Latest news with #IPA
Sky News AU
2 hours ago
- Politics
- Sky News AU
Labor ‘steamrolling' Australian farmers with $12,000 renewable project fines
IPA Deputy Executive Director Daniel Wild discusses farmers protesting wild $12,000 fines for those who object to massive renewables projects on their land. 'This is a big issue, like you say, these farmers are getting steamrolled,' Mr Wild told Sky News host Paul Murray. 'The massive fine that they get, but also under this legislation, the government can appoint what it calls 'authorised officers' to enter the property of farmers without their consent, and they can't stop them from doing that. 'This goes against everything that it means to be an Australian.'
National Post
a day ago
- Business
- National Post
ImmunoPrecise Antibodies (IPA) Reports Full Fiscal Year 2025 Results, Record Fourth Quarter Revenue, and Record Fourth Quarter Adjusted EBITDA
Article content AUSTIN, Texas — ImmunoPrecise Antibodies Ltd. ('IPA', 'Company', 'we' or 'us') (NASDAQ: IPA), a bio-native AI company operating at the intersection of TechBio and next-generation drug discovery, today announces its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted. Article content Financial Highlights: Article content Article content Achieved strong revenue for Fiscal Year 2025 of $24.5 million Delivered highest-ever fourth quarter revenue of $7.0 million Reported record fourth quarter Adjusted EBITDA of ($0.3) million, reflecting improved operating efficiency Achieved fourth quarter gross margin of 64%, up from 48% from Q4 FY24 BioStrand segment grew over 180% in Fiscal year 2025 and had gross margins approaching 90% BioStrand currently represents over 5% of total annual revenue this year, up from less than 2% in Fiscal Year 2024 Article content : Article content The Company's LENS ai ™ platform demonstrated that it's in silico epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—yet delivering structural insights in hours instead of weeks. An important breakthrough using the Company's HYFT®-powered LENS ai platform, as it identified a highly conserved epitope across all four dengue virus serotypes, a key milestone toward developing a potential universal dengue vaccine. Subsequently announced in silico data supporting the vaccine candidate's safety and its ability to activate a balanced immune response. IPA's AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company's HYFT-driven LENS ai platform. Entered a strategic USD $8–10 million partnership with a publicly traded biotechnology company focused on the discovery and development of antibody-drug conjugates and bispecific antibodies for potential oncology therapeutics. Realigned internal R&D strategy to focus on launching an AI-powered therapeutic pipeline, reinforcing IPA's shift toward a bio-native AI drug discovery model. ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), for the transfer and evaluation of antibody assets for bispecific tumor-targeting. Successfully engineered antibodies in silico to a challenging tumor target using LENS ai, advancing IPA's vision for accessible, next-generation therapeutics. Appointed industry veteran Jon Lieber to its Board of Directors, bringing over 30 years of strategic leadership across biotech, capital markets, and public company governance, further strengthening IPA's financial oversight and commercial execution. Named Jeff Fried, a recognized healthcare data visionary, to its Advisory Board. Fried has played a key role in advancing IPA's AI platform capabilities, particularly the integration of vector search to support large-scale, AI-driven discovery within LENS ai ecosystem. Regained compliance with Nasdaq minimum bid price requirement, reflecting strengthened investor confidence and continued alignment with strategic listing standards. Article content 'Fiscal 2025 was a record-setting year for IPA across multiple dimensions,' said Dr. Jennifer Bath, ImmunoPrecise Antibodies CEO. 'We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company's history, with a loss of only $316,000. This reflects our continued progress toward profitability while accelerating innovation through our HYFT-powered LENS ai platform. Our BioStrand segment alone grew by more than 180% in Fiscal 2025, highlighting the strength of our AI-driven pipeline. These results underscore the growing commercial validation of our technology, our strategic collaborations, and our ability to deliver real-world impact through next-generation antibody discovery and therapeutic design.' Article content 'As we look ahead to the next fiscal year, we are well-positioned to build on our momentum. We are poised to refocus our business on AI-based product development utilizing our LENS ai platform, powered by our patented HYFT technology. We anticipate the near-term completion of the previously announced divestiture of our Dutch subsidiary, as part of our continued focus on streamlining operations and aligning resources with strategic priorities. Together, these strategic steps will sharpen our focus, strengthen our core capabilities, and set the stage for an even brighter future for IPA,' concluded Dr. Bath. Article content Fourth Quarter 2025 Financial Results Article content Revenue for the three months ended April 30, 2025, was $7.0 million, representing an 8% increase compared to $6.5 million for the same period in 2024. Article content Gross profit for the three months ended April 30, 2025, was $4.5 million, up from $3.1 million in the same period last year. Gross margin for FY25 rose sharply to 64%, compared to 48% for FY24. This improvement was driven, in part, by a greater contribution from high-margin BioStrand revenues. Article content Research and development ('R&D') expenses totaled $1.1 million, down from $1.3 million in the prior-year quarter, due to reallocating project-related R&D efforts to cost of sales for clients. Article content Sales and marketing expenses increased to $1.0 million, compared to $0.9 million in the same period last year, due to an increase in digital campaign expenses. Article content General and administrative expenses declined to $3.7 million from $4.1 million, driven by ongoing cost control efforts. Article content Operating loss, excluding amortization and non-recurring charges, improved significantly to $1.4 million, compared to $3.2 million in the fourth quarter of Fiscal Year 2024. Article content Net loss narrowed to $2.2 million, a marked improvement from a net loss of $17.6 million in the same quarter last year, which included a $15 million non-cash impairment charge related to BioStrand's goodwill and intangible assets. Article content Adjusted EBITDA loss improved to $0.3 million, compared to a loss of $1.7 million in the fourth quarter of Fiscal Year 2024, reflecting improved gross profits and enhanced operating efficiency. Article content Full Year 2025 Financial Results Article content Revenue for Fiscal Year 2025 was $24.5 million, up slightly (without rounding) from $24.5 million in Fiscal Year 2024. Article content Gross Profit for Fiscal Year 2025 was $13.5 million, a 12.4% increase compared to $12.1 million in Fiscal Year 2024. Gross margin expanded by 600 basis points to 55%, up from 49% in the prior year. This margin improvement was driven by a greater revenue contribution from the high-margin BioStrand segment, coupled with an increased focus on cost efficiencies. Article content Research and development expenses were $4.9 million in Fiscal Year 2025, up from $4.0 million in Fiscal Year 2024, reflecting increased investment in R&D activities within the BioStrand segment. Article content Sales and marketing expenses were $4.3 million in Fiscal Year 2025, compared to $3.5 million in Fiscal Year 2024, reflecting increased spending on advertising related to digital campaign expenses. Article content General and administrative expenses totaled $14.7 million in Fiscal Year 2025, down from $15.6 million in Fiscal Year 2024, reflecting the Company's continued focus on operational efficiency and cost discipline. Article content Operating loss in Fiscal Year 2025, excluding amortization and non-recurring charges, improved to $10.4 million, compared to $11.1 million in Fiscal Year 2024. Article content Net loss in Fiscal Year 2025 was $30.2 million, or $(0.91) per share on a basic and diluted basis, compared to a net loss of $26.1 million or $(1.02) on a basic and diluted basis in Fiscal Year 2024. Article content Total cash, cash equivalents, and marketable securities, including restricted cash, were $10.8 million as of April 30, 2025. Article content Three Months Ended April 30, Year Ended April 30, (in thousands) 2025 $ 2024 $ 2025 $ 2024 $ Net loss (2,161 ) (17,610 ) (30,234 ) (26,115 ) Income taxes 261 (1,214 ) (4,033 ) (2,588 ) Amortization and depreciation 913 1,579 5,119 5,735 Accretion 2 4 10 19 Asset impairment charge — 15,031 21,184 15,031 Foreign exchange realized gain (loss) (33 ) 18 (5 ) 142 Interest expense 209 323 948 849 Interest and other income (3 ) 3 283 (23 ) Unrealized foreign exchange loss (gain) 443 (65 ) 594 (86 ) Share-based expense 53 237 445 1,535 Adjusted EBITDA (316 ) (1,694 ) (5,689 ) (5,501 ) Article content *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Article content Conference Call and Webcast Details Article content The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Friday, July 29, 2025, at 10:30AM ET. Article content 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 Article content ***Participant Dial-In Details*** Article content Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name. Article content USA / International Toll +1 (646) 307-1963 USA – Toll-Free (800) 715-9871 Canada – Toll-Free (800) 715-9871 Article content ***Webcast Details*** Article content Attendee URL: Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. Article content Anyone listening to the call is encouraged to read the company's periodic reports available on the company's profile at and including the discussion of risk factors and historical results of operations and financial condition in those reports. Article content About ImmunoPrecise Antibodies Ltd. Article content ImmunoPrecise Antibodies Ltd. is an AI-driven biotherapeutic research, technology and scientifically robust life science company that discovers and develops customized and novel antibodies by generating proprietary and patented processes, procedures and innovative approaches to antibody discovery, development, and production. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the 'IPA Family'). Article content For more information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. These statements reflect the Company's expectations, plans, projections, and beliefs regarding future events or performance. Words such as 'expects,' 'anticipates,' 'intends,' 'believes,' 'plans,' 'potential,' 'will,' 'may,' 'continue,' and variations thereof are intended to identify forward-looking statements. Article content Forward-looking statements in this release include, but are not limited to, statements related to the Company's operational and financial outlook, the potential impact and continuity of strategic partnerships, including the recently announced commercial agreement and collaborations with cloud infrastructure providers, our projected growth in AI-driven revenues and margins, our ability to commercialize new technologies such as de novo antibody design and AI-designed GLP-1 therapeutics, future demand for our platform capabilities, ongoing strategic initiatives including business realignment and divestitures, and our ability to drive sustainable profitability. Article content The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Article content The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss. Article content These statements are based on management's current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These include, but are not limited to: execution risks related to strategic partnerships, delays or failures in technology development or commercialization, market adoption of AI-based drug discovery tools, fluctuations in financial markets, general economic conditions, and risks related to funding requirements and liquidity. Article content The Company cautions readers not to place undue reliance on these forward-looking statements. All such statements are made as of the date of this release and, unless required by law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. Article content IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited – Expressed in Canadian dollars) (in thousands) April 30, 2025 $ April 30, 2024 $ ASSETS Current assets Cash 10,665 3,459 Amounts receivable, net 4,115 3,790 Tax receivable 143 414 Inventory 2,095 2,139 Unbilled revenue 548 277 Prepaid expenses 1,188 1,408 18,754 11,487 Restricted cash 126 86 Deposit on equipment 502 475 Property and equipment 15,762 16,696 Intangible assets 1,067 23,557 Goodwill 8,230 7,687 Total assets 44,441 59,988 LIABILITIES Current liabilities Accounts payable and accrued liabilities 5,283 4,372 Deferred revenue 1,090 1,352 Tax payable 475 553 Leases 1,850 1,563 Deferred acquisition payments 314 284 9,012 8,124 Leases 11,553 12,118 Deferred income tax liability 250 4,068 Total liabilities 20,815 24,310 SHAREHOLDERS' EQUITY Share capital 136,371 119,773 Contributed surplus 12,833 12,388 Accumulated other comprehensive income 3,216 2,077 Accumulated deficit (128,794 ) (98,560 ) 23,626 35,678 Total liabilities and shareholders' equity 44,441 59,988 Article content IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended April 30, 2025 and 2024 (Unaudited – Expressed in Canadian dollars) (in thousands) 2025 $ 2024 $ Operating activities: Net loss for the period (30,234 ) (26,115 ) Items not affecting cash: Accretion 10 19 Amortization and depreciation 5,119 5,735 Asset impairment 21,184 15,031 Deferred income taxes (3,935 ) (1,773 ) Foreign exchange 622 15 Gain on investment (7 ) (2 ) Share-based expense 445 1,535 (6,796 ) (5,555 ) Changes in non-cash working capital related to operations: Amounts receivable (298 ) (601 ) Inventory 138 (102 ) Unbilled revenue (248 ) 360 Prepaid expenses 261 624 Accounts payable and accrued liabilities 827 983 Sales and income taxes payable and receivable 8 733 Deferred revenue (302 ) 374 Net cash used in operating activities (6,410 ) (3,184 ) Investing activities: Purchase of equipment (799 ) (1,397 ) Security deposit on leases — (141 ) Deferred acquisition payments — (146 ) Sale of QVQ Holdings BV shares — 121 Net cash used in investing activities (799 ) (1,563 ) Financing activities: Proceeds from share issuance, net of transaction costs 12,228 2,360 Proceeds from debenture 4,242 — Repayment of leases (1,577 ) (1,339 ) Net cash provided by financing activities 14,893 1,021 Increase (decrease) in cash during the period 7,684 (3,726 ) Foreign exchange (438 ) (1,095 ) Cash – beginning of the period 3,545 8,366 Cash – end of the period 10,791 3,545 Cash is comprised of: Cash 10,665 3,459 Restricted cash 126 86 10,791 3,545 Cash paid for interest — — Cash paid for income tax 2 — Article content Article content Article content Article content Article content Contacts Article content Article content Article content
Business Wire
a day ago
- Business
- Business Wire
ImmunoPrecise Antibodies (IPA) Reports Full Fiscal Year 2025 Results, Record Fourth Quarter Revenue, and Record Fourth Quarter Adjusted EBITDA
AUSTIN, Texas--(BUSINESS WIRE)--ImmunoPrecise Antibodies Ltd. ('IPA', 'Company', 'we' or 'us') (NASDAQ: IPA), a bio-native AI company operating at the intersection of TechBio and next-generation drug discovery, today announces its financial results for the fiscal year ended April 30, 2025. All numbers are expressed in Canadian dollars unless otherwise noted. We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company's history, with a loss of only $316,000. Financial Highlights: Achieved strong revenue for Fiscal Year 2025 of $24.5 million Delivered highest-ever fourth quarter revenue of $7.0 million Reported record fourth quarter Adjusted EBITDA of ($0.3) million, reflecting improved operating efficiency Achieved fourth quarter gross margin of 64%, up from 48% from Q4 FY24 BioStrand segment grew over 180% in Fiscal year 2025 and had gross margins approaching 90% BioStrand currently represents over 5% of total annual revenue this year, up from less than 2% in Fiscal Year 2024 Recent Corporate Highlights: The Company's LENS ai ™ platform demonstrated that it's in silico epitope mapping achieves results on previously unseen antibody–antigen complexes with results that are on par with gold-standard X-ray crystallography—yet delivering structural insights in hours instead of weeks. An important breakthrough using the Company's HYFT®-powered LENS ai platform, as it identified a highly conserved epitope across all four dengue virus serotypes, a key milestone toward developing a potential universal dengue vaccine. Subsequently announced in silico data supporting the vaccine candidate's safety and its ability to activate a balanced immune response. IPA's AI-designed GLP-1 peptides outperformed or matched semaglutide in independent receptor activation studies, further validating the Company's HYFT-driven LENS ai platform. Entered a strategic USD $8–10 million partnership with a publicly traded biotechnology company focused on the discovery and development of antibody-drug conjugates and bispecific antibodies for potential oncology therapeutics. Realigned internal R&D strategy to focus on launching an AI-powered therapeutic pipeline, reinforcing IPA's shift toward a bio-native AI drug discovery model. ImmunoPrecise subsidiary signed material transfer agreement with Biotheus (now BioNTech), for the transfer and evaluation of antibody assets for bispecific tumor-targeting. Successfully engineered antibodies in silico to a challenging tumor target using LENS ai, advancing IPA's vision for accessible, next-generation therapeutics. Appointed industry veteran Jon Lieber to its Board of Directors, bringing over 30 years of strategic leadership across biotech, capital markets, and public company governance, further strengthening IPA's financial oversight and commercial execution. Named Jeff Fried, a recognized healthcare data visionary, to its Advisory Board. Fried has played a key role in advancing IPA's AI platform capabilities, particularly the integration of vector search to support large-scale, AI-driven discovery within LENS ai ecosystem. Regained compliance with Nasdaq minimum bid price requirement, reflecting strengthened investor confidence and continued alignment with strategic listing standards. 'Fiscal 2025 was a record-setting year for IPA across multiple dimensions,' said Dr. Jennifer Bath, ImmunoPrecise Antibodies CEO. 'We delivered strong annual and record fourth quarter revenues, significantly improved gross margins, and achieved one of our strongest adjusted EBITDA performances in the Company's history, with a loss of only $316,000. This reflects our continued progress toward profitability while accelerating innovation through our HYFT-powered LENS ai platform. Our BioStrand segment alone grew by more than 180% in Fiscal 2025, highlighting the strength of our AI-driven pipeline. These results underscore the growing commercial validation of our technology, our strategic collaborations, and our ability to deliver real-world impact through next-generation antibody discovery and therapeutic design.' 'As we look ahead to the next fiscal year, we are well-positioned to build on our momentum. We are poised to refocus our business on AI-based product development utilizing our LENS ai platform, powered by our patented HYFT technology. We anticipate the near-term completion of the previously announced divestiture of our Dutch subsidiary, as part of our continued focus on streamlining operations and aligning resources with strategic priorities. Together, these strategic steps will sharpen our focus, strengthen our core capabilities, and set the stage for an even brighter future for IPA,' concluded Dr. Bath. Fourth Quarter 2025 Financial Results Revenue for the three months ended April 30, 2025, was $7.0 million, representing an 8% increase compared to $6.5 million for the same period in 2024. Gross profit for the three months ended April 30, 2025, was $4.5 million, up from $3.1 million in the same period last year. Gross margin for FY25 rose sharply to 64%, compared to 48% for FY24. This improvement was driven, in part, by a greater contribution from high-margin BioStrand revenues. Research and development ('R&D') expenses totaled $1.1 million, down from $1.3 million in the prior-year quarter, due to reallocating project-related R&D efforts to cost of sales for clients. Sales and marketing expenses increased to $1.0 million, compared to $0.9 million in the same period last year, due to an increase in digital campaign expenses. General and administrative expenses declined to $3.7 million from $4.1 million, driven by ongoing cost control efforts. Operating loss, excluding amortization and non-recurring charges, improved significantly to $1.4 million, compared to $3.2 million in the fourth quarter of Fiscal Year 2024. Net loss narrowed to $2.2 million, a marked improvement from a net loss of $17.6 million in the same quarter last year, which included a $15 million non-cash impairment charge related to BioStrand's goodwill and intangible assets. Adjusted EBITDA loss improved to $0.3 million, compared to a loss of $1.7 million in the fourth quarter of Fiscal Year 2024, reflecting improved gross profits and enhanced operating efficiency. Full Year 2025 Financial Results Revenue for Fiscal Year 2025 was $24.5 million, up slightly (without rounding) from $24.5 million in Fiscal Year 2024. Gross Profit for Fiscal Year 2025 was $13.5 million, a 12.4% increase compared to $12.1 million in Fiscal Year 2024. Gross margin expanded by 600 basis points to 55%, up from 49% in the prior year. This margin improvement was driven by a greater revenue contribution from the high-margin BioStrand segment, coupled with an increased focus on cost efficiencies. Research and development expenses were $4.9 million in Fiscal Year 2025, up from $4.0 million in Fiscal Year 2024, reflecting increased investment in R&D activities within the BioStrand segment. Sales and marketing expenses were $4.3 million in Fiscal Year 2025, compared to $3.5 million in Fiscal Year 2024, reflecting increased spending on advertising related to digital campaign expenses. General and administrative expenses totaled $14.7 million in Fiscal Year 2025, down from $15.6 million in Fiscal Year 2024, reflecting the Company's continued focus on operational efficiency and cost discipline. Operating loss in Fiscal Year 2025, excluding amortization and non-recurring charges, improved to $10.4 million, compared to $11.1 million in Fiscal Year 2024. Net loss in Fiscal Year 2025 was $30.2 million, or $(0.91) per share on a basic and diluted basis, compared to a net loss of $26.1 million or $(1.02) on a basic and diluted basis in Fiscal Year 2024. Total cash, cash equivalents, and marketable securities, including restricted cash, were $10.8 million as of April 30, 2025. The reconciliation of Net Loss to Adjusted EBITDA is presented in the table below: *All financial figures are in Canadian Dollars (CAD) unless otherwise stated. Conference Call and Webcast Details The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Friday, July 29, 2025, at 10:30AM ET. The conference call will be webcast live and available for replay via a link provided in the Events section of the Company's IR pages at ***Participant Dial-In Details*** Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name. USA / International Toll +1 (646) 307-1963 USA - Toll-Free (800) 715-9871 Canada - Toll-Free (800) 715-9871 ***Webcast Details*** Attendee URL: Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. Anyone listening to the call is encouraged to read the company's periodic reports available on the company's profile at and including the discussion of risk factors and historical results of operations and financial condition in those reports. About ImmunoPrecise Antibodies Ltd. ImmunoPrecise Antibodies Ltd. is an AI-driven biotherapeutic research, technology and scientifically robust life science company that discovers and develops customized and novel antibodies by generating proprietary and patented processes, procedures and innovative approaches to antibody discovery, development, and production. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the 'IPA Family'). For more information, visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. These statements reflect the Company's expectations, plans, projections, and beliefs regarding future events or performance. Words such as 'expects,' 'anticipates,' 'intends,' 'believes,' 'plans,' 'potential,' 'will,' 'may,' 'continue,' and variations thereof are intended to identify forward-looking statements. Forward-looking statements in this release include, but are not limited to, statements related to the Company's operational and financial outlook, the potential impact and continuity of strategic partnerships, including the recently announced commercial agreement and collaborations with cloud infrastructure providers, our projected growth in AI-driven revenues and margins, our ability to commercialize new technologies such as de novo antibody design and AI-designed GLP-1 therapeutics, future demand for our platform capabilities, ongoing strategic initiatives including business realignment and divestitures, and our ability to drive sustainable profitability. The Company uses certain non-IFRS financial measures as supplemental indicators of its financial and operating performance. These non-IFRS financial measures are adjusted EBITDA and adjusted operating expenses. The Company believes these supplementary financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in its business. These non-IFRS measures do not have any standardized meaning prescribed under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The Company defines adjusted EBITDA as operating earnings before taxes, amortization, depreciation, accretion, asset impairment charges, foreign exchange gain/loss, interest and other income and share-based compensation. Adjusted EBITDA is presented on a basis consistent with the Company's internal management reports. The Company discloses adjusted EBITDA to capture the profitability of its business before the impact of items not considered in management's evaluation of operating unit performance. The most directly comparable IFRS measure to adjusted EBITDA is net loss. These statements are based on management's current expectations and assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. These include, but are not limited to: execution risks related to strategic partnerships, delays or failures in technology development or commercialization, market adoption of AI-based drug discovery tools, fluctuations in financial markets, general economic conditions, and risks related to funding requirements and liquidity. The Company cautions readers not to place undue reliance on these forward-looking statements. All such statements are made as of the date of this release and, unless required by law, the Company assumes no obligation to update or revise them to reflect new events or circumstances. For a complete discussion of risk factors, investors should refer to IPA's filings with Canadian and U.S. securities regulators, including the most recent Annual Report on Form 20-F available at and IMMUNOPRECISE ANTIBODIES LTD. (Unaudited - Expressed in Canadian dollars) (in thousands) April 30, 2025 $ April 30, 2024 $ ASSETS Current assets Cash 10,665 3,459 Amounts receivable, net 4,115 3,790 Tax receivable 143 414 Inventory 2,095 2,139 Unbilled revenue 548 277 Prepaid expenses 1,188 1,408 18,754 11,487 Restricted cash 126 86 Deposit on equipment 502 475 Property and equipment 15,762 16,696 Intangible assets 1,067 23,557 Goodwill 8,230 7,687 Total assets 44,441 59,988 LIABILITIES Current liabilities Accounts payable and accrued liabilities 5,283 4,372 Deferred revenue 1,090 1,352 Tax payable 475 553 Leases 1,850 1,563 Deferred acquisition payments 314 284 9,012 8,124 Leases 11,553 12,118 Deferred income tax liability 250 4,068 Total liabilities 20,815 24,310 SHAREHOLDERS' EQUITY Share capital 136,371 119,773 Contributed surplus 12,833 12,388 Accumulated other comprehensive income 3,216 2,077 Accumulated deficit (128,794 ) (98,560 ) 23,626 35,678 Total liabilities and shareholders' equity 44,441 59,988 Expand IMMUNOPRECISE ANTIBODIES LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended April 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) (in thousands) 2025 $ 2024 $ Operating activities: Net loss for the period (30,234 ) (26,115 ) Items not affecting cash: Accretion 10 19 Amortization and depreciation 5,119 5,735 Asset impairment 21,184 15,031 Deferred income taxes (3,935 ) (1,773 ) Foreign exchange 622 15 Gain on investment (7 ) (2 ) Share-based expense 445 1,535 (6,796 ) (5,555 ) Changes in non-cash working capital related to operations: Amounts receivable (298 ) (601 ) Inventory 138 (102 ) Unbilled revenue (248 ) 360 Prepaid expenses 261 624 Accounts payable and accrued liabilities 827 983 Sales and income taxes payable and receivable 8 733 Deferred revenue (302 ) 374 Net cash used in operating activities (6,410 ) (3,184 ) Investing activities: Purchase of equipment (799 ) (1,397 ) Security deposit on leases — (141 ) Deferred acquisition payments — (146 ) Sale of QVQ Holdings BV shares — 121 Net cash used in investing activities (799 ) (1,563 ) Financing activities: Proceeds from share issuance, net of transaction costs 12,228 2,360 Proceeds from debenture 4,242 — Repayment of leases (1,577 ) (1,339 ) Net cash provided by financing activities 14,893 1,021 Increase (decrease) in cash during the period 7,684 (3,726 ) Foreign exchange (438 ) (1,095 ) Cash – beginning of the period 3,545 8,366 Cash – end of the period 10,791 3,545 Cash is comprised of: Cash 10,665 3,459 Restricted cash 126 86 10,791 3,545 Cash paid for interest — — Cash paid for income tax 2 — Expand
News.com.au
2 days ago
- Business
- News.com.au
Victoria says $776 million treaty negotiations claim ‘cherry-picked', but $308 million spent since 2020
The Victorian government has hit back at 'cherry-picked analysis' that claimed it has spent more than $776 million on treaty negotiations since 2016. The Institute of Public Affairs (IPA), a conservative think tank, on Sunday published analysis of spending items in Victorian government budget documents relating to treaty or 'self-determination' initiatives. The report claimed Victoria had spent $776.2 million on programs related to the development of a state treaty since 2016, with $100.6 million committed in the 2026 financial year alone and $220 million in the first two full financial years following the defeat of the Voice referendum. 'This is cherry-picked analysis from a Liberal Party-aligned think tank,' a Victorian government spokesperson said. 'If you listen to the people directly affected by policies, you get better outcomes — that's common sense. Treaty is about making a better and fairer state for all Victorians — negotiations are underway and we look forward to bringing Treaty to the Parliament.' The government would not confirm the IPA's figures, but noted $308 million had been invested into the Treaty since the 2020-21 budget, according to publicly available annual reports. Analysis of annual reports and budget papers by the Herald Sun put the figure at $382.4 million over the past 10 years. Some of that funding has gone into setting up the Treaty Authority, an 'independent umpire' created by the First Peoples' Assembly of Victoria and the State of Victoria to oversee the process. The Herald Sun reported in 2023 that members of the Treaty Authority panel could be paid a salary of up to $380,000 per year plus expenses if they worked full-time. The Victorian government first committed to advancing a treaty with Indigenous Victorians in 2016. Negotiations formally began in November 2024, and Victoria plans to finalise a treaty by the end of the 2026 financial year. Victoria would be the first Australian jurisdiction to negotiate a formal treaty with Aboriginal and Torres Strait Islander peoples. But the IPA said Victorians remained largely in the dark about what a treaty would entail, despite the hundreds of millions of dollars spent and hundreds of meetings held since 2017 in preparation for negotiations. 'Despite the Victorian government spending in excess of $776 million on secret treaty negotiations, mainstream Victorians are none the wiser as to what special rights and reparations it will grant to some Victorians based solely on race,' IPA research fellow Margaret Chambers said in a statement. The report noted that between July 2016 and June 2025, 727 meetings had been held by the Victorian government in relation to the development of a treaty — but just four public statements had been issued and the 'substance of these negotiations remains largely undisclosed'.That number included meetings between First Peoples' negotiating parties and the state of Victoria to negotiate or prepare for Treaty agreements, and meetings with departments to support whole of Victorian government co-ordination and engagement in Treaty negotiations. 'The Victorian government is not being honest and upfront with Victorians about its plan to divide the community by race,' Ms Chambers said. 'With a treaty scheduled to be finalised in the next 12 months, and despite the volume of secret meetings over the past decade, very little is known about what this treaty will entail. 'Any treaty will fundamentally change Victoria's legal structure and will likely require already financially stretched Victorian taxpayers to pay billions of dollars to activists aligned to the Allan government. 'Yet, for a government which operates one of the most sophisticated and well-funded spin machines ever seen, just four statements, totalling 1588 words, have been released on the Allan government's plan to divide Victorians by race.' Recent IPA analysis claimed the monetary compensation, tax relief and litigation which would flow from a treaty in Victoria based on the landmark Yoorrook report would be in excess of $48 billion annually. 'Victorians voted against racial division at the Voice referendum,' Ms Chambers said. 'Jacinta Allan is demonstrating complete and utter contempt for the Victorian people, and our democracy, by pursuing this treaty that will divide and cripple Victoria. 'With all the problems that Victoria faces, the last thing the community needs is a two-tiered legal system where some have special rights and get special government payments. Every Victorian should be treated equally under the law.'
ABC News
4 days ago
- Business
- ABC News
Has high immigration fallen out of favour in Australia?
If you've spent any time on social media in recent years, you would have seen people criticising Australia's high levels of immigration, for various reasons. But in recent months, we've seen some of the most severe criticisms of high immigration coming from people who work for the exact organisations that have been among the biggest supporters of high immigration for the past few decades. Have the political winds suddenly shifted? It raises many interesting questions. Let's revisit the pro-high immigration arguments from some of the political organisations in this country. Start with this fascinating article from 2008. It was written by Richard Allsop, a research fellow at the Institute of Public Affairs (IPA), and published in the IPA Review in March 2008. Back then, think tanks such as the IPA were still feeling politically triumphant, given the hand they'd played in creating the modern Australia we're now living in. The IPA was confidently "free-market", and many of its members had long promoted a certain strain of liberalism called Classical Liberalism. For that 2008 article, Mr Allsop surveyed the history of Australia's migration intake, and Australia's use of trade tariffs, since federation in 1901. And he found the Liberal side of politics in Australia had always delivered higher immigration, and Labor governments had delivered lower tariffs: "Two of the most fundamental liberal freedoms are the free movement of people and goods across borders," he declared. "In Australian politics, individuals of liberal persuasion have always struggled to find one side of politics that has reliably supported both increased immigration and lower tariffs at the same time. "However, our two major political parties have had such a remarkably consistent record that one can confidently say: "This may seem counter-intuitive, but the lesson of history is clear. "When it comes to the movement of people and goods the Liberal Party is the party of social liberalism and the Labor Party is the party of economic liberalism. "Of course there have been exceptions — most notably the post-war migration expansion commenced under the Chifley Labor government — but this was certainly an exception to the general rule." Notice how Mr Allsop characterised high immigration as being about "social liberalism" rather than "economic liberalism". There's a linguistic game being played there, given the obvious ways in which employers and governments use immigration for economic purposes. In recent decades especially, our politicians have used higher rates of immigration to expand the pool of available labour for employers, to seek more taxpayers and more growth, to source cheap labour for our farmers, to boost education exports, and to delay population-aging, none of which are motivated by high philosophical principles. But let's get back to his broader argument. In that 2008 article, Mr Allsop said the immigration record of John Howard's Coalition government (1996-2007) had matched the historic pattern. "The Howard government, like all its Liberal predecessors, was a high immigration government, particularly in its latter years, topping 140,000 [permanent migrants] in its final full year 2006-07," he wrote. "It was under John Howard that, for the first time since federation, the overseas-born proportion of the population exceeded 24 per cent, and it was also under Howard that the non-European component of the overseas born went above 50 per cent for the first time. "And as well as increasing overall numbers, the Howard government progressively increased the refugee intake from 3,802 in 1999-2000 to 6,022 in 2005-06." He noted that the journalist George Megalogenis had "sagely" observed in 2006 that "the former Hansonite belt … think Howard is keeping out all the foreigners, when he is bringing them here at a rate Paul Keating never contemplated". And he finished his article by urging Australia's new Labor prime minister at the time, Kevin Rudd, to maintain Howard's record-high rate of immigration. "One hopes that the Rudd Government can overturn a century of Labor history and continue our current high immigration intake," he wrote. Now, the below graph does not come from Mr Allsop's article, but it shows the numbers he was talking about. Mr Allsop was focusing on Howard's boost to the permanent migration intake, and he said little about temporary migration. But by the time Howard left office in 2007, his government had lifted Australia's overall immigration intake (permanent and temporary migrants combined) to record levels. The main permanent and temporary work visa categories jumped from 162,000 in 1995-96 to over 439,000 in 2007-08. Fast forward four years. In 2012, another research fellow at the IPA, Chris Berg, then rehashed the analysis from Mr Allsop's 2008 article, for his own article. It is also worth reading. Mr Berg noted in his piece, approvingly, that the Labor governments of Kevin Rudd and Julia Gillard (that had followed Howard's government), had surprisingly broken Australia's old partisan cycle on immigration. "Rather than immediately shrinking the intake, Rudd continued the trend upwards — hugely," he wrote. "Even Julia Gillard's government — she of small Australia fame — has not appreciably reduced the number of migrants we take." Mr Berg also noted, with concern, that then-opposition and Liberal party leader Tony Abbott might cut immigration if he won the upcoming 2013 federal election. "If Tony Abbott becomes Prime Minister next year, he is going to have to make a decision: what to do about immigration?" he wrote. "Does he want to continue the Liberal legacy — a legacy of mass migration and population growth? Or, as he has at times unfortunately suggested, does he want to repudiate it?" he asked. Mr Berg was concerned about Mr Abbott's intentions for immigration because, a couple of years earlier, in the 2010 federal election campaign, Ms Gillard and Mr Abbott had both criticised the idea of a "Big Australia" (famously promoted by Kevin Rudd) and had started promoting the benefits of reducing or slowing migration. Free-market think tanks like the IPA and the Centre for Independent Studies (CIS), and the editorial writers at the Australian Financial Review, heavily criticised Gillard and Abbott for that anti-immigration stance. In 2011, a research fellow at the CIS, Jessica Brown, explained why Australia's government had little control over our country's population growth since we now have a "globalised workforce". "Rather than asking central planners to set firm targets or caps for particular types of skilled visas, we largely leave it to the market to decide," she wrote. "Governments don't like to admit this, but it is incredibly difficult for them to predict — let alone control — what net overseas migration will be from year to year." She continued: "Why don't politicians tell us the truth that short of some pretty radical policy changes, they really don't have much control over how fast our population grows? "The debate about population growth in the lead up to the last federal election, and the response from both sides of the political spectrum, suggests that it is far easier for politicians to talk about cutting population growth than it is for them to address some of the complex challenges brought about by population growth." Now jump to 2025. The composition of our population and migration program looks very different today compared to 80 years ago. The changes have been slow, but profound, and as each new wave of migrants has been welcomed to Australia, Australian culture and society has adapted and evolved. But in recent months, the IPA's new chief economist, Adam Creighton, has been writing extremely critically of Australia's high rate of immigration. It's been fascinating to watch. He recently finished his reporting stint as The Australian's Washington correspondent in the United States, where he observed the Biden and Trump administrations up close. In his new role as IPA chief economist, he still writes regularly for The Australian. And in one of his most-recent pieces, he laid into the Albanese government for Australia's currently very high net immigration. "The vast bulk of these new arrivals are from developing nations, where English isn't a first language nor Christianity a majority religion," he wrote. "A cynic could think the political class is seeking to destroy Australian culture. "In fact, I caused a fuss last week when I posted the response of the latest version of ChatGPT to a provocative question: 'If Australia's government wanted to covertly erase the nation's British/Irish/European heritage, would the immigration program look much like the one in existence today?' "The answer shocked me." He said the AI-platform responded with: 'If a government wanted to significantly alter the nation's cultural identity without provoking open resistance, it would likely follow this exact playbook – fast, opaque, technocratic and couched in neutral-sounding economic terms." Of course, that wasn't Mr Creighton saying those things. It was ChatGPT. He was simply telling you what ChatGPT said, when prompted. But he used that example to springboard into a larger discussion. "The seven million-plus illegal immigrants largely from developing countries that poured into the US during the Biden administration shocked many. Yet proportionately the influx into Australia has been greater, albeit legal," he warned. "Rather than paying Mexican drug cartels, our arrivals pay exorbitant fees to migration agents and increasingly unscrupulous, revenue maximising tertiary education providers whose qualifications typically provide work rights in Australia. "This country's laudable and world-beating tolerance for newcomers has allowed us to avoid the social breakdown extant in Europe. But this will fray. "Politicians and journalists, who overwhelmingly live in expensive suburbs, should realise the potential social mess that's being created in our outer suburbs." It is typically not the type of language you'd hear from an organisation that has traditionally been a cheerleader of high immigration. Although, it does match the tone of some of the institute's more recent output. Have the political winds shifted?
