- The Company achieved record revenues of $19.4 million, up
8.1% from $17.9 million in fiscal year 2021
- The Company achieved record revenues of $5.2 million for the
three months ended April 30, 2022, an increase of 7.4% over the
same period last year.
- The Company achieved an increase in CRO revenue (total
revenue minus Talem asset out-licensing revenue) of 15.9% over the
same period last year.
IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the “Company” or “IPA”)
(NASDAQ: IPA) (TSXV: IPA), an advanced biotherapeutic research and
technology company, today announced financial results for the full
fiscal year 2022 ended April 30, 2022.
Fiscal 2022 Financial Summary*
- The Company achieved record total revenues of $19.4 million
during the year ended April 30, 2022, an 8.1% increase from the
year ended April 30, 2021.
- Project revenue of $17.4 million was $1.4 million, or 9.1%,
higher than last year. Growth is driven primarily by the Company’s
B cell Select® platform, with expansion in both the number and size
of projects under contract.
- The Company, primarily through its subsidiary Talem
Therapeutics LLC, invested $6.7 million in strategic research and
development costs as compared to $2.0 million in 2021.
- The Company recorded a net loss of $16.7 million during the
year ended April 30, 2022, compared to a net loss of $7.3 million
for the year ended April 30, 2021.
- As of April 30, 2022, the Company held cash of $30 million
(April 30, 2021 – $41.8 million)
*Expressed in Canadian dollars unless otherwise noted.
“We delivered another year of strong performance in fiscal year
2022, demonstrating both our highest revenue quarter and fiscal
year in the history of IPA," said Dr. Jennifer L. Bath, Chief
Executive Officer, IPA. "We are entering Fiscal Year 2023 with
significant momentum and a strong focus and expectations on our new
capabilities, robust pipeline, and excellent execution to deliver
continued strong performance this year and over the long-term."
Recent and Fiscal 2022 Operational Highlights
- IPA seeks to rapidly and dramatically expand its IP portfolio
with the addition of several US and international patent
applications submitted by Talem Therapeutics LLC and obtained
through the recent BioStrand acquisition
- IPA announces the retirement of Lisa Helbling, Chief Financial
Officer, and the appointment of her successor and current member of
the IPA executive team, Brad McConn, effective August 5th.
- Pre-clinical, IND-enabling histopathology data from toxicity
study and ex vivo human Tissue Cross-Reactivity (TCR) analysis
support the safety of IPA’s Polytope® TATX-03 cocktail
- IPA’s PolyTope® TATX-03 demonstrates protection against in
vitro Infection by Omicron sublineage BA.2, in addition to all
other Variants of Concern
- IPA completes acquisition of Belgian group, BioStrand,
revolutionizing biotherapeutics with method to encode omics and
power drug development with advanced Artificial Intelligence
(AI)
- IPA’s newly acquired subsidiary, BioStrand, awarded second
round of grant funding from VLAIO Research Grant
- IPA and ChemPartner Biologics announce PolyTope® TATX-03
antibody cocktail manufacturing collaboration
- After program review by the Department of Defense (DOD), IPA
was selected to work with Elektrofi on a deployment ready
formulation of its PolyTope TATX-03 as well as future pandemic
preparation under an SBIR contract from Defense Health Agency (DHA)
within the US DOD
- IPA bolstered global senior leadership with Barry Duplantis,
Ph.D., promoted to Vice President of Client Relations and the
addition of Ms. Carla Dahl, Vice President of Marketing
- IPA Europe granted three-year approval for the “Crédit d’Impôt
Recherche” (CIR) from the French Ministry of Higher Education and
Research to provide research tax credits to eligible French
companies
- The Company established a multi-target research collaboration
with Pierre Fabre in immuno-oncology
- IPA established a US $50 million At-The-Market distribution
agreement (the “ATM”)
- IPA presented in vitro characterizations results from studies
on TATX-21, a novel potential first-in-class antibody for
Atherosclerosis Cardiovascular Disease (ACVD), at the 2021 BIO
Convention
- IPA enters co-offering agreement with Eurofins Discovery,
providing Eurofin’s global clients’ integrated access to IPA’s
end-to-end discovery service
Financial Results
Revenue
The Company achieved record revenues of $19.4 million during the
year ended April 30, 2022, compared to $17.9 million in fiscal year
2021, an 8.1% increase. The continued growth trend is primarily
from project revenues in the Company’s B cell Select® platform with
expansion in both the number and size of projects under
contract.
For the three months period ending April 30, 2022, the Company
achieved record revenues of $5.2 million compared to $4.9 million
for the three months period ended April 30, 2021, a 7.4%
increase.
Research &
Development
Research and development increased to $6.7 million from $2
million in 2021, due to the strategic investment in R&D the
Company is undertaking, including the Company’s SARSCoV-2 PolyTope®
cocktail and other research projects.
Net Loss
The Company recorded a net loss of $16.7 million during the year
ended April 30, 2022, compared to a net loss of $7.3 million for
the year ended April 30, 2021. The $9.4 million increased net loss
is primarily due to the Company’s investment in R&D, increased
professional and consulting fees, increased insurance costs,
increased salaries, and benefits to support the Company’s strategic
plans and operations, and lower grant and subsidy income.
Liquidity and Capital
Resources
As of April 30, 2022, the Company held cash of $30.0 million as
compared to $41.8 million as of April 30, 2021, and had working
capital of $28.2 million. The Company’s internal forecast indicates
the cash on hand will sustain its existing operations, support its
Nasdaq and TSXV on-going listing costs and satisfy its obligations
for at least 12 months.
On October 13, 2021, at at-the-market (“ATM”) equity offering
facility, was entered into with H.C. Wainwright & Co., LLC, as
sole sales agent (“Agent”). The Company will be entitled, at its
discretion and from time-to-time during the term of the ATM
agreement, to sell through the Agent common shares of the Company
having an aggregate gross sales price of up to US $50 million. As
of July 29, 2022, US $50 million of the Company’s stock remained
available for sale under the ATM facility.
Conference Call:
Date: Friday, July 29, 2022 Time: 10:30 am Eastern time
Participant Info:
Conference ID: 9236374 Participant Toll-Free Dial-In Number: 1
(888) 550-5658 Participant Toll Dial-In Number: 1 (646) 960-0289
Attendee URL: https://events.q4inc.com/attendee/831812822
The conference call will be webcast live and available for
replay via the same link found on the main page of the Company’s
Investors section at: https://www.immunoprecise.com/investors.
If you are dialing into the call, 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 on file with the Toronto Stock Exchange and
Securities and Exchange Commission, including the discussion of
risk factors and historical results of operations and financial
condition in those reports.
ImmunoPrecise Antibodies Ltd.
ImmunoPrecise Antibodies Ltd. is a biotherapeutic,
innovation-powered company that supports its business partners in
their quest to discover and develop novel antibodies against a
broad range of target classes and diseases. The Company offers a
hybrid of services and programs with advanced platforms and
technologies to optimize antibody discovery and development,
against rare and/or challenging epitopes. For further information,
visit www.immunoprecise.com.
Forward Looking Information
This news release contains forward-looking statements within the
meaning of applicable United States securities laws and Canadian
securities laws. Forward-looking statements are often identified by
the use of words such as “potential”, “plans”, “expects” or “does
not expect”, “is expected”, “estimates”, “intends”, “anticipates”
or “does not anticipate”, or “believes”, or variations of such
words and phrases or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved. Forward-looking information contained in this news
release include, but are not limited to, statements regarding the
potential of IPA’s PolyTope monoclonal antibodies, including
TATX-03, to provide strong anti-viral effects against
SARS-CoV-2/COVID-19 disease or any variant of the virus as either a
prophylactic (preventative) or treatment, to retain efficacy over
time, and to reduce or suppress the emergence of novel variants as
well as its potential to prevent the spread of variants. In respect
of the forward-looking information contained herein, the Company
has provided such statements and information in reliance on certain
assumptions that management believed to be reasonable at the
time.
Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements stated herein to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks, including, without
limitation, the Company may not be successful in developing its
PolyTope monoclonal antibodies, including TATX-03, or other
vaccines or therapeutics against COVID-19 through the successful
and timely completion of preclinical assays, studies and clinical
trials, or may not receive all regulatory approvals to commence and
then continue clinical trials of its products, and, be successful
in partnering or commercializing its products related to COVID-19,
the coverage and applicability of the Company’s intellectual
property rights to its PolyTope antibody cocktails, as well as
those risks discussed in the Company’s Annual Information Form
dated July 29, 2022 (which may be viewed on the Company’s profile
at www.sedar.com) and the Company’s Form 40-F dated July 29, 2022
(which may be viewed on the Company’s profile at www.sec.gov).
Should one or more of these risks or uncertainties materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance, or achievements may vary
materially from those expressed or implied by the forward-looking
statements contained in this news release. Accordingly, readers
should not place undue reliance on forward-looking information
contained in this news release.
The forward-looking statements contained in this news release
are made as of the date of this release and, accordingly, are
subject to change after such date. The Company does not assume any
obligation to update or revise any forward-looking statements,
whether written or oral, that may be made from time to time by us
or on our behalf, except as required by applicable law.
*Non-IFRS Financial Measure
Readers are cautioned that "Adjusted EBITDA" is a measure not
recognized under IFRS. Adjusted EBITDA is defined as operating
earnings before interest, accretion, taxes, depreciation,
amortization, share-based compensation, foreign exchange gain/loss,
and asset impairment charges. Management believes Adjusted EBITDA
is a useful measure that facilitates period-to-period operating
comparisons. Readers are cautioned that "Adjusted EBITDA" is not an
alternative to measures determined in accordance with IFRS and
should not, on its own, be construed as indicator of performance,
cash flow or profitability.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220729005234/en/
Investor contact: investors@immunoprecise.com
ImmunoPrecise Antibodies (NASDAQ:IPA)
Historical Stock Chart
From Jun 2024 to Jul 2024
ImmunoPrecise Antibodies (NASDAQ:IPA)
Historical Stock Chart
From Jul 2023 to Jul 2024