Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to ImmunoPrecise Antibodies Fiscal Year 2022 Second Quarter Earnings Results and Business Highlights Call. At this time, all participants are in a listen-only mode. Following the presentation, we will answer pre-submitted questions. I would like to remind everyone that this conference call is being recorded today, December 13th at 4:30 Eastern Time. I’ll now turn the call over to Chris Chu. Mr. Chew, please go ahead.

Thank you and welcome. Dr. Jennifer Bath, President and Chief Executive Officer of ImmunoPrecise; and Ms. Lisa Helbling, Chief Financial Officer will be the speakers on today’s call. A Q&A period answering pre-submitted questions will follow their summary of the quarter followed by closing remarks. Before Dr. Bath begins, I have been asked by ImmunoPrecise to read the following Safe Harbor regarding forward-looking statements. I would like to remind everyone that ImmunoPrecise remarks today contain forward-looking statements about its current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or other future events or developments. In preparing these forward-looking statements, several assumptions were made by ImmunoPrecise and there are risks that results actually -- with actually obtained by the company will differ materially from those statements. As a consequence, the company cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on them. ImmunoPrecise refers current and potential investors to the forward-looking statements and information section of its Management Discussion and Analysis issued today at www.sedar.com and on EDGAR at www.sec.gov. Forward-looking statements represent ImmunoPrecise’s expectations as of December 13, 2021. Except as maybe required by securities laws, ImmunoPrecise does not undertake any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. I would now like to turn the conference over to Dr. Bath.

Thank you, Chris. This reporting period and year-to-date have been inspiring and energy filled for IPA. As awareness continues to grow about the power of our technologies for building translatable and sustainable biotherapeutics in an industry, excuse me, in an industry that to a degree has been transformed as a direct result of the COVID pandemic. Subsequently, a bright light has been cast onto our industry, and as a result, many eyes are on IPA scientific and technological capabilities, as the world awaken to a new reality in the COVID pandemic. This reality has aided the general public in understanding the importance of life saving antibody therapeutics and has catalyzed tremendous change in regulatory, clinical and commercial industries. We open with this backdrop as the threat of Omicron is settling on the world’s doorstep. Only days ago, it was reported that Omicron COVID-19 cases in the U.S. have been for the most part relatively mild. However, it is now clear that thus far close to 80% of the cases were in people who were fully vaccinated and over 40% of those individuals had received a booster dose. In the meantime, the media has been flooded with reports of probable and/or potential loss of both vaccine and therapeutic antibody efficacy, regarding products from companies such as Pfizer where the Sheba Medical Center in Israel reported that the neutralizing ability of these even three Pfizer shots is 4 times less effective against Omicron than Delta. And regarding Eli Lilly were independent researchers at the Fred Hutchinson Cancer Research Center concluded that their dual antibody combo had decreased protection against Omicron. Further, there was a statement released from Regeneron with similar conclusions about its dual antibody treatment, noting that earlier in vitro studies and structural modeling indicate that Omicron -- the Omicron variant…

Thank you, Jennifer, and good afternoon, everyone. I’m Lisa Helbling, IPA’s CFO. Unless otherwise noted, all numbers referred to are in Canadian dollars. I will address the quarterly financial results, IPA’s liquidity and then touch upon our year-to-date financial results. As the background, Jennifer mentioned, the company is significantly investing in research and strategically developing a variety of Talem owned therapeutic antibody assets. From an accounting perspective, these investments are expensed rather than capitalized. On revenues, the company achieved revenues of $4,722,000 during the three months ended October 31, 2021, compared to $4,755,000 in 2020, a $33,000 or 0.7% decrease. Product sales for the quarter increased $216,000 driven by a large periodic -- large scale antibody sale and a notable increase in catalog product sales through the company’s recently launched online shop on its website. The CRO project revenue decrease $252,000 on a year-over-year basis for the three month period. As previously reported, during the past eight quarters, the company improved its accounting and financial reporting systems, culminating in a full implementation of a new ERP system NetSuite during its fiscal year 2021. While the system was used for the full year, ended April 30, 2021, its implementation was complicated by travel restrictions due to COVID-19. That, along with implementing new processes and procedures caused the company to miscalculate eliminations of intercompany transactions, primarily related to significant new research and development sales to Talem. This miscalculation caused an immaterial but notable variance in revenues for the first three quarters of last year. The first two quarters of last year had overstated revenues, which were corrected in the third quarter. Taking into account the prior year’s miscalculation, total revenues for the three-month period ended October 31, 2021 would have increase of $633,000 or 15.5% over last year. For those of you…

Thanks, Lisa. Before Jennifer adds any closing remarks, I would like to spend a little time asking some of the questions that we received from analysts and investors. For the first question, on the prior earnings call, you announced you received additional funding from TRANSVAC2 to conduct additional preclinical studies for the SARS-CoV-2 vaccine program with LiteVax. When will the studies occur and when is data expected?

Thank you, Chris. For those of you not familiar with the previous study, IPA had received previous funding from TRANSVAC2 to conduct an immunogenicity study using an IPA proprietary immunogen mixture that was combined with an adjuvant from a company named LiteVax, with the aim to expose the immune system to epitopes relevant to the original strain of SARS-CoV-2 and to several variants of concern. That study demonstrated significant antibody responses and then based on those findings, TRANSVAC2 agree to fund further studies to determine it functional immunogenicity, and if that could also be generated and if so, agreed to the further commit to funding a follow-up vaccination challenge study in Syrian hamsters to accelerate proof-of-concept for further development. So regarding our collaborative vaccine with LiteVax, we did recently finalize the CRM reactivity screening of the second immunogenicity study in pigs funded through TRANSVAC2. We are encouraged by the data showing that our proprietary immunogen mixture combined with LiteVax’s adjuvant CMS was similarly immunogenic in swine as a clinical stage benchmark vaccine protein that was using the same adjuvant. If upcoming studies supported by CP are able to verify that the serum reactivity includes virus neutralizing immune responses, then TRANSVAC will also grant a subsequent efficacy study in SARS-CoV-2 challenged hamsters.

Next, we’ve not had an update on Twist or Genmab collaborations in a while. Where are we are those collabs?

Yeah. Good question. So regarding those collaborations, we did provide an update on the Twist collaboration during this earnings call. For Genmab, one can see from our general updates on the Talem website that this program has now completed in vivo animal studies. However, we are waiting approval from Genmab to share more details on this collaborative program. So that’s all we’re able to provide today until we have their permission.

And today, the University of Victoria made public a poster about the IPA COVID saliva test that seems ready for trials. Can you elaborate on the timeline for future trials and commercialization?

Sure. So, while we do agree with others that the results that were presented on the poster from UVic, and the presentation are very encouraging, we understand from UVic, that they have the COVID saliva test system cued with a third-party in Canada, and it’s awaiting validation with the human sample. The timelines, the direction and the level of IPS involvement in the program will be largely dependent upon the outcome of those tests.

And regarding the Pierre Fabre collaboration, what is the timeline and when do you expect the first update and how many resources or how much would focus that take for APA -- IPA?

We’ve heard that question a few times here in the last week. So we’re really happy to shine a little light on this. So the research collaboration agreement with Pierre Fabre, which was executed early in October, now has the first therapeutic target selected by Pierre Fabre and the two groups have created a joint research committee, which anticipates finalizing the work plan this month and then commencing the laboratory work in the New Year. So, obviously, with any research program, there’s different levels of information or data that come off, we’re really looking at the first critical data results, in terms of something that would enable Pierre Fabre to make something along the lines of a go no, go decision and we expect those results next summer. The collaborative programs with regard to intensity, they’re not any more resource intensive than the other large therapeutic antibody campaigns that IPA does for its clients or for its partners. And I think that’s actually a good reminder of the distinctive advantage that Talem has over other pipeline companies, as the work performed internally is not only under our control and at cost, but also performed in our facilities where we conduct over 60 discovery programs annually and with continual capacity and workflow assessment.

Great. And the last question for today’s conference call, does Omicron lead to any changes in timelines or increased interest from potential partners?

Okay. So, although, we will, as we mentioned earlier in the presentation, seek empirical data to support our expectations. Based on the computational analyses that we have done, we’re quite optimistic that our development timelines for TATX will not be negatively impacted by Omicron. So as we laid previously, a very recent publication showed that a significant percentage of clinically -- clinical stage SARS-CoV-2 neutralizing antibodies are actually escaped by Omicron, which urges the need for a multi-targeting approach even more and directly demonstrates the advantages of IPA’s PolyTope approach. In that respect, the clear interest of the FDA and the neutralization behavior of N stage preclinical products toward the Omicron variant is really encouraging.

Great. And with that, we thank you for submitting your thoughtful and concise questions today. We hope they were answered either in our script and the Q&A or in the MDA. I will now move on to closing remarks with some insights into the current fiscal year and strategic planning. Jennifer?

Sure. Thank you, Chris. So, first and foremost, we’d like to thank our employees, our customers, our partners, and of course, our shareholders for continuing on this exciting journey with IPA. And we’re truly appreciative of the hard work and the patience and the strength that has been put on display in order to advance IPA’s mission and critical goals. I’ll be the first to say that the execution pathway that we have planned won’t have its own unique set of challenges along every step of the way. However, as we noted earlier, in today’s call, the evolutionary pressures that are actively transforming the biotherapeutic space has served to inform our decisions that IPA from the very start of this journey. Our progress and success is continue to ramp despite the fact that we are still in our early days of scaling the critical infrastructure that will not only allow us to compete and win new business, but also to clear a pathway for new resources and new sources of revenue generation, at an accelerated pace as we close in on its critical mass. We’ve assembled a global footprint to tackle new business at scale, and we now have the necessary sales and marketing leadership to broaden our customer base. We also continue to add to our repertoire of technologies under one roof as an industry leader in antibody discovery and manufacturing. With Talem we are developing wholly own proprietary assets and are excited to see our first potential in-human trial of an in-house discovery candidate continue to progress. As intended, we have taken command of our own future in developing these assets will -- which will provide us with the broadest monetization opportunities for the IP that we produce for years to come. Thank you and have a great rest of your day.

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation and have a great day.