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Operator: Good morning. Welcome to Ocean Power Technologies Second Quarter Fiscal 2026 Earnings Conference Call. A webcast of this call is also available and can be accessed via a link on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion. On the call today are Dr. Philipp Stratmann, President and Chief Executive Officer, and Bob Powers, Senior Vice President and Chief Financial Officer. Following the prepared remarks, there will be a question and answer session. Now I'm pleased to introduce Bob Powers. Bob Powers: Thank you, and good morning. This morning, we issued our earnings press release for the 2026 ended 10/31/2025, and filed our Form 10-Q with the SEC. Our public filings are available on the SEC website and within the Investor Relations section of the Ocean Power Technologies website. During this call, we will make forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include financial projections or other statements of the company's plans, objectives, expectations, or intentions. These statements are based on assumptions made by management regarding future circumstances and involve risks and uncertainties that may cause actual results to differ materially. Additional information about these risks can be found in the company's SEC filings. The company disclaims any obligation to update the forward-looking statements made on this call. Finally, we posted an updated investor presentation on our IR website. With that, I'll turn the call over to our CEO, Dr. Philipp Stratmann. Philipp Stratmann: Good morning, and thank you for joining us. This quarter continued to show increasing traction across our markets. Backlog stands at approximately $15 million and our pipeline has expanded to more than $137 million. These levels reflect broad engagement across defense, government security, offshore energy, and commercial applications. They demonstrate the strengthening demand for persistent maritime surveillance and autonomous surface vehicles. With the US government fully reopened, activity has accelerated across several programs. Discussions that were paused have resumed with clear direction and we're seeing concrete steps from multiple agencies to expand maritime domain awareness and autonomous operations. In addition to participating in the Rapid Capabilities Office launch in Washington, DC, we are tracking new initiatives such as the US Coast Guard's Raptor effort, which further increases signals of the government's intent to deploy scalable, uncrewed systems, and long-duration sensing solutions. These efforts align directly with the capabilities of our platforms. We're also seeing growing interest in buoy-based persistent surveillance. While we will speak to specific awards once finalized, we are preparing for anticipated buoy orders and our operational planning reflects this expectation. The combination of long-duration power solutions and our ASV platform positions us well for programs requiring continuous maritime presence. Internationally, we continue to advance customer engagement. We conducted demonstrations in Latin America and the UAE with both defense and commercial customers. These demonstrations validated system performance in real-world operating environments and have opened additional avenues for follow-on work. Our international presence has become an increasingly important contributor to pipeline quality and customer diversification. Operationally, we maintain steady WAMV deliveries, advanced power buoy readiness for national security and border-related missions, and supported customer-driven trials and integration activities. To ensure we can meet rising demand and execute larger programs, we reorganized our delivery and internal R&D teams. The intent is to strengthen coordination, improve platform readiness, and ensure scalability as opportunities grow in size and complexity. Taken together, the progress across backlog, pipeline expansion, government engagement, and international demonstrations reflect the business building capability and customer confidence. Our focus remains consistent: deliver reliable systems, support our customers' missions, and position the company for the opportunities we see developing across our core markets. With that, I'll turn it over to Bob to discuss backlog in more detail and review the quarter's financial results. Bob Powers: Thanks, Philipp. I'll begin with backlog, which provides the clearest view of future revenue. As Philipp mentioned, backlog at October 31 was approximately $15 million, an increase of $11.2 million from the same period last year. This reflects conversion of opportunities across defense, government security, offshore energy, and commercial applications. Our pipeline ended the quarter at $137.5 million, up $53.2 million year over year. The pipeline includes larger, more strategic opportunities, including multi-vehicle ASV programs, integrated buoy and ASV surveillance solutions, and autonomy-enabled missions. These indicators reinforce the momentum we are seeing in customer engagement. We also delivered eight WAMVs during the quarter, supporting demonstrations, customer milestones, and ongoing user trials. Production throughput remains stable and we are prepared to meet scaling requirements as additional programs move forward. Revenue for the three months ended 10/31/2025 was $400,000 compared to $2.4 million in the prior period. Six-month period revenue was $1.6 million compared to $3.7 million a year ago. As noted in the press release, the primary driver of the year-over-year change was the timing of the shutdown, which delayed several deliverables into subsequent periods. Gross profit for both the three and six-month periods was a loss of $1.4 million compared to gross profit of $800,000 and $1.2 million for the respective prior year periods. These results include full recognition of losses on certain strategic startup contracts in accordance with U.S. GAAP. Related project costs are substantially complete and these programs will continue generating revenue going forward. Operating expenses were $8.8 million for the quarter and $15.8 million year to date, compared to $4.7 million and $9.6 million in the prior year periods. The increases primarily reflect higher non-cash stock-based compensation. Excluding stock-based compensation, operating expenses increased approximately 34% for the quarter and 17% year to date, driven by targeted investments to support growth and execution. Net losses were $10.8 million for the quarter and $18.2 million year to date, compared to net losses of $3.9 million and $8.4 million in the respective prior year periods. Combined cash, cash equivalents, and short-term investments were $11.7 million as of October 31, compared to $6.7 million at the beginning of the fiscal year. Net cash used in operating activities for the six-month period was approximately $13 million compared to $10.9 million in the prior year. With that, I'll turn the call back over to Philipp for closing remarks and Q&A. Philipp Stratmann: Thanks, Bob. To summarize, we continue to see strengthening demand signals across our core markets. Backlog and pipeline remain at significantly higher levels than last year. Government engagement has regained momentum, supported by new initiatives across multiple agencies. International demonstrations are expanding our footprint and validating performance in the field. Operationally, we have aligned our teams and resources to support the opportunities developing ahead of us. Our focus remains on execution, reliability, and supporting customer missions with systems that perform consistently in real-world environments. Thank you. Operator: We will now be conducting a question and answer session. Participants are using speaker equipment. Please hold for a moment while we poll for questions. Thank you. Our first question is from the line of Michael Legg with Ladenburg Thalmann. Please proceed with your question. Michael Legg: Thank you. Good morning. I wanted to dig a little deeper into the pipeline. Obviously, a very impressive number. Can you talk a little bit about how many customers, how many orders, or some type of magnitude there? Also, which product lines, if there's any concentration there? And then just secondly, you talked about building out the headcount. Can you just give us a little more explanation on where the headcount is growing and how that helps support the pipeline? Thanks. Bob Powers: Yeah. Good morning, Michael. Thanks for the question. To your first point on pipeline, at a high level, it is a continuing diversification that we've seen before. The change we have seen, probably unsurprising to you and many other observers in the space, is the continuation of the growth in terms of demand signals and efforts we're working on finalizing when it comes to the United States government, particularly in the areas of homeland security and the Department of War. Those are ongoing discussions, and they've really accelerated in recent months and weeks. In particular, what Bob alluded to, efforts that we've got ongoing in terms of converting backlog to revenues, those discussions have really started picking up steam again since the government has reopened. In terms of the product lines, it is a very balanced mix. If you're looking at it in terms of just the pure dollar values, it is fairly evenly split between buoys and vehicles. The key thing to note is that the usual point of entry nowadays is not because of a buoy or a vehicle. It is usually because of a demand and requirement for intelligence surveillance and reconnaissance services, mine countermeasures, unexploded ordnance detection, or various other efforts that could be related to, say, border patrol or facility protection. Then we work with the prospective customers to figure out jointly with them whether that is permanently fixed systems with roaming systems or primarily roaming systems. The last part of the pipeline outside of the US government is there is a lot of effort and interest. As you've seen in announcements we've made publicly, it's really Latin America and The Middle East. More recently, starting to see some efforts around the Baltic Sea. We are continuing to follow that kind of targeted track for expanding thoughtfully internationally and making sure that we have meaningful large customers that we're going after. Does that answer the question? Michael Legg: Yep. No. That's great there. And then just on the headcount, how much, like, is dev professionals type of people helping you close this pipeline have you put in place? Bob Powers: Yes. So on the headcount, it is a mix of commercial and then really operational delivery-focused functions. We recently announced that we are one of a very few select companies that's being given trusted operator status by AUVSI out of Washington, DC. With that, we've started opening up bookings for our training school that we are running out of our California facility for people to receive a trusted operator certificate for USVs. Obviously, with that, came the need for us to have more USV operators, marine operations type people. At the same time, with Ocean Power Technologies having a facility clearance with the United States government, we've also broadened our commercial team to facilitate these discussions with the Department of War and specifically within that Department of the Navy and also with Homeland Security and Coast Guard. As we mentioned in the call, things like the Navy's Rapid Capabilities Office, the United States Coast Guard's Raptor initiative, those are efforts where we really brought in people that are all veterans that have worked in those areas that can now help us deliver and convert that backlog to revenue. Then hand it over to the operations team that we've brought in so that we can then successfully deliver for the customer. Michael Legg: Great. Thank you. And then just one last piece. On the government shutdown and impact on revenues this quarter. Is that something that we should see additive to next quarter or did it push everything out in sequence? Bob Powers: It's not to say whether it was additive or whether it was a push out. We would say we are seeing the definite uptick in pace rapidly over the last couple of weeks. We feel good about some of the efforts that we are looking at shipping very shortly. As Bob mentioned, we shipped eight vehicles or built eight vehicles and delivered eight vehicles in the quarter just gone, which were a lot for demonstration efforts, which would start unlocking some of that conversion. Equally, we've started pre-building some of our buoy assets for anticipated orders that we're looking at being able to deliver in the very short near future. Michael Legg: Great. Thank you. Operator: Thank you. The next question is from the line of Peter Gastreich with Water Tower Research. Please proceed with your question. Peter Gastreich: Good morning. Thank you very much. Congratulations on your continued momentum with the backlog, especially given the obvious challenges of the government shutdown, and thanks for taking my question. Just to follow up on the headcount question, do you feel like you are kind of where you need to be now in terms of that headcount expansion for converting the backlog, or are you still going to be growing the headcount? Bob Powers: I think we've done a lot of the work that we wanted to get done and catch up so that we can get into that conversion cycle more effectively. As we convert some of these larger orders that we anticipate coming through, there will obviously be targeted increases, particularly around things like building out repairs and operations hubs as the installed base grows. These will be tied more directly to conversions that are occurring, and we'll be able to announce them almost concurrently. Peter Gastreich: Okay. Thank you. Also, there is some recent news about a federal court striking down some federal freezes on wind permits in 17 states. I know defense is a bigger momentum focus for you now, but I'm just curious whether these regulatory developments in wind energy have impacted your momentum at all within that industry over the last quarters? Bob Powers: Outside of the defense industry, offshore energy and the civilian sector in the maritime areas is the other part of our business. You've seen publicly we're still heavily engaged in that sector. However, we're mainly heavily engaged in that sector outside the United States right now. We're working in The UAE, or in the sector we delivered over the last fiscal year. We had assets operating in Sub-Saharan Africa. We've got assets operating in offshore energy in Taiwan. It is a continuing sector. Yes, the fact that there is currently very little being done in terms of survey work for offshore wind in the United States obviously doesn't benefit us. Any type of survey work that's needed on the civilian side, we can supply very cost-effectively. In the meantime, on the civilian side, we'll continue operating and growing our footprint outside the US. Peter Gastreich: Okay. That's great. Are you able to give any sort of color on what the magnitude of international on the wind side, when compared to the US, looks like? Bob Powers: I won't be able to say it on the wind side specifically because most of the work we're doing in The Middle East and in The UAE is oil and gas related. International offshore oil and gas is just as interested in USVs as the US wind sector used to be. That's because USVs materially enable our customers to lower their OpEx, and if they are acquiring the assets, it enables them to lower their CapEx. It's a win-win on all sides for them. I think in Taiwan, interestingly enough, what we're seeing is our customer over there is using them for offshore wind, but a lot of the work they're doing is around unexploded ordnance detection and general survey work. Whether you're building a new breakwater or you're installing offshore wind or you're laying a new oil pipeline or you're exploring for natural gas or you're going after critical minerals, we can support all of those civilian sectors, and we look forward to continuing to grow that market segment. Peter Gastreich: Okay. Great. Thank you. Just one more question for me. Kind of high level, but I just wonder if you could give us a refresher about how you identify and quantify pipeline versus backlog in terms of timing to conversion or certainty or whatever metrics you use for forming those buckets? Bob Powers: Yeah. Pipeline is what we would consider to be qualified opportunities. This isn't like TAM or SAM metrics. When we talk pipeline, it is potential customers, under NDA, where we're discussing actual projects with them. When we're talking about backlog, backlog is contract in hand. Backlog is POs that we have received. They could be for immediate delivery or they could be for delivery over a period of, say, two years' time. But backlog is confirmed contracted purchase orders. Pipeline is qualified to be converted to backlog. Peter Gastreich: Okay. Great. Thanks for taking my questions again. Appreciate it. Bob Powers: Thanks, Peter. Operator: Thank you. At this time, I'd like to turn the floor back to management for closing remarks. Philipp Stratmann: Thank you. Before we conclude, I want to thank our shareholders for their continued support. Our team works tirelessly to deliver value, both for you and for the customers who rely on our systems in demanding real-world maritime missions. We are committed to building a company that executes consistently, delivers reliably, and stands behind the solutions we put into the field. Thank you again for your support. We look forward to updating you on our progress in the quarters ahead. Operator: This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation and have a wonderful day.
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Operator: Good morning, ladies and gentlemen, and thank you for joining us today for MindWalk's Second Quarter Fiscal 2026 Earnings Call. We appreciate your time and interest in MindWalk, formerly ImmunoPrecise Antibodies. Today's call will be led by our CEO, Dr. Jennifer Bath and our CFO, Scott Areglado. They will provide a review of our financial performance, strategic initiatives and key operational highlights for the second quarter. A copy of today's presentation, along with our final financial statements and MD&A is available on our website. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Factors that could results, include among others, global political and economic conditions, changes in the market dynamics, competitive developments and other business risks. Unless otherwise noted, all financial figures discussed today are in Canadian dollars. These statements are made as of today, and MindWalk undertakes no obligation to update them, except as required by law. For a more detailed discussion of risks and uncertainties, please refer to our filings with the SEC and Canadian securities regulators, including our most recent Form 20-F and other periodic reports. I would now like to turn the call over to MindWalk's President and CEO, Dr. Jennifer Bath. Jennifer Bath: Thank you, Regina. Good morning everyone. Before i discuss our quarter, marked by strong financial performance, I want to frame where AI and biology stands today and how our strategy has built momentum over time. In the second quarter fiscal year 2026, that momentum translated into progress across our platform, internal programs and corporate structure, delivering 54% year-over-year revenue growth, a 94% increase in gross profit to $2.7 million and an increase to 65% gross margin for continuing operations. Across pharma and biotech, AI now sits near the center of pipeline strategy and R&D planning. Recent surveys show AI in active use at scale with roughly 2/3 of life science professionals using AI in 2024, up from just over half the prior year and a large majority of pharma and biotech organizations applying AI in at least one development program. In parallel, data volumes continue to accelerate. Global data creation is estimated at roughly 180 zettabytes in 2025, with genomics among the fastest-growing contributors and genomics data capacity already measured in tens of exabytes. Data generation now runs ahead of the world's ability to extract stable biological signals and convert them into actionable decisions. Investments reflect this shift. Independent market analyses point to sustained double-digit annual growth for AI-enabled R&D platforms, including AI-driven drug discovery, informatics software, cloud-based infrastructure and life science analytics. Large pharma, major technology firms and specialized platforms are all expanding AI capacity. Once an organization secures an advantage in data quality, model design and biological grounding, that advantage compounds. Those that fall too far behind risk structural disadvantages in cost, speed and technical success that are difficult to overcome. Only a limited number of platforms are likely to secure durable leadership. MindWalk was built deliberately for this environment, and we believe it is positioned within that small group. Our starting point is BioNative AI, which respects how biology encodes information. Evolution introduces mutations across genomes. Many positions in a sequence tolerate change. That degeneracy creates the diversity and code complexity that fills public databases and drives the large data volumes that others train on. A smaller subset of subsequences remains immutable over evolutionary time because essential biochemical functions depend on those anchor points. HYFT patterns are our patented representation of these immutable subsequence codes or molecular fingerprints. In LensAI, HYFT patterns are the units of biological meaning. They are the immutable subsequences discontinuous in the primary sequence that link sequence to structure and function and create a stable informational layer that remains while the surrounding sequence drips. These -- those encoded patterns are linked across more than 25 billion biological relations. That subsequence layer allows LensAI to harmonize sequence, structure, omics and literature into a single computational space. Conventional sequence and language models operate on full strings and tokens without a dedicated representation for these subsequence codes. HYFT keeps computation focused on the conserved patterns that carry the information for life rather than on the tolerated variation around them. These patterns are patented assets owned by MindWalk, and no other company has the rights to use these patterns. This patented pattern layer is a core strategic asset that differentiates MindWalk from other AI approaches in biologics. The same logic guides how we look at infectious organisms. Instead of starting from historical antigen lists or broad sequence homology, LensAI scans pathogen proteomes for strict HYFT patterns with specific biochemical properties, unique or highly enriched for a given organism, conserved across relevant strains or serotypes and suitable for intervention based on structure and context. This gives us a starting point grounded in pattern level evidence rather than legacy assumptions about which viral proteins should matter. This view of biology also drives our strategy. Over the past year, we aligned the company with this BioNative AI thesis. On this call, I will focus on how second quarter performance fits into this strategic frame. We divested noncore wet lab operations in the Netherlands, which did not integrate tightly with LensAI or the HYFT layer. This transaction generated approximately $14.3 million in net proceeds, strengthened our balance sheet and removed a capital-intensive footprint that did not advance our BioNative AI direction. We brought ImmunoPrecise Antibodies, BioStrand and Talem under a single identity as MindWalk with HYFT as our NASDAQ ticker. Our external identity now reflects one integrated architecture centered on software, data and selected lab capabilities rather than a collection of regional service operations. Our MD&A describes this in detail. First, this quarter, we advanced our GLP1 and longevity programs. Using LensAI, our team designed GLP1 receptor agonists with third-party validated in vitro assay receptor activation above semaglutide. HYFT patterns were used to identify subsequent families encoding receptor engagement and favorable biophysical properties rather than iterating on historical GLP1 analogs. Importantly, LensAI did not hand us hundreds of undifferentiated hits. The platform applies strict HYFT criteria to identify a single best scoring design or a clearly defined shortlist for each objective. That precision allows us to focus experimental resources on candidates where the pattern level evidence is strongest rather than spending time and capital triaging broad hit list where no clear frontrunner exists. During the quarter, we applied the same pattern-led approach to a second pathway linked to cellular resistance and aspects of aging biology. We used HYFT analysis to define strict HYFT patterns set in this pathway and to evaluate intervention options that align with our safety and development standards. The result is a dual pathway therapeutic concept that targets metabolic control and health span mechanisms in parallel. Current work focuses on IND enablement, including pharmacokinetic and toxicology study design and preparation for external in vivo collaborations. Second, our dengue vaccine initiative continued to move forward and is a clear example of pathogen-specific HYFT logic. LensAI previously identified a highly conserved biochemical pattern across all 4 dengue virus serotypes using strict pattern criteria. The selection did not start from legacy dengue immunogens nor homology to other flaviviruses. We focused on HYFT pattern sets with biochemical properties unique to dengue, immutable across the serotypes analyzed and distinct from host patterns. The goal is to support neutralizing antibody responses while reducing the risk of serotype bias. During the quarter, we advanced preclinical planning, including assay strategy, manufacturing readiness steps and collaborator engagement for upcoming immunogenicity and neutralization work. Across both GLP1 and dengue programs, our strategy is to build and protect assets with robust IP and then align them with strategic capital partners who can drive them forward at scale. To facilitate this, we are working with Walkers Global to establish a segregated portfolio structure in the Cayman Islands. Under this model, each AI-generated asset will be housed in its own segregated portfolio, so investors can participate directly at the asset level, while MindWalk Holdings Corp retains control of the platform. This framework allows us to advance multiple programs in parallel with clear governance over risk, capital and ownership. We believe the depth of opportunity within these HYFT defined assets is substantial. This path creates clear routes to capital through structured partnerships, licensing and potential nondilutive funding tied to specific programs while we remain disciplined in protecting shareholder value and avoiding unnecessary dilution. Third, we expanded validation of LensAI with partners, including an antidrug antibody risk assessment. HYFT patterns and concept-driven NLP bring sequence structural features and literature into one view so teams can see how specific pattern families relate to known immunogenicity concerns. Interest here reflects a broader market need for earlier explainable risk signals rather than late surprises in development. On the corporate side, we continue to build the leadership required for software-led bio-native AI business. We appointed Scott Areglado as Chief Financial Officer. Scott brings experience in technology growth, capital markets and disciplined planning. His role is to align investment in the platform and internal programs with balanced capital allocation and the flexibility we want for future strategic options. In addition, we appointed Dr. Thomas Lynch as Chief Business Officer. Tom leads global commercialization for LensAI, including enterprise engagements and data onboarding. His experience with complex technology platforms and large customers supports our focus on SaaS, usage-based compute and co-development structures. Lastly, we have completed the corporate rebranding to MindWalk and the transition to HYFT NASDAQ ticker. Our communications investor materials and client messaging now aligns with the patented HYFT technology, which resides at the heart of our platform. Taken together, these developments reflect a clear position in an AI market that is moving quickly. We are not trying to follow every AI theme. We are focused on building and scaling one BioNative AI architecture grounded in evolution shapes subsequence patterns and protected by our HYFT patents, which supports partner programs and internal assets such as GLP1 and dengue. We believe this focus positions MindWalk within a small group of companies defining how AI transforms life science data analysis and is applied to biologics, supported by a diversified economic engine spanning services and advancing asset portfolio, SaaS offerings and strategic partnerships. With that context, I will now turn the call over to our CFO, Scott Areglado, for a review of our financial performance for the quarter. Richard Areglado: Thank you, Jennifer, and good morning, everyone. I'm excited to have joined MineWalk at this important time in the evolution of our BioNative AI platform. Before I begin, please note that all numbers presented today are in Canadian dollars. For comparability, the financial results I will discuss exclude revenue and expenses associated with the [ OS and Utrecht ] operations that were divested, so you could see a true like-for-like view of our continuing business. Revenue for the second quarter was $4.1 million, an increase of 54% year-over-year and 30% sequentially, driven primarily by improved project revenue and better utilization. This represents record quarterly revenue for the company from our continuing operations. Gross profit for the quarter was $2.7 million, representing a 65% gross margin compared to $1.4 million or a 51% margin in the same period last year. The 94% year-over-year increase in gross profit and 1,400 basis point expansion in margin were driven primarily by increased operating leverage on fixed costs and cost of sales and a mix of higher-margin work. Operating expenses for the quarter were $5.4 million, up slightly from the same period last year. The increase reflects higher R&D investment, modest growth in sales and marketing activity and ongoing expansion of our general and administrative infrastructure to support scaling. These increases were partially offset by approximately $500,000 of amortization expense recorded in the prior year, but not in this quarter. Consistent with our strategy, we expect operating expenses to remain focused on advancing our platform, strengthening commercial capabilities and supporting long-term growth drivers. Operating loss, excluding amortization and nonrecurring items, improved to $2.8 million compared to $4.1 million last year. Adjusted EBITDA loss improved to $2.4 million versus $2.6 million in the prior year period. Pretax loss for the second quarter was $3.2 million compared to $4.3 million last year. This loss includes a noncash charge of $0.5 million related to the divestiture of our Netherlands facilities. Net loss from continuing operations was $3.2 million versus $2.6 million in the same period last year, driven by the divestiture-related impact and $24,000 tax expense compared to a $994,000 tax credit in the prior year period. Turning to the balance sheet. We ended the quarter with $16.5 million in cash, which includes proceeds from the divestiture completed during the quarter. This strengthened liquidity position provides meaningful flexibility to execute our strategy, expanding the HYFT-powered platform, investing in our infrastructure and developing assets such as our GLP1 and dengue vaccine initiatives. In summary, we delivered strong revenue growth, expanded margins and improved underlying operating performance while significantly bolstering our balance sheet. We are executing with discipline and continuing to invest where it matters most for long-term value creation. I'll now turn the call back to the operator for Q&A. Operator: [Operator Instructions] Our first question will come from the line of Swayampakula Ramakanth with H.C. Wainwright. Swayampakula Ramakanth: A few questions from me. The structured portfolio seems like an interesting way to set up ring-fences around certain assets. But at the same time, I have a couple of questions on that part. I know you'll give more details later, but at a high level, at this point, what can you tell investors why this is a great thing for current shareholders? And what sort of protections would be placed so that current shareholders dilution would be prevented for them when obviously, the third party is interested in specific programs? Jennifer Bath: Sure. Thank you, RK. I'm happy to take that question. So first of all, we're setting up a Cayman segregated portfolio structure because it allows each AI-generated platform or program to be housed within its own portfolio. So this way, investors can invest directly in specific assets without diluting equity in the parent company. So I'm also addressing a little bit of your second question, while the IP for each program is ring-fenced and protected. So we've engaged Walkers law firm to help finalize the legal framework covering trust for our patents, and this is the patents on the specific assets, governance for each portfolio and then all of the necessary regulatory considerations before we invite investors in. As alluded to, there are already investors who have an interest in investing directly in those portfolio assets, but this is not equity within MindWalk Holdings Corp. This is investment specifically in the assets that are housed within this structure. This gives us the flexibility to fund programs individually, maintain strong IP protection and where appropriate, spin the assets out for transaction in the future. So it makes it a sustainable structure for us to invest directly in those assets and also ease any particular regulatory components of future sponsorship of those assets as they continue to move forward. So this structure in and of itself actually also answers the second question with regard to it directly being a way to protect existing investors against dilution because it is an alternative funding mechanism as opposed to accepting capital that results in dilution of MindWalk Holdings Corp. Swayampakula Ramakanth: Okay. Then in terms of -- so what sort of detail would you be able to give us during the J.P. Morgan investor conference day that you want -- what sort of details would we expect around this? Jennifer Bath: Well, first and foremost, there will be updates at the J.P. Morgan conference around the assets themselves. For legal reasons, we need to be careful about the timing of when that sort of information is released as well as what specifically is released in order to ensure that we protect our patent rights and IP portfolio. And so the timing of that ends up getting governed by a number of different factors regarding when and what we specifically release. Around the actual structure -- so first, maybe also helpful to step back and say I wouldn't think of the structure as anything different than what Talem is. Talem is actually a structure meant to how segregated IP portfolios and that's why our current assets sit within the Talem structure. The only main difference here is that Cayman offers a structure that enables us to not only provide significant protection around these assets, but because so much of the interest in the investment in these portfolios is actually coming geographically from that region, it also creates a beneficial structure that enables deployment of that capital to support these programs. We -- what we will be able to share is going to be completely dictated based on exactly where that process is. And so what is actually set in stone versus what is still being negotiated and legally planned. Swayampakula Ramakanth: Okay. In terms of the operations itself, obviously, your gross margin expanded impressively during the recent quarter. So what does it tell us in terms of what sort of projects you're taking upon these days? And also, should we assume the mid-60s as the range for -- not only for the rest of the year, but also in the next couple of years? Jennifer Bath: Fair question. So what it tells us about the types of programs we're taking on, one of the things that we mentioned in the call is kind of fixed costs associated with some of our programs. So as programs actually expand in their dollar value, what we see is that many of the operating costs are not obviously expanding proportionately. And one of the trends that we did see over the last quarter is a significant increase in the individual cost of programs. And so that definitely supported that 65% profit margin and gives you a little bit of insight into the fact that the types of programs have different in the sense that they're scalable programs that have more fixed operating costs. Do we expect that to be our gross profit margin going forward even into the more extended future? We believe that our gross profit margin -- well, first of all, yes, we're very satisfied with it, and we do expect that we can maintain this gross profit margin. But going forward, out 9 months, 12 months, 18 months, do we expect that to be our plateaued gross profit margin? No. We do expect some increases to continue in that time frame regarding the balance of more scalable programs with fixed costs. Swayampakula Ramakanth: Okay. And then regarding the use of proceeds from the Netherlands divestiture of about $14 million or so. At a high level, where are you spending or where are you placing that money in, in terms of your AI projects or you're trying to develop your footprint within the U.S. How should we think where the spend is happening from... Richard Areglado: Okay. I think, obviously, we're pleased that we were able to strengthen the balance sheet in a nondilutive fashion. And I expect we'll continue to invest in commercial initiatives that grow the footprint of our -- of LensAI as well as our Canadian lab operations and then investments in R&D to continue to develop assets and continue to develop the features and the functionality of LensAI as well. Swayampakula Ramakanth: Okay. One last question from me. Along with Scott, you also brought in Dr. Lynch. So what's the mandate for Dr. Lynch? And how should we think about what sort of the business development projects that would be coming up from his desk? Jennifer Bath: Yes. Fair question. So the mandate that Tom has is actually quite directly related to the deployment of capital question you had. As we've mentioned, our large focus we have is on the scalability of our SaaS model and also the data management deployment supporting that SaaS model. Tom has been tasked with a number of different things. One is obviously the integration of that software and the assurance that, that software has a level of scalability and usefulness within the industry that we're staying on top of exactly what is needed, how it will be deployed, how it will be scaled and optimizing our costs around that infrastructure. And so again, relating back to your previous question, that's also where quite a bit of our investment is. Another component is we haven't had a centralized head of sales. We actually -- if you go back over the last 12, 24, 36 months, you can see we're operating with very little in terms of the sales team and very little of any business development team. We have had a lot of our focus on building internally and preparing for the deployment of our SaaS model. I alluded to at the end of the last call that we had brought in a large pharmaceutical company on a 12-month recurring -- monthly recurring revenue SaaS model subscription. And the reason for that is we have really reached the point where that it is not only deployable, but has a number of applications that allow people to go directly to SaaS model software with an API instead of using other outsourced vendors. And so another big focus for Tom is to create a global unified sales team, one where internal sales, external sales, project management and then also business development teams are built, trained, aligned to analyze our existing KPIs that are in place to modify that if necessary and to hold those teams accountable for hitting our goals. So a lot of that is certainly around SaaS model deployment. Some of it is also around fee-for-service work within LensAI and then the integration of that also, the continued integration within the services that are offered within Canada. Operator: And our next question comes from the line of Gary Purpura with Liberty Capital Investments. Gary Purpura: More a point of clarification. I read that your company has been buying back shares of stock, which is great. But yet on November 15, you showed a potential public offering of $30 million worth of common stock. Is that the case? Or could you give some clarification to that? Jennifer Bath: Sure. So first of all, to clarify the first comment, we actually did not announce that we have been buying shares back. We simply announced that as one of many tools within our toolbox, we do have the ability to do it. And so along with that, there are significant controls that would dictate whether we would ever do that and under what circumstances, but we have not done that to date. And then what was registered with regard to the potential for raising capital was the $30 million allocated as potential use for the at-the-market facility or the ATM. So we did not enter into any sort of fundraising or official roadshow or any sort of CMPO or attempt to actually go out and raise capital. We just have the ATM there, should we ever decide to draw on the ATM. Of course, I do want to link this to one of RK's questions around capital deployment and use of proceeds and our intent because there's a number of directions with our internal assets we could go with regard to capital deployment. Certainly, one of them would be to use our own capital to expand those. One would be to take on partnerships, partnerships with laboratories or other maybe in vivo animal preclinical groups that would support that research. And that is actually an area where we have received interest, and we have a number of partners aligned that would like to do that. That typically requires us to give up a significant amount of equity in the asset as per a standard partnership agreement, oftentimes 40% to 50%, but the total amount being based on the amount of work that gets done by the partner. So going back to the concept of now that we had a number of groups step up and say, you know what, we are interested in actually deploying capital directly into the asset to ensure that asset moves forward with speed to take a chunk of equity in that asset because we're very interested in the potential of that asset and therefore, enabling you to not have to raise capital to not have to lean in for large dollars into that ATM to not have to dilute the company, but instead provide the capital and move that forward. Right now is our current focus because that there has been such a vocal interest and because that does protect shareholders from dilution and it doesn't require us to go out and raise additional capital or deploy so much of the capital that we currently have as cash on hand in -- for specifically driving those assets forward. So that's our current focus. So what you're really speaking to are a few tools we have in our toolbox to safeguard the company under different circumstances, but they're not things that we're actively focusing on as a primary means of driving liquidity or capital. Gary Purpura: With your $16 million in cash, do you envision that something like that $30 million would be probably down the road versus sooner than later? Jennifer Bath: Yes, definitely down the road, if used at all. And I think the real factor in there that determines whether or not we utilize the ATM would be twofold. One would be, of course, a balance of where our share price is and our liquidity. Our expectation is our share price, of course, is -- our expectation is it's going to see considerable growth, and we want to make sure that we're poised to be opportunistic should that really occur. And we believe a lot of that excitement, of course, will come around LensAI, the platform and these assets that are being spun out. And so yes, we definitely would be looking at that as a potential future use based on where our share price and growth is coming from and what it's at. Operator: I'll now hand the call back to Dr. Jennifer Bath, our CEO, for closing comments. Jennifer Bath: Wonderful. Thank you so much, Regina. As we close, I want to connect the scientific and strategic progress we have discussed with the notable financial results that Scott has just reviewed with you. This quarter, we delivered 54% year-over-year revenue growth, and our gross profit nearly doubled with an impressive 94% to $2.7 million, while achieving a 65% profit margin. We improved operating performance from our continued operations, and we completed the sale of our noncore facilities, leaving us with $16.5 million in cash to fund the next phase of growth. These outcomes reflect the deliberate plan we set in motion to transform MindWalk. By design, we have aligned our platforms, programs and corporate structure around BioNative AI vision. HYFT patterns and LensAI are already shaping real assets. In GLP1 and longevity, LensAI points us to a single best scoring design for a tightly defined shortlist, not a long catalog of undifferentiated hits. In dengue, strict HYFT criteria led us to a conserved epitope across all 4 serotypes, selected on biochemical evidence rather than legacy antigen lists. Our asset strategy is clear: secure strong IP around HYFT-defined targets and pair each program with strategic capital partners who can accelerate development. To enable that, we mentioned we're working with Walker Legal to establish a Cayman Islands-based segregated portfolio structure for our AI-driven pipeline, where each LensAI-derived program is housed and financed in its own portfolio. We are in active discussions with investors interested in this model and intend to share a formal update along with new information on our lead programs and our capital and partnering approach before the market opened on the first day of J.P. Morgan Healthcare Conference. That update released through national media will give investors a clear view on how these assets will contribute to MindWalk's long-term value creation. Our priorities are straightforward: continue to strengthen the HYFT and LensAI platform, advance our internal programs such as GLP1, dengue and future programs, deepen engagement with enterprise customers and deploy capital in ways that compound our strategic advantage. This combination of technology, differentiated assets, market understanding and partnership positions MindWalk within the small group of companies that will define how AI is applied to biologics. Thank you for your time today and for your continued support. Operator: This will conclude our call today. Thank you all for joining. You may now disconnect.