Good morning, ladies and gentlemen. Thank you for joining us today for IPA's earnings call covering the fourth quarter and full fiscal year of 2023. I am Regina, and I have the privilege of hosting this call. Before we commence, I would like to draw your attention to the fact that our discussion today may include forward-looking statements. These statements are subject to various risks and uncertainties that could cause actual results to differ materially from what we express or imply. We strongly encourage you to review our filings with the Securities and Exchange Commission for a comprehensive discussion of these risks and uncertainties. IPA remains committed to complying with legal requirements and will update forward-looking statements only as mandated by law. During today's conference call as well as in the accompanying presentation slides, we will be employing non-GAAP financial measures to assist investors and analysts in comprehending IPA's business performance. Adjusted EBITDA in particular allows for meaningful comparisons and analysis of trends in our business over different periods. For a detailed explanation and reconciliation of these non-GAAP measures to GAAP measures, please refer to the management discussion and analysis section of our filing on EDGAR and SEDAR. Now without further ado, I would like to pass the floor to IPA's CEO, Dr. Jennifer Bath, who will provide an overview of our quarterly results.

Thank you, Regina. During today's call, we aim to provide you with a clear and comprehensive understanding of IPA, our company. And how we are strategically positioning ourselves as leaders in the field of AI and antibody therapeutics. At ImmunoPrecise Antibodies we are consistently paving the way as pioneers in technology, positioning our company as a front runner in innovation. Our mission is to harness the potential of data driven AI and cutting-edge laboratory technologies to deliver groundbreaking solutions. We set ourselves apart by employing patented technologies and trade secrets that provide unparalleled insights into the realm of biological data. Let's begin today's call by highlighting the significant achievements and developments of the past fiscal year. These key milestones not only showcase our unique position in the market but also reflect the progress we have made over the last 12 months. I'm thrilled to share that in Q4 fiscal '23, IPA reached a significant milestone by achieving a record revenue of $5.6 million, demand which is continuing to build. Moreover, we are proud to report that in fiscal year '23, it was a strong year with total revenue reaching $20.7 million representing growth of 6.7% year-over-year which equates to 9% when adjusting for the effects of currency translation. These outstanding accomplishments highlight our dedication to delivering exceptional service, the high demand of IPA's offerings, and our ability to maintain stability in the face of prevailing market conditions. Building on our strong momentum, IPA continued its positive trend in Q4 securing a healthy $4.65 million in sales orders for fee-for-service work, now follow dramatically with a record breaking impressive $3.51 million from the month of June alone, which as Barry will share shortly is a staggering 47% from the previous time point one year prior. This is a testament to the…

Thank you, Jennifer. As many of you may know, and as Jennifer has just previously mentioned, IPA presently operates with three primary sources of revenue, broadly classified as fee-for-service, including product sales, out-licensing of preclinical assets and non-fee-for-service partnerships. In the past, IPA primarily maintained separate teams for fee-for-service sales and business development endeavors. However, in fiscal year '23, we have adopted a more integrated and comprehensive approach to enhance our outreach capabilities and ensure that we capture any and all opportunities. In this update, I will provide an overview of each of these revenue streams. The team has actively participated in several conferences and asset specific partnering summits, hosted IPA collected events held in major biotech hubs and engaged in on-site visits to build strong client relationships. These outreach efforts and events have been made possible by the addition of two highly effective sales team members in key geographic regions who have greatly contributed to establishing IPA's industry leading technical sales team. Throughout fiscal year '23, we have seized every opportunity to present our global value proposition and as the year progressed, we have been able to showcase how IPA is disrupting the current discovery paradigm. This has been achieved through the ongoing integration of BioStrand's proprietary technologies, which have significantly enhanced our technical output. The inclusion of BioStrand's expertise is further strengthened our position and allowed us to demonstrate how we are pushing boundaries in the industry. The conventional process of antibody discovery and development follows a linear funnel model where the value of an asset increases along with the corresponding expenditure and wet-lab activities. Simply put, the cost of failure for an asset both in terms of finances and time, escalate significantly with each phase of the program accumulating in multimillion dollar expenses associated with clinical trials.…

Thank you, Barry, and good morning all. I would like to take a moment to discuss current strategic initiatives aimed at streamlining our operations and maximizing shareholder value. Over the past fiscal year, we have conducted an extensive review of balance portfolio, resulting in re-prioritization and consolidation of our programs. Through this process, we have identified three key programs that exhibit unique mode of action, a significant value potential and have garnered substantial interest from prospective partners in the biotech and pharma industry. Our focus is now directed towards generating robust and free-for-service concept data packages to facilitate early-stage partnering and out-licensing in a cost-effective and time-efficient manner. These measures are driven by market changes that have impacted the capitalization of smaller pipeline companies, leading us to a larger companies and our partnering efforts. By aligning our resources and concentrating on select programs, we aim to optimize operational efficiency, reduce costs and accelerate the development timeline. We remain steadfast in our commitment to create value for our shareholders and navigating the evolving landscape of the biotech and pharma sectors. We believe that the strategic actions will position Talem for success and foster sustainable growth in the years to come. Our research and development efforts are taking on a revolutionary trajectory with the integration of wet-lab techniques and high capacity in silico methodologies provided by LENSai especially when it comes to enhancing our single B cell screening capabilities. Given the rapidly expanding buy and multispecific market and searching demand for suitable targeting modalities, we are currently adopting our wet-lab R&D by implementing products for single day cell-based antibody discovery for families. [indiscernible] have a distinct characteristic in the antibody repertoire. The presence of heavy-chain-only antibodies. The antigen binding fragment of these antibodies refer to as VHH are composed of a single…

Thank you, Ilse. IPA has dedicated years to building a strong foundation for leading innovation. Our commitment to bringing together cutting-edge technologies and delivering high-quality products to our clients has been a driving force. Historically, we placed a strong emphasis on quality Metadata collection and analysis focused on throughput and output knowing that data would always serve as the core denominator in the business. Throughout our journey, we have conducted extensive due diligence in the field of AI and machine learning, seeking truly pioneering solutions. These efforts have brought us to this pivotal moment in time, where we are streamlining and solidifying our identity as a leader in AI and technology innovation. The cornerstone of BioStrand's business plan revolved around our patented HYFT technology that powers our LENSai software. For the utilization of HYFT, we gained the tools to explore intricate biological mechanisms to target complex receptors, including GPCRs and ion channels and the intricate tumor microenvironment. These advanced technologies provide us with the means to delve deeper into these challenging areas and unlock potential solutions. While success is not guaranteed, our ability to address these intricate targets opens up new possibilities and avenues for therapeutic development in previously unexplored areas of biology. By harnessing the power of HYFT, we are equipped with the tools to tackle these complex challenges and make significant strides in our understanding and treatment of diseases. In this endeavor, LENSai plays a pivotal role. With its capacity to analyze massive data sets, identify intricate patterns and simulate complex biological systems, our AI provides invaluable support. By harnessing the power of AI and leveraging HYFT patterns, we are uncovering novel strategies and pathways to design effective therapeutics. This approach not only pushes the boundaries of scientific understanding, but it also opens up new frontiers in our…

Thank you, Jennifer, and good morning, everyone. I'll provide an overview of our financial results for the year. Before touching on our financial position as of the end of the period. As a reminder, all numbers I reference are in Canadian dollars, unless otherwise noted. IPA recorded total revenue of $20.7 million during the fiscal year 2023, a 6.7% increase compared to fiscal 2022. This includes record quarterly revenues of $5.6 million during the fourth quarter of fiscal 2023. When adjusting for the effects of currency translation, revenue growth rises to 9% year-over-year. Both our protein production and B-cell select platforms realized impressive results during the year with our Utrecht and Victoria sites growing 19.3% and 18.9% year-over-year, respectively. Gross profit for the year totaled $11.6 million, an increase of $0.6 million compared to the prior year while gross profit margin was 56% compared to 56.7% in fiscal 2022. Operating expenses totaled $40.1 million for the year ended April 30, 2023, as compared to $27.7 million during fiscal 2022. Research and development expenses totaled $12.3 million during 2023, an increase of $4.6 million compared to 2022, this increase is primarily related to spend on PolyTope antibody combination therapy during the first and second quarters of this fiscal year. During the fourth quarter of 2023, research and development expenses totaled $0.5 million as compared to $6.2 million and $4.6 million during the first and second quarters of the year, respectively. Sales and marketing expenses totaled $3.6 million in fiscal 2023, an increase of $0.9 million from the prior year. Compensation expense, including share-based payments, $CAD 0.4 million, while advertising and travel costs each increased $0.2 million compared to the prior year. General and administrative expenses totaled $19.8 million during the year ended April 30, 2023, an increase of $4.4 million compared…

Thanks, Brad. Before Jennifer, adds any closing remarks, we would like to open the floor to any questions from analysts and investors. [Operator Instructions] Our first question will come from the line of Will McHale with Ingalls & Snyder. Please go ahead.

Good morning, Jennifer and team. Just a couple of quick ones from me, I was hoping you might be able to speak about how the recent partner deals that is BriaCell and Astellas differ from prior Talem collaborations?

Thank you Will for the questions. So I'll start this one of. Barry's also closely associated with this program, so he can certainly feel free to add anything here as he sees fit. So historically, our collaborations in Talem Therapeutics have been collaborative efforts where the, two groups are working together, primarily around two technologies we're bringing together. So when we look at for instance, the collaboration we've announced with regard to Genmab or Twist. These are situations where each group is bringing a specific tool, a specific capability together to build an identified particular antibody of interest against the target that's been agreed upon. In those case both groups are typically pulling their resources together for a shared ownership of the final product that, then can be out-licensed by the parties for mutual benefits. In addition to that, we have other types of collaborations that exist in there, where we have the early stage of the work being done by IPA with a set designated amount of work that's done in the wet lab. And then from there on and so an example of this, for instance, would be Pierre Fabre, where they then would have the opportunity to out-licensed that product and then move that forward with milestone and royalty payments. So, the major difference here, first of all, is that the initial work after the target of interest, which is then selected by the partner, is done in the in silico setting at BioStrand. So a key differentiator here, first and foremost, is that all of that work is - being done entirely in silico, it's being done on a much more rapid timeline, because the in silico timelines are highly accelerated compared to a wet lab. So from the time that we start to the time…

Got it, thanks that's all really helpful. Just one more quickly from me is, could you comment on the sort of pipeline for these types of partnership deals, do you anticipate adding additional partners over fiscal '24?

Yes, that's, I'm sure, a question a lot of people are wondering. So, we do anticipate that, as we mentioned, we're already finished with the in silico portion of BriaCell. Astellas is already moving along quite quickly. We actually do already have several groups that have engaged us for codes. And as I mentioned, about $790,000 worth of code queued in BioStrand so there's a few interesting things with regard to that. With regard to three of those codes, which make up about $640,000, it's about 80% of that total value in codes. These are actually related to de novo in silico programs where it is still like kind of a beta pricing in this particular case. But it's being run under fee-for-service work, because this is a situation where the client, actually prefer the fee-for-service model in nature to retain IPA custody with some very important data that they were bringing into the study. So, we do have those particular codes out in an active conversation. Beyond that, we have several different large pharmaceutical companies that we are working with that all seem to be trending in a very similar direction. It does seem like when we're meeting with the larger groups at these different pharmaceutical firms that they are all interested in each of the aspects of BioStrand three revenue streams. And so, we do - we first actually, we believe there's a decent probability we'll be onboarding a private study for the data management program out of one of these, but in addition - to that conversation around - can you still hear me?

Yes.

Okay. I apologize I had a problem with my headset. But there is active conversation around further collaborations of this nature. And in those particular cases, we have committed to not doing the early adopter pricing or beta pricing. The reason why we enabled these codes, three codes to this one large pharmaceutical company to go out under beta pricing is they are one of those first four companies that we approached where we knew they had a particular target that they've been working for 15 years on has never been successful. So, they were one of the ones that was, qualified under that original arrangement many months back. So, we do see demand and - we are moving quite quickly through the ones that we do have. So yes, indeed, we do plan to bring more of these in, but the pricing structure will be changing and we won't be offering those beta pricing or early adopter pricing fees.

Got it, thanks a lot. I will jump back there.

Your next question comes from the line of Ramakanth Swayampakula with H.C. Wainwright. Please go ahead.

Thank you and thanks Jennifer and Brad, so I have just one question. I'm trying to understand how you're thinking about structuring future deals or future - collaborations especially when you have different offerings from BioStrand from simple in silico work. And then if you're layering this data management on top of it, would - whenever there is a data management transaction. Is that always in conjunction with in silico sort of work or - will you also have a separate data management kind of a collaboration?

No, that's actually - that's a great question, RK. Thank you for that. So, the data management tool can actually stand-alone on its own. And I anticipate that the majority of that type of work would actually do so. What we're finding right now in those conversations is that much like IPA has been doing over the more recent three to four years here with regard to just collecting and storing data. We're finding that these large pharma companies have been doing that for 15, 20, 25 years. And so, they're just sitting on massive amounts of data that are just some cost and to store that data, oftentimes, they're incurring costs, if they're doing that in a cloud-based format. And many have it just in silos, very disparate, on hard drives, even floppy disks, some on the cloud, et cetera. And so that primary driver of what we're seeing in that space with regard to data management. It's actually - it's universally with every group that we've spoken to it is how do we take all of that information, get it organized in a way that it all can be utilized and analyzed together. How do we have it in one place to store it so we can remove those silos? And then on the other side of that, is they're actually a way for us to analyze this, right? If we're going to have data off of 10 years of data off of equipment, we're going to be utilizing external data sources that we brought in. Sometimes, it's even people's notes and publications they've been collecting. And so that's kind of that added layer that I mentioned in terms of the analytical component where not only can we help them by taking this and organizing it in a…

Thank you. Thanks for taking my question.

Absolutely.

[Operator Instructions] Your next question will come from the line of Michael Freeman with Raymond James. Please go ahead.

Hi, Jennifer and team, thanks so much for taking my questions and congratulations on a big year, patent awards and productizing BioStrand - these are no small feat. So congratulations on all that big work.

Thank you, Michael.

You're very welcome. You've described so many capabilities of your various platforms. And I wonder, maybe as a simplifying exercise, could you describe maybe like what an ideal customer for IPA today looks like? And how - like how might that customer start and how might that customer be converted into some of sort of your - sort of highest value-add product offerings through IPA, that would be really helpful?

Oh that's an interesting question, Michael, because I look at each of those revenue pillars as kind of distinct opportunities that all have really unique benefits and all, I think, in their own way, contribute in a highly profitable way for BioStrand and IPA. So it's a little difficult to choose one as an ideal client. But what we're seeing, I think, quite rapid adoption in, is maybe a good example. Because I think that rapid adoption into that wet lab in silico combination is probably a little bit lower-hanging fruit and faster adoption for our clients because of the fact that they're already using the wet lab capabilities. So, if they come in, they're meeting with our sales team. They're having this conversation with the scientific team at IPA. As we're exploring how to address and solve the problem they've brought forward, it's a very natural conversation for us to bring in all of the in silico capabilities that we have now added that can be integrated directly into a wet lab program very seamlessly. But give them more insight, give them more diverse antibody candidates, give them more information about the safety and the potential efficacy of the actual antibodies that they're analyzing. And even give them information about the possible negative effects of those drugs once they get into patients. And so, by adding all of these things into the wet lab, not only are we really increasing the size of those programs for those clients, but we're introducing them into the in silico capabilities. We're showing them the power of what we're able to do. So not only is it kind of easier access to those kinds where we've got them on the phone with the right people on our side, the right people on their side, but we're going to give them a taste of what we're capable of doing. And so, I think that's probably quite a natural entry point for a number of our clients, because that communication is already happening, right? We've already got the key decision-maker in that company. And then from there - in this client right now that has the $640,000 in codes right now for BioStrand is a perfect example. That's exactly how this happened and from that conversation with the same key decision makers. We were then invited to meet with them around the de novo in silico programs, of which now they are looking to launch three. And now also, they have put us in contact with the person that was recently hired to manage 15 years of disparately - collected data that is sitting in silos at their company. So that's kind of a perfect example of how this would cross-sell and upsell quite naturally through the initial conversation.

Brilliant, okay that's super helpful, thanks so much. And last question from me. I wonder if you could comment on your cash needs during the next 12 to 18 months?

Absolutely, we can. So I mentioned to you all earlier, we've made some concerted efforts to reduce our, spend to really make sure that we're focused on revenue generating activities within the company. Right now, we're projecting that forward-looking burn for the next 12 months to be sitting at somewhere around $12 million. We will have a need to raise money here in order to continue to support our strategic endeavors, in particular, the software development at BioStrand and probably for some general needs as well. I think the thing that we find really encouraging is that our overall annual burn is just so much less significant than our competitors. And we mentioned in part why that's the case. But in large part, it's because of the technology we use - technology that supports our algorithms enables us to not have to focus on more and more coding and more complex algorithms because it takes any amount of information and immediately deduces it to these patents that give you only the information that you need to retreat the insights. And so, we have fewer needs with regard to the number of personnel. And we believe we're able to run that in a much more streamlined manner with much reduced cost. So as I mentioned, we're overall burn annually is reduced to right now. It looks like it's about 10% of the majority of our AI antibody competitors. And so, the amount that we would need to raise would be pretty minimal. We're looking at smaller raises maybe around the area of $5 million at some point with the caveat that it's really important to us to know who would be coming in, what their perspective on their long-term investment is and what sort of contribution - they're able to make with regard to just the reputation, understanding of our company, intention for really being interested in IPA. But we are very focused on making sure that these costs - those amounts are minimized, shareholder dilution is minimized, that we're getting the best cost and deal possible and then yes, bringing in reputable long-term investors.

Fantastic also helpful good luck on the upcoming quarter and year look forward to next call.

Thank you very much, Michael.

We thank you for submitting your thoughtful questions today. I'll now move us on to closing remarks. Jennifer?

Thank you very much, Regina. In closing, we would like to express our sincere appreciation for your participation in our fiscal year earnings call. We are energized and dedicated to disseminating all of the exciting operational updates to our investors over the next several months. We are committed to bringing new validating case studies and demonstrating how our optimized biotherapeutics discovery tools, combined with truly differentiating AI technology, and revolutionize the cycle of drug discovery. We are enthusiastic about the opportunities ahead as we continue to shape the future of biotherapeutics. Your continued support and engagement are invaluable as we strive to make a positive impact in addressing unmet medical needs and improving patient outcomes. We eagerly anticipate sharing our progress and accomplishments in the coming months showcasing the power of our integrated approach. Together, we can pave the way for a future where optimized biotherapeutics discovery tools and our pioneering LENSai technology drive unprecedented innovation in the field of drug discovery. Once again, we thank you for your presence, and we look forward to the journey ahead as we embark on this exciting path of revolutionizing the landscape of biotherapeutics.

That will conclude today's meeting. Thank you all for joining. You may now disconnect.