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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ImmunoPrecise Antibodies Ltd | NASDAQ:IPA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -1.79% | 1.10 | 1.10 | 1.24 | 1.27 | 1.07 | 1.13 | 183,358 | 22:38:17 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of December, 2023.
Commission File Number: 001-39530
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☐ | Form 40-F ☒ |
EXPLANATORY NOTE
Other than as expressly set forth above, this Amendment does not, and does not purport to, amend, update or restate the information in any other item of the Form 6-K, or reflect any events that have occurred after the time of the Form 6-K.
INCORPORATION BY REFERENCE
Exhibits 99.1, 99.2, 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE, and 104 of this Amendment are incorporated by reference into the Registration Statement on Form F-3 (File No. 333-273197) and Registration Statement on Form S-8 (File No. 333-256730) of the Registrant, ImmunoPrecise Antibodies Ltd.
EXHIBIT INDEX
Exhibit | Description | |
99.1* | Management's Discussion and Analysis for the three and six months ended October 31, 2023 and 2022 | |
99.2 | Amended Condensed Interim Consolidated Financial Statements for the three and six months ended October 31, 2023 and 2022 | |
99.3* | CEO Certification (pursuant to Canadian regulations) | |
99.4* | CFO Certification (pursuant to Canadian regulations) | |
101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* Previously Filed
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
IMMUNOPRECISE ANTIBODIES LTD. | ||
Date: February 15, 2024 |
||
By: | /s/ Kristin Taylor | |
Name: | Kristin Taylor | |
Title: | Chief Financial Officer |
Exhibit 99.2
IMMUNOPRECISE ANTIBODIES LTD.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the three and six months ended October 31, 2023 and 2022
(Unaudited - Expressed in Canadian Dollars)
IMMUNOPRECISE ANTIBODIES LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian dollars) |
(in thousands) | Note | October 31, 2023 $ |
April 30, 2023 $ |
||||
ASSETS | |||||||
Current assets | |||||||
Cash | |||||||
Amounts receivable, net | |||||||
Sales tax receivable | |||||||
Income taxes receivable | |||||||
Inventory | |||||||
Unbilled revenue | |||||||
Prepaid expenses | |||||||
Restricted cash | |||||||
Deposit on equipment | |||||||
Investment at fair value through profit and loss | |||||||
Property and equipment | 5, 7 | ||||||
Intangible assets | 6 | ||||||
Goodwill | |||||||
Total assets | |||||||
LIABILITIES | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | 10 | ||||||
Deferred revenue | |||||||
Income taxes payable | - | ||||||
Leases | 7 | ||||||
Deferred acquisition payments | |||||||
Leases | 7 | ||||||
Deferred acquisition payments | |||||||
Deferred income tax liability | |||||||
Total liabilities | |||||||
SHAREHOLDERS' EQUITY | |||||||
Share capital | 8 | ||||||
Contributed surplus | 8 | ||||||
Accumulated other comprehensive loss | |||||||
Accumulated deficit | ( |
) | ( |
) | |||
Total liabilities and shareholders' equity |
Nature of operations (Note 1)
Approved and authorized on behalf of the Board of Directors on December 13, 2023.
"Mitch Levine" Director "Dirk Witters" Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements |
2 |
IMMUNOPRECISE ANTIBODIES LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited - Expressed in Canadian dollars) |
Three months ended October 31, |
Six months ended October 31, |
||||||||||||
(in thousands, except share data) | Note | 2023 $ |
2022 $ |
2023 $ |
2022 $ |
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REVENUE | |||||||||||||
COST OF SALES | |||||||||||||
GROSS PROFIT | |||||||||||||
EXPENSES | |||||||||||||
Research and development | |||||||||||||
Sales and marketing | |||||||||||||
General and administrative | |||||||||||||
Amortization of intangible assets | 6 | ||||||||||||
Loss before other income (expenses) and income taxes | ( |
) | ( |
) | ( |
) | ( |
) | |||||
OTHER INCOME (EXPENSES) | |||||||||||||
Accretion | ( |
) | ( |
) | ( |
) | |||||||
Grant income | 12 | ||||||||||||
Interest and other income | |||||||||||||
Unrealized foreign exchange gain | |||||||||||||
Loss before income taxes | ( |
) | ( |
) | ( |
) | ( |
) | |||||
Income taxes | ( |
) | |||||||||||
NET LOSS FOR THE PERIOD | ( |
) | ( |
) | ( |
) | ( |
) | |||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Items that will be reclassified subsequently to loss | |||||||||||||
Exchange difference on translating foreign operations | ( |
) | |||||||||||
COMPREHENSIVE LOSS FOR THE PERIOD | ( |
) | ( |
) | ( |
) | ( |
) | |||||
LOSS PER SHARE - BASIC AND DILUTED | ( |
) | ( |
) | ( |
) | ( |
) | |||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
The accompanying notes are an integral part of these condensed interim consolidated financial statements |
3 |
IMMUNOPRECISE ANTIBODIES LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited - Expressed in Canadian dollars) |
(in thousands, except share data) | Number of Shares |
Share Capital $ |
Convertible Debentures - Equity Component $ |
Contributed Surplus $ |
Accumulated Other Comprehensive (Loss) Income $ |
Accumulated Deficit $ |
Total $ |
||||||||||||||
Balance, July 31, 2022 | - | ( |
) | ( |
) | ||||||||||||||||
Shares issued pursuant to option exercise | - | ( |
) | - | - | ||||||||||||||||
Share-based payments | - | - | - | - | - | ||||||||||||||||
Comprehensive loss for the period | - | - | - | - | ( |
) | ( |
) | |||||||||||||
Balance, October 31, 2022 | - | ( |
) | ( |
) | ||||||||||||||||
Balance, July 31, 2023 | - | ( |
) | ||||||||||||||||||
Share-based payments | - | - | - | - | - | ||||||||||||||||
Comprehensive loss for the period | - | - | - | - | ( |
) | (2,105 | ) | |||||||||||||
Balance, October 31, 2023 | - | ( |
) |
(in thousands, except share data) | Number of Shares |
Share Capital $ |
Convertible Debentures - Equity Component $ |
Contributed Surplus $ |
Accumulated Other Comprehensive (Loss) Income $ |
Accumulated Deficit $ |
Total $ |
||||||||||||||
Balance, April 30, 2022 | ( |
) | ( |
) | |||||||||||||||||
Shares issued pursuant to option exercise | - | ( |
) | - | - | ||||||||||||||||
Shares issued pursuant to conversion of convertible debentures | ( |
) | - | - | - | ||||||||||||||||
Share-based payments | - | - | - | - | - | ||||||||||||||||
Comprehensive loss for the period | - | - | - | - | ( |
) | ( |
) | |||||||||||||
Balance, October 31, 2022 | - | ( |
) | ( |
) | ||||||||||||||||
Balance, April 30, 2023 | - | ( |
) | ||||||||||||||||||
Share-based payments | - | - | - | - | - | ||||||||||||||||
Comprehensive loss for the period | - | - | - | - | ( |
) | ( |
) | ( |
) | |||||||||||
Balance, October 31, 2023 | - | ( |
) |
The accompanying notes are an integral part of these condensed interim consolidated financial statements |
4 |
IMMUNOPRECISE ANTIBODIES LTD. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
(in thousands) | Note | 2023 $ |
2022 $ |
||||
Operating activities: | |||||||
Net loss for the period | ( |
) | (16,731 | ) | |||
Items not affecting cash: | |||||||
Amortization and depreciation | 5, 6, 13 | ||||||
Deferred income taxes | ( |
) | ( |
) | |||
Accretion | |||||||
Foreign exchange | ( |
) | |||||
Gain on investment | ( |
) | |||||
Share-based payments | 8, 9, 10 | ||||||
( |
) | ( |
) | ||||
Changes in non-cash working capital related to operations: | |||||||
Amounts receivable | ( |
) | ( |
) | |||
Inventory | ( |
) | |||||
Unbilled revenue | ( |
) | ( |
) | |||
Prepaid expenses | |||||||
Accounts payable and accrued liabilities | 10 | ( |
) | ||||
Sales and income taxes payable and receivable | ( |
) | |||||
Deferred revenue | |||||||
Net cash used in operating activities | ( |
) | ( |
) | |||
Investing activities: | |||||||
Purchase of equipment | 5 | ( |
) | ( |
) | ||
Security deposit on leases | ( |
) | |||||
Deferred acquisition payments | ( |
) | ( |
) | |||
Sale of QVQ Holdings BV shares | |||||||
Net cash used in investing activities | ( |
) | ( |
) | |||
Financing activities: | |||||||
Proceeds on share issuance, net of transaction costs | 8 | ||||||
Repayment of leases | 7 | ( |
) | ( |
) | ||
Net cash (used in) provided by financing activities | ( |
) | |||||
Decrease in cash during the period | ( |
) | ( |
) | |||
Foreign exchange | ( |
) | |||||
Cash - beginning of the period | |||||||
Cash - end of the period | |||||||
Cash is comprised of: | |||||||
Cash | |||||||
Restricted cash | |||||||
Cash paid for interest | |||||||
Cash paid for income tax |
Supplemental cash flow information (Note 14)
The accompanying notes are an integral part of these condensed interim consolidated financial statements |
5 |
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
1. NATURE OF OPERATIONS
ImmunoPrecise Antibodies Ltd. (the "Company" or "IPA") was incorporated under the laws of Alberta on November 22, 1983. The Company is listed on the NASDAQ Global Market under the trading ticker symbol "IPA". The Company is a supplier of custom antibody discovery services. The address of the Company's corporate office is 3304-4464 Markham Street, Victoria, BC, Canada V8Z 7X8.
Going concern basis
The condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern. The Company has incurred operating losses since its inception, including $
The Company will need to raise additional funds to finance its operations and strategic goals and there can be no assurances that sufficient funding, including adequate financing, will be available. The ability of the Company to arrange additional financing in the future depends in part on the prevailing capital market conditions and profitability of its operations. If the Company is unable to raise sufficient funds, reductions in expenditures will be required, and this may impact the future growth plans of the Company.
2. BASIS OF PRESENTATION
(a) Statement of compliance
These condensed interim consolidated financial statements have been prepared in conformity with International Accounting Standard ("IAS") 34, Interim Financial Reporting, using the same accounting policies as detailed in the Company's audited annual financial statements for the year ended April 30, 2023. They do not include all the information required for complete annual financial statements in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS") and interpretations of the International Financial Reporting Interpretations Committee and therefore should be read together with the audited annual financial statements for the year ended April 30, 2023.
Certain items have been reclassified in the prior year financial statements to conform to the presentation and classification used in the current year. These reclassifications had no effect on the Company's consolidated operating results, financial position or cash flows.
These condensed interim consolidated financial statements were approved by the Company's Board of Directors.
(b) Basis of measurement
These condensed interim consolidated financial statements have been prepared on the historical cost basis. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cashflow information.
6
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
(c) Basis of consolidation
These condensed interim 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:
Name of Subsidiary | % Equity Interest - October 31, 2023 and April 30, 2023 |
Country of Incorporation |
Functional Currency |
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Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions and unrealized intercompany gains and losses are eliminated upon consolidation.
(d) Functional and presentation currency
The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. The presentation currency of the Company is the Canadian dollar.
Foreign currency translation
Entities whose functional currencies differ from the presentation currency are translated into Canadian dollars as follows: assets and liabilities - at the closing rate as at the reporting date, and income and expenses - at the average rate of the period. All resulting changes are recognized in other comprehensive income as cumulative translation differences.
Foreign currency transactions
Transactions in foreign currencies are translated into the functional currency at exchange rates at the date of the transactions. Foreign currency monetary assets and liabilities are translated at the functional currency exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss.
When the Company disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary are reallocated between controlling and non-controlling interests.
7
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
3. ADOPTION OF NEW ACCOUNTING STANDARDS
Standards not yet adopted
Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
The amendments to IAS 1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. The Company does not expect the amendments to IAS 1 to have a material impact on the Company's financial statements.
These amendments are effective for reporting periods beginning on or after January 1, 2024.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of the condensed interim consolidated financial statements in conformity with IFRS required estimates and judgments that affect the amounts reported in the financial statements. Actual results could differ from these estimates and judgments. Estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised. Estimates and judgments applied in the preparation of the condensed interim consolidated financial statements are the same as those presented in the Company's audited annual financial statements for the year ended April 30, 2023.
8
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
5. PROPERTY AND EQUIPMENT
The table below includes both property and equipment and right-of-use assets.
(in thousands) | Computer Hardware $ |
Furniture & Equipment $ |
Computer Software $ |
Building $ |
Automobile $ |
Leasehold Improvements $ |
Lab Equipment $ |
WIP - Leasehold Improvements $ |
Total $ |
||||||||||||||||||
Cost: | |||||||||||||||||||||||||||
Balance, April 30, 2022 | |||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||
Completion of work-in-process | ( |
) | |||||||||||||||||||||||||
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Foreign exchange | |||||||||||||||||||||||||||
Balance, April 30, 2023 | |||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||
Disposals | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Foreign exchange | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||
Balance, October 31, 2023 | |||||||||||||||||||||||||||
Accumulated Depreciation: | |||||||||||||||||||||||||||
Balance, April 30, 2022 | |||||||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||||||
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Foreign exchange | |||||||||||||||||||||||||||
Balance, April 30, 2023 | |||||||||||||||||||||||||||
Depreciation | |||||||||||||||||||||||||||
Disposals | ( |
) | ( |
) | |||||||||||||||||||||||
Foreign exchange | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Balance, October 31, 2023 | |||||||||||||||||||||||||||
Net Book Value: | |||||||||||||||||||||||||||
April 30, 2023 | |||||||||||||||||||||||||||
October 31, 2023 |
9
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
6. INTANGIBLE ASSETS
Changes in the value of the intangible assets during the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
(in thousands) | Internally Generated Development Costs $ |
Intellectual Property $ |
Proprietary Processes $ |
Certifications $ |
Customer List $ |
Total $ |
||||||||||||
Cost: | ||||||||||||||||||
Balance, April 30, 2022 | ||||||||||||||||||
Foreign exchange | ||||||||||||||||||
Balance, April 30, 2023 | ||||||||||||||||||
Foreign exchange | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Balance, October 31, 2023 | ||||||||||||||||||
Accumulated Amortization: | ||||||||||||||||||
Balance, April 30, 2022 | ||||||||||||||||||
Amortization | ||||||||||||||||||
Foreign exchange | ( |
) | ||||||||||||||||
Balance, April 30, 2023 | ||||||||||||||||||
Amortization | ||||||||||||||||||
Foreign exchange | ( |
) | ( |
) | ( |
) | ( |
) | ( |
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Balance, October 31, 2023 | ||||||||||||||||||
Net Book Value: | ||||||||||||||||||
April 30, 2023 | ||||||||||||||||||
October 31, 2023 |
10
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
7. LEASES
The Company has leases for lab and office space and automobiles. Each lease is reflected in the consolidated statement of financial position as a right-of-use asset and a lease liability. The Company classifies right-of-use assets in a consistent manner to its property and equipment. The following is a schedule of the Company's future minimum lease payments related to the equipment and automobiles under finance lease and the office lease obligation:
(in thousands) | $ | ||
2024 (remainder) | |||
2025 | |||
2026 | |||
2027 | |||
2028 | |||
More than 5 years | |||
Total minimum lease payments | |||
Less: imputed interest | ( |
) | |
Total present value of minimum lease payments | |||
Less: Current portion | ( |
) | |
Non-current portion |
Total cash outflow for leases during the six months ended October 31, 2023 was $
The nature of the Company's leases by type of right-of-use asset as at October 31, 2023 is as follows:
Right-of-use asset type | No. of right- of-use assets leased |
Range of remaining term |
Average remaining lease term |
No. of leases with extension options |
No. of leases with options to purchase |
No. of leases with variable payments linked to an index |
No. of leases with termination options |
||||||||||||||
Lab and office facilities |
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Automobiles |
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11
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
Right-of-use assets
The changes in the value of right-of-use assets during the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
(in thousands) | Building $ |
Automobile $ |
Lab Equipment $ |
Total $ |
||||||||
Cost: | ||||||||||||
Balance, April 30, 2022 | ||||||||||||
Additions | ||||||||||||
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ||||
Foreign exchange | ||||||||||||
Balance, April 30, 2023 | ||||||||||||
Additions | ||||||||||||
Disposals | ( |
) | ( |
) | ||||||||
Foreign exchange | ( |
) | ( |
) | - | ( |
) | |||||
Balance, October 31, 2023 | ||||||||||||
Accumulated Depreciation: | ||||||||||||
Balance, April 30, 2022 | ||||||||||||
Depreciation | ||||||||||||
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ||||
Foreign exchange | ( |
) | ||||||||||
Balance, April 30, 2023 | ||||||||||||
Depreciation | - | |||||||||||
Disposals | ( |
) | - | - | ( |
) | ||||||
Foreign exchange | ( |
) | ( |
) | - | ( |
) | |||||
Balance, October 31, 2023 | ||||||||||||
Net Book Value: | ||||||||||||
April 30, 2022 |
||||||||||||
October 31, 2022 |
Lease payments not recognized as a liability
The Company has elected not to recognize a lease liability for leases with an expected term of 12 months or less. Additionally, certain variable lease payments are not permitted to be recognized as lease liabilities and are recognized in profit and loss as incurred. The expense relating to payments not included in the measurement of the lease liability during the six months ended October 31, 2023 and 2022 are as follows:
(in thousands) | 2023 $ |
2022 $ |
||||
Leases of low value assets | ( |
) | ||||
Variable lease payments | ||||||
8. SHARE CAPITAL
a) Authorized:
Unlimited common shares without par value.
12
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
b) Share capital transactions:
2023 Transactions
During the year ended April 30, 2023, the Company issued
During the year ended April 30, 2023, the Company issued
2024 Transactions
The Company did not issue common shares during the six months ended October 31, 2023.
13
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
c) Options:
The following table summarizes stock option awards during the six months ended October 31, 2023 and the year ended April 30, 2023, including the grant date fair value determined using the Black-Scholes option pricing model:
Black-Scholes Option Pricing Model Inputs | |||||||||||||||||||||||||
Grant date | Stock options granted |
Exercisable price/option $ |
Awarded to | Share price on grant date $ |
Dividend yield |
Expected volatility |
Risk-free rate |
Expected life | Fair value | ||||||||||||||||
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$ | |||||||||||||||||||||||
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(3) |
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(3) | $ | |||||||||||||||||||||
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(3) |
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(3) | $ |
(1)
(2)
(3) Priced in US dollars
Expected volatility of options granted is based on the historical volatility of the company from January 1, 2019 to the option grant date.
During the six months ended October 31, 2023 the Company has recorded $
14
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
The changes in the stock options for the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
Number of options # |
Weighted average exercise price $ |
Weighted average life remaining (years) |
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Balance, April 30, 2022 (outstanding) |
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Forfeited | ( |
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Balance, April 30, 2023 (outstanding) |
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Expired | ( |
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Forfeited | ( |
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Balance, October 31, 2023 (outstanding) |
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Unvested | ( |
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Exercisable, October 31, 2023 |
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Details of the options outstanding as of October 31, 2023 are as follows:
Expiry Date | Exercise price $ |
Remaining life (year) |
Options outstanding |
Unvested | Vested | ||||||||||
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(1) Exercise price of US $
(2) Exercise price of US $
d) Finder's Warrants
There were no changes in the finder's warrants during the six months ended October 31, 2023 or the year ended April 30, 2023. Details of the finder's warrants outstanding as of October 31, 2023 are as follows:
Expiry Date | Exercise price $ |
Remaining life (year) |
Warrants outstanding |
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15
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
(1) Exercise price of US $
9. EMPLOYEE REMUNERATION
Expenses recognized for employee benefits for the six months ended October 31, 2023 and 2022 are detailed below:
(in thousands) | 2023 $ |
2022 $ |
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Wages, salaries | ||||||
Employee benefits | ||||||
Payroll taxes | ||||||
Severance | ||||||
Share-based payments | ||||||
10. RELATED PARTY TRANSACTIONS
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management consists of Dr. Jennifer Bath, President and CEO; Brad McConn, former Chief Financial Officer; Dr. Stefan Lang, former Chief Business Officer; Dr. Ilse Roodink, Chief Scientific Officer; Lisa Helbling, former Chief Financial Officer; and Directors of the Company. During the six months ended October 31, 2023 and 2022, the compensation for key management is as follows:
(in thousands) | 2023 $ |
2022 $ |
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Salaries and other short-term benefits | ||||||
Severance (included in salaries) | ||||||
Share-based payments | ||||||
Director compensation (included in salaries) | ||||||
At October 31, 2023, included in accounts payable and accrued liabilities is $
These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties, unless otherwise noted.
16
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
11. COMMITMENTS
The Company entered into a lease agreement for a new facility for its Oss, the Netherlands location on October 16, 2021. The lease will have a
The share purchase agreement related to the acquisition of BioStrand includes contingent earnout payments based on
12. GRANT AND SUBSIDY INCOME
During May 2022, the Company received a €
13. SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE
At October 31, 2023 and April 30, 2023, the Company has one reportable segment, being antibody production and related services.
The Company's revenues are allocated to geographic regions for the three and six months ended October 31, 2023 and 2022 as follows:
Three months ended October 31, |
Six months ended October 31, |
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(in thousands) | 2023 $ |
2022 $ |
2023 $ |
2022 $ |
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United States of America | ||||||||||||
Europe | ||||||||||||
Canada | ||||||||||||
Australia | ||||||||||||
Other | ||||||||||||
The Company's revenues are allocated according to revenue types for the three and six months ended October 31, 2023 and 2022 as follows:
Three months ended October 31, |
Six months ended October 31, |
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(in thousands) | 2023 $ |
2022 $ |
2023 $ |
2022 $ |
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Project revenue | ||||||||||||
Product sales revenue | ||||||||||||
Cryostorage revenue | ||||||||||||
17
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
The Company's non-current assets are allocated to geographic regions as of October 31, 2023 and April 30, 2023 as follows:
October 31, 2023 $ |
April 30, 2023 $ |
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North America - Corporate | ||||||
North America | ||||||
Belgium | ||||||
Netherlands | ||||||
Geographic segmentation of the Company's net income (loss) for the three and six months ended October 31, 2023 and 2022 is as follows:
Three months ended October 31, |
Six months ended October 31, |
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(in thousands) | 2023 $ |
2022 $ |
2023 $ |
2022 $ |
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North America - Corporate | ( |
) | ( |
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North America | ( |
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Belgium | ( |
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Netherlands | ( |
) | ( |
) | ( |
) | ||||||
( |
) | ( |
) | ( |
) | ( |
) |
Geographic segmentation of the interest and accretion, and amortization and depreciation for the three and six months ended October 31, 2023 and 2022 is as follows:
Three months ended October 31, |
Six months ended October 31, |
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Interest and accretion (in thousands) |
2023 $ |
2022 $ |
2023 $ |
2022 $ |
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North America - Corporate | ( |
) | ( |
) | ( |
) | ||||||
North America | ||||||||||||
Belgium | ||||||||||||
Netherlands | ||||||||||||
Three months ended October 31, |
Six months ended October 31, |
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Amortization and depreciation (in thousands) |
2023 $ |
2022 $ |
2023 $ |
2022 $ |
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North America - Corporate | ||||||||||||
North America | ||||||||||||
Belgium | ||||||||||||
Netherlands | ||||||||||||
18
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
14. SUPPLEMENTAL CASH FLOW INFORMATION
Non-cash investing and financing transactions (in thousands) |
October 31, 2023 $ |
October 31, 2022 $ |
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Acquisition of building and equipment by lease | ||||||
Settlement of convertible debentures |
The following changes in liabilities arose from financing activities:
Non-cash changes | |||||||||||||||||||||
(in thousands) | April 30, 2023 $ |
Cash Flows $ |
Acquisition $ |
Settlement / Disposal $ |
Accretion $ |
Foreign exchange movements and change in estimates $ |
October 31, 2023 $ |
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Leases | ( |
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Total | ( |
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Non-cash changes | |||||||||||||||||||||
(in thousands) | April 30, 2022 $ |
Cash Flows $ |
Acquisition $ |
Debt forgiven / Settlement / Disposal $ |
Accretion $ |
Foreign exchange movements and change in estimates $ |
October 31, 2022 $ |
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Convertible debentures | ( |
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Leases | ( |
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Total | ( |
) | ( |
) | ( |
) |
19
IMMUNOPRECISE ANTIBODIES LTD. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the three and six months ended October 31, 2023 and 2022 (Unaudited - Expressed in Canadian dollars) |
15. SUBSEQUENT EVENTS
On December 8, 2023, the Company closed an underwritten public offering of
20
Cover Page |
6 Months Ended |
---|---|
Oct. 31, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | ImmunoPrecise Antibodies Ltd. |
Entity Central Index Key | 0001715925 |
Document Type | 6-K/A |
Document Fiscal Period Focus | Q2 |
Document Period End Date | Oct. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --04-30 |
Entity Address, Address Line One | 3204 - 4464 Markham Street |
Entity Address, City or Town | Victoria |
Entity Address, Postal Zip Code | V8Z 7X8 |
Entity Address, State or Province | BC |
Amendment Flag | true |
Amendment Description | ImmunoPrecise Antibodies Ltd. is furnishing an amended Form 6-K (this “Amendment”) to include as exhibits the condensed interim consolidated financial statements and the XBRL Data Files for such condensed interim consolidated financial statements. The XBRL Data Files should be read in conjunction with the condensed interim consolidated financial statements included in the Form 6-K furnished on December 14, 2023, and included again in this Amendment as Exhibit 99.2. |
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - Unaudited - CAD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Profit or loss [abstract] | ||||
REVENUE | $ 6,150 | $ 5,184 | $ 11,837 | $ 9,873 |
COST OF SALES | 3,196 | 2,405 | 6,090 | 4,615 |
GROSS PROFIT | 2,954 | 2,779 | 5,747 | 5,258 |
EXPENSES | ||||
Research and development | 1,037 | 5,002 | 2,114 | 11,626 |
Sales and marketing | 921 | 817 | 1,984 | 1,838 |
General and administrative | 3,308 | 3,831 | 7,295 | 7,626 |
Amortization of intangible assets | 711 | 953 | 1,558 | 2,064 |
Total expenses | 5,977 | 10,603 | 12,951 | 23,154 |
Loss before other income (expenses) and income taxes | (3,023) | (7,824) | (7,204) | (17,896) |
OTHER INCOME (EXPENSES) | ||||
Accretion | (5) | 0 | (10) | (3) |
Grant income | 16 | 14 | 299 | 284 |
Interest and other income | 213 | 36 | 356 | 34 |
Unrealized foreign exchange gain | 209 | 297 | 136 | 320 |
Other income (expenses) | 433 | 347 | 781 | 635 |
Loss before income taxes | (2,590) | (7,477) | (6,423) | (17,261) |
Income taxes | (32) | 126 | 230 | 529 |
NET LOSS FOR THE PERIOD | (2,622) | (7,351) | (6,193) | (16,732) |
Items that will be reclassified subsequently to loss | ||||
Exchange difference on translating foreign operations | 516 | 1,999 | (698) | 142 |
COMPREHENSIVE LOSS FOR THE PERIOD | $ (2,106) | $ (5,352) | $ (6,891) | $ (16,590) |
LOSS PER SHARE - BASIC | $ (0.1) | $ (0.3) | $ (0.25) | $ (0.67) |
LOSS PER SHARE - DILUTED | $ (0.1) | $ (0.3) | $ (0.25) | $ (0.67) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Basic | 25,050,260 | 24,874,455 | 25,050,260 | 24,806,791 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - diluted | 25,050,260 | 24,874,455 | 25,050,260 | 24,806,791 |
NATURE OF OPERATIONS |
6 Months Ended |
---|---|
Oct. 31, 2023 | |
Disclosure Of Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS [Text Block] |
1. NATURE OF OPERATIONS ImmunoPrecise Antibodies Ltd. (the "Company" or "IPA") was incorporated under the laws of Alberta on November 22, 1983. The Company is listed on the NASDAQ Global Market under the trading ticker symbol "IPA". The Company is a supplier of custom antibody discovery services. The address of the Company's corporate office is 3304-4464 Markham Street, Victoria, BC, Canada V8Z 7X8. Going concern basis The condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern. The Company has incurred operating losses since its inception, including $2.6 million for the six months ended October 31, 2023, and has accumulated a deficit of $79.3 million as of October 31, 2023. The Company had $6.1 million cash on hand as of October 31, 2023. The Company expects its cash on hand as of October 31, 2023 will be insufficient to fund the Company's operations for at least one year from the date these financial statements are available to be issued. These conditions raise material uncertainties which cast significant doubt as to whether the Company will be able to continue as a going concern should it not be able to obtain financing necessary to fund its planned revenue growth and working capital requirements. The Company will need to raise additional funds to finance its operations and strategic goals and there can be no assurances that sufficient funding, including adequate financing, will be available. The ability of the Company to arrange additional financing in the future depends in part on the prevailing capital market conditions and profitability of its operations. If the Company is unable to raise sufficient funds, reductions in expenditures will be required, and this may impact the future growth plans of the Company. |
BASIS OF PRESENTATION |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Accounting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION [Text Block] |
2. BASIS OF PRESENTATION (a) Statement of compliance These condensed interim consolidated financial statements have been prepared in conformity with International Accounting Standard ("IAS") 34, Interim Financial Reporting, using the same accounting policies as detailed in the Company's audited annual financial statements for the year ended April 30, 2023. They do not include all the information required for complete annual financial statements in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS") and interpretations of the International Financial Reporting Interpretations Committee and therefore should be read together with the audited annual financial statements for the year ended April 30, 2023. Certain items have been reclassified in the prior year financial statements to conform to the presentation and classification used in the current year. These reclassifications had no effect on the Company's consolidated operating results, financial position or cash flows. These condensed interim consolidated financial statements were approved by the Company's Board of Directors. (b) Basis of measurement These condensed interim consolidated financial statements have been prepared on the historical cost basis. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cashflow information. (c) Basis of consolidation These condensed interim 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:
Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with an entity and has the ability to affect those returns through its power over the investee. Subsidiaries are fully consolidated from the date on which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions and unrealized intercompany gains and losses are eliminated upon consolidation. (d) Functional and presentation currency The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. The presentation currency of the Company is the Canadian dollar. Foreign currency translation Entities whose functional currencies differ from the presentation currency are translated into Canadian dollars as follows: assets and liabilities - at the closing rate as at the reporting date, and income and expenses - at the average rate of the period. All resulting changes are recognized in other comprehensive income as cumulative translation differences. Foreign currency transactions Transactions in foreign currencies are translated into the functional currency at exchange rates at the date of the transactions. Foreign currency monetary assets and liabilities are translated at the functional currency exchange rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss. When the Company disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary are reallocated between controlling and non-controlling interests. |
ADOPTION OF NEW ACCOUNTING STANDARDS |
6 Months Ended |
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Oct. 31, 2023 | |
Disclosure of initial application of standards or interpretations [abstract] | |
ADOPTION OF NEW ACCOUNTING STANDARDS [Text Block] |
3. ADOPTION OF NEW ACCOUNTING STANDARDS Standards not yet adopted Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) The amendments to IAS 1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. The Company does not expect the amendments to IAS 1 to have a material impact on the Company's financial statements. These amendments are effective for reporting periods beginning on or after January 1, 2024. |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS |
6 Months Ended |
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Oct. 31, 2023 | |
Critical Accounting Estimates And Judgments [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS [Text Block] |
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the condensed interim consolidated financial statements in conformity with IFRS required estimates and judgments that affect the amounts reported in the financial statements. Actual results could differ from these estimates and judgments. Estimates are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimate is revised. Estimates and judgments applied in the preparation of the condensed interim consolidated financial statements are the same as those presented in the Company's audited annual financial statements for the year ended April 30, 2023. |
PROPERTY AND EQUIPMENT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY AND EQUIPMENT [Text Block] |
5. PROPERTY AND EQUIPMENT The table below includes both property and equipment and right-of-use assets.
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INTANGIBLE ASSETS |
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Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS [Text Block] |
6. INTANGIBLE ASSETS Changes in the value of the intangible assets during the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
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LEASES |
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Presentation of leases for lessee [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES [Text Block] |
7. LEASES The Company has leases for lab and office space and automobiles. Each lease is reflected in the consolidated statement of financial position as a right-of-use asset and a lease liability. The Company classifies right-of-use assets in a consistent manner to its property and equipment. The following is a schedule of the Company's future minimum lease payments related to the equipment and automobiles under finance lease and the office lease obligation:
Total cash outflow for leases during the six months ended October 31, 2023 was $0.7 million (2022 - $0.3 million). The nature of the Company's leases by type of right-of-use asset as at October 31, 2023 is as follows:
Right-of-use assets The changes in the value of right-of-use assets during the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
Lease payments not recognized as a liability The Company has elected not to recognize a lease liability for leases with an expected term of 12 months or less. Additionally, certain variable lease payments are not permitted to be recognized as lease liabilities and are recognized in profit and loss as incurred. The expense relating to payments not included in the measurement of the lease liability during the six months ended October 31, 2023 and 2022 are as follows:
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SHARE CAPITAL |
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Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE CAPITAL [Text Block] |
8. SHARE CAPITAL a) Authorized: Unlimited common shares without par value. b) Share capital transactions: 2023 Transactions During the year ended April 30, 2023, the Company issued 263,537 common shares pursuant to the exercise of stock options for total gross proceeds of $0.7 million. A value of $0.8 million was transferred from contributed surplus to share capital as a result. During the year ended April 30, 2023, the Company issued 309,877 common shares with a value of $1.3 million pursuant to the conversion of $1.3 million principal balance of convertible debentures. 2024 Transactions The Company did not issue common shares during the six months ended October 31, 2023. c) Options: The following table summarizes stock option awards during the six months ended October 31, 2023 and the year ended April 30, 2023, including the grant date fair value determined using the Black-Scholes option pricing model:
(1) Vesting conditions are as follows: one-third 6 months after grant date; one-third 12 months after grant date; and one-third 18 months after grant date. (2) Vesting conditions are as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date; and one-quarter 12 months after grant date. (3) Priced in US dollars Expected volatility of options granted is based on the historical volatility of the company from January 1, 2019 to the option grant date. During the six months ended October 31, 2023 the Company has recorded $1.1 million (2022 - $1.1 million) of share-based payments expense. The changes in the stock options for the six months ended October 31, 2023 and the year ended April 30, 2023 are as follows:
Details of the options outstanding as of October 31, 2023 are as follows:
(1) Exercise price of US $7.72. The figure in the table above is translated at the October 31, 2023 rate. (2) Exercise price of US $4.10. The figure in the table above is translated at the October 31, 2023 rate. d) Finder's Warrants There were no changes in the finder's warrants during the six months ended October 31, 2023 or the year ended April 30, 2023. Details of the finder's warrants outstanding as of October 31, 2023 are as follows:
(1) Exercise price of US $16.81. The figure in the table above is translated at the October 31, 2023 rate. |
EMPLOYEE REMUNERATION |
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EMPLOYEE REMUNERATION [Text Block] |
9. EMPLOYEE REMUNERATION Expenses recognized for employee benefits for the six months ended October 31, 2023 and 2022 are detailed below:
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RELATED PARTY TRANSACTIONS [Text Block] |
10. RELATED PARTY TRANSACTIONS Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management consists of Dr. Jennifer Bath, President and CEO; Brad McConn, former Chief Financial Officer; Dr. Stefan Lang, former Chief Business Officer; Dr. Ilse Roodink, Chief Scientific Officer; Lisa Helbling, former Chief Financial Officer; and Directors of the Company. During the six months ended October 31, 2023 and 2022, the compensation for key management is as follows:
At October 31, 2023, included in accounts payable and accrued liabilities is $1.4 million (April 30, 2023 - $0.9 million) due to related parties. The amounts payable are non-interest bearing and unsecured. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties, unless otherwise noted. |
COMMITMENTS |
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Commitments [Abstract] | |
COMMITMENTS [Text Block] |
11. COMMITMENTS The Company entered into a lease agreement for a new facility for its Oss, the Netherlands location on October 16, 2021. The lease will have a five-year term with an optional five-year extension, and is estimated to commence March 1, 2024 at an estimated annual cost of €0.5 million indexed for inflation. The share purchase agreement related to the acquisition of BioStrand includes contingent earnout payments based on 20% of the EBITDA of BioStrand, as defined in the share purchase agreement, over a 7-year period, which shall not exceed in total €12.0 million. The Company has determined these payments relate to post-acquisition services because they are contingent on the employment of two key employees and will be expensed in the period earned. As of October 31, 2023, the Company's unpaid commitment related to the BioStrand earnout is €12.0 million. |
GRANT AND SUBSIDY INCOME |
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Grant And Subsidy Income [Abstract] | |
GRANT AND SUBSIDY INCOME [Text Block] |
12. GRANT AND SUBSIDY INCOME During May 2022, the Company received a €0.5 million round of grant funding from VLAIO (Flanders Innovation & Entrepreneurship), the research fund of the Flemish regional government in Belgium. During the six months ended October 31, 2023, the Company recorded €0.3 million in grant income related to this funding compared to the €0.2 million recorded in the six months ended October 31, 2022. |
SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE |
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Disclosure of operating segments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE [Text Block] |
13. SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE At October 31, 2023 and April 30, 2023, the Company has one reportable segment, being antibody production and related services. The Company's revenues are allocated to geographic regions for the three and six months ended October 31, 2023 and 2022 as follows:
The Company's revenues are allocated according to revenue types for the three and six months ended October 31, 2023 and 2022 as follows:
The Company's non-current assets are allocated to geographic regions as of October 31, 2023 and April 30, 2023 as follows:
Geographic segmentation of the Company's net income (loss) for the three and six months ended October 31, 2023 and 2022 is as follows:
Geographic segmentation of the interest and accretion, and amortization and depreciation for the three and six months ended October 31, 2023 and 2022 is as follows:
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SUPPLEMENTAL CASH FLOW INFORMATION |
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SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] |
14. SUPPLEMENTAL CASH FLOW INFORMATION
The following changes in liabilities arose from financing activities:
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SUBSEQUENT EVENTS |
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Oct. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] |
15. SUBSEQUENT EVENTS On December 8, 2023, the Company closed an underwritten public offering of 1,265,000 common shares, including 165,000 common shares issued pursuant to the full exercise by the underwriter of its over-allotment option. The public offering price for each common share, before the underwriter's discount and commissions, was U.S.$1.00. The Company intends to use the estimated net proceeds of approximately $1.1 million from the offering for research and development; capital expenditures, including expansion of existing laboratory facilities; and working capital and general corporate purposes. The common shares were offered and sold pursuant to a shelf registration statement on Form F-3 (File No. 333-273197) that was declared effective by the United States Securities and Exchange Commission on July 14, 2023. |
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using equity method [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of wholly owned subsidiaries [Table Text Block] |
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PROPERTY AND EQUIPMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property and equipment and right-of-use assets [Table Text Block] |
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INTANGIBLE ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of amortization for intangible assets with finite lives [Table Text Block] |
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LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Presentation of leases for lessee [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum lease payments related to equipment under finance lease and office lease obligation [Table Text Block] |
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Schedule of nature of Company's leases type of right-of-use asset [Table Text Block] |
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Schedule of changes in the value of right-of-use assets [Table Text Block] |
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Schedule of lease payments not recognized liability [Table Text Block] |
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SHARE CAPITAL (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of classes of share capital [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option awards [Table Text Block] |
(1) Vesting conditions are as follows: one-third 6 months after grant date; one-third 12 months after grant date; and one-third 18 months after grant date. (2) Vesting conditions are as follows: one-quarter 3 months after grant date; one-quarter 6 months after grant date; one-quarter 9 months after grant date; and one-quarter 12 months after grant date. (3) Priced in US dollars |
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Schedule of changes in stock option [Table Text Block] |
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Schedule of options outstanding [Table Text Block] |
(1) Exercise price of US $7.72. The figure in the table above is translated at the October 31, 2023 rate. (2) Exercise price of US $4.10. The figure in the table above is translated at the October 31, 2023 rate. |
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Schedule of changes in finder's warrants [Table Text Block] |
(1) Exercise price of US $16.81. The figure in the table above is translated at the October 31, 2023 rate. |
EMPLOYEE REMUNERATION (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of employee benefits expenses [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of expenses recognized for employee benefits [Table Text Block] |
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RELATED PARTY TRANSACTIONS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
Related party transactions [abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of compensation for key management [Table Text Block] |
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SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of geographical segments [Table Text Block] |
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Schedule of revenues allocated to according to revenue types [Table Text Block] |
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of cash flows [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of non-cash investing and financing transactions [Table Text Block] |
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Schedule of changes in liabilities arose from financing activities [Table Text Block] |
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NATURE OF OPERATIONS (Narrative) (Details) - CAD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
|
Disclosure Of Nature Of Operations [Abstract] | |||||
Operating losses | $ 2,622 | $ 7,351 | $ 6,193 | $ 16,732 | |
Accumulated deficit | 79,281 | 79,281 | $ 73,088 | ||
Cash on hand | $ 6,100 | $ 6,100 |
LEASES (Narrative) (Details) - CAD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Presentation of Leases for Lessee [Line Items] | ||
Cash outflow for leases | $ 0.7 | $ 0.3 |
LEASES - Schedule of Disclosure in Tabular Form Of Expenses Relating to Payments not included (Detail) - CAD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Presentation of leases for lessee [abstract] | ||
Leases of low value assets | $ (20) | $ 19 |
Variable lease payments | 280 | 122 |
Measurement of the lease liability | $ 260 | $ 141 |
SHARE CAPITAL - Schedule of Options Outstanding (Parenthetical) (Details) - Oct. 31, 2023 |
$ / shares |
$ / shares |
---|---|---|
Disclosure of classes of share capital [line items] | ||
Exercise price | $ 8.09 | |
Option Expiry Date May 9, 2026 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | (per share) | $ 10.59 | $ 7.72 |
Option Expiry Date February 19, 2027 and February 19, 2028 [Member] | ||
Disclosure of classes of share capital [line items] | ||
Exercise price | $ 4.1 |
SHARE CAPITAL - Schedule of Warrants and Finder's Warrants Outstanding (Details) |
6 Months Ended |
---|---|
Oct. 31, 2023
Share
$ / shares
| |
Disclosure Of Classes Of Share Capital [Line Items] | |
Expiry Date | Feb. 03, 2026 |
Exercise price $ | $ / shares | $ 23.07 |
Remaining life (year) | 2 years 3 months 3 days |
Warrants outstanding | Share | 130,111 |
SHARE CAPITAL - Schedule of Warrants and Finder's Warrants Outstanding (Parenthetical) (Details) |
6 Months Ended |
---|---|
Oct. 31, 2023
$ / shares
| |
Finders Warrants [Member] | |
Disclosure of classes of share capital [line items] | |
Warrant exercisable price | $ 16.81 |
EMPLOYEE REMUNERATION - Schedule of expenses recognized for employee benefits (Details) - CAD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Disclosure of employee benefits expenses [abstract] | ||
Wages, salaries | $ 2,747 | $ 2,704 |
Employee benefits | 264 | 150 |
Payroll taxes | 183 | 246 |
Severance | 0 | 60 |
Share-based payments | 297 | 355 |
Total employee benefits expense | $ 3,491 | $ 3,515 |
RELATED PARTY TRANSACTIONS (Narrative) (Details) - CAD ($) $ in Millions |
Oct. 31, 2023 |
Apr. 30, 2023 |
---|---|---|
Related party transactions [abstract] | ||
Accounts payable and accrued liabilities due to related parties | $ 1.4 | $ 0.9 |
RELATED PARTY TRANSACTIONS - Schedule of compensation for key management (Details) - CAD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
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Disclosure of transactions between related parties [abstract] | ||
Salaries and other short-term benefits | $ 1,573 | $ 1,408 |
Severance (included in salaries) | 60 | 60 |
Share-based payments | 1,120 | 431 |
Director compensation (included in salaries) | 171 | 167 |
Related party transaction, due from (to) related party | $ 2,924 | $ 2,066 |
COMMITMENTS (Narrative) (Details) € in Millions |
6 Months Ended |
---|---|
Oct. 31, 2023
EUR (€)
| |
Commitments [Line Items] | |
Minimum contingent earnout payment | € 12.0 |
Oss Nether Lands [Member] | |
Commitments [Line Items] | |
Lease term years | 5 years |
Lease commencement date | Mar. 01, 2024 |
Estimated annual cost of indexed for inflation | € 0.5 |
Lease optional extension period | 5 years |
Bio Strand [Member] | |
Commitments [Line Items] | |
Percentage of contingent earnout payment based on EBITDA | 20.00% |
Unpaid commitment related to earnout | € 12.0 |
GRANT AND SUBSIDY INCOME (Narrative) (Details) - EUR (€) € in Millions |
6 Months Ended | ||
---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
May 31, 2022 |
|
Grant And Subsidy Income [Abstract] | |||
Grant awarded | € 0.5 | ||
Proceeds from grants | € 0.3 | € 0.2 |
SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE - Schedule of Revenues Allocated According to Revenue Types (Details) - CAD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
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Disclosure of geographical areas [line items] | ||||
Revenue | $ 6,150 | $ 5,184 | $ 11,837 | $ 9,873 |
Project revenue [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 5,518 | 4,729 | 10,734 | 9,063 |
Product sales revenue [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 577 | 395 | 976 | 691 |
Cryostorage revenue [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 55 | $ 60 | $ 127 | $ 119 |
SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Non-cash Investing and Financing Transactions (Details) - CAD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Supplemental Cash Flow Information [Line Items] | ||
Acquisition of building and equipment by lease | $ 2,729 | $ 6,247 |
Settlement of convertible debentures | $ 0 | $ 1,315 |
SUBSEQUENT EVENTS (Narrative) (Details) - Dec. 08, 2023 - Events after reporting period [Member] $ in Millions |
CAD ($)
shares
|
$ / shares |
---|---|---|
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of underwritten public offering shares | 1,265,000 | |
Number of shares exercise by underwriter of over allotment option | 165,000 | |
Public offering price for each common share | $ / shares | $ 1 | |
Estimated net proceeds from issue of offering for research and development and capital expenditures | $ | $ 1.1 |
1 Year ImmunoPrecise Antibodies Chart |
1 Month ImmunoPrecise Antibodies Chart |
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