ended<br>April 30,** |
| *(in thousands, except share data)* | **2025<br>$** | **2024<br>$** | **2025<br>$** | **2024<br>$** |
| **REVENUE** | 6981 | 6459 | 24520 | 24518 |
| **COST OF SALES** | 2521 | 3351 | 10972 | 12465 |
| **GROSS PROFIT** | 4460 | 3108 | 13548 | 12053 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 1089 | 1260 | 4943 | 4043 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 1033 | 910 | 4298 | 3543 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3706 | 4119 | 14735 | 15592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of Goodwill |  | 11161 |  | 11161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of Intangible assets |  | 3870 | 21184 | 3870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible assets | 106 | 701 | 1948 | 2968 |
|  | 5934 | 22021 | 47108 | 41177 |
| **Loss before other income (expenses) and income taxes** | (1474) | (18913) | (33560) | (29124) |
| **OTHER INCOME (EXPENSES)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion | (2) | (4) | (10) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant and subsidy income | 16 | 31 | 180 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other (expense) income | 3 | (3) | (283) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (loss) gain | (443) | 65 | (594) | 86 |
|  | (426) | 89 | (707) | 421 |
| **Loss before income taxes** | (1900) | (18824) | (34267) | (28703) |
| **Income taxes** | (261) | 1214 | 4033 | 2588 |
| **NET LOSS FOR THE PERIOD** | (2161) | (17610) | (30234) | (26115) |
| **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** | **Items that will be reclassified subsequently to loss** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange difference on translating foreign operations | 593 | 497 | 1139 | (613) |
| **COMPREHENSIVE LOSS FOR THE PERIOD** | (1568) | (17113) | (29095) | (26728) |
| **LOSS PER SHARE – BASIC AND DILUTED** | (0.05) | (0.66) | (0.91) | (1.02) |
| **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING** | 45800482 | 26668766 | 33385499 | 25635526 |

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**IMMUNOPRECISE ANTIBODIES LTD.**

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

(Unaudited - Expressed in Canadian dollars)

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| | | |
|:---|:---|:---|
| *(in thousands)* | **April 30, <br>2025<br>$** | **April 30,<br> 2024<br>$** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 10665 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable, net | 4115 | 3790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax receivable | 143 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 2095 | 2139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | 548 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 1188 | 1408 |
|  | 18754 | 11487 |
| Restricted cash | 126 | 86 |
| Deposit on equipment | 502 | 475 |
| Property and equipment | 15762 | 16696 |
| Intangible assets | 1067 | 23557 |
| Goodwill | 8230 | 7687 |
| Total assets | 44441 | 59988 |
| **LIABILITIES** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 5283 | 4372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1090 | 1352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax payable | 475 | 553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leases | 1850 | 1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition payments | 314 | 284 |
|  | 9012 | 8124 |
| Leases | 11553 | 12118 |
| Deferred income tax liability | 250 | 4068 |
| Total liabilities | 20815 | 24310 |
| **SHAREHOLDERS' EQUITY** |  |  |
| Share capital | 136371 | 119773 |
| Contributed surplus | 12833 | 12388 |
| Accumulated other comprehensive income | 3216 | 2077 |
| Accumulated deficit | (128794) | (98560) |
|  | 23626 | 35678 |
| Total liabilities and shareholders' equity | 44441 | 59988 |

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**IMMUNOPRECISE ANTIBODIES LTD.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

For the year ended April 30, 2025 and 2024

(Unaudited - Expressed in Canadian dollars)

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| | | |
|:---|:---|:---|
| *(in thousands)* | **2025<br>$** | **2024<br>$** |
| **Operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period | (30234) | (26115) |
| &nbsp;&nbsp;&nbsp;&nbsp;Items not affecting cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion | 10 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 5119 | 5735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairment | 21184 | 15031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (3935) | (1773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | 622 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on investment | (7) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based expense | 445 | 1535 |
|  | (6796) | (5555) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital related to operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable | (298) | (601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 138 | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue | (248) | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 261 | 624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 827 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and income taxes payable and receivable | 8 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (302) | 374 |
| Net cash used in operating activities | (6410) | (3184) |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of equipment | (799) | (1397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposit on leases |  | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition payments |  | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale of QVQ Holdings BV shares |  | 121 |
| Net cash used in investing activities | (799) | (1563) |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from share issuance, net of transaction costs | 12228 | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debenture | 4242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of leases | (1577) | (1339) |
| Net cash provided by financing activities | 14893 | 1021 |
| Increase (decrease) in cash during the period | 7684 | (3726) |
| Foreign exchange | (438) | (1095) |
| Cash – beginning of the period | 3545 | 8366 |
| Cash – end of the period | 10791 | 3545 |
| Cash is comprised of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 10665 | 3459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 126 | 86 |
|  | 10791 | 3545 |
| Cash paid for interest |  |  |
| Cash paid for income tax | 2 |  |

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Source: ImmunoPrecise Antibodies Ltd.

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