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ImmunoPrecise Antibodies (IPA)
NASDAQ:IPA
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ImmunoPrecise Antibodies
(NASDAQ:IPA)
Rating:61Neutral
Price Target:
$3.00
▲(50.75% Upside)
Positive Factors
Facility Expansion
The expansion of the Canadian facility, with an 83% increase in quarterly orders and a 93% increase in orders from new clients, supports future growth despite the Dutch divestiture.
Financial Performance
ImmunoPrecise Antibodies (IPA) reported positive financial results for their 4Q25, including revenues of CDN$7.0 million, up 8% year-over-year, with a reduced net loss of $2.2 million.
R&D Achievements
IPA has been very busy on the R&D front, highlighted by several recent breakthroughs achieved by the Company’s LENSai platform.
Negative Factors
Geographic Footprint Reduction
Reducing the company's geographic footprint through divestment allows for better focus on the long-term strategy to grow the AI business.
Risk Factors
Risks associated with the company's future include commercial, execution, legal, competition, and intellectual property challenges.
ImmunoPrecise Antibodies (IPA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$89.08M
Dividend YieldN/A
Average Volume (3M)1.82M
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth-3.20%
EPS Growth12.24%
CountryUS
Employees72
SectorHealthcare
Sector Strength51
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.04
Shares Outstanding46,154,118
10 Day Avg. Volume1,871,480
30 Day Avg. Volume1,820,452
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.25
Enterprise Value/Revenue0.92
Enterprise Value/Gross Profit1.82
Enterprise Value/Ebitda-0.74
Forecast
1Y Price Target
$4.00Price Target Upside101.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
ImmunoPrecise Antibodies Business Overview & Revenue Model
Company DescriptionImmunoPrecise Antibodies (IPA) is a biotechnology company specializing in the development and production of high-quality monoclonal antibodies and other related biopharmaceutical products. Based in Canada, IPA operates primarily in the life sciences sector, focusing on therapeutic and diagnostic applications in various fields including oncology, autoimmune diseases, and infectious diseases. The company's core services include custom antibody development, antibody discovery, and characterization, along with offering a suite of proprietary technologies aimed at accelerating drug development processes.
How the Company Makes MoneyImmunoPrecise Antibodies generates revenue through multiple key streams. The primary revenue source comes from custom antibody development services, where clients pay for the design and production of specific antibodies tailored to their research needs. Additionally, IPA earns income from its proprietary technologies and platforms, which are licensed to pharmaceutical and biotechnology companies for drug development purposes. The company also engages in collaborative research agreements and partnerships with academic institutions and industry players, resulting in funding and shared revenue opportunities. Furthermore, IPA's focus on therapeutic antibody candidates allows it to potentially benefit from royalties and milestone payments if these candidates progress through clinical trials and reach commercialization.
ImmunoPrecise Antibodies Earnings Call Summary
Earnings Call Date:Jul 29, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 11, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong performance in the fourth quarter with record revenues, significant margin improvements, and strategic partnerships driving growth in key segments, particularly BioStrand. The company's Canadian business also showed impressive growth. However, the overall fiscal year revenue growth was modest, and the divestiture of the Dutch subsidiary is taking longer than initially expected. Despite these challenges, the overall sentiment remains positive due to the company's achievements and strategic focus.Q4-2025 Updates
Positive Updates
Record-Setting Fourth Quarter Revenue
The company achieved $7 million in revenue for the fourth quarter, marking the highest quarterly revenue in its history. This represents an 8.1% increase over the year-ago quarter and a 13.5% increase from the prior quarter.
Significant Gross Margin Improvement
Gross margin improved to 64% in the fourth quarter, up from 48% in the same quarter last year. For the full fiscal year, gross margins expanded by 600 basis points from 49% to 55%.
BioStrand Segment Growth
The BioStrand segment grew more than 180% year-over-year, delivering gross margins approaching 90%. It is expected to remain a strong contributor to top-line performance and support continued margin expansion.
Record Adjusted EBITDA Performance
The company narrowed its adjusted EBITDA loss to $316,000, a significant improvement from a $1.7 million loss in the same quarter last year, highlighting improved operational efficiency.
Strong Growth in Canadian Business
Canadian sales orders reached $4.3 million in the fourth quarter, more than double historical quarters, with year-over-year sales in Canada increasing by 47% and quarterly orders up 83%.
Strategic Collaborations and Partnerships
Notable collaborations include partnerships with RIBOPRO, Vultr, and a multibillion-dollar technology company, as well as advancements in AI infrastructure and drug discovery platforms.
NASDAQ Compliance and Leadership Strengthening
The company regained compliance with NASDAQ's minimum bid price requirement, reflecting market confidence, and strengthened its leadership team with new appointments.
Negative Updates
Extended Timeline for Dutch Subsidiary Divestiture
The divestiture process of the Dutch subsidiary has extended slightly beyond original expectations, although it is now in the final stages with a focused buyer.
Modest Overall Fiscal Year Revenue Growth
While the fourth quarter was strong, the total fiscal year 2025 revenue was $24.5 million, reflecting only a slight increase over fiscal year 2024.
Company Guidance
During the ImmunoPrecise Antibodies (IPA) fourth quarter and fiscal year-end 2025 earnings call, significant guidance was provided, highlighting key financial and strategic achievements. The company reported a record-setting fourth quarter revenue of $7 million, marking the highest quarterly revenue in its history. Gross margins improved significantly, reaching 64% in Q4, up from 48% in the same quarter of the previous fiscal year. For the full fiscal year ending April 30, 2025, gross margins expanded by 600 basis points from 49% to 55%. A major contributor to this growth was the BioStrand segment, which experienced over 180% year-over-year growth and delivered gross margins nearing 90%. The adjusted EBITDA loss was significantly reduced to $316,000 in the fourth quarter, compared to a loss of $1.7 million in the same quarter last year. The company's Canadian business showed robust growth, with Q4 sales orders reaching $4.3 million, more than doubling historical quarters, and year-over-year sales in Canada increasing by 47%. Additionally, IPA is in the final stages of divesting its Dutch subsidiary, a move expected to streamline operations and generate additional cash. The company plans to rebrand shortly after the divestiture to emphasize its bio-native AI platform, LENSai, which integrates AI, connected data, and advanced lab research, aligning with industry transformations in drug discovery. Key strategic collaborations and technological advancements were also highlighted, including partnerships with RIBOPRO and Vultr, aiming to enhance IPA's AI infrastructure and discovery capabilities. Looking forward, IPA is set to continue leveraging its strong cash position and validated AI-driven economic model to support its growth trajectory.ImmunoPrecise Antibodies Financial Statement Overview
Summary
ImmunoPrecise Antibodies shows revenue growth but struggles with profitability and cash flow management. Persistent net losses and negative cash flows present challenges in achieving sustainable growth without external funding. The balance sheet indicates increased leverage, posing risks if operational challenges persist.Income Statement
The company has shown consistent revenue growth, increasing from $14.06M in 2020 to $24.52M in 2025. However, profitability remains a challenge, with increasing net losses, which grew from $4.95M in 2020 to $30.23M in 2025. Gross profit margins have remained relatively stable, but negative EBIT and EBITDA margins indicate significant operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet reflects mixed results. Total assets have decreased over recent years, and stockholders' equity has also declined. The debt-to-equity ratio remains manageable, but there is a notable decrease in cash and short-term investments, impacting liquidity. The equity ratio has been decreasing, indicating increased leverage.50
Neutral
Cash Flow
The company faces challenges in cash flow management, with negative operating cash flows and free cash flows over several years. The cash flow from operations has not been sufficient to cover capital expenditures, leading to a reliance on financing activities to support liquidity needs.40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.00M | 24.52M | 24.52M | 20.66M | 19.36M | 17.91M |
| Gross Profit | 12.20M | 13.55M | 12.05M | 11.56M | 10.98M | 11.54M |
| EBITDA | -30.14M | -28.86M | -22.95M | -21.04M | -11.99M | -1.42M |
| Net Income | -46.12M | -30.23M | -27.18M | -26.56M | -16.71M | -7.34M |
Balance Sheet | ||||||
| Total Assets | 45.53M | 44.44M | 59.99M | 77.81M | 93.49M | 66.96M |
| Cash, Cash Equivalents and Short-Term Investments | 12.91M | 10.66M | 3.46M | 8.28M | 29.96M | 41.76M |
| Total Debt | 12.93M | 13.40M | 13.68M | 7.27M | 2.55M | 3.46M |
| Total Liabilities | 20.41M | 20.82M | 26.07M | 20.01M | 18.21M | 10.04M |
| Stockholders Equity | 25.12M | 23.63M | 33.92M | 57.80M | 75.28M | 56.92M |
Cash Flow | ||||||
| Free Cash Flow | -9.37M | -7.21M | -5.64M | -21.33M | -11.18M | -2.03M |
| Operating Cash Flow | -7.70M | -6.41M | -4.25M | -19.83M | -9.92M | -600.00K |
| Investing Cash Flow | -1.55M | -799.00K | -1.56M | -1.97M | -5.21M | -2.46M |
| Financing Cash Flow | 16.43M | 14.89M | 1.02M | -621.00K | 2.88M | 43.38M |
ImmunoPrecise Antibodies Technical Analysis
Neutral
1.99
Price Trends
1.94
Negative
1.26
Positive
0.84
Positive
Market Momentum
0.06
Positive
44.75
Neutral
10.99
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IPA, the sentiment is Neutral. The current price of 1.99 is below the 20-day moving average (MA) of 2.34, above the 50-day MA of 1.94, and above the 200-day MA of 0.84, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 44.75 is Neutral, neither overbought nor oversold. The STOCH value of 10.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IPA.
ImmunoPrecise Antibodies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $89.08M | ― | -102.69% | ― | -3.20% | 12.24% | |
54 Neutral | $91.73M | ― | -52.77% | ― | 1071.91% | -27.61% | |
51 Neutral | $7.92B | -0.43 | -41.69% | 2.21% | 22.29% | -1.85% | |
44 Neutral | $21.84M | ― | -88.27% | ― | ― | 32.57% | |
43 Neutral | $18.48M | ― | -63.84% | ― | ― | 12.95% | |
| ― | $6.50M | ― | -97.67% | ― | ― | ― | |
| ― | $47.37M | ― | ― | ― | ― |
* Healthcare Sector Average
Performance Comparison
IPA
ImmunoPrecise Antibodies
1.94
1.27
189.55%
LSTA
Lisata Therapeutics
2.17
-0.93
-30.00%
OVID
Ovid Therapeutics
1.23
0.21
20.59%
PASG
Passage Bio
7.18
-6.90
-49.01%
CDIO
Cardio Diagnostics Holdings
3.71
-4.99
-57.36%
JUNS
Jupiter Neurosciences, Inc.
1.23
-4.31
-77.80%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.