ImmunoPrecise Antibodies Ltd. Files 2024 Annual Report

TL;DR

IPA filed its 20-F for FY24, check it for financials and biz ops.

AI Summary

ImmunoPrecise Antibodies Ltd. filed its annual 20-F report for the period ending April 30, 2024. The company, incorporated in A1 and headquartered in Vancouver, operates in the Pharmaceutical Preparations sector. Key financial data and operational details for the fiscal year are presented in this filing.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of ImmunoPrecise Antibodies Ltd.'s financial performance and business operations for the fiscal year ending April 30, 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, ImmunoPrecise Antibodies Ltd. is subject to regulatory risks, clinical trial outcomes, and market competition, which are inherent to the industry.

Key Numbers

• 2024-04-30 — Fiscal Year End (The reporting period concludes on this date.)
• 2024-07-29 — Filing Date (The date the 20-F report was officially submitted.)

Key Players & Entities

• ImmunoPrecise Antibodies Ltd. (company) — Filer of the 20-F report
• 0000950170-24-087127 (filing_id) — Accession number for the SEC filing
• 20240430 (date) — Fiscal year end date for the report
• 20240729 (date) — Filing date of the report
• Vancouver (location) — City of company headquarters
• A1 (location) — State of incorporation

FAQ

Key Financial Figures

• $1,235,000,000 — had total annual gross revenues of U.S.$1,235,000,000 (as such amount is indexed for inflatio
• $1,000,000,000 — ous 3-year period, issued more than U.S.$1,000,000,000 in non-convertible debt; or (d) the dat

Filing Documents

• ipa-20240430.htm (20-F) — 5109KB
• ipa-ex2_1.htm (EX-2.1) — 10KB
• ipa-ex2_2.htm (EX-2.2) — 221KB
• ipa-ex4_5.htm (EX-4.5) — 363KB
• ipa-ex4_6.htm (EX-4.6) — 152KB
• ipa-ex4_7.htm (EX-4.7) — 39KB
• ipa-ex8_1.htm (EX-8.1) — 13KB
• ipa-ex12_1.htm (EX-12.1) — 15KB
• ipa-ex12_2.htm (EX-12.2) — 14KB
• ipa-ex13_1.htm (EX-13.1) — 10KB
• ipa-ex13_2.htm (EX-13.2) — 10KB
• ipa-ex15_1.htm (EX-15.1) — 3KB
• ipa-ex97_1.htm (EX-97.1) — 44KB
• img154269876_0.jpg (GRAPHIC) — 52KB
• 0000950170-24-087127.txt ( ) — 21173KB
• ipa-20240430.xsd (EX-101.SCH) — 2102KB
• ipa-20240430_htm.xml (XML) — 5206KB

Risk Factors

Risk Factors 8 ITEM 4. INFORMATION ON THE COMPANY 18 A. History and Development of the Company 18 B. Business Overview 23 C. Organizational Structure 29 D. Property, Plants and Equipment 30 ITEM 4A. UNRESOLVED STAFF COMMENTS 30 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 30 A. Operating Results 31 B. Liquidity and Capital Resources 35 C. Research and Development, Patents and Licenses, etc 37 D. Trend Information 37 E. Critical Accounting Estimates 37 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 38 A. Directors and Senior Management 38 B. Compensation 41 C. Board Practices 47 D. Employees 48 E. Share Ownership 48 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 50 A. Major Shareholders 50 B. Related Party Transactions 50 C. Interests of Experts and Counsel 51 ITEM 8. FINANCIAL INFORMATION 51 A. Consolidated Statements and Other Financial Information 51 B. Significant Changes 51 ITEM 9. THE OFFER AND LISTING 51 A. Offer and Listing Details 51 B. Plan of Distribution 51 C. Markets 51 D. Selling Shareholders 51 E.

Dilution

Dilution 51 F. Expenses of the Issue 52 ITEM 10. ADDITIONAL INFORMATION 52 A. Share Capital 52 B. Memorandum and Articles of Association 52 C. Material Contracts 54 D. Exchange Controls 55 E. Taxation 55 F. Dividends and Paying Agents 63 G. 63 H. Documents on Display 63 I. Subsidiary Information 63 J. Annual Report to Security Holders 63 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 63 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 63 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 64 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 64 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 64 A. Disclosure Controls and Procedures 64 B. Management's Annual Report on Internal Control Over Financial Reporting 64 C. Attestation Report of Registered Public Accounting Firm 65 D. Changes in Internal Controls Over Financial Reporting 65 ITEM 16. [RESERVED] 65 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 65 ITEM 16B. CODE OF ETHICS 65 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 66 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 66 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 66 ITEM 16F. CHANGE IN COMPANY'S CERTIFYING ACCOUNTANT 66 ITEM 16G. CORPORATE GOVERNANCE 67 ITEM 16H. MINE SAFETY DISCLOSURE 68 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 68 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 69 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 69 ITEM 19. EXHIBITS 70 3 INTRODU CTION In this Annual Report on Form 20-F (the " Annual Report "), " IPA ," " Company ," " we ," " us " and " our " refer to ImmunoPrecise Antibodies Ltd. and its consolidated subsidiaries. Information contained in this Annual Report is given as of April 30, 2024, the fiscal year end of Company, unless otherwise specifically stated. Market and industry data used throughout this Annual Report was obtained from various publicly available sources. Although the Company believes that these independent sources are generally reliable, the accuracy and completeness of such information are not guaranteed and have not been verified due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and the limitations and uncertainty inherent in any statistical survey of market size, conditions and prospects. The Company reports under International Financial Reporting Standards as issued by the International Accounting Standards Board. None of the consolidated financial statements contained in this Annual Report were prepared in accordance with generally accepted accounting principles in the United States. The Company's financial statements are presented in Canadian dollars. In this Annual Report, unless otherwise indicated, all dollar amounts and references to " $ " or " CAD$ " are to Canadian dollars and references to " U.S.$ " are to United States dollars, but most of the figures included in this Annual Report, including the Company's financial statements, are in Canadian dollars. 4 SPECIAL

IDENTITY OF DIRECTORS, SENIO R MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIO R MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTI CS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTI CS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. Rese rved. B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors There are numerous and varied risks, known and unknown, that may prevent us from achieving our goals. The risks described below are not the only ones we will face. If any of these risks actually occur, our business, financial condition or results of operations may be materially and adversely affected. In that case, the trading price of our securities could decline and investors in such securities could lose all or part of their investment. We currently have negative operating cash flows. We have negative cash flow from operating activities and have historically incurred net losses. There is no assurance that we will generate sufficient revenues in the near future. To the extent that we have negative operating cash flows in future periods, we may need to deploy a portion of our existing working capital to fund such negative cash flows. We expect to need to raise additional funds through issuances of securities or through loan financing. There is no assurance that additional capital or other types of financing will be available if needed or that these financings will be on terms at least as favorable to us as those previously obtained, or at all. If we are unable to obtain additional financing from outside sources and eventually generate enough revenues, we may be forced to sell a portion or all of our assets, or curtail or discontinue our operations. If any of these events happen, investors may lose all or part of their investment. We may have difficulties in managing our liquidity risk, which may adversely affect our financial and operating performance and limit our growth. Although we are a going concern, we do not have cash reserves to fund all our operations for one year, and strategic future growth and expansion plans. We have historically incurred net losses. There is no assur

View Full Filing

View this 20-F filing on SEC EDGAR