HYFT

MindWalk to host an earnings conference call and webcast AUSTIN, Texas, September 08, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. ("MindWalk" or the "Company") (NASDAQ: HYFT), a Bio-Native AI company, today announced that it will report financial results for the first quarter of fiscal year 2027 and host a conference call on Monday, September 14, 2026, at 5:00 p.m. Eastern Time. Financial results will be issued in a press release prior to the call, which will include a management presentation followed by a question-and-answer session. Conference Call and Webcast Details Event Date and Time: Monday, September 14, 2026, at 5:00 p.m. Eastern Time The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s Investor Relations pages at: https://ir.mindwalkai.com/events-and-presentations/default.aspx Analyst registration URL: https://events.q4inc.com/analyst/231176031?pwd=m63SIFiS Webcast Attendee URL: https://events.q4inc.com/attendee/231176031 Anyone listening to the call is encouraged to read the Company’s periodic reports available on the Company’s profile at www.sedarplus.ca and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk Holdings Corp. MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require. Its proprietary HYFT® Technology powers ReefIQ™, the biological context layer for life sciences, organized around function-aware HYFT pattern-objects that span sequence and structural biology and refined over 20 years of curation across a continuously evolving biological representation of 660 million biological patterns and 25 billion relationships, that enriches data at ingestion and compounds in analytical value with every program run on the platform. The LensAI platform operates on this infrastructure to enable target discovery, candidate diligence, and portfolio decision support, and to host the agentic AI workflows pharma is racing to deploy. MindWalk’s architecture is designed so that the HYFT representation layer, not any individual AI model, is the durable, compounding competitive asset. Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: the timing, content, and completion of the Company’s fourth-quarter and full fiscal year 2026 financial results and the related conference call and webcast; the Company’s financial condition and results of operations; the market acceptance and commercial outcomes of the Company’s technology and platform; the ability to convert engagement into contracted, recurring arrangements; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; intellectual property risks; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk’s Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). Except as required by law, MindWalk undertakes no obligation to update any forward-looking statement. Nothing in this press release constitutes investment advice. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Trademarks HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. View source version on businesswire.com: https://www.businesswire.com/news/home/20260908328983/en/ Contacts Investor Contact Louie Toma, CPA, CFAManaging Director, [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a 46% revenue increase and narrowed net losses by over half, demonstrating simultaneous growth and operational discipline. Successfully transitioned from a project-based service model to a recurring platform model with the first two enterprise LensAI agreements in company history. Leveraged a 20-year foundation of curated, function-annotated biology (HYFT) to differentiate from competitors who rely solely on replicable AI models. Regained NASDAQ compliance organically and earned inclusion in the Russell 3000E and Microcap Indexes, restoring institutional credibility. Divested non-core Netherlands wet lab operations to sharpen focus on the integrated computational and laboratory discovery system. Validated the platform's real-world impact through the FDA approval and commercial launch of a client therapeutic supported by MindWalk's bioanalytical tools. Established a strategic engineering partnership with AMD to optimize AI infrastructure, reducing antibody screening times from 145 days to 4.5 hours. Pillar 1 focuses on scaling intelligence-driven recurring revenue by converting existing fee-for-service clients into long-term SaaS and data management partners. Pillar 2 involves advancing a proprietary internal pipeline, including GLP-1, influenza, and dengue programs, utilizing the integrated AI-wet lab engine. Pillar 3 aims to deepen enterprise partnerships, specifically targeting the orchestration layer where ReefIQ organizes client data for computable context. Management expects operating expenses to increase as the company continues to invest in pipeline assets and the commercial rollout of ReefIQ. Future revenue growth is expected to shift toward higher-margin software layer engagements compared to legacy project-based services. Completed the sale of European operations for net proceeds of USD 10.3 million, strengthening the balance sheet without sacrificing revenue growth. Filed a foundational patent application in July 2026 to protect the architecture behind how biological context is organized and made computable. Management highlighted the risk of 'AI hallucinations' in drug discovery, positioning ReefIQ as a necessary governance layer to prevent costly errors. The transition from ImmunoPrecise Antibodies to MindWalk Holdings Corp. resulted in a doubling of AI-related citations and expanded analyst coverage. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while the first two SaaS agreements were not yet material to the total $15.6 million revenue, they represent a critical proof-of-concept. The company is now using these initial successes as a template to target dozens of other clients for deeper data management engagements. Management expects the SaaS model to generate high margins, though exact figures are pending a better understanding of long-term compute costs. The shift toward platform revenue and higher-margin service work already contributed to a gross margin expansion to 59% in fiscal 2026. ReefIQ is designed to be 'model agnostic,' allowing it to snap onto any existing AI model to provide biological context and prevent hallucinations. MindWalk has ceased offering piecemeal fee-for-service work to introduce the platform, now requiring either a partnership model or a SaaS license. The company is actively seeking non-dilutive funding for its internal assets (Dengue, Influenza, GLP-1) through ring-fenced investment structures. Management will prioritize reporting only 'material' milestones, such as in vivo readouts or IND applications, to maintain professionality and protect IP.

This article first appeared on GuruFocus. Revenue Growth: Increased by 46% from $10.6 million to $15.6 million in fiscal year 2026. Q4 Revenue: $4.1 million, a 50% increase compared to $2.7 million in Q4 2025. Gross Margin: Expanded from 54% to 59% of revenue. Q4 Gross Margin: 61% compared to 58% in Q4 2025. Operating Expenses: $24.1 million, down from $42.6 million in the prior year. Net Loss: Reduced to $14 million from $30.2 million in the prior year. Cash Balance: $11.5 million as of April 30, 2026, up from $10.8 million as of April 30, 2025. Recurring Platform Revenue: First contracted recurring platform revenue through two enterprise LensAI agreements. NASDAQ Compliance: Regained organically without a reverse split or dilution. Russell Index Inclusion: Added to the Russell 3000E and Russell Microcap Indexes. Warning! GuruFocus has detected 5 Warning Signs with HYFT. Is HYFT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 22, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MindWalk Holdings Corp (NASDAQ:HYFT) achieved a 46% revenue growth, increasing from $10.6 million to $15.6 million in fiscal year 2026. The company expanded its gross margin from 54% to 59%, indicating improved operational efficiency. MindWalk Holdings Corp (NASDAQ:HYFT) signed its first two contracted recurring platform agreements, marking the first recurring platform revenue in the company's history. The company regained NASDAQ compliance organically, without a reverse split or dilution, and was included in the Russell 3000E and Russell Microcap Indexes. MindWalk Holdings Corp (NASDAQ:HYFT) strengthened its balance sheet by divesting a non-core business, resulting in net proceeds of USD10.3 million. Despite revenue growth, the company still reported a net loss of $14 million for fiscal year 2026. Operating expenses increased by approximately $4.2 million, reflecting deliberate investments in commercial infrastructure. The company's revenue is still primarily fee-for-service, with the new SaaS agreements not yet significantly impacting overall revenue. MindWalk Holdings Corp (NASDAQ:HYFT) faces risks related to market acceptance of its products, competition, and capital markets conditions. The company has not yet provided specific guidance on the trajectory of operating expenses or the timeline for advancing its pipeline assets. Q: Of the $15.5 million recorded as revenue for fiscal year 2026, what percentage comes from the recurring revenue licenses? A: Our revenue is primarily from fee-for-service work. The recurring revenue from the SaaS model was modest and not significant to the overall revenue for fiscal year 2026. However, it is a decent amount and is being recognized over the agreed timeframe. The focus is now on targeting similar profiles for ReefIQ data management engagement. - Scott Areglado, CFO Q: How do you plan to package the new IP and ReefIQ together for new customers? A: ReefIQ can be packaged and is accessible to everyone, regardless of the AI model they use. It provides context and meaning, solving problems that others couldn't. We are no longer offering piecemeal fee-for-service work; instead, clients can take a SaaS license or engage in a partnership model. ReefIQ elevates other AI models and can be used securely without jeopardizing data security. - Jennifer Bath, CEO Q: Which of the three assets (dengue virus, influenza, GLP-1) do you think could advance enough over the next year to attract further development or funding? A: It's difficult to predict which asset will advance the furthest as we continue to build context around these molecules. Some assets have prospective partners lined up, and others are in various stages of validation. We are focused on these assets daily and are working on securing non-dilutive funding to support their development. - Jennifer Bath, CEO Q: What should we expect for the operating expenses trajectory over the next few quarters? A: Operating expenses are expected to increase due to investments in pipeline assets, continued R&D in ReefIQ, and commercial investments. We aim to run efficiently and allocate capital wisely to generate returns. - Scott Areglado, CFO Q: Can you provide any updates on clinical data or publications for the pipeline programs? A: We do not have clinical data updates as we currently do not have pipeline products. We are focused on establishing cross-reactive immunity for the dengue platform and are working with third-party partners for further analysis. Material updates will be released as they occur, but we aim to avoid non-material updates to preserve energy and professionalism. - Jennifer Bath, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Full-year revenue rose 46% to $15.6 million with gross margin expanding to 59%; net loss narrowed by more than half as MindWalk sharpened its focus on the BioIntelligence infrastructure powering AI drug discovery. AUSTIN, Texas, July 22, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. ("MindWalk") (NASDAQ: HYFT), a Bio-Native AI company, today reported financial results for the fiscal year ended April 30, 2026. All figures are in Canadian dollars unless otherwise noted. Fiscal 2026 was the year MindWalk completed its transition from building its technology to deploying it. Revenue grew 46% year over year, gross margin expanded, the net loss narrowed by more than half, and the Company divested a non-core business to concentrate on the BioIntelligence infrastructure that life sciences AI and agentic AI require. "We are not an AI company that discovered biology. We are a biology company that built AI on top of more than 40 years of biology heritage, and fiscal 2026 is the year the market began to see it in our results," said Dr. Jennifer Bath, President and Chief Executive Officer of MindWalk. "Revenue grew 46%, margins expanded, and we simplified the business around the layer where enterprise AI value accrues. HYFT Technology powers ReefIQ, the biological context layer for life sciences, and LensAI is in contracted, recurring arrangements with life sciences customers today. Value compounds in that layer, not in any individual model that runs on top of it." Fiscal 2026 financial highlights Year ended April 30 (in thousands of Canadian dollars, except per-share data). Preliminary and subject to filing of the Annual Report on Form 20-F. Operating-expense decrease primarily reflects the non-recurrence of approximately $22.7 million of prior-year non-cash amortization and impairment of intangible assets and goodwill. Fiscal 2026 and recent business highlights Completed transformation into MindWalk Holdings Corp. from ImmunoPrecise Antibodies Ltd. in September 2025, aligning the corporate identity with the Company's Bio-Native AI strategy. Delivered four consecutive quarters of year-over-year revenue growth during the year, capping full-year revenue growth of 46%, with fourth-quarter revenue up 50% to $4.1 million from $2.7 million a year earlier. Divested its Netherlands subsidiary, ImmunoPrecise Antibodies (Europe) B.V., to AVS Bio (a portfolio company of Arlington Capital Partners) in a transaction announced in August 2025, generating proceeds on disposal of approximately $14.3 million reflected in investing activities and supported by a 12-month transition services agreement, sharpening focus on the core BioIntelligence infrastructure and strengthening the balance sheet. Authorized a share repurchase program of up to 2.3 million common shares (approximately 5% of shares then outstanding) for the 12 months commencing October 15, 2025; the program is discretionary. Nasdaq compliance regained organically. Restored Nasdaq listing compliance without a reverse split or dilutive financing. First recurring platform revenue. Signed the Company's first two contracted, recurring enterprise LensAI™ agreements during the year (one in the second half, one in Q4) - the first recurring platform revenue in the Company's history. Clinical track record. The discovery platform has contributed to 20+ molecules reaching the clinic, backed by 400+ peer-reviewed publications and issued patents (credibility framing - these are client-owned assets). Subsequent events Commercial launch of ReefIQ™ in June 2026 expands MindWalk’s BioIntelligence platform, the biological context layer for life sciences, powered by HYFT® Technology, enriching biological data at ingestion and exposing governed, queryable context to LensAI and customer-selected models and agents. Filed a European patent application in June 2026 covering a high-dimensional biological data structure underpinning HYFT® Technology Russell index inclusion. Added to the Russell 3000E and Russell Microcap Indexes, effective after the U.S. market close on June 26, 2026 (subsequent event) - broadening institutional visibility. The MindWalk platform MindWalk built a biological representation over 20 years of curation, 660 million biological patterns connected by 25 billion relationships, that turns raw biological data into a form any AI model or autonomous agent can reason over reliably. HYFT® Technology powers ReefIQ™, the biological context layer for life sciences: pharma uploads their data, MindWalk enriches it at ingestion, the biological representation refines it continuously, and LensAI™, together with customer-selected models and agents, reasons over that enriched context within the customer's own workflow, governance, and human review. The competitive asset is not the models MindWalk runs; it is the layer those models run on. Every program a customer runs enriches every prior program, and failed programs become queryable intellectual property. The data layer is the durable asset. The model layer becomes disposable. Financial results Fourth quarter 2026 Financial Results Revenue for the fourth quarter of fiscal 2026 was $4.1 million, compared with $2.7 million in the year-ago period. Cost of sales was $1.6 million and gross profit of $2.5 million, resulting in a gross margin of 60.6% compared with 58.0% in the prior-year period. Operating expenses were $6.8 million, compared with $4.7 million in the year-ago period. Research and development expense increased from $0.8 million to $1.6 million in 2026, which was primarily due to increased headcount to support our development initiatives. Sales and marketing expenses increased from $0.9 million in 2025 to $1.5 million in 2026, reflecting our continued investment in our commercial operations. General and administrative expense was $3.0 million in 2025 as compared to $3.7 million in 2026. Net loss from continuing operations was $3.9 million, compared with $3.4 million. Net loss for the year was $3.9 million, compared with $2.2 million Full year 2026 Financial Results Revenue for fiscal year 2026 was $15.6 million, compared with $10.6 million in fiscal 2025. Gross profit was $9.1 million in 2026 or 59%, compared with $5.7 million or 54% a year earlier. Operating expenses were $24.1 million, compared with $42.6 million in fiscal 2025. The decrease was driven primarily by the non-recurrence of approximately $22.7 million of prior-year non-cash amortization and impairment charges Research and development expense increased by $0.7 million from $4.2 million in 2025 to $4.9 million in 2026. Sales and marketing expenses increased by $2.3 million from $3.6 million in 2025 to 5.9 million in 2026. General and administrative expenses increased by $1.1 million from $12.1 million in 2025 to $13.2 million in 2026 Net loss from continuing operations was $15.1 million, compared with $33.1 million. Net loss for the year was $13.9 million, compared with $30.2 million. Loss per share from continuing operations was $0.33, compared with $0.99. Total cash, cash equivalents, and marketable securities, including restricted cash, were $11.5 million as of April 30, 2026. The reconciliation of Net Loss of continuing operations to Adjusted EBITDA is presented in the table below: *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. About MindWalk MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require, integrating AI, data, and advanced wet lab capabilities into one connected discovery ecosystem. At its core is HYFT® Technology, a proprietary, function-aware representation of biology. Its HYFT fingerprints span sequence and structural biology and, refined over 20 years of curation, form a continuously evolving biological representation of 660 million patterns and 25 billion relationships. This enriched biological representation is the architecture behind ReefIQ™, the biological data substrate that provides context for life sciences, enriching data at ingestion and growing more valuable with each program run on it, and LensAI™, the reasoning and application layer for target discovery, candidate diligence, portfolio decision support, and the agentic AI workflows pharma is racing to deploy. By design, value compounds in this HYFT representation layer, not in any individual AI model that runs on top of it. Contacts and trademarks Investor Contact:Louie Toma, CPA, CFAManaging Director, [email protected] Trademarks: HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. Forward-looking statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management's current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: risks relating to the Company's history of net losses and its ability to achieve or sustain profitability; the level and trend of operating cash usage and the Company's ability to fund operations; the market acceptance and commercial outcomes of ReefIQ™ and LensAI™, including the ability to convert engagement into contracted, recurring arrangements; the build-out and certification of compliance capabilities for regulated workloads; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the outcomes and financial effects of the divestiture of non-core operations; intellectual property risks, including the status and scope of pending patent applications; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk's Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). ] Source: MindWalk Holdings Corp. View source version on businesswire.com: https://www.businesswire.com/news/home/20260722945364/en/ Contacts Investor Contact:Louie Toma, CPA, CFAManaging Director, [email protected]

Issued on behalf of MindWalk Holdings Corp. MindWalk Holdings Corp. (NASDAQ: HYFT) heads into its fourth-quarter and full-year results with fresh index inclusion, an expanded patent estate, and AI-designed programs aimed at two of medicine's biggest frontiers: GLP-1 metabolic health and infectious disease. AUSTIN, Texas, July 15, 2026 /PRNewswire/ -- Equity Insider News Commentary - Artificial intelligence has moved from the edges of drug discovery to its center. The biggest pharmaceutical companies in the world are now racing to design molecules with machine learning rather than trial and error, and the market has begun to reward the names building the infrastructure underneath that shift. MindWalk Holdings Corp. (NASDAQ: HYFT), a self-described Bio-Native AI company based in Austin, is one of the smaller players staking out a differentiated position, and it is heading into a catalyst-rich stretch. The company will report fourth-quarter and full fiscal year 2026 results on Wednesday, July 22, 2026, with a conference call scheduled for 5:00 p.m. Eastern Time. Key Takeaways A dated catalyst ahead. MindWalk will report Q4 and full fiscal year 2026 results on July 22, 2026, giving investors a near-term look at the company's revenue trajectory and program progress. Fresh institutional visibility. MindWalk was added to the Russell 3000E Index effective after the U.S. market close on June 26, 2026, broadening its eligibility for index-tracking funds. A widening IP moat. The company filed a European patent application covering the high-dimensional data architecture behind its proprietary HYFT® Technology and ReefIQ™ biological context layer. Riding the GLP-1 wave. MindWalk is applying its LensAI™ platform and HYFT patterns to a GLP-1 program aimed at sustaining high-quality signaling alongside complementary healthy-aging pathways. Momentum in the peer group. AI-driven drug discovery names have been among the market's stronger performers this year, a backdrop that puts fresh eyes on the smaller companies pursuing the same thesis. A Different Way to Represent Biology Most AI-drug-discovery companies start with a model and feed it data. MindWalk's pitch is that the representation of biology itself is the hard part, and the place to build a durable advantage. At the core of its approach is HYFT Technology, described by the company as a proprietary, function-aware representation of biology built on roughly 660 million biological patterns, universal fingerprints that encode conserved relationships between sequence, structure, and function. That representation underpins two platforms the company markets to partners: ReefIQ, a biological context layer, and LensAI, which integrates sequence models, structural predictions, and reasoning over its biological representation. The company reinforced that foundation in mid-2026 by filing a European patent application directed to high-dimensional data structures for biological subsequences and property inference, intended to protect the enriched biological representation architecture behind HYFT and ReefIQ. For a company whose entire value proposition rests on a differentiated data layer, protecting that layer across jurisdictions is central to the investment case. MindWalk was formerly known as ImmunoPrecise Antibodies before rebranding to MindWalk Holdings Corp. in September 2025, a change that reflects how two decades of wet-lab antibody science became the foundation for its AI: the curated biology from that lab work is what the HYFT representation is built on, and the wet lab and the platform now feed each other. It reported second-quarter fiscal 2026 revenue of approximately US$3.0 million (about CA$4.1 million as reported), up 54% year over year, with gross profit up 94%, and it divested non-core wet-lab operations in the Netherlands for approximately US$11.7 million in net proceeds to sharpen the focus on its AI platform. All figures are as reported by the company; MindWalk reports in Canadian dollars despite its Nasdaq listing. The Company It Keeps: An AI-Discovery Cohort on the Move MindWalk is a small, early-stage name, and the following companies are much larger and are referenced here only as market and thematic context, not as peers, competitors, or financial comparables to HYFT. What they share is a single thesis that has drawn fresh capital in 2026: that artificial intelligence is becoming the engine of biological discovery. Each has been an outperformer this year, which is part of why the smaller companies pursuing the same idea are getting a second look. All performance figures below are as of mid-July 2026 and will change. Absci (Nasdaq: ABSI) is the closest thematic analog to MindWalk, and the connection is direct: MindWalk CEO Dr. Jennifer Bath appeared alongside Absci on an industry panel about partnering to power the new era of drug discovery. Absci uses generative AI to design protein therapeutics, and its stock has been one of the year's standout movers, rising sharply after it reported positive interim Phase 1 data in June 2026 for ABS-201, an antibody its platform designed. Absci demonstrates the market's appetite for the exact category MindWalk operates in: AI that designs biology rather than just analyzing it. AbCellera Biologics (Nasdaq: ABCL) shows how an AI-powered discovery platform can turn into clinical momentum. The Vancouver-based company hit a 52-week high in late June 2026 and has been one of the sector's strongest performers year to date, up roughly 76%, after a first-quarter revenue beat and positive interim Phase 1 data for its lead program. AbCellera's arc, from an antibody-discovery engine into a company advancing its own pipeline, is a useful reference for how the market rewards a platform that begins converting computational capability into clinical assets, the same transition MindWalk is positioning its HYFT platform to make. Viking Therapeutics (Nasdaq: VKTX) is not an AI company, but it sits squarely on the demand wave MindWalk is aiming at. Viking is one of the most closely watched names in GLP-1 and metabolic disease, and its shares have climbed year to date as its obesity pipeline has advanced. The relevance to MindWalk is thematic: MindWalk's LensAI platform has been applied to a GLP-1 program designed to sustain high-quality GLP-1 signaling while engaging complementary resilience pathways implicated in healthy aging. Viking illustrates the scale of investor interest in the metabolic-health frontier that MindWalk's AI work is oriented toward. NVIDIA (Nasdaq: NVDA) is the layer beneath all of it. Every Bio-Native AI ambition ultimately runs on compute, and NVIDIA has extended its reach directly into the field: in June 2026 it announced its BioNeMo Agent Toolkit, tools for AI agents to accelerate scientific discovery. NVIDIA is up year to date and remains the central beneficiary of the AI-infrastructure buildout. Its move into agentic tools for biology underscores that the discovery workflows MindWalk is building, agentic AI operating on a function-aware representation of biology, sit right in the path of where the largest technology company in the space is investing. What July 22 Could Show The upcoming report gives investors a concrete checkpoint. The questions that matter are whether the platform revenue that grew 54% year over year in the second quarter has continued to build, how the balance sheet looks after the Netherlands divestiture, and what management signals about partner engagement and the GLP-1 and infectious-disease programs. MindWalk has also structured its AI-generated assets into a Cayman Islands-based segregated portfolio designed to finance each program individually without diluting parent-company equity, an unusual structure the company argues protects the intellectual property behind each asset while preserving flexibility to fund or spin out programs over time. None of this removes the risk inherent in a small-cap, development-stage AI company whose value rests on early platform traction and its ability to keep funding the work. But the combination of a dated near-term catalyst, fresh index inclusion, an expanding patent estate, and exposure to two of the most heavily funded themes in the market, AI-driven discovery and GLP-1 metabolic health, is the kind of setup that tends to draw attention. The July 22 results will offer the next real data point. CONTINUED… Stay ahead of the next MindWalk Holdings update and follow the story into the July 22 earnings report. About MindWalk Holdings Corp. MindWalk Holdings Corp. (Nasdaq: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences and agentic AI require, integrating AI, data, and advanced wet-lab capabilities into one connected discovery ecosystem. At its core is HYFT Technology, a proprietary, function-aware representation of biology that underpins its ReefIQ and LensAI platforms. The company was formerly known as ImmunoPrecise Antibodies Ltd. and changed its name to MindWalk Holdings Corp. in September 2025. It is headquartered in Austin, Texas. Dr. Jennifer Bath serves as President and Chief Executive Officer. Article SourceEquity [email protected] DISCLAIMER / DISCLOSURE Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed for Market Equities Limited, ("MEL"), which wholly owns and operates Equity Insider. MEL has been paid a fee for MindWalk Holdings ("HYFT") advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of HYFT, and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. MEL and its owner/operators do not own any shares of HYFT, but reserve the right to buy and sell shares of HYFT at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MEL has been reviewed and approved on behalf of HYFT by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. FORWARD-LOOKING STATEMENTS This communication contains forward-looking statements within the meaning of applicable U.S. and Canadian securities laws, including statements regarding MindWalk Holdings Corp.'s anticipated financial results and earnings call timing, platform development, partner engagement, patent protection, index inclusion, and its GLP-1, infectious-disease, and other AI-generated programs. Forward-looking statements are not guarantees of future performance and involve substantial risks and uncertainties, including technology performance, market acceptance, partnerships, competition, regulatory outcomes, and capital markets conditions. Company-reported figures are stated in Canadian dollars unless otherwise noted and are subject to the company's own reporting. Actual results may differ materially. The Company assumes no obligation to update forward-looking statements except as required by law. HYFT®, HYFT Technology, ReefIQ™, and LensAI™ are trademarks or registered trademarks of MindWalk Holdings Corp. The comparable companies referenced (ABSI, ABCL, VKTX, NVDA) are provided solely as market and thematic context and are not peers, competitors, or comparables of MindWalk Holdings Corp. All third-party stock performance figures are as of mid-July 2026 and are subject to change. View original content to download multimedia:https://www.prnewswire.com/news-releases/as-ai-rewrites-drug-discovery-this-bio-native-ai-company-just-joined-the-russell-3000e-and-reports-earnings-july-22-302826193.html View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2026/15/c4955.html

MindWalk to host an earnings conference call and webcast AUSTIN, Texas, July 13, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. ("MindWalk" or the "Company") (NASDAQ: HYFT), a Bio-Native AI company, today announced that it will report financial results for the fourth quarter and full fiscal year 2026 and host a conference call on Wednesday, July 22, 2026, at 5:00 p.m. Eastern Time. Financial results will be issued in a press release prior to the call, which will include a management presentation followed by a question-and-answer session. Conference Call and Webcast Details Event Date and Time: Wednesday, July 22, 2026, at 5:00 p.m. Eastern Time The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s Investor Relations pages at: https://ir.mindwalkai.com/events-and-presentations/default.aspx Participant Dial-Ins:USA / International Toll: +1 (646) 307-1963USA Toll-Free: (800) 715-9871Canada (Toronto): (647) 932-3411Canada Toll-Free: (800) 715-9871 Webcast Attendee URL: https://events.q4inc.com/attendee/894551483 Anyone listening to the call is encouraged to read the Company’s periodic reports available on the Company’s profile at www.sedarplus.ca and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk Holdings Corp. MindWalk Holdings Corp. (NASDAQ: HYFT) is a Bio-Native AI company building the BioIntelligence infrastructure that life sciences AI and agentic AI require, integrating AI, data, and advanced wet lab capabilities into one connected discovery ecosystem. At its core is HYFT® Technology, a proprietary, function-aware representation of biology. Its HYFT fingerprints span sequence and structural biology and, refined over 20 years of curation, form a continuously evolving biological representation of 660 million patterns and 25 billion relationships. This enriched biological representation is the architecture behind ReefIQ™, the biological data substrate that provides context for life sciences, enriching data at ingestion and growing more valuable with each program run on it, and LensAI™, the reasoning and application layer for target discovery, candidate diligence, portfolio decision support, and the agentic AI workflows pharma is racing to deploy. By design, value compounds in this HYFT representation layer, not in any individual AI model that runs on top of it. Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are based on management’s current expectations and assumptions and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially, including: the timing, content, and completion of the Company’s fourth-quarter and full fiscal year 2026 financial results and the related conference call and webcast; the Company’s financial condition and results of operations; the market acceptance and commercial outcomes of the Company’s technology and platform; the ability to convert engagement into contracted, recurring arrangements; the technical performance of AI-based discovery methods and of the underlying compute infrastructure; the ability to enter into pharmaceutical, infrastructure, or other partnership arrangements; competition; intellectual property risks; regulatory determinations; and capital markets conditions. Additional information is available in MindWalk’s Annual Report on Form 20-F and other filings on SEDAR+ (sedarplus.ca) and EDGAR (sec.gov/edgar). Except as required by law, MindWalk undertakes no obligation to update any forward-looking statement. Nothing in this press release constitutes investment advice. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Trademarks HYFT® is a registered trademark of MindWalk Holdings Corp. LensAI™, ReefIQ™, HYFT Base™, HYFT Matrix™, HYFT Prime™, and B cell Llama™ are trademarks of MindWalk Holdings Corp. or its subsidiaries; ReefIQ™ registration is pending. All other trademarks are the property of their respective owners. View source version on businesswire.com: https://www.businesswire.com/news/home/20260713680062/en/ Contacts Investor Contact Louie Toma, CPA, CFAManaging Director, [email protected]

This article first appeared on GuruFocus. Revenue: $4.2 million for Q3, a 52% increase from $2.7 million in the same quarter last year. US Revenue: Doubled year-over-year, $2.6 million versus $1.3 million. 9-Month Revenue: $11.4 million, a 45% increase from $7.9 million in the prior year period. Gross Margin: 59% for Q3, down from 65% in the prior year period; 58% for the 9-month period, up from 53% last year. R&D Expense: $1.2 million for Q3, up from $0.9 million last year; $3.5 million for the 9-month period, up from $3.4 million. Sales and Marketing Expense: $1.8 million for Q3, up from $1.1 million last year; $4.3 million for the 9-month period, up from $2.7 million. G&A Expense: $3.1 million for Q3, up from $2.8 million last year; $9.5 million for the 9-month period, up from $9.1 million. Net Loss: $3.9 million for Q3, compared to $22 million last year (which included a $21.2 million impairment charge). Cash Position: $14.2 million at the end of Q3. Cash Used in Operations: $10.1 million year-to-date. Warning! GuruFocus has detected 5 Warning Signs with HYFT. Is HYFT fairly valued? Test your thesis with our free DCF calculator. Release Date: March 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. MindWalk Holdings Corp (NASDAQ:HYFT) reported its third consecutive quarter of year-over-year revenue growth, with a 52% increase to $4.2 million compared to the same quarter last year. The company signed its first 1-year enterprise LensAI platform contract, transitioning from project-based to contracted and recurring revenue. MindWalk's US revenue doubled year-over-year, reflecting a strategic focus on the North American market. The company advanced three pipeline programs (Dengue, GLP-1, and influenza) toward data readouts, showcasing progress in its R&D efforts. MindWalk ended Q3 with $14.2 million in cash, providing a solid financial foundation for future investments and growth. Gross margin for the quarter decreased to 59% from 65% in the prior year period, indicating potential pressure on profitability. Operating expenses increased, with R&D expenses rising to $1.2 million from $0.9 million in the prior year period, reflecting higher investment in pipeline programs. Sales and marketing expenses also increased significantly, reaching $1.8 million compared to $1.1 million in the same period last year. The company reported a net loss from continuing operations of $3.9 million for Q3 2026, although this was an improvement from the previous year's loss. MindWalk is still in the preclinical stage for its pipeline programs, indicating that significant time and investment are required before potential commercialization. Q: What drove the enterprise client to sign the recurring contract, and how many other clients might convert to this model in the next 6 to 12 months? A: Dr. Jennifer Bath, CEO, explained that the client was initially skeptical due to past experiences with other AI companies. However, after MindWalk successfully solved complex problems for them using LensAI, they gained trust and respect for the platform. While specific numbers or timelines for additional contracts weren't provided, LensAI is being rolled out across their broader client base, offering a unique opportunity to convert existing clients to the recurring model. Q: Regarding asset-level financing, are the different projects/platforms independent, and how do they progress? A: Dr. Jennifer Bath stated that the projects are independent as they move forward. The current capital is sufficient to drive significant progress, as much of the work is AI-driven and conducted in-house, keeping costs lower. Asset-level financing is intended to support the programs as they advance to more costly stages, such as clinical readiness. Q: How does MindWalk plan to leverage the LensAI platform across its client base? A: Dr. Jennifer Bath highlighted that LensAI is now actively being rolled out to all clients, not just those in Belgium. Clients receive secure login access to the LensAI portal, allowing them to utilize applications that significantly enhance drug discovery processes. This rollout is expected to facilitate the transition of clients to the recurring revenue model. Q: What are the cost advantages of MindWalk's approach to drug development? A: Dr. Jennifer Bath noted that MindWalk's costs are significantly lower than traditional drug development companies due to the AI-driven nature of their work and in-house capabilities. This structural advantage allows them to progress programs efficiently without the high costs typically associated with drug development. Q: How does MindWalk plan to manage the transition to more advanced stages of their programs? A: Dr. Jennifer Bath mentioned that they have a professional team with clinical experience to drive the process through preclinical stages and IND filings. Asset-level financing is being structured to support these stages, ensuring they have the necessary capital as programs advance. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Achieved a third consecutive quarter of year-over-year revenue growth, driven by a deliberate strategic pivot toward the high-demand U.S. AI-driven discovery market. Signed the first one-year enterprise Lens AI platform contract, transitioning the business model from one-off project fees to predictable, monthly recurring revenue. Differentiated the Lens AI platform by focusing on the 'invariant functional layer' of biology (HIFT) rather than surface sequence similarity, allowing for the detection of IP risks and functional adjacencies competitors miss. Validated the HIFT approach by identifying a single conserved functional feature across over 2,000 influenza sequences, representing a potential target for a universal immunogen. Advanced the dengue program by targeting a single conserved epitope present in all four serotypes, aiming to solve the historical 'antibody-dependent enhancement' failure mode of previous vaccines. Launched the B Cell LAMA platform to solve the 'chain-pairing problem' in multispecific antibody development by utilizing naturally matured llama nanobodies that lack light chains. Divested European operations to concentrate capital and resources on North American commercial growth and Canadian laboratory capabilities. Anticipating near-term data readouts for dengue, GLP-1, and influenza programs, with dengue binding confirmation expected within the current week. Designing structured asset-level financing vehicles with legal and financial advisers to fund clinical advancement while preserving parent company equity. Rolling out the Lens AI portal to a broader base of approximately 750 active clients to convert existing fee-for-service relationships into SaaS subscriptions. Advancing a dual-regimen GLP-1 program that links weight-loss biology to a non-overlapping longevity pathway based on pharma collaborator feedback. Projecting G&A expenses to remain flat or show modest growth, as current infrastructure is deemed sufficient to support scaling operations. Reported a significant reduction in net loss to $3.9 million compared to $22 million in the prior year, which was impacted by a $21.2 million impairment charge. Maintained a cash position of $14.2 million to fund ongoing R&D and commercial expansion in the Boston-Cambridge biotech hub. Published peer-reviewed research in Biomacromolecules demonstrating that function-based selection provides 10 to 25 times greater potency than traditional affinity-based selection. Initiated IP protection for 'functional adjacency' capabilities, a new competitive moat for identifying molecules with similar effects but low sequence similarity. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management explained the conversion followed a 'proof-of-concept' period where Lens AI solved scientific challenges that previous AI vendors and wet labs failed to address over a decade. The transition to recurring revenue is being facilitated by a new digital portal giving 750 active clients direct access to proprietary discovery applications. While no specific timeline for the next contract was given, management emphasized that these clients are already 'onboarded' in their procurement systems, lowering the barrier to conversion. Management confirmed that financing structures for dengue, GLP-1, and influenza are moving forward independently of one another. The company's low R&D burn rate—driven by in-house AI and lab capabilities—allows them to reach IND-enabling stages before requiring external asset-level capital. Ring-fencing these assets is intended to support the higher costs associated with clinical trials while utilizing internal expertise for the preclinical phase. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

Image source: The Motley Fool. Thursday, March 12, 2026 at 10:30 a.m. ET Chief Executive Officer — Jennifer Lynne Bath Chief Financial Officer — Richard Areglado Need a quote from a Motley Fool analyst? Email [email protected] Jennifer Lynne Bath: Thank you very much, and good morning, everyone. This quarter, MindWalk Holdings Corp. reported its third consecutive year-over-year revenue increase and advanced three pipeline programs toward data readouts. In addition, we recently signed our first one-year enterprise Lens AI platform contract. I will walk you through each of those. On revenue, year over year, we have grown three quarters in a row in a market where pharmaceutical demand for AI-driven discovery is accelerating. On the commercial model, our largest enterprise AI client recently signed a one-year Lens AI platform contract, the first of its kind for us, shifting a part of our revenue from project-based to contracted and recurring. On our pipeline, dengue, GLP-1, and influenza each have data anticipated in the near term. Please let me take those in turn. MindWalk Holdings Corp. just reported its third consecutive quarter of year-over-year revenue growth. Revenue was $4,200,000 this quarter, a 52% increase from $2,700,000 in the same quarter last year. MindWalk Holdings Corp.'s U.S. revenue, our most important commercial market, doubled year over year. That growth reflects a deliberate strategic focus on the U.S. market. North America is where AI-driven discovery demand is concentrated and where the regulatory environment is actively pulling pharma toward domestic partners. We have invested in U.S. commercial presence, including business development and sales resources in the Boston and Cambridge area. Separately, we have also established biologics services operations in the Boston and Cambridge area. Both reflect the same strategic direction. Our clients are pharmaceutical and biotech organizations with their own R&D capabilities. They engage us when the challenge exceeds what conventional tools can address. Which brings me to the second thing I would like to highlight. Recently, our largest enterprise AI client signed a one-year Lens AI platform contract. This contract is structured as a recurring revenue model, revenues being recognized monthly. To be precise about why this matters, until now, our revenue has been primarily project-based. Clients engage us for a program, we deliver, we invoice. That model produces good revenue, but it requires continuous reselling; every quarter starts close to zero. A platform contract is structurally different. It is contracted, recurring, monthly revenue that does not require reselling. It delivers value consistently, which is exactly what Lens AI is designed to do. Lens AI is actively being rolled out across our broader client base, the one-year contract is one we are scaling. Now let's discuss specifically what Lens AI, powered by HIFT technology, demonstrated this quarter. At its foundation is HIFT, our patented biological representation system that operates on the invariant functional layer of the sequence space. Sequence-based AI tools identify patterns in surface similarity. HIFT, conversely, operates on functional architecture, the layer that governs what the molecule does, not just what it looks like. Lens AI puts that capability into practice, integrated across our laboratory operations, now connecting in silico insight directly to bench-level execution. When our scientists design experiments, they identify targets, and they interpret results. That capability runs through the process end to end. Two results this quarter illustrate what that means. First, we advanced our functional adjacency capability, the ability to identify molecules that produce the same therapeutic effect despite having very low sequence similarity. For a pharma partner, this means that Lens AI can detect competitive threats and IP collision risks that conventional sequence analysis would not find. IP protection on this capability has been initiated. Second, in our influenza program, Lens AI has now screened over 2,000 highly diverse influenza sequences spanning influenza A, influenza B, avian, and swine origin sequences. Across all sequences analyzed, HIFT identified a single conserved functional feature that is present in every single one, a conserved functional feature that represents a potential design target for a broadly protective immunogen. For MindWalk Holdings Corp., dengue is proof of concept; influenza is repeatability. Now our pipeline advancements. Dengue infects 390 million people annually. The WHO considers it a top 10 global health threat. After 60 years of research and billions of dollars of investment, the world still does not have a vaccine that reliably protects against all four serotypes without risk of making the disease worse. Two vaccines have reached the market. Neither solved the core problem. Sanofi's Dengvaxia was restricted in 2017 after it was found to increase severe dengue risk in seronegative patients through antibody-dependent enhancement, also known as ADE, and was permanently discontinued in Brazil this year. The vaccine effectively stimulated a primary infection in seronegative recipients, priming them for enhanced disease on subsequent natural exposure. Takeda's Qdenga showed a different failure mode. It demonstrated no efficacy against serotype 3 in seronegative individuals, and remained skewed toward dengue 2. Takeda withdrew its FDA application in 2023. You see, the problem is not generating an immune response. Both of those vaccines do that. The problem is generating a balanced response across multiple serotypes. An imbalanced response triggers ADE, and that makes the patient sicker. The two vaccines that have reached the market both took a tetravalent approach and hoped the immune system would respond equally, but it does not. Across all sequences analyzed, HIFT identified a single conserved functional constraint present in every single dengue sequence, a potential basis for a broadly protective immunogen design. This is a discontinuous epitope; it is invisible to conventional sequence alignment tools. HIFT found it because it operates at the level of functional biological architecture, not surface sequence similarity. Instead of asking the immune system to respond equally to multiple different things, we are training it to recognize one thing that is present in all serotypes. Balanced immunity is built into the design, not hoped for in the final outcome. Currently, rabbit immunization studies for this program are complete. Binding confirmation, which is confirming that the immunized animals generated antibodies that bound to that conserved epitope, is expected yet this week. Upon confirmation, we move to multiserotype neutralization tests with our independent collaborator. No prior program has demonstrated a single epitope immunogen generating neutralizing antibodies across all serotypes that it was immunized for. This is what neutralization data will first test. We are at this preclinical stage, but the hardest scientific questions actually get answered here. In vitro GLP-1 receptor activation was confirmed by an independent third-party assay. Results demonstrate activity relative to semaglutide, a market-leading GLP-1 therapy. We have worked with a pharma collaborator with recognized expertise in this area. They have shared what they consider important to see as this program advances. We are developing the program with that input in mind. Beyond the GLP-1 pathway itself, we have identified a dual regimen linking GLP-1 biology to a second nonoverlapping longevity pathway. We will continue to update the market as this program advances. Our influenza program is advancing on the same design logic. As of this week, we are moving toward manufacturing of the lead in silico candidate. We will update the market as that program continues to develop. U.S. revenue doubled year over year, a direct result of our deliberate strategic focus on North America. AI-driven biologics demand is concentrated in this market, and the regulatory environment is increasingly favorable to domestic partners. We have established biologic services operations in the Boston–Cambridge area, and this strategic direction guided our decision to divest our European operations in favor of North American growth. We ended Q3 with $14,200,000 in cash. The Netherlands divestiture proceeds are being deployed deliberately into commercial growth, Lens AI and its pipeline assets, and our Canadian laboratory capabilities. Our team published a peer-reviewed study in Biomacromolecules, the American Chemical Society journal, in collaboration with Eindhoven University of Technology and Radboud University Medical Center. That work was grant funded and it demonstrates what our wet lab nanobody discovery is capable of and the great importance of this innovation. I will come back to this when I describe our B Cell LAMA platform launch. This quarter, we announced results from a client-driven research engagement in which our scientists generated and validated monoclonal antibodies and intrabodies capable of selectively targeting misfolded, pathogenic TDP-43 while leaving healthy TDP-43 intact. TDP-43 is implicated in ALS, frontotemporal dementia, and some Alzheimer's cases. Last week, we announced the launch of our B Cell LAMA, a nanobody discovery platform built on single B cell isolation from immunized llamas. Let me explain why this matters. Bispecific and multispecific antibodies require two heavy chains, and when those chains need two different light chains, the result is an explosion of possible combinations, only one of which is the product that you actually want. That chain-pairing problem has been one of the central engineering bottlenecks limiting bispecific drug development, and significant capital has been invested in platforms designed to work around it. VHH nanobodies eliminate the problem by design. They carry no light chain; there is no pairing ambiguity. And because they come from a naturally matured llama immune repertoire, they capture sequence diversity that engineered platforms structurally cannot replicate. Our peer-reviewed Biomacromolecules publication demonstrates what that produces. The molecule with the strongest binding affinity in our delivered zero functional activity. A construct built from the same nanobody building blocks achieved 10 to 25 times greater potency in multivalent format. Function-based selection, not affinity, is what matters. That is what B Cell LAMA is designed to deliver. MindWalk Holdings Corp. holds commercial rights to the jointly developed intellectual property from that work. B Cell LAMA operates alongside our 15 molecules advanced to the clinic. The full detail is in last week's announcement. Across our proprietary asset portfolio—GLP-1, dengue, and influenza—and at the request of investors, we are working with legal and financial advisers to design structured asset-level financing vehicles that will allow investors to participate at the program level while preserving parent company equity. Network is active and progressing. I will now turn the call over to Richard. Richard Areglado: Thank you, Jennifer, and good morning, everyone. As a note, all figures are in Canadian dollars and relate to continuing operations unless stated otherwise. Revenue for Q3 was $4,200,000, a 52% increase from $2,700,000 in Q3 of last year. As Jennifer noted, this is our third consecutive quarter of year-over-year revenue growth. U.S. revenue doubled year over year, $2,600,000 versus $1,300,000. The U.S. is named a strategic priority. AI-driven discovery demand is concentrated here, and our commercial investments are reflected in the numbers. For the nine-month period ending January 31, 2026, our revenue was $11,400,000 as compared to $7,900,000, a 45% increase as compared to the prior year period. Gross margin for the three months ended January 31, 2026 was 59% as compared to 65% in the prior year period. For the nine-month period ended January 31, 2026, gross margin was 58% as compared to 53%, a five percentage point improvement over the same period last year. Gross margin can vary depending on our mix of business. However, as we develop and increase adoption of the tools within our Lens AI platform, we would expect margins to expand. Moving on to operating expenses. For Q3 2026, R&D expense was $1,200,000 as compared to $900,000 for the prior year period due to the investments in the dengue, GLP-1, and B Cell LAMA programs and ongoing Lens AI platform development. For the nine-month period ended January 31, 2026, R&D expense was $3,500,000 versus $3,400,000 in the prior year. Sales and marketing for the three-month period ended January 31, 2026 was $1,800,000 as compared to $1,100,000 in the same period last year, reflecting our continued commercial expansion primarily in the U.S., with programs such as our expansion in the Boston area starting to yield revenue. For the nine-month period ended January 2026, sales and marketing expense was $4,300,000 compared to $2,700,000 for the nine months ended January 2025. G&A was $3,100,000 for Q3 2026 as compared to $2,800,000 for Q3 2025. G&A expense was $9,500,000 for the nine months ended January 2026 as compared to $9,100,000 for the prior year period. We expect G&A to remain flat to modest growth as we believe we have the infrastructure to support future growth. Net loss from continuing operations for Q3 2026 was $3,900,000 versus $22,000,000 in Q3 2025. Net loss in the prior year period included an impairment charge of $21,200,000. For the nine-month period ended January 2026, net loss was $11,200,000 as compared to $29,700,000 for the nine-month period ended January 2025, which also reflected the $21,200,000 charge. We are investing ahead of revenue in commercial infrastructure, pipeline programs, and platform capabilities with the expectation that these investments will yield returns. Moving on to the balance sheet. We ended the third quarter with $14,200,000 in cash. Cash used in operations was $10.1 million year to date, consistent with our planned investments. In summary, revenue has grown year over year, and we have demonstrated the ability to execute. We have developed a platform and products that bring value to our customers, and we continue to innovate with programs such as our recent announcement of our B Cell LAMA capability and functional adjacency. We have cash runway for operations and a capital structure to support the ongoing development of our proprietary pipeline assets. We believe this will continue to drive shareholder value. I will now return the call to Jennifer. Jennifer Lynne Bath: Thank you, Richard. Before we open for questions, I would like to leave you with this. Most AI approaches in biologics today operate on full biological sequences. They tokenize, they train, they generate. Many are powerful, and they are operating on a representation of biology that includes a great deal of noise. Evolution is a tolerant process. Most positions in a biological sequence can change without consequence. That variation fills the public databases that these models train on. A much smaller set of subsequences is invariant. They cannot change because essential biological function depends on them. These are the fingerprints that actually carry the information for life. HIFT is our patented representation of that invariant layer. No other company has the rights to use these patterns. That is the foundation of a durable competitive position because every result we generate, every insight we deliver, and every asset we build rests on a biological foundation that competitors cannot replicate. And it is producing results. We identified the dengue epitope conserved across all four serotypes, a target that 60 years of vaccinology did not find. We detected functional adjacency that sequence-based platforms missed and initiated IP protection on that capability. We screened over 2,000 influenza sequences and found a single conserved biological feature present in every single one. Our GLP-1 candidate activity relative to semaglutide, the market-leading GLP-1 therapy, was confirmed by an independent third party in vitro testing. We launched B Cell LAMA, a nanobody platform anchored by peer-reviewed evidence that function-based candidate selection outperforms affinity-based selection at the molecular level. On commercial, we are scaling the enterprise platform model, additional contracted recurring platform agreements with major pharma and biotech partners building a revenue base that grows independently of any single project. On pipeline, dengue neutralization data is our nearest-term pipeline readout. Dengue is proof of concept for what HIFT can do. Influenza is repeatability. Together, they make the platform case to pharma partners better than anything else that we could say. On asset financing, legal and financial advisers are engaged and structures are being designed across the proprietary portfolio. Before we open for questions, I want to leave you with this. The science is patented. The results are peer reviewed. The first enterprise contract is signed. The pipeline has meaningful data approaching. These three consecutive quarters of year-over-year revenue growth and U.S. revenue doubling are made possible by a platform that no competitors can replicate. This is the MindWalk Holdings Corp. investment case. Thank you. We will now open the line for questions. Operator: Thank you. We will now begin the question-and-answer session. To ask a question, please press star then the number one on your telephone keypad. If you would like to withdraw your question at any time, please press star 1 again. Please limit yourself to one question and one follow-up. Please stand by while we compile the Q&A roster. Your first question comes from the line of Swayampakula Ramakanth with H.C. Wainwright. Your line is open. Swayampakula Ramakanth: Thank you. This is RK from H.C. Wainwright. Good morning, Jennifer, Richard. Good morning. This is a great quarter, a lot of good stuff, and really exciting days for you. Thank you. Jennifer or Richard, in terms of the agreement that you just signed—the enterprise client agreement that you just signed on the recurring contract—I am trying to understand what drove this group to do this. What are the primary drivers? And then the second part of that same question is, how many of your other project-based clients are willing to convert into this monthly recurring model, let us say over the next six to 12 months? Jennifer Lynne Bath: Thank you, RK, and thanks for joining, and as usual, for your thoughtful questions. So your first question—what really drove this first pharma client to go ahead and sign this contract—that is a very good question. I think I like this in particular because giving me the opportunity to explain this also gives me the opportunity to demonstrate the validation that needed to occur before a client took this type of a commitment long term with us. I do believe this is a client I have referred to anecdotally historically one or two times, and this is a client who initially came to us having tried multiple other companies that said that they could utilize artificial intelligence to help solve some of their scientific challenges. The group was relatively dismayed. They said that in reality, none of those CRO partners or companies were able to turn back results that were as good as what they could do in the wet lab, and so they were apprehensive and they were doubtful. So when we first brought this group in, it was actually for fee-for-service work, and what we said to them is, you have programs that have been extremely difficult and you have worked on for over a decade. Let us take a crack at it. Let us apply Lens AI to it, and if we are not successful, then you do not pay us. But we really want to show you what we can do. We worked on that program for them, and we were successful, and they saw the outputs coming directly from Lens AI, and even some applications that MindWalk Holdings Corp. in Belgium, also known as BioStrand, built specifically for producing these outcomes in the program. They were tremendously happy with the results, and they have now contracted us, I am not sure, somewhere between seven to 10 times in total for different programs, and Lens AI has continued to successfully solve very challenging problems for them. That is really where we earned their respect and, I think, their trust for this Lens AI program, and that is what really brought them to the table to negotiate a platform license as a SaaS model. Our intent, obviously, is to leverage that experience with them to be able to bring on additional clients, for those clients to understand, and for us also to be able to share the positive experiences this group has had. That being said, for your second question, we are not providing specific numbers or timelines for additional contracts, but one thing that I think is really important to highlight and maybe was not highlighted enough in the earnings call is that Lens AI is now actively being rolled out across our broader client base. All the programs we are working on—not just the programs we are working on in Belgium where Lens AI lives, but also in Canada with all of our wet lab clients—somewhere close to 750 active clients, dozens of programs running at any given time, those results are all now finally coming back in the Lens AI portal. These groups are receiving secure login, and when they log in, they have access to this portal, and they can see the applications that are in there that truly change the way they have done drug discovery historically. Now they can utilize these applications, and instead of going to three, four, five, six other vendors to collect information, or chugging through the process over the course of 18 months to two years, they can literally take a subscription to utilize these applications beyond the base level to harness the power and get the results that they are looking for. Being at that point in this venture is very important to our company, something we have built toward and worked toward. It took longer than we hoped it would to get this software into the hands of these clients, and it is now happening not just across our therapeutic clients but clients who have contracted us for any sort of custom antibody work. With regard to that, when we think about additional contracts and bringing these new clients in, that is where we are really focused. We feel we have an extremely unique situation where these clients are already onboarded. We are in many cases their primary vendor, but in all cases, we are a vendor that is in their system, and we have already built their trust and their respect, and so we have a very unique segue into this market with those clients. Swayampakula Ramakanth: Thanks for that detailed answer. And if I may, second question is on the asset-level financing. I do understand lawyers and investors can take a long time to come to a conclusion about anything, but how much of that are you waiting for in terms of these four different projects or platforms that you have—thinking about the dengue, the GLP-1, LAMA, and influenza as well? Do you need to get to a conclusion with these groups before you move this forward, or are these all independent of each other and they are all moving forward? Jennifer Lynne Bath: That is a great question. The short answer is they are independent of one another as they move forward. A couple of things to keep in mind. When we look at financing these particular programs, one of the things that is easy to overlook is the fact that our program costs are not what you would expect from a traditional drug development company at this stage. Much of our work is in silico, but also much of our in silico work, our in vitro work, and even our preclinical work is either AI-driven or it is conducted in-house. That keeps our cost meaningfully lower than a conventional pipeline of this breadth would require, and it is also one of the structural advantages that we have building on the HIFT platform. As a result of that—and directly in reference to your question, RK—the capital that we currently have is capital that is enough to drive us significantly forward in these engagements. As a matter of fact, as was detailed by Richard, the R&D expenses are not up significantly over last year and yet cover not only our traditional R&D and the build-out of the B Cell LAMA platform, but also cover everything we have done to date here. That gives you, I think, a specific example of that. Now, when it comes to the asset-level financing, that is something that definitely, as these programs become more advanced, one of the things that we have ensured we have in place as we move forward is a professional team that has the experience in the clinical realm and the subject matter experience, with each of these families of viruses or the particular therapeutic or disease that we are targeting, in order to help drive this process along through the preclinical portion and the IND-enabling, the IND filing, and the clinical readiness. When we get to those stages, of course, the cost then does begin to increase. As to whether or not these portions at that stage can move forward prior to the asset-level financing, to some extent, yes, most definitely, once again because we do have a team set forward here with the internal expertise. But in addition to that, the asset-level financing is meant to support once we get to that stage. We have enough runway here that the lead time that it takes to actually get these ring-fenced should be one that enables us to bring in additional capital to support those by that time. Swayampakula Ramakanth: Thank you. I will get back into the queue. Thanks. Jennifer Lynne Bath: Thanks, RK. Operator: Thank you. There are no further questions at this time. We will now turn the call back over to Jennifer Lynne Bath for closing remarks. Jennifer Lynne Bath: Great. Thank you so much. The biggest thing that I want to say is thank you all. Thank you for joining us. Thank you for supporting MindWalk Holdings Corp. We look forward to sharing pipeline results as they become available, and we will speak with all of you on our Q4 and fiscal year-end 2026 earnings call. Thank you. Operator: This concludes today's MindWalk Holdings Corp. Q3 fiscal year 2026 earnings call. Thank you for your participation. You may now disconnect. Before you buy stock in MindWalk, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and MindWalk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $511,735!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,140,464!* Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of March 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. MindWalk (HYFT) Q3 2026 Earnings Call Transcript was originally published by The Motley Fool

Third Consecutive Quarter of Year-Over-Year Revenue Growth | First Annual Enterprise LensAI™ Platform Contract | Launch of B cell Llama™ Nanobody Discovery Platform AUSTIN, Texas, March 12, 2026--(BUSINESS WIRE)--MindWalk Holdings Corp. (Nasdaq: HYFT), a Bio-Native AI company focused on biologics discovery and AI-driven drug development, today reported financial results for the third quarter of fiscal year 2026, ended January 31, 2026. MindWalk will host its Q3 Fiscal 2026 Earnings Call today at 10:30 AM Eastern Time. Revenue for Q3 was $4.2 million, a 52 percent increase from $2.7 million in Q3 fiscal 2025, marking MindWalk's third consecutive quarter of year-over-year revenue growth. US revenue doubled year over year to $2.6 million. The Company's largest enterprise AI client signed a one-year LensAI platform contract, the first contracted, recurring platform revenue agreement in the Company's history, shifting a part of MindWalk's revenue from project-based to contracted and recurring. "This quarter, MindWalk reported its third consecutive year-over-year revenue increase and advanced three pipeline programs toward data readouts. US revenue doubled year over year, reflecting our deliberate, strategic focus on North America, including the establishment of biologics services operations in the Boston and Cambridge area and ongoing commercial investment in that market. Recently, our largest enterprise AI client signed a one-year LensAI platform contract, the first of its kind for us. LensAI is actively being rolled out across our broader client base, and this is a contract structure we are scaling." — Dr. Jennifer Bath, CEO & President, MindWalk Holdings Corp. Q3 Fiscal 2026 Financial Highlights Operational and Platform Highlights Platform & Commercial First enterprise one-year LensAI platform contract signed with MindWalk's largest enterprise AI client; revenue recognized monthly LensAI platform services are delivered directly to clients across all MindWalk operations US revenue doubled year over year, reflecting the Company's deliberate strategic focus on North America; where AI-driven biologics demand is concentrated and the regulatory environment is increasingly favorable to domestic partners. This strategic direction included the establishment of biologics services operations in the Boston and Cambridge area and guided the Company's decision to divest its European operations in favor of North American growth. B cell Llama™ Platform Launch MindWalk announces the launch of B cell Llama™, a nanobody discovery platform built on single B cell isolation from immunized llamas. VHH nanobodies carry no light chain, eliminating the chain-pairing problem that has historically limited bispecific and multispecific antibody development — a recognized bottleneck in a market projected to exceed $50 billion by 2030. MindWalk has deep VHH nanobody expertise built over years of biologics discovery work. A peer-reviewed and grant-funded study published in Biomacromolecules (American Chemical Society), conducted in collaboration with Eindhoven University of Technology and Radboud University Medical Center, demonstrates new findings: Demonstrated neutralization of a viral variant against which no clinically approved antibody therapies showed activity The molecule with the strongest binding affinity in assays delivered zero functional activity — underscoring why function-based candidate selection, not affinity alone, is critical earlier in the discovery process. MindWalk holds first right to commercialize the jointly developed intellectual property from the collaboration Dengue Vaccine Program Dengue infects 390 million people annually and is considered a top ten global health threat by the WHO. There is no FDA-approved dengue vaccine available in the United States. Two vaccines have reached market, with both failing to generate balanced immunity across all four serotypes, the central unsolved problem in dengue vaccinology. MindWalk's approach identifies a single conserved epitope shared across all four serotypes, designed to address that failure at the design level. In vivo immunization studies complete; binding confirmation — confirming that immunized animals generated antibodies specifically targeting the conserved cross-serotype epitope — results anticipated this week Upon binding confirmation, the program advances to pan neutralization testing with an independent third-party collaborator to assess the ability of the vaccine to neutralize across dengue serotypes LensAI identified a single discontinuous epitope conserved across all four dengue serotypes — a target not detected by conventional sequence-alignment tools GLP-1 Program In vitro GLP-1 receptor activation confirmed by independent third-party assay; results demonstrate activity relative to semaglutide, the market-leading GLP-1 therapy with approximately $29 billion in combined global sales in 2024. Dual-pathway regimen identified, linking GLP-1 biology to a second, non-overlapping longevity pathway Program advancing with guidance from a large pharma collaborator with recognized expertise in this area, with next steps confirming expanded in vitro data including stability testing followed by in vivo validation of safety profiles. Influenza Program LensAI has now screened over two thousand highly diverse influenza sequences spanning influenza A and B types, including avian and swine-origin sequences, identifying a single conserved biological feature present across all sequences analyzed Program advancing into manufacturing of the lead in silico candidate for use in neutralization studies – to assess the ability of the vaccine to prevent infection. Asset Financing Legal and financial advisors engaged to design structured, asset-level financing vehicles across MindWalk’s proprietary portfolio - including GLP-1, dengue, and influenza - enabling targeted program-level investment while preserving parent company equity Conference Call and Webcast Details The live webcast will take place on Thursday, March 12, 2026, 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.mindwalkai.com/events-and-presentations/default.aspx * Webcast Details * Event Title: MindWalk Holdings Corp. – Third Quarter Fiscal Year 2026 Financial Results Event Date: March 12, 2026, 10:30 AM (GMT-04:00) Eastern Time (US and Canada) Attendee URL: https://events.q4inc.com/attendee/486881652 Participant Dial-in: USA / International Toll +1 (646) 307-1963 USA - Toll-Free (800) 715-9871 Canada - Toronto (647) 932-3411 Canada - Toll-Free (800) 715-9871 Conference ID: 3224490 Anyone listening to the call is encouraged to read the company’s periodic reports available on the company’s profile at www.sedarplus.ca and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk Holdings Corp. MindWalk Holdings Corp. (Nasdaq: HYFT) is a Bio-Native AI company focused on biologics discovery and AI-driven drug development. The Company’s proprietary HYFT® biological pattern system and LensAI™ platform operate on the invariant functional layer of biological sequence space — the conserved subsequences essential to biological function — enabling the discovery of targets, candidates, and insights that conventional sequence-based approaches cannot access. MindWalk operates through subsidiaries including MindWalk Biologics (Victoria, BC), BioStrand (Belgium), and Talem Therapeutics (North Dakota). Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are often identified by words such as "expects," "intends," "plans," "anticipates," "believes," "estimates," "targets," "seeks," "potential," or similar expressions, or by statements that certain actions, events, or results are expected to occur or be achieved. Forward-looking statements in this press release include, without limitation, statements regarding: the interpretation and significance of observations derived from the application of the Company's HYFT® technology; the identification, characterization, and relevance of conserved functional patterns and functional adjacency; the hypothesis that such patterns may support rational design toward broadly protective immunogens, including in the Company's dengue and influenza programs; the relevance of functional adjacency to competitive intelligence, intellectual property strategy, business development, and portfolio decision-making; the intended role of HYFT-based analysis in evaluating functional competition, IP exposure, or portfolio risk; the integration of HYFT within the Company's broader data management and biological reasoning platform; the scope, timing, and outcome of potential future validation activities; anticipated revenue growth, platform commercialization, gross margin trends, and the scalability of LensAI™ platform engagements; the expected transition from project-based to contracted and recurring revenue; the timing, design, and outcome of preclinical and clinical development activities across the Company's pipeline programs, including the anticipated binding confirmation and multi-serotype neutralization testing results for the dengue vaccine program and the potential significance of the GLP-1 receptor agonist in vitro results relative to semaglutide; the anticipated scope and utility of the B cell Llama™ nanobody discovery platform and its relevance to the bispecific, multispecific, and CAR-T therapeutics market; the design, structure, and completion of asset-level financing vehicles for the Company's proprietary programs, including GLP-1, dengue, influenza, and B cell Llama™; and the Company's ability to pursue, structure, or complete strategic investments, collaborations, commercial arrangements, partnering transactions, or licensing opportunities related to HYFT-based technologies or programs. Forward-looking statements are based on management's current expectations, assumptions, and projections about future events and Company performance. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that cause actual results, performance, or achievements to differ materially from those expressed or implied. These factors include, among others: the preliminary and exploratory nature of computational analyses and in silico observations; limitations in available data, inputs, or analytical assumptions; the risk that subsequent laboratory, experimental, or validation studies do not replicate or support the reported observations; uncertainty regarding the biological relevance, robustness, or generalizability of identified functional patterns; the risk that in vitro results, including observations regarding GLP-1 receptor activation relative to semaglutide, do not translate to in vivo or clinical outcomes; the risk that dengue program neutralization results, including the ability to achieve balanced cross-serotype immunity, are not achieved or are subject to antibody-dependent enhancement or other adverse immunological outcomes; risks inherent in therapeutic research and development, including challenges related to translation, validation, manufacturability, safety, immunogenicity, breadth, durability, or efficacy; the risk that future development decisions are delayed, modified, or discontinued; regulatory requirements and uncertainties; dependence on third-party collaborators, laboratories, service providers, and data sources; intellectual property risks, including the ability to obtain, maintain, defend, and enforce patent and other proprietary rights; competitive developments; the availability, timing, and terms of asset-level financing vehicles or other financing alternatives, including the risk that such structures cannot be completed on acceptable terms or at all; the ability to enter into, maintain, or enforce collaborations, partnering arrangements, or commercial agreements on acceptable terms; and broader economic, market, geopolitical, or regulatory conditions. Additional information about these and other risks and uncertainties is set out in the Company's Annual Report on Form 20-F, as amended, for the fiscal year ended April 30, 2025, available on the Company's SEDAR+ profile at www.sedarplus.ca and EDGAR profile at www.sec.gov/edgar. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. All financial figures are reported in Canadian dollars and relate to continuing operations unless otherwise stated. MindWalk prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below: *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Source: MindWalk Holdings Corp. View source version on businesswire.com: https://www.businesswire.com/news/home/20260312858299/en/ Contacts Investor Relations Contact Louie Toma, CPA, CFA Managing Director, CoreIR [email protected]