MindWalk Holdings

HYFT

Biotechnology · Healthcare

Price

$1.46

+0.05 (+3.55%)

Market Cap

$68.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+102.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 16.5M (2021) → 33.4M (2025)

MindWalk Holdings Corp. operates as a bio-native AI company. It focuses on the integration of artificial intelligence, multi-omics data, and advanced laboratory research to accelerate the discovery and development of biologics. The company, through its LensAI platform and HYFT technology, it partners with pharmaceutical and biotechnology companies to drive de-risk drug development and unlock therapeutic possibilities. The company was formerly known as ImmunoPrecise Antibodies Ltd. and changed it

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-35.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+87.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$5M/ year

↑ Rising (+22% vs prior year)

20.2% of revenue

In line with sector average (18%)

Investing heavily in future products and technology

Insider Activity

2.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~14 months

$14M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

MindWalk Holdings is putting 20% of revenue into R&D and that number is rising.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

59.3%

Premium pricing power — 59.3% gross margin

Operating Margin

-88.4%

Losing money on operations — -88.4%

ROCE

-23.5%

Weak — -23.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+15.3%

Fast-growing sales (15.3% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-40.7%

Burning cash (-40.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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