MindWalk (HYFT) Q3 2025 earnings summary

Executive summary

• Secured a strategic $8–$10 million partnership with a leading global biotech to co-develop ADCs and bispecific antibodies, leveraging proprietary B-cell Select and AI-driven platforms for next-gen cancer therapeutics.

• Relocated headquarters to Austin, Texas, expanding presence in a major AI and biotech hub and leveraging tax advantages and a skilled workforce.

• Entered a partnership with RiboPro for mRNA and LNP technologies and advanced AI-designed GLP-1 therapeutics for diabetes and metabolic disorders.

• Strengthened leadership with new board and executive appointments, including interim CFO and AI/finance experts, enhancing AI and financial expertise.

• Insider confidence shown by leadership and BioStrand co-founders acquiring 763,120 shares for $306,000.

Financial highlights

• Q3 FY2025 revenue was $6.2 million (CAD 6.2 million), flat year-over-year; project revenue was $5.6 million, product/cryostorage revenue $0.6 million.

• BioStrand segment delivered 131.8% year-over-year revenue growth and a 97% gross profit margin year-to-date.

• Operating expenses were CAD 27.8 million, including a CAD 21.2 million non-cash impairment charge; excluding impairment, expenses were CAD 6.6 million, nearly flat year-over-year.

• Net loss was $21.5 million (or $0.66/share); pre-impairment net loss was $2.9 million (or $0.09/share), compared to $2.6 million (or $0.10/share) last year.

• Cash position at quarter-end was $12.9 million, up from $3.5 million at FY2024 year-end, driven by a successful $8.8 million equity raise and full conversion of the Yorkville debenture.

Outlook and guidance

• AI-driven platforms and strategic investments expected to accelerate path to profitability, margin expansion, and long-term growth.

• Anticipates further strategic partnerships using a repeatable, cash-based, execution-focused deal model.

• Ongoing divestiture of EU operations projected to lower costs and sharpen focus on core North American and AI-driven business.

• Focus on commercializing AI-designed GLP-1 therapeutics and expanding the AI-powered therapeutic pipeline.

• Management remains committed to long-term growth despite recent asset impairments.