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 and development.

• Core technology is HYFT®, a patented biological pattern system representing 660 million patterns and 25 billion relationships, enabling advanced biologics discovery.

• Offers a full-stack platform (LensAI, ReefIQ) for in silico and experimental workflows, supporting both internal asset development and client partnerships.

• Maintains a portfolio of internal AI-designed assets and a curated Vault of 16 partner-ready biologics programs across multiple therapeutic areas.

• Pursues recurring revenue through SaaS, analytics, and API integrations, shifting from project-based to scalable, long-term enterprise engagements.

Financial performance and metrics

• As of April 30, 2026, 46,711,866 common shares were outstanding; pro forma up to 83,476,572 shares post-offering.

• Net tangible book value as of April 30, 2026, was CAD $11.75 million (CAD $0.25/share); post-offering, as-adjusted net tangible book value would be CAD $79.8 million (CAD $0.96/share).

• Recent ATM program raised $1.39 million from 800,899 shares sold.

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

Use of proceeds and capital allocation

• Net proceeds from the offering are intended for R&D, capital expenditures (including lab expansion), working capital, and general corporate purposes.

• May allocate funds to share repurchases, investments, or acquisitions, though no current commitments exist.

• Management retains broad discretion over the use of proceeds, which may be reallocated as business needs evolve.