MindWalk (HYFT) Registration filing summary

Company overview and business model

• Operates as a Bio-Native AI company integrating proprietary AI-driven biological pattern analysis and wet-lab capabilities for therapeutic discovery.

• Core technology is HYFT®, a patented biological representation of 660 million patterns and 25 billion relationships, supporting AI-driven drug discovery.

• Offers an integrated platform (LensAI and ReefIQ) for in silico analysis, wet-lab validation, and data harmonization, targeting enterprise partnerships and recurring revenue.

• Maintains a portfolio of internal AI-designed assets and a curated “Vault” of partner-ready biologics across multiple therapeutic areas.

• Provides end-to-end biologics discovery and development services, including SaaS, API, and project-based models.

Financial performance and metrics

• As of January 31, 2026, 46,711,866 common shares were outstanding; pro forma for the offering, up to 81,676,901 shares could be outstanding.

• Net tangible book value as of January 31, 2026, was CAD $0.32 per share; offering could increase this to CAD $1.02 per share, with dilution of CAD $1.00 per share to new investors.

• ATM program raised $1.36 million from 779,368 shares sold as of the prospectus date.

• Sale of ImmunoPrecise Antibodies (Europe) B.V. generated net proceeds of approximately $12 million.

Use of proceeds and capital allocation

• Net proceeds from offerings are intended for research and development, capital expenditures (including lab expansion), working capital, and general corporate purposes.

• May use proceeds for share repurchases, investments, or acquisitions, though no current commitments exist.

• Management retains broad discretion over the allocation of proceeds.