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    Will McHale

    Research Analyst at Ingalls & Snyder

    Will McHale is a Director, Analyst, and Portfolio Manager at Ingalls & Snyder, where he specializes in value investing with a focus on identifying durable businesses trading below intrinsic value. He previously covered U.S. Small Cap equities at Axiom Investors LLC and gained investment experience at the Yale Investment Office, contributing to Yale’s $25 billion endowment. Will holds the Chartered Financial Analyst (CFA) designation and is registered with FINRA, actively managing portfolios while serving on the board of The D10 Decathlon. He joined Ingalls & Snyder after beginning his career as a researcher and analyst, leveraging deep sector expertise and a long-term approach to generate competitive investment returns.

    Will McHale's questions to ImmunoPrecise Antibodies (IPA) leadership

    Will McHale's questions to ImmunoPrecise Antibodies (IPA) leadership • Q2 2025

    Question

    The analyst inquired about the disconnect between numerous technological advancements and flat revenue, the commercial ramp-up of BioStrand services, plans for the company's capital structure and convertible debt, the status of the Astellas collaboration, the commercial model for semiconductor partnerships, and the strategic and financial impact of divesting the European assets.

    Answer

    The CEO attributed flat revenue to a lagging recovery in the broader biotech service industry but noted a swift rebound from the prior quarter. BioStrand's revenue is expected to ramp as early-access users convert to paying subscribers. The company plans to use proceeds from the European asset divestiture to pay off the remaining convertible debt, improving the capital structure. The Astellas partnership is under a strict NDA. Semiconductor partnerships are envisioned as co-marketing efforts to bring combined solutions to the drug discovery market. The divestiture will transform the company into a faster-growing, higher-margin entity with a strong balance sheet, focused on the high-potential LENSai platform.

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