| Summary of Subsidiaries which are Wholly Owned and Subject to Control |
These consolidated financial statements include the financial statements of the Company and the following subsidiaries which are wholly owned and subject to control by the Company:
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|
|
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|
Name of Subsidiary |
|
% Equity
Interest -
April 30, 2026 |
|
% Equity
Interest -
April 30, 2025, and
2024 |
|
Country of
Incorporation |
|
Functional Currency |
ImmunoPrecise Antibodies (Canada) Ltd. d/ba/ MindWalk Biologics |
|
100% |
|
100% |
|
Canada |
|
Canadian dollar |
ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") |
|
100% |
|
100% |
|
USA |
|
U.S. dollar |
ImmunoPrecise Antibodies (N.D.) LTD |
|
100% |
|
100% |
|
USA |
|
U.S. dollar |
ImmunoPrecise Antibodies (MA) LLC |
|
100% |
|
100% |
|
USA |
|
U.S. dollar |
Talem Therapeutics LLC ("Talem") |
|
100% |
|
100% |
|
USA |
|
U.S. dollar |
ImmunoPrecise Netherlands B.V. |
|
100% |
|
100% |
|
Netherlands |
|
Euro |
ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") |
|
0% |
|
100% |
|
Netherlands |
|
Euro |
BioStrand B.V. d/b/a MindWalk |
|
100% |
|
100% |
|
Belgium |
|
Euro |
Idea Family BV |
|
100% |
|
100% |
|
Belgium |
|
Euro |
BioKey BV |
|
100% |
|
100% |
|
Belgium |
|
Euro |
BioClue BV |
|
100% |
|
100% |
|
Belgium |
|
Euro |
|
| Summary of Discontinued Operations |
The following table summarizes the major classes of line items included in income from discontinued operations, net of tax, as a result of the divestiture of IPA Europe and reclassification to discontinued operations:
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|
|
|
Year Ended
April 30, |
|
(in thousands) |
|
2026
$ |
|
|
2025
$ |
|
|
2024
$ |
|
REVENUE |
|
|
4,737 |
|
|
|
13,894 |
|
|
|
14,239 |
|
COST OF SALES |
|
|
2,130 |
|
|
|
6,077 |
|
|
|
6,278 |
|
GROSS PROFIT |
|
|
2,607 |
|
|
|
7,817 |
|
|
|
7,961 |
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
125 |
|
|
|
643 |
|
|
|
304 |
|
Sales and marketing |
|
|
123 |
|
|
|
752 |
|
|
|
687 |
|
General and administrative |
|
|
832 |
|
|
|
2,658 |
|
|
|
2,952 |
|
Amortization of intangible assets |
|
|
109 |
|
|
|
418 |
|
|
|
602 |
|
|
|
|
1,189 |
|
|
|
4,471 |
|
|
|
4,545 |
|
Income before other income (expenses) and income taxes |
|
|
1,418 |
|
|
|
3,346 |
|
|
|
3,416 |
|
OTHER INCOME (EXPENSES) |
|
|
|
|
|
|
|
|
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Grant income |
|
|
6 |
|
|
|
44 |
|
|
|
31 |
|
Interest, accretion and other income |
|
|
— |
|
|
|
12 |
|
|
|
1 |
|
Unrealized foreign exchange gain (loss) |
|
|
(4 |
) |
|
|
(38 |
) |
|
|
10 |
|
|
|
|
2 |
|
|
|
18 |
|
|
|
42 |
|
Income before income taxes |
|
|
1,420 |
|
|
|
3,364 |
|
|
|
3,458 |
|
Income taxes |
|
|
(267 |
) |
|
|
(451 |
) |
|
|
(272 |
) |
NET INCOME FROM DISCONTINUED OPERATIONS |
|
|
1,153 |
|
|
|
2,913 |
|
|
|
3,186 |
|
The following table summarizes the major classes of line items included in the statement of financial position as a result of the divestiture of IPA Europe and reclassification to discontinued operations on August 6,2025:
|
|
|
|
(in thousands) |
|
|
ASSETS |
|
|
Current assets |
|
|
Cash |
|
643 |
|
Amounts receivable, net |
|
3,071 |
|
Inventory |
|
1,665 |
|
Unbilled revenue |
|
646 |
|
Prepaid expense |
|
817 |
|
|
|
|
Deposit on equipment |
|
486 |
|
Property and equipment |
|
11,361 |
|
Intangible assets |
|
951 |
|
Goodwill |
|
8,297 |
|
Total assets |
|
27,937 |
|
LIABILITIES |
|
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
|
1,047 |
|
Deferred revenue |
|
723 |
|
Income taxes payable |
|
1,030 |
|
Leases |
|
9,429 |
|
|
|
|
Total liabilities |
|
12,229 |
|
|
|
|
Net assets included in discontinued operations |
|
15,708 |
|
Total liabilities and shareholders’ equity |
|
|
|