MindWalk Holdings (HYFT) AI Stock Analysis

• Market Cap: $66.93M
• Dividend Yield: N/A
• Average Volume (3M): 1.22M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: -9.61%
• EPS Growth: 20.36%
• Country: US
• Employees: 81
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.07
• Shares Outstanding: 46,157,310
• 10 Day Avg. Volume: 705,015
• 30 Day Avg. Volume: 1,219,500
• PEG Ratio: 0.05
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 0.82
• P/FCF Ratio: -2.80
• Enterprise Value/Market Cap: 1.13
• Enterprise Value/Revenue: 3.09
• Enterprise Value/Gross Profit: 5.59
• Enterprise Value/Ebitda: -2.63
• 1Y Price Target: $4.00
• Price Target Upside: 159.74% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 49 Neutral
• Price Target: $1.50 ▼(-2.60% Downside)

The overall stock score is primarily influenced by financial performance challenges, including persistent net losses and negative cash flows. Technical analysis indicates bearish momentum, while valuation remains difficult due to a negative P/E ratio. The earnings call provides some optimism with record revenue growth and strategic initiatives, but ongoing losses and restructuring challenges temper the outlook.

Positive Factors

Revenue Growth

The significant year-over-year revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion.

Strategic Divestiture

This divestiture strengthens the balance sheet, allowing the company to focus on high-margin initiatives, enhancing long-term financial health.

Leadership Changes

The appointment of an experienced CFO can improve financial management and strategic planning, positively impacting long-term business performance.

Negative Factors

Net Loss

Ongoing net losses indicate challenges in achieving profitability, which can hinder long-term financial stability and growth.

Cash Flow Challenges

Persistent negative cash flows suggest reliance on external financing, which may limit operational flexibility and increase financial risk.

Increased Leverage

Increased leverage can strain financial resources and limit the company's ability to invest in growth opportunities, affecting long-term sustainability.

MindWalk Holdings Business Overview & Revenue Model

Company Description

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 its name to MindWalk Holdings Corp. in September 2025. The company was incorporated in 1983 and is headquartered in Austin, Texas.

How the Company Makes Money

ImmunoPrecise 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.

MindWalk Holdings Financial Statement Overview

Summary

The company shows consistent revenue growth but struggles with profitability and cash flow management. Persistent net losses and negative cash flows present challenges for sustainable growth without external funding. The balance sheet indicates increased leverage, posing potential risks.

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.

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.

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.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	24.52M	24.52M	24.52M	20.66M	19.36M	17.91M
Gross Profit	13.55M	13.55M	12.05M	11.56M	10.98M	11.54M
EBITDA	-28.86M	-28.86M	-22.95M	-21.04M	-11.99M	-1.42M
Net Income	-30.23M	-30.23M	-27.18M	-26.56M	-16.71M	-7.34M
Balance Sheet
Total Assets	44.44M	44.44M	59.99M	77.81M	93.49M	66.96M
Cash, Cash Equivalents and Short-Term Investments	10.66M	10.66M	3.46M	8.28M	29.96M	41.76M
Total Debt	13.40M	13.40M	13.68M	7.27M	2.55M	3.46M
Total Liabilities	20.82M	20.82M	26.07M	20.01M	18.21M	10.04M
Stockholders Equity	23.63M	23.63M	33.92M	57.80M	75.28M	56.92M
Cash Flow
Free Cash Flow	-7.21M	-7.21M	-5.64M	-21.33M	-11.18M	-2.03M
Operating Cash Flow	-6.41M	-6.41M	-4.25M	-19.83M	-9.92M	-600.00K
Investing Cash Flow	-799.00K	-799.00K	-1.56M	-1.97M	-5.21M	-2.46M
Financing Cash Flow	14.89M	14.89M	1.02M	-621.00K	2.88M	43.38M

MindWalk Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.54
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HYFT, the sentiment is Neutral. The current price of 1.54 is below the 20-day moving average (MA) of 1.72, below the 50-day MA of 1.99, and above the 200-day MA of 1.08, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 45.73 is Neutral, neither overbought nor oversold. The STOCH value of 31.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HYFT.

MindWalk Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HYFT	49 Neutral	$66.93M	―	-110.94%	―	-9.61%	20.36%
HOWL	46 Neutral	$74.08M	―	-100.55%	―	-100.00%	-22.09%
RLMD	41 Neutral	$71.03M	―	-175.12%	―	―	23.17%
PMVP	40 Underperform	$77.90M	―	-45.57%	―	―	-61.41%

MindWalk Holdings Corporate Events

MindWalk Appoints New CFO and Announces AGM Results

MindWalk Holdings Corp., a bio-native AI company, has appointed R. Scott Areglado as its new Chief Financial Officer to bolster its financial leadership and support its growth strategy. Areglado, with over 25 years of experience in financial leadership within healthcare, life sciences, and technology sectors, is expected to enhance MindWalk’s financial systems, execute growth initiatives, and improve investor relations as the company scales its AI platform globally. Additionally, MindWalk announced the results of its 2025 Annual General Meeting, where Dr. Jennifer Bath, Jon Lieber, and Dirk Witters were elected to the Board of Directors, and Davidson & Company LLP was re-appointed as auditor. The resignation of board member Kamil Isaev was also accepted, and a search for his successor is underway.

The most recent analyst rating on (HYFT) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MindWalk Holdings stock, see the HYFT Stock Forecast page.

MindWalk Holdings Appoints New CBO to Boost Commercial Expansion

MindWalk Holdings has appointed Dr. Thomas W. Lynch as Chief Business Officer to drive its commercial expansion strategy. With over two decades of experience at the intersection of biotechnology and software innovation, Dr. Lynch is expected to enhance MindWalk’s market position by leveraging his expertise in scaling global teams and forming strategic partnerships. This appointment is a strategic move to broaden the adoption of MindWalk’s Bio-Native AI platform, aiming to capture a larger share of the multibillion-dollar life sciences data analytics market.

The most recent analyst rating on (HYFT) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MindWalk Holdings stock, see the HYFT Stock Forecast page.

MindWalk Holdings Initiates Share Repurchase Program to Enhance Shareholder Value

MindWalk Holdings Corp. has announced a share repurchase program, allowing the company to buy back up to 2.3 million common shares over the next year. This move, representing about 5% of its outstanding shares, reflects the company’s confidence in its financial health and intrinsic stock value. The repurchase will be conducted based on market conditions and regulatory requirements, with funding expected from existing cash and future cash flows. The program’s flexibility allows for adjustments or discontinuation by the Board, aiming to optimize capital use and benefit shareholders.

The most recent analyst rating on (HYFT) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MindWalk Holdings stock, see the HYFT Stock Forecast page.

MindWalk Unveils Dual-Pathway Regimen in Longevity Therapeutics

MindWalk Holdings has announced a significant advancement in its AI-designed GLP-1 therapeutics program, revealing a novel dual-pathway regimen that combines its proprietary companion therapeutic with GLP-1 receptor agonists. This first-in-class regimen, identified through the company’s LensAI™ platform, targets a newly discovered pathway linked to healthy aging, positioning MindWalk to capitalize on the growing longevity therapeutics market. The strategy aims to enhance the efficacy and durability of treatments, offering a new approach to preventive health and longevity medicine.

The most recent analyst rating on (HYFT) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on MindWalk Holdings stock, see the HYFT Stock Forecast page.

MindWalk’s Earnings Call Highlights Growth and Challenges

The recent earnings call from MindWalk, formerly known as ImmunoPrecise Antibodies Ltd., presented a generally positive outlook for the company. The call highlighted record revenue growth, improved financial health, and strategic advancements, including a successful rebranding and a stronger balance sheet. However, challenges such as a net loss and ongoing restructuring were also acknowledged, indicating areas for further improvement.

MindWalk Holdings Reports Strong Revenue Growth and Improved Margins

MindWalk Holdings Corp., formerly known as ImmunoPrecise Antibodies, is a Bio-Native AI company that operates at the intersection of technology and biotechnology, focusing on next-generation drug discovery. The company leverages its proprietary LensAI platform and HYFT technology to partner with global pharmaceutical and biotechnology companies, aiming to accelerate biologics discovery and development.

MindWalk Holdings Reports Q3 2025 Financial Results and Strategic Growth

MindWalk Holdings Corp. announced its financial results for the three months ended July 31, 2025, highlighting its strategic expansion and organic revenue growth in the biologics and Contract Research Organizations (CRO) space. The company has achieved growth through market penetration, service diversification, and strategic expansion in Europe, supported by investments in research and development. MindWalk’s unique integration of in silico and wet lab technologies positions it as a leader in the industry, offering innovative solutions and a comprehensive suite of services to its partners.

MindWalk Holdings Reports Record Revenue and Strategic Divestiture

On September 15, 2025, MindWalk Holdings Corp. reported record quarterly revenue of $7.6 million, marking a 45% year-over-year growth, with significant margin expansion and reduced losses. The company completed the divestiture of its Netherlands operations, generating $16.1 million in proceeds, which strengthened its balance sheet and allowed a sharper focus on AI-driven initiatives. The rebranding to MindWalk, uniting various entities under one identity, and advancements in their dengue vaccine program and LensAI validation, underscore their strategic shift towards becoming a fully integrated BioIntelligence company.