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MindWalk

Logo: mindwalkai.com3

MindWalk is an American AI drug-discovery company (Nasdaq: HYFT), formerly ImmunoPrecise Antibodies, based in Austin.1 It was founded in 1983.1

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Last updated Oct 21, 2026.

Overview

1983Founded1

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  • TickerHYFT on Nasdaq1
  • Industrybiotechnology1
  • HeadquartersAustin1
  • Websitewww.mindwalkai.com
  • Incorporated inBritish Columbia, Canada4
  • Business address3204-4464 Markham Street, Victoria4
  • Filer categoryNon-accelerated filer4
  • Legal formCorporation

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MindWalk image from its website
Image: mindwalkai.com3

The Company was incorporated under the laws of Alberta on November 22, 1993 before continuing into British Columbia on September 2, 2016. On September 3, 2025, the Company changed its name to “MindWalk Holdings Corp. The address of the Company’s head office is Industrious 823 Congress Ave Suite 300 Austin, Texas 78701. The registered and record office of the Company is located at 1600 - 925, West Georgia Street, Vancouver, British Columbia V6C 3L2 , Canada. The Company’s agent in the U.S. in connection with this annual report, as well as its agent for service of process for its registration statements filed with the SEC, is ImmunoPrecise Antibodies (USA), Ltd., 3523 45th St S, Suite 100, PMB 5961, Fargo, North Dakota 58104, telephone number: (800) 620-4187.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in CAD, the currency the company reports in.

Key numbers, fiscal 2025

55.3%Gross margin6
-123.3%Net margin6
0.0%Revenue growth, 20256
-128.0%Return on equity6
-7.2M CADFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Project Revenue brought in 99% of the revenue MindWalk broke down this way in fiscal 2026.

  1. Project Revenue15.4M CAD799%up 48% from 2025
  2. Cryo Storage152.0K CAD71%down 32% from 2025
  3. Product Sales1.0K CAD70%down 86% from 2025
Products and services by year
Products and services202420252026
Project Revenue10.0M CAD10.4M CAD15.4M CAD
Cryo Storage223.0K CAD222.0K CAD152.0K CAD
Product Sales21.0K CAD7.0K CAD1.0K CAD

Regions

United States brought in 66% of the revenue MindWalk broke down this way in fiscal 2026.

  1. United States10.3M CAD766%up 19% from 2025
  2. Europe2.8M CAD718%up 611% from 2025
  3. All Other Countries1.1M CAD77%up 146% from 2025
  4. Australia1.1M CAD77%up 17% from 2025
  5. Canada322.0K CAD72%up 38% from 2025
Regions by year
Regions202420252026
United States8.4M CAD8.7M CAD10.3M CAD
Europe929.0K CAD393.0K CAD2.8M CAD
All Other Countries44.0K CAD440.0K CAD1.1M CAD
Australia482.0K CAD896.0K CAD1.1M CAD
Canada385.0K CAD234.0K CAD322.0K CAD

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue45¢11.0M CAD
  • Research and development20¢4.9M CAD
  • Other costs18¢4.4M CAD
  • Interest1¢199.0K CAD
  • Income tax16¢4.0M CAD

Out of 24.5M CAD in revenue.6 The company lost money this year.

Financial statements

Revenue8910624.5M CAD in 2025+74% since 2020
010.0M CAD20.0M CAD30.0M CAD2020: 14.1M CAD14.1M CAD20202021: 17.9M CAD17.9M CAD2021+27%2022: 19.4M CAD19.4M CAD2022+8%2023: 20.7M CAD20.7M CAD2023+7%2024: 24.5M CAD24.5M CAD2024+19%2025: 24.5M CAD24.5M CAD2025+0%
Gross profit8910613.5M CAD in 2025+69% since 2020
05.0M CAD10.0M CAD15.0M CAD2020: 8.0M CAD8.0M CAD20202021: 11.5M CAD11.5M CAD2021+44%2022: 11.0M CAD11.0M CAD2022−5%2023: 11.6M CAD11.6M CAD2023+5%2024: 12.1M CAD12.1M CAD2024+4%2025: 13.5M CAD13.5M CAD2025+12%
Net income89106-30.2M CAD in 2025+511% since 2020
-40.0M CAD-30.0M CAD-20.0M CAD-10.0M CAD02020: -4.9M CAD-4.9M CAD20202021: -7.3M CAD-7.3M CAD2021+48%2022: -16.7M CAD-16.7M CAD2022+128%2023: -26.6M CAD-26.6M CAD2023+59%2024: -26.1M CAD-26.1M CAD2024−2%2025: -30.2M CAD-30.2M CAD2025+16%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2026-04-302025-04-302024-04-30
REVENUE15.6M CAD10.6M CAD10.3M CAD
COST OF SALES6.4M CAD4.9M CAD6.2M CAD
GROSS PROFIT9.1M CAD5.7M CAD4.1M CAD
Research and development4.9M CAD4.2M CAD3.7M CAD
Sales and marketing5.9M CAD3.6M CAD2.9M CAD
General and administrative13.2M CAD12.1M CAD12.6M CAD
Impairment of Goodwill0 CAD0 CAD11.2M CAD
Impairment of Intangible assets0 CAD21.2M CAD3.9M CAD
Amortization of intangible assets0 CAD1.5M CAD2.4M CAD
Total expenses24.1M CAD42.6M CAD36.6M CAD
Loss before other income (expenses) and income taxes-14.9M CAD-36.9M CAD-32.5M CAD
Accretion0 CAD-10.0K CAD-19.0K CAD
Grant and subsidy income33.0K CAD138.0K CAD299.0K CAD
Interest and other (expense) income87.0K CAD-296.0K CAD22.0K CAD
Loss on disposal of discontinued operations-511.0K CAD0 CAD0 CAD
Unrealized foreign exchange (loss) gain-224.0K CAD-555.0K CAD76.0K CAD
Other income (expenses)-615.0K CAD-723.0K CAD378.0K CAD
Loss before income taxes-15.6M CAD-37.6M CAD-32.2M CAD
Income taxes450.0K CAD4.5M CAD2.9M CAD
NET LOSS FROM CONTINUING OPERATIONS-15.1M CAD-33.1M CAD-29.3M CAD
NET INCOME FROM DISCONTINUED OPERATIONS1.2M CAD2.9M CAD3.2M CAD
NET LOSS FOR THE YEAR-13.9M CAD-30.2M CAD-26.1M CAD
Exchange differences on foreign operations40.0K CAD1.1M CAD-613.0K CAD
COMPREHENSIVE LOSS FOR THE YEAR-13.9M CAD-29.1M CAD-26.7M CAD
LOSS PER SHARE FROM CONTINUING OPERATIONS - BASIC-0.33 CAD-0.99 CAD-1.14 CAD
LOSS PER SHARE FROM CONTINUING OPERATIONS - DILUTED-0.33 CAD-0.99 CAD-1.14 CAD
INCOME PER SHARE FROM DISCONTINUED OPERATIONS - BASIC0.02 CAD0.09 CAD0.12 CAD
INCOME PER SHARE FROM DISCONTINUED OPERATIONS - DILUTED0.02 CAD0.09 CAD0.12 CAD
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING46.4M shares33.4M shares25.6M shares

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Corporate structure

MindWalk sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MindWalk

  • INGALLS & SNYDER LLC Filed SCHEDULE 13G/A on MindWalk, latest Apr 23, 2026 (3 filings since Jul 7, 2023)
  • Twee Charmquark Filed SCHEDULE 13G/A on MindWalk, latest Jan 24, 2025 (3 filings since Jan 10, 2024)
  • MindWalk Austin

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MindWalk reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net15.8M CAD6 Apr 30, 202516.7M CAD6 Apr 30, 2024−5.6%
Operating-lease assets (leased space)13.4M CAD10 Apr 30, 20247.4M CAD11 Apr 30, 2023+79.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents10.8M CAD6 Apr 30, 20253.5M CAD6 Apr 30, 2024+204.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill8.2M CAD6 Apr 30, 20257.7M CAD6 Apr 30, 2024+7.1%
Intangible assets, net (excluding goodwill)1.1M CAD6 Apr 30, 202523.6M CAD6 Apr 30, 2024−95.5%

Inventory

ItemLatestA year beforeChange
Inventory, total2.1M CAD6 Apr 30, 20252.1M CAD6 Apr 30, 2024−2.1%

Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerIlse Roodnik named Jul 30, 202412
  • Director, Executive OfficerJennifer Bath named Jul 30, 202412
  • Executive OfficerKristin Taylor named Jul 30, 202412
  • DirectorBarry Springer named Jul 30, 202412
  • DirectorChris Buyse named Jul 30, 202412
  • DirectorDirk Witters named Jul 30, 202412
  • DirectorMitch Levine named Jul 30, 202412

Former names

  • ImmunoPrecise Antibodies Ltd.Aug 31, 2017 to Sep 3, 20254

Timeline

  1. 1983Founded Founded1

Filings

230 filings to the SEC since October 2021: 6 annual reports, 6 large holders, 1 private raises, 217 other. The latest 20:

  1. Oct 14, 20266-K EDGAR
  2. Oct 6, 20266-K EDGAR
  3. Oct 1, 20266-K EDGAR
  4. Sep 21, 20266-K EDGAR
  5. Sep 21, 20266-K EDGAR
  6. Sep 14, 20266-K EDGAR
  7. Sep 14, 20266-K EDGAR
  8. Sep 14, 20266-K EDGAR
  9. Sep 8, 20266-K EDGAR
  10. Jul 30, 2026EFFECT EDGAR
  11. Jul 28, 2026F-3/A EDGAR
  12. Jul 23, 20266-K EDGAR
  13. Jul 23, 202620-F EDGAR
  14. Jul 22, 20266-K EDGAR
  15. Jul 13, 2026F-3 EDGAR
  16. Jul 13, 20266-K EDGAR
  17. Jul 6, 20266-K EDGAR
  18. Jul 1, 20266-K EDGAR
  19. Jun 12, 20266-K EDGAR
  20. Jun 10, 20266-K EDGAR

The 230 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • INGALLS & SNYDER LLCSCHEDULE 13G/A, 3 filings Jul 7, 2023 to Apr 23, 202613
  • Twee CharmquarkSCHEDULE 13G/A, 3 filings Jan 10, 2024 to Jan 24, 202514

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 16, 2024Raised $2 million in a private offering of debt Form D: $3 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 26. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Susquehanna International Group, Llp520,769$822.8K0.0%−13,247
Renaissance Technologies LLC213,380$337.1K0.0%−19,100
BlackRock, Inc.154,411$244.0K0.0%New
Marshall Wace, Llp135,967$214.8K0.0%+110,721
Bank Of Montreal /can/77,947$123.2K0.0%+8,000
Allianz Asset Management GmbH35,000$55.3K0.0%No change
Gradient Capital Advisors, LLC26,551$42.0K0.0%No change
Geode Capital Management, LLC25,490$40.3K0.0%+9,356
Federation des caisses Desjardins du Quebec23,265$36.8K0.0%No change
Tradition Wealth Management, LLC13,177$20.8K0.0%No change
XTX Topco Ltd12,269$19.4K0.0%−160,278
Morgan Stanley10,720$16.9K0.0%No change
Mariner, LLC10,000$15.8K0.0%No change
UBS Group AG9,767$15.4K0.0%−32,564
Group One Trading LLC4,749$7.5K0.0%−5,603
Ingalls & Snyder LLC3,035,479$4.8K0.1%+128,439
Allworth Financial LP2,850$4.5K0.0%No change
West Paces Advisors Inc.1,665$2.6K0.0%New
National Bank Of Canada /fi/1,671$2.6K0.0%No change
Jpmorgan Chase & Co1,567$2.6K0.0%+567
Royal Bank Of Canada1,000$2.0K0.0%New
Hartford Financial Management Inc.500$7900.0%New
Caitong International Asset Management Co., Ltd161$2540.0%+158
Gsa Capital Partners Llp34,525$550.0%New
Virtu Financial LLC11,073$170.0%−37,855

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How MindWalk is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMindWalk Holdings Corp.2
  • CIK0001715925
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inBritish Columbia5
  • Fiscal year endsApril 302
  • Industry code (SIC)2834 Pharmaceutical Preparations2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address3204-4464 Markham Street, Victoria, British Columbia, British Columbia, Canada2
  • Phone60480606262
  • Shares outstanding46,711,866 shares as of Apr 30, 20265
  • AuditorDavidson, Vancouver, Canada PCAOB ID 731; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceAug 31, 20172
  • Filings282 in all: 6-K (226), 424B5 (6), 40FR12B/A (4), 6-K/A (4), D (4), EFFECT (4), 20-F (3), 40-F (3)2
    All 27 form types

    F-3 (3), SUPPL (3), F-X (2), FWP (2), S-8 (2), SC 13G (2), SCHEDULE 13G/A (2), 20-F/A (1), 40-F/A (1), 40FR12B (1), CERT (1), CORRESP (1), F-10 (1), F-10/A (1), F-3/A (1), SC 13D (1), SC 13G/A (1), SEC STAFF ACTION (1), UPLOAD (1)

  • Latest filingsAnnual report (20-F) Jul 23, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, no par valueHYFTThe Nasdaq Stock Market, LLC

From the cover page of the 20-F filed Jul 23, 2026 (Section 12(b) of the Exchange Act).5

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Company websiteMindWalk logo
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