MindWalk Reports Record Growth and Announces Strategic Progress on Its AI Asset Pipeline

VICTORIA, British Columbia--(BUSINESS WIRE)--$HYFT #ai--MindWalk (NASDAQ: HYFT), a BioNative AI biotherapeutic research and technology company combining in silico and wet lab operations for biologics discovery and development, today announced financial results for the second quarter of fiscal 2026 and provided updates on its AI driven asset pipeline and strategic initiatives. MindWalk operates a proprietary BioNative AI platform built on patented HYFT® patterns—evolution shaped subsequence codes that link sequence, structure and function. These patterns underpin LensAI™, a software platform that harmonizes and analyzes diverse biological data to deliver actionable insights. Financial Highlights (Quarter Ended October 31, 2025) Revenue: $4.1 million, up 54% year-over-year and 30% sequentially, driven by improved project revenue and better utilization across both project-based and platform-related revenue streams. Gross margin: 65%, up from 51% in the prior year quarter. Gross profit increased significantly, by 94% year-over-year to $2.7 million, as fixed cost leverage and higher margin projects improved profitability. Operating loss, excluding amortization and nonrecurring items, improved notably to $2.8 million from $4.1 million a year ago. Adjusted EBITDA: Loss improved to $2.4 million, versus $2.6 million in the prior year period. Liquidity: Cash and cash equivalents of $16.5 million at quarter end (including proceeds from the sale of the Company’s former Netherlands operations), providing flexibility to invest in platform expansion and inhouse pipeline programs. Strategic and Operational Highlights Major portfolio progress GLP1 & longevity program – MindWalk advanced its AI designed GLP1 receptor agonist program, achieving receptor activation above semaglutide in in vitro assays. The Company also identified a companion pathway linked to aging biology and is developing a dual pathway regimen aimed at metabolic control and longevity. Universal dengue vaccine initiative – Using its LensAI platform, which leverages HYFT patterns to analyze multi‑omic data, MindWalk pinpointed a highly conserved, discontinuous epitope shared across all four dengue virus serotypes. Preclinical planning is under way with completion anticipated early next quarter, and a collaborator has been selected to advance this program. Rebranding and leadership expansion The Company completed its corporate rebranding to MindWalk and consolidated its operating units under the HYFT Nasdaq ticker. During the quarter MindWalk welcomed Scott Areglado as Chief Financial Officer and Dr. Thomas Lynch as Chief Business Officer. Strategic divestiture MindWalk closed the sale of its Netherlands operations, generating net proceeds of $14.3 million. The divestiture allows the Company to allocate resources toward its BioNative AI initiatives and high value wet lab programs aligned with LensAI. New structure for AI asset pipeline MindWalk has initiated the formation of a corporation in the Cayman Islands with Walkers law firm to house segregated portfolios for each AI driven program. Under this structure, assets and liabilities for each program will be ringfenced, allowing investors to participate directly in individual portfolios rather than through the public company. Management has received strong expressions of interest from prospective investors and will provide further details as the structure is finalized. Upcoming strategic update MindWalk plans to issue a press release through national media channels on the first day of the J.P. Morgan Healthcare Conference, January 12th. This update will include new information on the AI asset pipeline and the Company’s capital and partnering strategy. Comments from Management “Our second quarter delivered both strong financial performance and meaningful scientific progress. Revenue grew 54 % year over year, and gross profit nearly doubled—up an impressive 94 % to $2.7 million—while margins expanded significantly as we continued to build momentum across our core programs,” commented Dr. Jennifer Bath, CEO of MindWalk. “We advanced our GLP1 receptor agonists and identified a companion longevity pathway, while our research uncovered a conserved dengue epitope that could underpin a universal vaccine. Equally important, we took deliberate steps to align our corporate structure with this vision, including the divestiture of noncore operations, key leadership appointments, and the initiation of a Cayman based structure to house and finance our AI asset portfolios. These achievements reflect disciplined planning and purposeful execution. We look forward to sharing additional insights on our pipeline and strategic partnerships in mid-January, ahead of the J.P. Morgan Healthcare Conference.” Conference Call and Webcast Details The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Monday, December 15, 2025, at 10:30AM ET. The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s IR pages at https://ir.ipatherapeutics.com/events-and-presentations/default.aspx ***Participant Dial-In Details*** Joining by Phone USA / International Toll +1 (646) 307-1963 USA - Toll-Free (800) 715-9871 Canada - Toronto (647) 932-3411 Canada - Toll-Free (800) 715-9871 Participants call one of the allocated dial-in numbers and advise the Operator of either the Conference ID 3224490 or Conference Name. Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. ***Webcast Details*** Webcast Attendee URL https://events.q4inc.com/attendee/410261259 Anyone listening to the call is encouraged to read the Company's periodic reports available on the Company’s profile at www.sedarplus.com and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports. About MindWalk MindWalk is a Bio-Native AI company transforming drug discovery and development. Powered by patented HYFT® technology and the LensAI™ platform, MindWalk unifies sequence, structure, function, and literature into a single computational language and closes the loop with an integrated, full-stack wet lab. The platform supports rapid epitope mapping, de novo molecular design, in silico vaccine exploration, and population-scale biologics analytics that help turn insights into validated candidates at speed. The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below: Three months ended October 31, (in thousands) 2025 $ 2024 $ Net loss (3,195 ) (2,553 ) Income taxes 25 (731 ) Amortization and depreciation 209 694 Accretion — 3 Foreign exchange realized gain (loss) (101 ) (20 ) Interest expense 57 93 Interest and other income (expense) (35 ) 117 Loss on disposal of Europe B.V. 458 — Unrealized foreign exchange gain (loss) 8 104 Share-based expense 152 170 Adjusted EBITDA (2,422 ) (2,123 ) *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Forward-Looking StatementsRead the full story here

MindWalk Reports Record Growth and Announces Strategic Progress on Its AI Asset Pipeline

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