Cover Page
Cover Page | 9 Months Ended |
Jan. 31, 2024 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | ImmunoPrecise Antibodies Ltd. |
Entity Central Index Key | 0001715925 |
Current Fiscal Year End Date | --04-30 |
Entity Address, Address Line One | 3204 - 4464 Markham Street |
Entity Address, City or Town | Victoria |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V8Z 7X8 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - CAD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Current assets | ||
Cash | $ 6,204 | $ 8,280 |
Amounts receivable, net | 3,047 | 3,247 |
Tax receivable | 397 | 536 |
Inventory | 2,532 | 2,060 |
Unbilled revenue | 1,032 | 632 |
Prepaid expenses | 1,843 | 2,037 |
Total current assets | 15,055 | 16,792 |
Restricted cash | 85 | 86 |
Deposit on equipment | 478 | 332 |
Investment at fair value through profit and loss | 0 | 115 |
Property and equipment | 16,548 | 10,392 |
Intangible assets | 27,857 | 30,925 |
Goodwill | 18,664 | 19,171 |
Total assets | 78,687 | 77,813 |
Current liabilities | ||
Accounts payable and accrued liabilities | 4,795 | 3,388 |
Deferred revenue | 2,023 | 977 |
Income taxes payable | 210 | 0 |
Leases | 1,768 | 1,116 |
Deferred acquisition payments | 289 | 439 |
Current liabilities | 9,085 | 5,920 |
Leases | 12,623 | 6,151 |
Deferred acquisition payments | 278 | 278 |
Deferred income tax liability | 6,883 | 7,661 |
Total liabilities | 28,869 | 20,010 |
SHAREHOLDERS' EQUITY | ||
Share capital | 118,348 | 117,470 |
Contributed surplus | 12,151 | 10,796 |
Accumulated other comprehensive loss | 1,539 | 2,625 |
Accumulated deficit | (82,220) | (73,088) |
Equity | 49,818 | 57,803 |
Total liabilities and shareholders' equity | $ 78,687 | $ 77,813 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Profit or loss [abstract] | ||||
REVENUE | $ 6,221 | $ 5,171 | $ 18,059 | $ 15,044 |
COST OF SALES | 3,024 | 2,207 | 9,114 | 6,822 |
GROSS PROFIT | 3,197 | 2,964 | 8,945 | 8,222 |
EXPENSES | ||||
Research and development | 1,001 | 1,563 | 3,116 | 13,189 |
Sales and marketing | 649 | 836 | 2,634 | 2,674 |
General and administrative | 4,178 | 4,112 | 11,473 | 11,738 |
Amortization of intangible assets | 709 | 1,033 | 2,267 | 3,097 |
Total expenses | 6,537 | 7,544 | 19,490 | 30,698 |
Loss before other income (expenses) and income taxes | (3,340) | (4,580) | (10,545) | (22,476) |
OTHER INCOME (EXPENSES) | ||||
Accretion | (5) | 0 | (15) | (3) |
Grant income | 0 | 22 | 299 | 306 |
Interest and other income | 3 | 39 | 359 | 73 |
Unrealized foreign exchange gain (loss) | (115) | (76) | 21 | 244 |
Other income (expenses) | (117) | (15) | 664 | 620 |
Loss before income taxes | (3,457) | (4,595) | (9,881) | (21,856) |
Income taxes | 517 | (104) | 749 | 425 |
NET LOSS FOR THE YEAR | (2,940) | (4,699) | (9,132) | (21,431) |
Items that will be reclassified subsequently to loss | ||||
Exchange difference on translating foreign operations | 130 | 3,748 | (1,086) | 3,890 |
COMPREHENSIVE LOSS FOR THE YEAR | $ (2,810) | $ (951) | $ (10,218) | $ (17,541) |
LOSS PER SHARE - BASIC | $ (0.11) | $ (0.19) | $ (0.36) | $ (0.86) |
LOSS PER SHARE - DILUTED | $ (0.11) | $ (0.19) | $ (0.36) | $ (0.86) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 25,800,919 | 24,944,679 | 25,298,660 | 24,852,887 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - CAD ($) $ in Thousands | Total | Share Capital | Convertible Debentures-Equity Component | Contributed Surplus | Accumulated Other Comprehensive (Loss) Income | Deficit |
Beginning balance at Apr. 30, 2022 | $ 75,286 | $ 114,559 | $ 103 | $ 9,630 | $ (2,479) | $ (46,527) |
Beginning balance, shares at Apr. 30, 2022 | 24,476,846 | |||||
Shares issued pursuant to option exercise | $ 715 | 1,247 | (532) | |||
Shares issued pursuant to option exercise, shares | 178,725 | |||||
Shares issued pursuant to conversion of convertible debentures | $ 1,315 | 1,418 | (103) | |||
Shares issued pursuant to conversion of convertible debentures, shares | 309,877 | |||||
Share-based payments | $ 1,307 | 1,307 | ||||
Comprehensive loss for the period | (17,541) | 3,890 | (21,431) | |||
Ending balance at Jan. 31, 2023 | $ 61,082 | 117,224 | 10,405 | 1,411 | (67,958) | |
Ending balance, shares at Jan. 31, 2023 | 24,965,448 | |||||
Beginning balance at Apr. 30, 2022 | $ 75,286 | 114,559 | $ 103 | 9,630 | (2,479) | (46,527) |
Beginning balance, shares at Apr. 30, 2022 | 24,476,846 | |||||
Ending balance at Apr. 30, 2023 | $ 57,803 | 117,470 | 10,796 | 2,625 | (73,088) | |
Ending balance, shares at Apr. 30, 2023 | 25,050,260 | |||||
Beginning balance at Oct. 31, 2022 | $ 61,743 | 117,054 | 10,285 | (2,337) | (63,259) | |
Beginning balance, shares at Oct. 31, 2022 | 24,935,448 | |||||
Shares issued pursuant to option exercise | $ 97 | 170 | (73) | |||
Shares issued pursuant to option exercise, shares | 30,000 | |||||
Share-based payments | $ 193 | 193 | ||||
Comprehensive loss for the period | (951) | 3,748 | (4,699) | |||
Ending balance at Jan. 31, 2023 | $ 61,082 | 117,224 | 10,405 | 1,411 | (67,958) | |
Ending balance, shares at Jan. 31, 2023 | 24,965,448 | |||||
Beginning balance at Apr. 30, 2023 | $ 57,803 | 117,470 | 10,796 | 2,625 | (73,088) | |
Beginning balance, shares at Apr. 30, 2023 | 25,050,260 | |||||
Shares issued pursuant to bought deal offering of common shares | $ 935 | 878 | 57 | |||
Shares issued pursuant to bought deal offering of common shares, shares | 1,265,000 | |||||
Share-based payments | $ 1,298 | 1,298 | ||||
Comprehensive loss for the period | (10,218) | (1,086) | (9,132) | |||
Ending balance at Jan. 31, 2024 | $ 49,818 | 118,348 | 12,151 | 1,539 | (82,220) | |
Ending balance, shares at Jan. 31, 2024 | 26,315,260 | |||||
Beginning balance at Oct. 31, 2023 | $ 51,515 | 117,470 | 11,916 | 1,409 | (79,280) | |
Beginning balance, shares at Oct. 31, 2023 | 25,050,260 | |||||
Shares issued pursuant to bought deal offering of common shares | $ 935 | 878 | 57 | |||
Shares issued pursuant to bought deal offering of common shares, shares | 1,265,000 | |||||
Share-based payments | $ 178 | 178 | ||||
Comprehensive loss for the period | (2,810) | 130 | (2,940) | |||
Ending balance at Jan. 31, 2024 | $ 49,818 | $ 118,348 | $ 12,151 | $ 1,539 | $ (82,220) | |
Ending balance, shares at Jan. 31, 2024 | 26,315,260 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Operating activities: | ||
Net loss for the period | $ (9,132) | $ (21,431) |
Items not affecting cash: | ||
Amortization and depreciation | 4,156 | 4,702 |
Deferred income taxes | (582) | (676) |
Accretion | 15 | 3 |
Foreign exchange | 118 | (152) |
Gain on investment | (21) | (27) |
Share-based payments | 1,298 | 1,307 |
Items not affecting cash | (4,148) | (16,274) |
Amounts receivable | 439 | 350 |
Inventory | (513) | (62) |
Unbilled revenue | (416) | 1 |
Prepaid expenses | 184 | (316) |
Accounts payable and accrued liabilities | 1,462 | (715) |
Sales and income taxes payable and receivable | 339 | (343) |
Deferred revenue | 1,050 | (240) |
Net cash used in operating activities | (1,603) | (17,599) |
Investing activities: | ||
Purchase of property and equipment | (270) | (1,033) |
Security depost on leases | (157) | 40 |
Deferred acquisition payment | (146) | (610) |
Sale of QVQ Holdings BV shares | 121 | 80 |
Net cash used in investing activities | (452) | (1,523) |
Financing activities: | ||
Proceeds on share issuance, net of transaction costs | 935 | 715 |
Repayment of leases | (1,037) | (955) |
Net cash used in financing activities | (102) | (240) |
Decrease in cash during the period | (2,157) | (19,362) |
Foreign exchange | 80 | 724 |
Cash - beginning of the period | 8,366 | 30,047 |
Cash - end of the period | 6,289 | 11,409 |
Cash is comprised of: | ||
Cash | 6,204 | 11,324 |
Restricted cash | 85 | 85 |
Cash paid for interest | 0 | 263 |
Cash paid for income tax | $ 0 | $ 591 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure Of Nature Of Operations [Abstract] | |
Nature Of Operations | 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 ("Nasdaq") 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, B.C., 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 $ 2.9 million for the three months ended January 31, 2024, and has accumulated a deficit of $ 82.2 million as of January 31, 2024. The Company had $ 6.3 million cash on hand as of January 31, 2024. The Company expects its cash on hand as of January 31, 2024 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
Basis of Presentation | 9 Months Ended |
Jan. 31, 2024 | |
Basis Of Accounting [Abstract] | |
BASIS OF PRESENTATION | 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: Name of Subsidiary % Equity Country of Functional Currency ImmunoPrecise Antibodies (Canada) Ltd. 100 % Canada Canadian dollar ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") 100 % USA US dollar ImmunoPrecise Antibodies (N.D.) Ltd. 100 % USA US dollar ImmunoPrecise Antibodies (MA) LLC 100 % USA US dollar Talem Therapeutics LLC ("Talem") 100 % USA US dollar ImmunoPrecise Netherlands B.V. 100 % Netherlands Euro ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") 100 % Netherlands Euro BioStrand B.V. 100 % Belgium Euro Idea Family B.V. 100 % Belgium Euro BioKey B.V. 100 % Belgium Euro BioClue B.V. 100 % Belgium Euro ImmunoPrecise Antibodies (Quebec), Ltd. 100 % Canada Canadian dollar 9438-9244 Quebec, Inc. 100 % Canada Canadian dollar 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 Stan
Adoption of New Accounting Standards | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Adoption of New Accounting Standards | 3. ADOPTION OF NEW ACCOUNTING STANDARDS 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 A
Critical Accounting Estimates And Judgements | 9 Months Ended |
Jan. 31, 2024 | |
Critical Accounting Estimates And Judgments [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 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
Property and Equipment | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT | 5. PROPERTY AND EQUIPMENT The table below includes both property and equipment and right-of-use assets. (in thousands) Computer Furniture & Computer Building Automobile Leasehold Lab WIP - Total Cost: Balance, April 30, 2022 136 35 47 2,586 239 353 5,672 138 9,206 Additions 138 — — 7,593 — 101 1,064 28 8,924 Completion of work-in-process — — — — — 166 — ( 166 ) — Disposals ( 3 ) — — ( 1,290 ) ( 95 ) — ( 700 ) — ( 2,088 ) Foreign exchange 17 18 3 196 23 6 437 — 700 Balance, April 30, 2023 288 53 50 9,085 167 626 6,473 — 16,742 Additions 49 — — 7,963 — 27 259 26 8,324 Disposals ( 1 ) — — ( 88 ) — — — — ( 89 ) Foreign exchange ( 6 ) ( 1 ) ( 1 ) ( 245 ) ( 4 ) ( 3 ) ( 120 ) — ( 380 ) Balance, January 31, 2024 330 52 49 16,715 163 650 6,612 26 24,597 Accumulated Depreciation: Balance, April 30, 2022 70 29 47 1,736 46 348 3,371 — 5,647 Depreciation 84 3 — 1,109 58 40 977 — 2,271 Disposals ( 3 ) — — ( 1,274 ) ( 57 ) — ( 507 ) — ( 1,841 ) Foreign exchange 6 1 3 181 10 — 72 — 273 Balance, April 30, 2023 157 33 50 1,752 57 388 3,913 — 6,350 Depreciation 77 3 — 1,094 42 42 629 — 1,887 Disposals — — — ( 61 ) — — — — ( 61 ) Foreign exchange ( 3 ) — ( 1 ) ( 48 ) ( 2 ) — ( 73 ) ( 127 ) Balance, January 31, 2024 231 36 49 2,737 97 430 4,469 — 8,049 Net Book Value: April 30, 2023 131 20 — 7,333 110 238 2,560 — 10,392 January 31, 2024 99 16 — 13,978 66 220 2,143 26 16,548 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | 6. INTANGIBLE ASSETS Changes in the value of the intangible assets during the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows: (in thousands) Internally Intellectual Proprietary Certifications Customer List Total Cost: Balance, April 30, 2022 33 31,914 7,359 126 180 39,612 Foreign exchange — 3,229 744 13 18 4,004 Balance, April 30, 2023 33 35,143 8,103 139 198 43,616 Disposals — — — — ( 193 ) ( 193 ) Foreign exchange — ( 929 ) ( 214 ) ( 4 ) ( 5 ) ( 1,152 ) Balance, January 31, 2024 33 34,214 7,889 135 — 42,271 Accumulated Amortization: Balance, April 30, 2022 8 1,693 5,491 — 30 7,222 Amortization 7 2,710 1,477 128 92 4,414 Foreign exchange ( 1 ) 372 665 9 10 1,055 Balance, April 30, 2023 14 4,775 7,633 137 132 12,691 Amortization 5 1,999 195 3 65 2,267 Disposals — — — — ( 193 ) ( 193 ) Foreign exchange — ( 140 ) ( 202 ) ( 5 ) ( 4 ) ( 351 ) Balance, January 31, 2024 19 6,634 7,626 135 — 14,414 Net Book Value: April 30, 2023 19 30,368 470 2 66 30,925 January 31, 2024 14 27,580 263 — — 27,857 |
Leases
Leases | 9 Months Ended |
Jan. 31, 2024 | |
Presentation of leases for lessee [abstract] | |
LEASES | 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) 440 2025 1,659 2026 1,620 2027 1,616 2028 1,610 More than 5 years 3,151 Total minimum lease payments 10,096 Less: imputed interest 4,295 Total present value of minimum lease payments 14,391 Less: Current portion ( 1,768 ) Non-current portion 12,623 Total cash outflow for leases during the nine months ended January 31, 2024 wa s $ 1.0 million (2023 - $ 1.0 million). The nature of the Company’s leases by type of right-of-use asset as of January 31, 2024 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 4 0.5 - 10.5 years 5.0 years 3 — 2 2 Automobiles 6 1.0 - 3.5 years 2 years — — 6 6 Right-of-use assets The changes in the value of right-of-use assets during the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows: (in thousands) Building Automobile Lab Total Cost: Balance, April 30, 2022 2,586 239 651 3,476 Additions 7,593 — — 7,593 Disposals ( 1,290 ) ( 95 ) ( 687 ) ( 2,072 ) Foreign exchange 196 23 36 255 Balance, April 30, 2023 9,085 167 — 9,252 Additions 7,963 — — 7,963 Disposals ( 88 ) — — ( 88 ) Foreign exchange ( 245 ) ( 4 ) — ( 249 ) Balance, January 31, 2024 16,715 163 — 16,878 Accumulated Depreciation: Balance, April 30, 2022 1,736 46 460 2,242 Depreciation 1,109 58 198 1,365 Disposals ( 1,274 ) ( 57 ) ( 507 ) ( 1,838 ) Foreign exchange 181 10 ( 151 ) 40 Balance, April 30, 2023 1,752 57 — 1,809 Depreciation 1,094 42 — 1,136 Disposals ( 61 ) — — ( 61 ) Foreign exchange ( 48 ) ( 2 ) — ( 50 ) Balance, January 31, 2024 2,737 97 — 2,834 Net Book Value: April 30, 2023 7,333 110 — 7,443 January 31, 2024 13,978 66 — 14,044 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 nine months ended January 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Leases of low value assets 4 30 Variable lease payments 370 169 374 199 |
Share Capital
Share Capital | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL | 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 During the nine months ended January 31, 2024, the Company issued 1,265,000 common shares in an underwritten public offering, 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 . c) Options The following table summarizes stock option awards during the nine months ended January 31, 2024 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 May 15, 2022 (1) 80,000 5.79 Employees 5.79 0 % 77 % 2.73 % 5.0 years $ 0.3 million February 19, 2023 (2) 29,060 4.10 (5) Directors 4.10 (5) 0 % 77 % 3.57 % 4.0 years $ 0.1 million February 19, 2023 (1) 609,452 4.10 (5) Officers and employees 4.10 (5) 0 % 77 % 3.57 % 5.0 years $ 2.2 million January 19, 2024 (3) 160,000 1.48 (5) Directors 1.48 (5) 0 % 77 % 3.64 % 5.0 years $ 0.2 million January 19, 2024 (4) 80,000 1.48 (5) Directors 1.48 (5) 0 % 77 % 3.64 % 5.0 years $ 0.1 million (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) Vesting conditions are as follows: one-thirty-sixth each month after grant date. (4) Vesting conditions are as follows: all vest 10 months after grant date. (5) 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 nine months ended January 31, 2024 the Company has recorded $ 1.3 million (2023 - $ 1.3 million) of share-based payments expense. The changes in the stock options for the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows: Number of Weighted Weighted Balance, April 30, 2022 (outstanding) 1,624,150 7.93 3.11 Granted 718,512 7.98 — Exercised ( 318,725 ) 3.26 — Expired ( 115,174 ) 10.75 — Forfeited ( 24,335 ) 20.30 — Balance, April 30, 2023 (outstanding) 1,884,428 8.29 2.88 Granted 240,000 1.98 — Expired ( 396,332 ) 6.95 — Forfeited ( 105,566 ) 4.15 — Balance, January 31, 2024 (outstanding) 1,622,530 7.52 3.22 Unvested ( 537,444 ) 4.10 4.41 Exercisable, January 31, 2024 1,085,086 9.21 2.63 Details of the options outstanding as of January 31, 2024 are as follows: Expiry Date Exercise Remaining Options Unvested Vested September 1, 2025 8.50 1.59 250,000 — 250,000 January 6, 2026 20.30 1.93 168,000 — 168,000 May 9, 2026 (1) 10.32 2.27 10,000 3,333 6,667 January 2, 2026 6.89 1.92 28,250 — 28,250 January 7, 2027 7.94 2.94 276,000 — 276,000 January 13, 2027 8.30 2.95 31,000 — 31,000 February 22, 2024 6.35 0.06 25,000 — 25,000 May 15, 2027 5.79 3.29 80,000 — 80,000 February 19, 2027 (2) 5.48 3.05 18,161 — 18,161 February 19, 2028 (2) 5.48 4.05 496,119 316,968 179,151 January 19, 2029 (3) 1.98 4.97 240,000 217,143 22,857 7.52 3.22 1,622,530 537,444 1,085,086 (1) Exercise price of US $ 7.72 . The figure in the table above is translated at the January 31, 2024 rate. (2) Exercise price of US $ 4.10 . The figure in the table above is translated at the January 31, 2024 rate. (3) Exercise price of US $ 1.48 . The figure in the table above is translated at the January 31, 2024 rate. d) Finder’s Warrants Details of the finder’s warrants outstanding as of January 31, 2024 are as follows: Expiry Date Exercise price Remaining life Warrants February 3, 2026 (1) 22.53 2.01 130,111 December 8, 2028 (2) 1.34 4.86 56,650 (1) Exercise price of US $ 16.81 . The figure in the table above is translated at the January 31, 2024 rate. (2) Exercise price of US $ 1.00 . The figure in the table above is translated at the January 31, 2024 rate. |
Employee Remuneration
Employee Remuneration | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of employee benefits expenses [abstract] | |
EMPLOYEE REMUNERATION | 9. EMPLOYEE REMUNERATION Expenses recognized for employee benefits for the three and nine months ended January 31, 2024 and 2023 are detailed below: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Wages, salaries 5,312 2,719 8,059 7,741 Employee benefits 523 216 787 552 Payroll taxes 364 200 547 681 Severance 60 73 60 133 Share-based payments 1,001 193 1,298 1,307 7,260 3,401 10,751 10,414 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jan. 31, 2024 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS | 10. RELATED PARTY TRANSACTIONS Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including executive officers. During the three and nine months ended January 31, 2024 and 2023, the compensation for key management is as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Salaries and other short-term benefits 238 530 1,811 1,938 Severance (included in salaries) — 63 60 123 Share-based payments ( 258 ) 124 862 555 Director compensation (included in salaries) 85 83 256 250 65 800 2,989 2,866 At January 31, 2024 , included in accounts payable and accrued liabilities is $ 1.6 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
Commitments | 9 Months Ended |
Jan. 31, 2024 | |
Commitments [Abstract] | |
COMMITMENTS | 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 expected to commence February 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 January 31, 2024, the Company's unpaid commitment related to the BioStrand earnout is € 12.0 million. |
Grant and Subsidy Income
Grant and Subsidy Income | 9 Months Ended |
Jan. 31, 2024 | |
Grant And Subsidy Income [Abstract] | |
GRANT AND SUBSIDY INCOME | 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 nine months ended January 31, 2024, the Company recorded € 0.2 million in grant income related to this funding compared to the € 0.2 million recorded in the nine months ended January 31, 2023. |
Segmented Information and Econo
Segmented Information and Economic Dependence | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE | 13. SEGMENTED INFORMATION AND ECONOMIC DEPENDENCE At January 31, 2024 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 nine months ended January 31, 2024 and 2023 as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 United States of America 3,369 3,006 9,009 6,942 Europe 2,594 1,889 7,960 6,816 Canada 112 121 356 518 Australia 31 90 179 326 Other 115 65 555 442 6,221 5,171 18,059 15,044 The Company’s revenues are allocated according to revenue types for the three and nine months ended January 31, 2024 and 2023 as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Project revenue 5,774 4,754 16,508 13,817 Product sales revenue 395 363 1,372 1,054 Cryostorage revenue 52 54 179 173 6,221 5,171 18,059 15,044 The Company’s non-current assets are allocated to geographic regions as of January 31, 2024 and April 30, 2023 as follows: January 31, April 30, North America - Corporate 81 89 North America 4,650 1,025 Belgium 37,515 40,406 Netherlands 21,386 19,501 63,632 61,021 Geographic segmentation of the Company’s net income (loss) for the three and nine months ended January 31, 2024 and 2023 is as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 North America - Corporate ( 3,335 ) ( 620 ) ( 6,022 ) ( 4,500 ) North America 765 ( 3,146 ) 51 ( 14,327 ) Belgium ( 1,488 ) ( 1,267 ) ( 3,829 ) ( 3,276 ) Netherlands 1,118 334 668 672 ( 2,940 ) ( 4,699 ) ( 9,132 ) ( 21,431 ) Geographic segmentation of the interest and accretion, and amortization and depreciation for the three and nine months ended January 31, 2024 and 2023 is as follows: Three months ended Nine months ended Interest and accretion (in thousands) 2024 2023 2024 2023 North America - Corporate 14 2 4 17 North America 95 3 175 14 Belgium ( 37 ) 3 — 12 Netherlands 114 111 352 169 186 119 531 212 Three months ended Nine months ended Amortization and depreciation (in thousands) 2024 2023 2024 2023 North America - Corporate 3 4 9 11 North America 137 195 439 563 Belgium 608 554 1,817 1,717 Netherlands 561 935 1,891 2,411 1,309 1,688 4,156 4,702 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Jan. 31, 2024 | |
Statement of cash flows [abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | 14. SUPPLEMENTAL CASH FLOW INFORMATION Non-cash investing and financing transactions (in thousands) January 31, January 31, Acquisition of building and equipment by lease 7,963 7,412 The following changes in liabilities arose from financing activities: Non-cash changes (in thousands) April 30, Cash Flows Acquisition Settlement Accretion Foreign January 31, Deferred acquisition payments 717 — — — 15 ( 165 ) 567 Leases 7,267 ( 1,037 ) 7,963 — — 198 14,391 Total 7,984 ( 1,037 ) 7,963 — 15 33 14,958 Non-cash changes (in thousands) April 30, Cash Flows Acquisition Debt forgiven Accretion Foreign January 31, Deferred acquisition payments 1,237 ( 610 ) — — — 47 674 Convertible debentures 1,312 — — ( 1,315 ) 3 — — Leases 1,455 ( 955 ) 7,412 — — ( 437 ) 7,475 Total 4,004 ( 1,565 ) 7,412 ( 1,315 ) 3 ( 390 ) 8,149 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On February 23, 2024, the Company established an at-the-market equity offering facility ("ATM Facility") with Clear Street LLC, replacing its previous ATM Facility with Jefferies LLC, which was terminated on February 1, 2024. An Open Market Sales Agreement ("ATM Agreement") was entered into with Clear Street LLC, as sole sales agent ("Agent") on February 23, 2024. The Company is entitled, at its discretion and from time-to-time during the term of the ATM Agreement, to sell, through the Agent common shares of the Company. On February 23, 2024, in connection with the ATM facility, the Company filed a prospectus supplement permitting the sales of common shares having an aggregate gross sales price of up to US$ 60.0 million. Sales of the common shares will be made in transactions that are deemed to be "at-the-market distributions" as defined in Rule 415(a)(4) of the United Securities Act of 1933, as amended, including, without limitation, sales made directly on Nasdaq or any other existing trading market for the common shares in the United States. Common shares will only be sold on the facilities of an exchange or market outside Canada to purchasers who the Company has no reason to believe are resident in Canada and, in all others cases, to purchasers who are not located or resident in Canada. The Company will determine, at its sole discretion, the date, minimum price and maximum number of common shares to be sold under the ATM Facility. The common shares will be distributed from time to time in negotiated transactions, at market prices prevailing at the time of sale, at prices relating to such prevailing market prices, and/or in any other manner permitted by applicable law. As such, the prices may vary between purchasers over time. The Company is not required to sell any common shares at any time during the term of the ATM Facility. As of March 13, 2024, 629,240 common shares were sold under the ATM with net proceeds of $ 1.8 million. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Investments accounted for using equity method [abstract] | |
Summary of Subsidiaries which are Wholly Owned and Subject to Control | 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 Country of Functional Currency ImmunoPrecise Antibodies (Canada) Ltd. 100 % Canada Canadian dollar ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") 100 % USA US dollar ImmunoPrecise Antibodies (N.D.) Ltd. 100 % USA US dollar ImmunoPrecise Antibodies (MA) LLC 100 % USA US dollar Talem Therapeutics LLC ("Talem") 100 % USA US dollar ImmunoPrecise Netherlands B.V. 100 % Netherlands Euro ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") 100 % Netherlands Euro BioStrand B.V. 100 % Belgium Euro Idea Family B.V. 100 % Belgium Euro BioKey B.V. 100 % Belgium Euro BioClue B.V. 100 % Belgium Euro ImmunoPrecise Antibodies (Quebec), Ltd. 100 % Canada Canadian dollar 9438-9244 Quebec, Inc. 100 % Canada Canadian dollar |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Changes in the Value of Property and Equipment | The table below includes both property and equipment and right-of-use assets. (in thousands) Computer Furniture & Computer Building Automobile Leasehold Lab WIP - Total Cost: Balance, April 30, 2022 136 35 47 2,586 239 353 5,672 138 9,206 Additions 138 — — 7,593 — 101 1,064 28 8,924 Completion of work-in-process — — — — — 166 — ( 166 ) — Disposals ( 3 ) — — ( 1,290 ) ( 95 ) — ( 700 ) — ( 2,088 ) Foreign exchange 17 18 3 196 23 6 437 — 700 Balance, April 30, 2023 288 53 50 9,085 167 626 6,473 — 16,742 Additions 49 — — 7,963 — 27 259 26 8,324 Disposals ( 1 ) — — ( 88 ) — — — — ( 89 ) Foreign exchange ( 6 ) ( 1 ) ( 1 ) ( 245 ) ( 4 ) ( 3 ) ( 120 ) — ( 380 ) Balance, January 31, 2024 330 52 49 16,715 163 650 6,612 26 24,597 Accumulated Depreciation: Balance, April 30, 2022 70 29 47 1,736 46 348 3,371 — 5,647 Depreciation 84 3 — 1,109 58 40 977 — 2,271 Disposals ( 3 ) — — ( 1,274 ) ( 57 ) — ( 507 ) — ( 1,841 ) Foreign exchange 6 1 3 181 10 — 72 — 273 Balance, April 30, 2023 157 33 50 1,752 57 388 3,913 — 6,350 Depreciation 77 3 — 1,094 42 42 629 — 1,887 Disposals — — — ( 61 ) — — — — ( 61 ) Foreign exchange ( 3 ) — ( 1 ) ( 48 ) ( 2 ) — ( 73 ) ( 127 ) Balance, January 31, 2024 231 36 49 2,737 97 430 4,469 — 8,049 Net Book Value: April 30, 2023 131 20 — 7,333 110 238 2,560 — 10,392 January 31, 2024 99 16 — 13,978 66 220 2,143 26 16,548 |
Intangibles assets (Tables)
Intangibles assets (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Amortization for intangible assets with finite lives is provided over the following terms | Changes in the value of the intangible assets during the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows: (in thousands) Internally Intellectual Proprietary Certifications Customer List Total Cost: Balance, April 30, 2022 33 31,914 7,359 126 180 39,612 Foreign exchange — 3,229 744 13 18 4,004 Balance, April 30, 2023 33 35,143 8,103 139 198 43,616 Disposals — — — — ( 193 ) ( 193 ) Foreign exchange — ( 929 ) ( 214 ) ( 4 ) ( 5 ) ( 1,152 ) Balance, January 31, 2024 33 34,214 7,889 135 — 42,271 Accumulated Amortization: Balance, April 30, 2022 8 1,693 5,491 — 30 7,222 Amortization 7 2,710 1,477 128 92 4,414 Foreign exchange ( 1 ) 372 665 9 10 1,055 Balance, April 30, 2023 14 4,775 7,633 137 132 12,691 Amortization 5 1,999 195 3 65 2,267 Disposals — — — — ( 193 ) ( 193 ) Foreign exchange — ( 140 ) ( 202 ) ( 5 ) ( 4 ) ( 351 ) Balance, January 31, 2024 19 6,634 7,626 135 — 14,414 Net Book Value: April 30, 2023 19 30,368 470 2 66 30,925 January 31, 2024 14 27,580 263 — — 27,857 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Presentation of leases for lessee [abstract] | |
Schedule of Future Minimum Lease Payments Related to Equipment under Finance Lease and Office Lease Obligation | (in thousands) $ 2024 (remainder) 440 2025 1,659 2026 1,620 2027 1,616 2028 1,610 More than 5 years 3,151 Total minimum lease payments 10,096 Less: imputed interest 4,295 Total present value of minimum lease payments 14,391 Less: Current portion ( 1,768 ) Non-current portion 12,623 |
Schedule of Nature of Company's Leases Type of Right-of-Use Asset | 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 4 0.5 - 10.5 years 5.0 years 3 — 2 2 Automobiles 6 1.0 - 3.5 years 2 years — — 6 6 |
Schedule of Changes in the Value of Right-of-Use Assets | (in thousands) Building Automobile Lab Total Cost: Balance, April 30, 2022 2,586 239 651 3,476 Additions 7,593 — — 7,593 Disposals ( 1,290 ) ( 95 ) ( 687 ) ( 2,072 ) Foreign exchange 196 23 36 255 Balance, April 30, 2023 9,085 167 — 9,252 Additions 7,963 — — 7,963 Disposals ( 88 ) — — ( 88 ) Foreign exchange ( 245 ) ( 4 ) — ( 249 ) Balance, January 31, 2024 16,715 163 — 16,878 Accumulated Depreciation: Balance, April 30, 2022 1,736 46 460 2,242 Depreciation 1,109 58 198 1,365 Disposals ( 1,274 ) ( 57 ) ( 507 ) ( 1,838 ) Foreign exchange 181 10 ( 151 ) 40 Balance, April 30, 2023 1,752 57 — 1,809 Depreciation 1,094 42 — 1,136 Disposals ( 61 ) — — ( 61 ) Foreign exchange ( 48 ) ( 2 ) — ( 50 ) Balance, January 31, 2024 2,737 97 — 2,834 Net Book Value: April 30, 2023 7,333 110 — 7,443 January 31, 2024 13,978 66 — 14,044 |
Schedule of Lease Payments Not Recognized Liability | (in thousands) 2024 2023 Leases of low value assets 4 30 Variable lease payments 370 169 374 199 |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of classes of share capital [abstract] | |
Summary of Stock Option Awards | The following table summarizes stock option awards during the nine months ended January 31, 2024 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 May 15, 2022 (1) 80,000 5.79 Employees 5.79 0 % 77 % 2.73 % 5.0 years $ 0.3 million February 19, 2023 (2) 29,060 4.10 (5) Directors 4.10 (5) 0 % 77 % 3.57 % 4.0 years $ 0.1 million February 19, 2023 (1) 609,452 4.10 (5) Officers and employees 4.10 (5) 0 % 77 % 3.57 % 5.0 years $ 2.2 million January 19, 2024 (3) 160,000 1.48 (5) Directors 1.48 (5) 0 % 77 % 3.64 % 5.0 years $ 0.2 million January 19, 2024 (4) 80,000 1.48 (5) Directors 1.48 (5) 0 % 77 % 3.64 % 5.0 years $ 0.1 million (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) Vesting conditions are as follows: one-thirty-sixth each month after grant date. (4) Vesting conditions are as follows: all vest 10 months after grant date. (5) Priced in US dollars |
Summary of Changes in Stock Option | The changes in the stock options for the nine months ended January 31, 2024 and the year ended April 30, 2023 are as follows: Number of Weighted Weighted Balance, April 30, 2022 (outstanding) 1,624,150 7.93 3.11 Granted 718,512 7.98 — Exercised ( 318,725 ) 3.26 — Expired ( 115,174 ) 10.75 — Forfeited ( 24,335 ) 20.30 — Balance, April 30, 2023 (outstanding) 1,884,428 8.29 2.88 Granted 240,000 1.98 — Expired ( 396,332 ) 6.95 — Forfeited ( 105,566 ) 4.15 — Balance, January 31, 2024 (outstanding) 1,622,530 7.52 3.22 Unvested ( 537,444 ) 4.10 4.41 Exercisable, January 31, 2024 1,085,086 9.21 2.63 |
Summary of Options Outstanding | Details of the options outstanding as of January 31, 2024 are as follows: Expiry Date Exercise Remaining Options Unvested Vested September 1, 2025 8.50 1.59 250,000 — 250,000 January 6, 2026 20.30 1.93 168,000 — 168,000 May 9, 2026 (1) 10.32 2.27 10,000 3,333 6,667 January 2, 2026 6.89 1.92 28,250 — 28,250 January 7, 2027 7.94 2.94 276,000 — 276,000 January 13, 2027 8.30 2.95 31,000 — 31,000 February 22, 2024 6.35 0.06 25,000 — 25,000 May 15, 2027 5.79 3.29 80,000 — 80,000 February 19, 2027 (2) 5.48 3.05 18,161 — 18,161 February 19, 2028 (2) 5.48 4.05 496,119 316,968 179,151 January 19, 2029 (3) 1.98 4.97 240,000 217,143 22,857 7.52 3.22 1,622,530 537,444 1,085,086 (1) Exercise price of US $ 7.72 . The figure in the table above is translated at the January 31, 2024 rate. (2) Exercise price of US $ 4.10 . The figure in the table above is translated at the January 31, 2024 rate. (3) Exercise price of US $ 1.48 . The figure in the table above is translated at the January 31, 2024 rate. |
Summary of Changes in Finder's Warrants | Details of the finder’s warrants outstanding as of January 31, 2024 are as follows: Expiry Date Exercise price Remaining life Warrants February 3, 2026 (1) 22.53 2.01 130,111 December 8, 2028 (2) 1.34 4.86 56,650 (1) Exercise price of US $ 16.81 . The figure in the table above is translated at the January 31, 2024 rate. (2) Exercise price of US $ 1.00 . The figure in the table above is translated at the January 31, 2024 rate. |
Employee Remuneration (Tables)
Employee Remuneration (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of employee benefits expenses [abstract] | |
Summary of Expenses Recognized for Employee Benefits | Expenses recognized for employee benefits for the three and nine months ended January 31, 2024 and 2023 are detailed below: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Wages, salaries 5,312 2,719 8,059 7,741 Employee benefits 523 216 787 552 Payroll taxes 364 200 547 681 Severance 60 73 60 133 Share-based payments 1,001 193 1,298 1,307 7,260 3,401 10,751 10,414 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Related party transactions [abstract] | |
Schedule of Schedule of Compensation For Key Management | Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Salaries and other short-term benefits 238 530 1,811 1,938 Severance (included in salaries) — 63 60 123 Share-based payments ( 258 ) 124 862 555 Director compensation (included in salaries) 85 83 256 250 65 800 2,989 2,866 |
Segmented Information and Eco_2
Segmented Information and Economic Dependence (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Disclosure of operating segments [abstract] | |
Summary of Geographical Segments | The Company’s revenues are allocated to geographic regions for the three and nine months ended January 31, 2024 and 2023 as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 United States of America 3,369 3,006 9,009 6,942 Europe 2,594 1,889 7,960 6,816 Canada 112 121 356 518 Australia 31 90 179 326 Other 115 65 555 442 6,221 5,171 18,059 15,044 The Company’s non-current assets are allocated to geographic regions as of January 31, 2024 and April 30, 2023 as follows: January 31, April 30, North America - Corporate 81 89 North America 4,650 1,025 Belgium 37,515 40,406 Netherlands 21,386 19,501 63,632 61,021 Geographic segmentation of the Company’s net income (loss) for the three and nine months ended January 31, 2024 and 2023 is as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 North America - Corporate ( 3,335 ) ( 620 ) ( 6,022 ) ( 4,500 ) North America 765 ( 3,146 ) 51 ( 14,327 ) Belgium ( 1,488 ) ( 1,267 ) ( 3,829 ) ( 3,276 ) Netherlands 1,118 334 668 672 ( 2,940 ) ( 4,699 ) ( 9,132 ) ( 21,431 ) Geographic segmentation of the interest and accretion, and amortization and depreciation for the three and nine months ended January 31, 2024 and 2023 is as follows: Three months ended Nine months ended Interest and accretion (in thousands) 2024 2023 2024 2023 North America - Corporate 14 2 4 17 North America 95 3 175 14 Belgium ( 37 ) 3 — 12 Netherlands 114 111 352 169 186 119 531 212 Three months ended Nine months ended Amortization and depreciation (in thousands) 2024 2023 2024 2023 North America - Corporate 3 4 9 11 North America 137 195 439 563 Belgium 608 554 1,817 1,717 Netherlands 561 935 1,891 2,411 1,309 1,688 4,156 4,702 |
Summary of Revenues Allocated According to Revenue Types | The Company’s revenues are allocated according to revenue types for the three and nine months ended January 31, 2024 and 2023 as follows: Three months ended Nine months ended (in thousands) 2024 2023 2024 2023 Project revenue 5,774 4,754 16,508 13,817 Product sales revenue 395 363 1,372 1,054 Cryostorage revenue 52 54 179 173 6,221 5,171 18,059 15,044 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Jan. 31, 2024 | |
Statement of cash flows [abstract] | |
Summary of Non-cash Investing and Financing Transactions | Non-cash investing and financing transactions (in thousands) January 31, January 31, Acquisition of building and equipment by lease 7,963 7,412 |
Summary of Changes in Liabilities Arose From Financing Activities | Non-cash changes (in thousands) April 30, Cash Flows Acquisition Settlement Accretion Foreign January 31, Deferred acquisition payments 717 — — — 15 ( 165 ) 567 Leases 7,267 ( 1,037 ) 7,963 — — 198 14,391 Total 7,984 ( 1,037 ) 7,963 — 15 33 14,958 Non-cash changes (in thousands) April 30, Cash Flows Acquisition Debt forgiven Accretion Foreign January 31, Deferred acquisition payments 1,237 ( 610 ) — — — 47 674 Convertible debentures 1,312 — — ( 1,315 ) 3 — — Leases 1,455 ( 955 ) 7,412 — — ( 437 ) 7,475 Total 4,004 ( 1,565 ) 7,412 ( 1,315 ) 3 ( 390 ) 8,149 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
Disclosure Of Nature Of Operations [Abstract] | |||||
Operating losses | $ 2,940 | $ 4,699 | $ 9,132 | $ 21,431 | |
Accumulated deficit | 82,220 | 82,220 | $ 73,088 | ||
Cash on hand | $ 6,300 | $ 6,300 |
Basis of Presentation - Summary
Basis of Presentation - Summary of Subsidiaries which are Wholly Owned and Subject to Control (Details) | 9 Months Ended | 12 Months Ended |
Jan. 31, 2024 | Apr. 30, 2023 | |
ImmunoPrecise Antibodies (Canada) Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (Canada) Ltd. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Canada | |
Functional Currency | Canadian dollar | |
ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (USA) Ltd. ("IPA USA") | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
ImmunoPrecise Antibodies (N.D.) Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (N.D.) Ltd. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
ImmunoPrecise Antibodies (MA) LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (MA) LLC | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
Talem Therapeutics LLC ("Talem") | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | Talem Therapeutics LLC ("Talem") | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | USA | |
Functional Currency | US dollar | |
ImmunoPrecise Netherlands B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Netherlands B.V. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Netherlands | |
Functional Currency | Euro | |
ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (Europe) B.V. ("IPA Europe") | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Netherlands | |
Functional Currency | Euro | |
BioStrand B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | BioStrand B.V. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Belgium | |
Functional Currency | Euro | |
Idea Family B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | Idea Family B.V. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Belgium | |
Functional Currency | Euro | |
BioKey B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | BioKey B.V. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Belgium | |
Functional Currency | Euro | |
BioClue B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | BioClue B.V. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Belgium | |
Functional Currency | Euro | |
ImmunoPrecise Antibodies (Quebec), Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | ImmunoPrecise Antibodies (Quebec), Ltd. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Canada | |
Functional Currency | Canadian dollar | |
9438-9244 Quebec, Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of Subsidiary | 9438-9244 Quebec, Inc. | |
Equity Interest percentage | 100% | 100% |
Country of Incorporation | Canada | |
Functional Currency | Canadian dollar |
Acquisition of Biostrand - Addi
Acquisition of Biostrand - Additional Information (Detail) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Disclosure of detailed information about business combination [line items] | ||||
Net income (loss) | $ (2,940) | $ (4,699) | $ (9,132) | $ (21,431) |
Amortization on the intangible assets | $ 709 | $ 1,033 | $ 2,267 | $ 3,097 |
Property and Equipment - Summar
Property and Equipment - Summary of Changes in the Value of Property and Equipment (Details) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2024 | Apr. 30, 2023 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | $ 10,392 | |
Ending balance | 16,548 | $ 10,392 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 16,742 | 9,206 |
Additions | 8,324 | 8,924 |
Completion of work-in-process | 0 | |
Disposals | (89) | (2,088) |
Foreign exchange | (380) | 700 |
Ending balance | 24,597 | 16,742 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (6,350) | (5,647) |
Depreciation | 1,887 | 2,271 |
Disposals | 61 | 1,841 |
Foreign exchange | (127) | 273 |
Ending balance | (8,049) | (6,350) |
Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 10,392 | |
Ending balance | 16,548 | 10,392 |
Computer Hardware | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 288 | 136 |
Additions | 49 | 138 |
Completion of work-in-process | 0 | |
Disposals | (1) | (3) |
Foreign exchange | (6) | 17 |
Ending balance | 330 | 288 |
Computer Hardware | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (157) | (70) |
Depreciation | 77 | 84 |
Disposals | 0 | 3 |
Foreign exchange | (3) | 6 |
Ending balance | (231) | (157) |
Computer Hardware | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 131 | |
Ending balance | 99 | 131 |
Furniture and Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 53 | 35 |
Additions | 0 | 0 |
Completion of work-in-process | 0 | |
Disposals | 0 | 0 |
Foreign exchange | (1) | 18 |
Ending balance | 52 | 53 |
Furniture and Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (33) | (29) |
Depreciation | 3 | 3 |
Disposals | 0 | 0 |
Foreign exchange | 0 | 1 |
Ending balance | (36) | (33) |
Furniture and Equipment | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 20 | |
Ending balance | 16 | 20 |
Computer Software | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 50 | 47 |
Additions | 0 | 0 |
Completion of work-in-process | 0 | |
Disposals | 0 | 0 |
Foreign exchange | (1) | 3 |
Ending balance | 49 | 50 |
Computer Software | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (50) | (47) |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange | (1) | 3 |
Ending balance | (49) | (50) |
Computer Software | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 0 | |
Ending balance | 0 | 0 |
Building | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 9,085 | 2,586 |
Additions | 7,963 | 7,593 |
Completion of work-in-process | 0 | |
Disposals | (88) | (1,290) |
Foreign exchange | (245) | 196 |
Ending balance | 16,715 | 9,085 |
Building | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (1,752) | (1,736) |
Depreciation | 1,094 | 1,109 |
Disposals | 61 | 1,274 |
Foreign exchange | (48) | 181 |
Ending balance | (2,737) | (1,752) |
Building | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 7,333 | |
Ending balance | 13,978 | 7,333 |
Automobile | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 167 | 239 |
Additions | 0 | 0 |
Completion of work-in-process | 0 | |
Disposals | 0 | (95) |
Foreign exchange | (4) | 23 |
Ending balance | 163 | 167 |
Automobile | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (57) | (46) |
Depreciation | 42 | 58 |
Disposals | 0 | 57 |
Foreign exchange | (2) | 10 |
Ending balance | (97) | (57) |
Automobile | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 110 | |
Ending balance | 66 | 110 |
Leasehold Improvements | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 626 | 353 |
Additions | 27 | 101 |
Completion of work-in-process | 166 | |
Disposals | 0 | 0 |
Foreign exchange | (3) | 6 |
Ending balance | 650 | 626 |
Leasehold Improvements | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (388) | (348) |
Depreciation | 42 | 40 |
Disposals | 0 | 0 |
Foreign exchange | 0 | 0 |
Ending balance | (430) | (388) |
Leasehold Improvements | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 238 | |
Ending balance | 220 | 238 |
Lab Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 6,473 | 5,672 |
Additions | 259 | 1,064 |
Completion of work-in-process | 0 | |
Disposals | 0 | (700) |
Foreign exchange | (120) | 437 |
Ending balance | 6,612 | 6,473 |
Lab Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | (3,913) | (3,371) |
Depreciation | 629 | 977 |
Disposals | 0 | 507 |
Foreign exchange | (73) | 72 |
Ending balance | (4,469) | (3,913) |
Lab Equipment | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 2,560 | |
Ending balance | 2,143 | 2,560 |
WIP - Leasehold Improvements | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 0 | 138 |
Additions | 26 | 28 |
Completion of work-in-process | (166) | |
Disposals | 0 | 0 |
Foreign exchange | 0 | 0 |
Ending balance | 26 | 0 |
WIP - Leasehold Improvements | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 0 | 0 |
Depreciation | 0 | 0 |
Disposals | 0 | 0 |
Foreign exchange | 0 | |
Ending balance | 0 | 0 |
WIP - Leasehold Improvements | Net Book Value | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning balance | 0 | |
Ending balance | $ 26 | $ 0 |
Intangibles Assets - Summary of
Intangibles Assets - Summary of Changes in the Value of the Intangible Assets (Details) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 30,925 | ||
Ending balance | 27,857 | $ 30,925 | |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 43,616 | $ 39,612 | 39,612 |
Disposals | (193) | ||
Foreign exchange | (1,152) | 4,004 | |
Ending balance | 42,271 | 43,616 | |
Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 12,691 | 7,222 | 7,222 |
Amortization | 2,267 | 4,414 | |
Disposals | (193) | ||
Foreign exchange | (351) | 1,055 | |
Ending balance | 14,414 | 12,691 | |
Net Book Value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 30,925 | ||
Ending balance | 27,857 | 30,925 | |
Internally Generated Development Costs | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 33 | 33 | 33 |
Disposals | 0 | ||
Foreign exchange | 0 | 0 | |
Ending balance | 33 | 33 | |
Internally Generated Development Costs | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 14 | 8 | 8 |
Amortization | 5 | 7 | |
Disposals | 0 | ||
Foreign exchange | 0 | (1) | |
Ending balance | 19 | 14 | |
Internally Generated Development Costs | Net Book Value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 19 | ||
Ending balance | 14 | 19 | |
Intellectual Properties | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 35,143 | 31,914 | 31,914 |
Disposals | 0 | ||
Foreign exchange | (929) | 3,229 | |
Ending balance | 34,214 | 35,143 | |
Intellectual Properties | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 4,775 | 1,693 | 1,693 |
Amortization | 1,999 | 2,710 | |
Disposals | 0 | ||
Foreign exchange | (140) | 372 | |
Ending balance | 6,634 | 4,775 | |
Intellectual Properties | Net Book Value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 30,368 | ||
Ending balance | 27,580 | 30,368 | |
Proprietary Processes | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 8,103 | 7,359 | 7,359 |
Disposals | 0 | ||
Foreign exchange | (214) | 744 | |
Ending balance | 7,889 | 8,103 | |
Proprietary Processes | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 7,633 | 5,491 | 5,491 |
Amortization | 195 | 1,477 | |
Disposals | 0 | ||
Foreign exchange | (202) | 665 | |
Ending balance | 7,626 | 7,633 | |
Proprietary Processes | Net Book Value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 470 | ||
Ending balance | 263 | 470 | |
Certifications | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 139 | 126 | 126 |
Disposals | 0 | ||
Foreign exchange | (4) | 13 | |
Ending balance | 135 | 139 | |
Certifications | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 137 | 0 | 0 |
Amortization | 3 | 128 | |
Disposals | 0 | ||
Foreign exchange | (5) | 9 | |
Ending balance | 135 | 137 | |
Certifications | Net Book Value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2 | ||
Ending balance | 0 | 2 | |
Customer List | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 198 | 180 | 180 |
Disposals | (193) | ||
Foreign exchange | (5) | 18 | |
Ending balance | 0 | 198 | |
Customer List | Accumulated Amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 132 | 30 | 30 |
Amortization | 65 | 92 | |
Disposals | (193) | ||
Foreign exchange | (4) | $ 10 | |
Ending balance | 0 | 132 | |
Customer List | Net Book Value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 66 | ||
Ending balance | $ 0 | $ 66 |
Goodwill - Schedule of Reconcil
Goodwill - Schedule of Reconciliation of Changes in Goodwill Explanatory (Details) $ in Thousands | Jan. 31, 2024 CAD ($) |
Disclosure of reconciliation of changes in goodwill [line items] | |
Goodwill | $ 19,171 |
Goodwill | $ 18,664 |
Goodwill - Schedule of Tabular
Goodwill - Schedule of Tabular Form of Allocating Goodwill to Cash Generating Units (Details) - CAD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Disclosure In Tabular Form Of Allocating Goodwill To Cash Generating Units [Line Items] | ||
Goodwill | $ 18,664 | $ 19,171 |
Convertible Debentures - Summar
Convertible Debentures - Summary of Changes in Value of New Debentures (Details) $ in Thousands | 9 Months Ended |
Jan. 31, 2023 CAD ($) | |
Convertible Debentures [Line Items] | |
Conversion to shares | $ (1,315) |
Leases- Schedule of Future Mini
Leases- Schedule of Future Minimum Lease Payments Related to Equipment under Finance Lease and Office Lease Obligation (Details) $ in Thousands | Jan. 31, 2024 CAD ($) |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | $ 10,096 |
Less: imputed interest | 4,295 |
Total present value of minimum lease payments | 14,391 |
Less: Current portion | (1,768) |
Non-current portion | 12,623 |
2024 (remainder) | |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | 440 |
2025 | |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | 1,659 |
2026 | |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | 1,620 |
2027 | |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | 1,616 |
2028 | |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | 1,610 |
More than 5 years | |
Disclosure Of Maturity Analysis Of Finance And Office Lease Payments [Line Items] | |
Total minimum lease payments | $ 3,151 |
Leases - Additional Information
Leases - Additional Information (Details) - CAD ($) $ in Millions | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Presentation of leases for lessee [abstract] | ||
Cash outflow for leases | $ 1 | $ 1 |
Leases - Schedule of Disclosure
Leases - Schedule of Disclosure in Tabular Form of Nature of Companies Leases (Detail) | 9 Months Ended |
Jan. 31, 2024 Lease LeasedAsset | |
Lab and office facilities | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Number of right of use assets leased | LeasedAsset | 4 |
No. of leases with extension options | 3 |
No. of leases with options to purchase | 0 |
No. of leases with variable payments linked to an index | 2 |
No. of leases with termination options | 2 |
Automobile | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Number of right of use assets leased | LeasedAsset | 6 |
No. of leases with extension options | 0 |
No. of leases with options to purchase | 0 |
No. of leases with variable payments linked to an index | 6 |
No. of leases with termination options | 6 |
Weighted average | Lab and office facilities | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Range of remaining term | 5 years |
Weighted average | Automobile | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Range of remaining term | 2 years |
Bottom of Range | Lab and office facilities | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Range of remaining term | 6 months |
Bottom of Range | Automobile | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Range of remaining term | 1 year |
Top of Range | Lab and office facilities | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Range of remaining term | 10 years 6 months |
Top of Range | Automobile | |
Disclosure In Tabular Form Of Nature Of Companies Leases [Line Items] | |
Range of remaining term | 3 years 6 months |
Leases - Schedule of Changes in
Leases - Schedule of Changes in the Value of the Right-of-Use Assets (Details) - CAD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2024 | Apr. 30, 2023 | |
Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | $ 9,252 | $ 3,476 |
Additions | 7,963 | 7,593 |
Disposals | (88) | (2,072) |
Foreign exchange | (249) | 255 |
Ending balance | 16,878 | 9,252 |
Accumulated Depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 1,809 | 2,242 |
Depreciation | 1,136 | 1,365 |
Disposals | (61) | (1,838) |
Foreign exchange | (50) | 40 |
Ending balance | 2,834 | 1,809 |
Net Book Value | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 7,443 | |
Ending balance | 14,044 | 7,443 |
Building | Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 9,085 | 2,586 |
Additions | 7,963 | 7,593 |
Disposals | (88) | (1,290) |
Foreign exchange | (245) | 196 |
Ending balance | 16,715 | 9,085 |
Building | Accumulated Depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 1,752 | 1,736 |
Depreciation | 1,094 | 1,109 |
Disposals | (61) | (1,274) |
Foreign exchange | (48) | 181 |
Ending balance | 2,737 | 1,752 |
Building | Net Book Value | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 7,333 | |
Ending balance | 13,978 | 7,333 |
Automobile | Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 167 | 239 |
Additions | 0 | 0 |
Disposals | 0 | (95) |
Foreign exchange | (4) | 23 |
Ending balance | 163 | 167 |
Automobile | Accumulated Depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 57 | 46 |
Depreciation | 42 | 58 |
Disposals | 0 | (57) |
Foreign exchange | (2) | 10 |
Ending balance | 97 | 57 |
Automobile | Net Book Value | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 110 | |
Ending balance | 66 | 110 |
Lab Equipment | Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 0 | 651 |
Additions | 0 | 0 |
Disposals | 0 | (687) |
Foreign exchange | 0 | 36 |
Ending balance | 0 | 0 |
Lab Equipment | Accumulated Depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 0 | 460 |
Depreciation | 0 | 198 |
Disposals | 0 | (507) |
Foreign exchange | 0 | (151) |
Ending balance | 0 | 0 |
Lab Equipment | Net Book Value | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 0 | |
Ending balance | $ 0 | $ 0 |
Leases - Schedule of Disclosu_2
Leases - Schedule of Disclosure in Tabular Form Of Expenses Relating to Payments not included (Detail) - CAD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Presentation of leases for lessee [abstract] | ||
Leases of low value assets | $ 4 | $ 30 |
Variable lease payments | 370 | 169 |
Measurement of the lease liability | $ 374 | $ 199 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Shares issued pursuant to option exercise, shares | 30,000 | 178,725 | |||
Number of options, Exercised | 318,725 | ||||
Shares issued pursuant to option exercise | $ (97) | $ (715) | |||
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 | $ 1 | $ 1 | |||
Share-based payments | $ 1,001 | 193 | $ 1,298 | 1,307 | |
Share Capital | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Shares issued pursuant to option exercise | (170) | (1,247) | |||
Share Capital | Common Shares | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Shares issued pursuant to option exercise, shares | 263,537 | ||||
Total gross proceeds from exercise of stock options | $ 700 | ||||
Shares issued pursuant to option exercise | $ 800 | ||||
Shares issued pursuant to conversion of convertible debentures, Number of Shares | 309,877 | ||||
Convertible debentures | $ 1,300 | ||||
Debt conversion principal debt amount | $ 1,300 | ||||
Contributed Surplus | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Shares issued pursuant to option exercise | $ 73 | $ 532 |
Share Capital - Summary of Stoc
Share Capital - Summary of Stock Option Awards (Details) $ / shares in Units, $ in Millions | 9 Months Ended | |
Jan. 31, 2024 CAD ($) shares yr $ / shares | ||
May 15, 2022 | Employees | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | May 15, 2022 | [1] |
Stock options granted | shares | 80,000 | [1] |
Exercisable price/option | $ 5.79 | [1] |
Awarded to | Employees | [1] |
Share price on grant date | $ 5.79 | [1] |
Dividend yield | 0% | [1] |
Expected volatility | 77% | [1] |
Risk- free rate | 2.73% | [1] |
Expected life | yr | 5 | [1] |
Fair value | $ | $ 0.3 | [1] |
February 19, 2023 | Directors | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | February 19, 2023 | [2] |
Stock options granted | shares | 29,060 | [2] |
Exercisable price/option | $ 4.1 | [2],[3] |
Awarded to | Directors | [2] |
Share price on grant date | $ 4.1 | [2],[3] |
Dividend yield | 0% | [2] |
Expected volatility | 77% | [2] |
Risk- free rate | 3.57% | [2] |
Expected life | yr | 4 | [2] |
Fair value | $ | $ 0.1 | [2] |
February 19, 2023 | Officers and employee | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | February 19, 2023 | [1] |
Stock options granted | shares | 609,452 | [1] |
Exercisable price/option | $ 4.1 | [1],[3] |
Awarded to | Officers and employees | [1] |
Share price on grant date | $ 4.1 | [1],[3] |
Dividend yield | 0% | [1] |
Expected volatility | 77% | [1] |
Risk- free rate | 3.57% | [1] |
Expected life | yr | 5 | [1] |
Fair value | $ | $ 2.2 | [1] |
January 19, 2024 | Directors | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | January 19, 2024 | [4] |
Stock options granted | shares | 160,000 | [4] |
Exercisable price/option | $ 1.48 | [3],[4] |
Awarded to | Directors | [4] |
Share price on grant date | $ 1.48 | [3],[4] |
Dividend yield | 0% | [4] |
Expected volatility | 77% | [4] |
Risk- free rate | 3.64% | [4] |
Expected life | yr | 5 | [4] |
Fair value | $ | $ 0.2 | [4] |
January 19, 2024 | Directors One | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | January 19, 2024 | [5] |
Stock options granted | shares | 80,000 | [5] |
Exercisable price/option | $ 1.48 | [3],[5] |
Awarded to | Directors | [5] |
Share price on grant date | $ 1.48 | [3],[5] |
Dividend yield | 0% | [5] |
Expected volatility | 77% | [5] |
Risk- free rate | 3.64% | [5] |
Expected life | yr | 5 | [5] |
Fair value | $ | $ 0.1 | [5] |
[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. 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. Priced in US dollars Vesting conditions are as follows: one-thirty-sixth each month after grant date. Vesting conditions are as follows: all vest 10 months after grant date. |
Share Capital - Summary of St_2
Share Capital - Summary of Stock Option Awards (Parenthetical) (Details) | 9 Months Ended |
Jan. 31, 2024 | |
May 15, 2022 | Employees [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of vesting requirements for share-based payment arrangement | 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. |
February 19, 2023 | Officers And Employees [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of vesting requirements for share-based payment arrangement | 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. |
February 19, 2023 | Director [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of vesting requirements for share-based payment arrangement | 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. |
January 19, 2024 | Director [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of vesting requirements for share-based payment arrangement | Vesting conditions are as follows: one-thirty-sixth each month after grant date. |
January 19, 2024 | Directors One [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Description of vesting requirements for share-based payment arrangement | Vesting conditions are as follows: all vest 10 months after grant date. |
Share Capital - Summary of Chan
Share Capital - Summary of Changes in Stock Option (Details) | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2024 shares $ / shares | Apr. 30, 2023 shares $ / shares | Apr. 30, 2022 shares $ / shares | |
Disclosure of classes of share capital [abstract] | |||
Number of options, Outstanding, Beginning balance | shares | 1,884,428 | 1,624,150 | |
Number of options, Granted | shares | 240,000 | 718,512 | |
Number of options, Exercised | shares | (318,725) | ||
Number of option, Expired | shares | (396,332) | (115,174) | |
Number of options, Forfeited | shares | (105,566) | (24,335) | |
Number of options, Outstanding | shares | 1,622,530 | 1,884,428 | 1,624,150 |
Number of options, Unvested | shares | (537,444) | ||
Number of options, Exercisable | shares | 1,085,086 | ||
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 8.29 | $ 7.93 | |
Weighted average exercise price, Granted | $ / shares | 1.98 | 7.98 | |
Weighted average exercise price, Exercised | $ / shares | 3.26 | ||
Weighted average exercise price, Expired | $ / shares | 6.95 | 10.75 | |
Weighted average exercise price, Forfeited | $ / shares | 4.15 | 20.3 | |
Weighted average exercise price outstanding, Ending balance | $ / shares | 7.52 | $ 8.29 | $ 7.93 |
Weighted average exercise price, Unvested | $ / shares | 4.1 | ||
Weighted average exercise price, Exercisable | $ / shares | $ 9.21 | ||
Weighted average life remaining (years) | 3 years 2 months 19 days | 2 years 10 months 17 days | 3 years 1 month 9 days |
Weighted average life remaining (years), Unvested | 4 years 4 months 28 days | ||
Weighted average life remaining (years), Exercisable | 2 years 7 months 17 days |
Share Capital - Summary of Opti
Share Capital - Summary of Options Outstanding (Details) | 9 Months Ended | |||||
Jan. 31, 2024 shares $ / shares | Jan. 31, 2024 shares $ / shares | Apr. 30, 2023 shares | Apr. 30, 2022 shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Exercise price | $ / shares | $ 7.52 | |||||
Remaining life (year) | 3 years 2 months 19 days | |||||
Options outstanding | 1,622,530 | 1,622,530 | 1,884,428 | 1,624,150 | ||
Unvested | 537,444 | 537,444 | ||||
Vested | 1,085,086 | 1,085,086 | ||||
Option Expiry Date September 1, 2025 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | September 1, 2025 | |||||
Exercise price | $ / shares | $ 8.5 | |||||
Remaining life (year) | 1 year 7 months 2 days | |||||
Options outstanding | 250,000 | 250,000 | ||||
Unvested | 0 | 0 | ||||
Vested | 250,000 | 250,000 | ||||
Option Expiry Date January 6, 2026 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | January 6, 2026 | |||||
Exercise price | $ / shares | $ 20.3 | |||||
Remaining life (year) | 1 year 11 months 4 days | |||||
Options outstanding | 168,000 | 168,000 | ||||
Unvested | 0 | 0 | ||||
Vested | 168,000 | 168,000 | ||||
Option Expiry Date May 9, 2026 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | May 9, 2026 | |||||
Exercise price | (per share) | $ 10.32 | [1] | $ 7.72 | |||
Remaining life (year) | [1] | 2 years 3 months 7 days | ||||
Options outstanding | [1] | 10,000 | 10,000 | |||
Unvested | [1] | 3,333 | 3,333 | |||
Vested | [1] | 6,667 | 6,667 | |||
Option Expiry Date January 2, 2026 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | January 2, 2026 | |||||
Exercise price | $ / shares | $ 6.89 | |||||
Remaining life (year) | 1 year 11 months 1 day | |||||
Options outstanding | 28,250 | 28,250 | ||||
Unvested | 0 | 0 | ||||
Vested | 28,250 | 28,250 | ||||
Option Expiry Date January 7, 2027 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | January 7, 2027 | |||||
Exercise price | $ / shares | $ 7.94 | |||||
Remaining life (year) | 2 years 11 months 8 days | |||||
Options outstanding | 276,000 | 276,000 | ||||
Unvested | 0 | 0 | ||||
Vested | 276,000 | 276,000 | ||||
Option Expiry Date January 13, 2027 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | January 13, 2027 | |||||
Exercise price | $ / shares | $ 8.3 | |||||
Remaining life (year) | 2 years 11 months 12 days | |||||
Options outstanding | 31,000 | 31,000 | ||||
Unvested | 0 | 0 | ||||
Vested | 31,000 | 31,000 | ||||
Option Expiry Date February 22, 2024 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | February 22, 2024 | |||||
Exercise price | $ / shares | $ 6.35 | |||||
Remaining life (year) | 21 days | |||||
Options outstanding | 25,000 | 25,000 | ||||
Unvested | 0 | 0 | ||||
Vested | 25,000 | 25,000 | ||||
Option Expiry Date May 15, 2027 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | May 15, 2027 | |||||
Exercise price | $ / shares | $ 5.79 | |||||
Remaining life (year) | 3 years 3 months 14 days | |||||
Options outstanding | 80,000 | 80,000 | ||||
Unvested | 0 | 0 | ||||
Vested | 80,000 | 80,000 | ||||
Option Expiry Date February 19, 2027 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | February 19, 2027 | |||||
Exercise price | $ / shares | [2] | $ 5.48 | ||||
Remaining life (year) | [2] | 3 years 18 days | ||||
Options outstanding | [2] | 18,161 | 18,161 | |||
Unvested | [2] | 0 | 0 | |||
Vested | [2] | 18,161 | 18,161 | |||
Option Expiry Date February 19, 2028 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | February 19, 2028 | |||||
Exercise price | $ / shares | [2] | $ 5.48 | ||||
Remaining life (year) | [2] | 4 years 18 days | ||||
Options outstanding | [2] | 496,119 | 496,119 | |||
Unvested | [2] | 316,968 | 316,968 | |||
Vested | [2] | 179,151 | 179,151 | |||
Option Expiry Date January 19, 2029 | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Expiry Date | January 19, 2029 | |||||
Exercise price | (per share) | $ 1.98 | [3] | $ 1.48 | |||
Remaining life (year) | [3] | 4 years 11 months 19 days | ||||
Options outstanding | [3] | 240,000 | 240,000 | |||
Unvested | [3] | 217,143 | 217,143 | |||
Vested | [3] | 22,857 | 22,857 | |||
[1] Exercise price of US $ 7.72 . The figure in the table above is translated at the January 31, 2024 rate. Exercise price of US $ 4.10 . The figure in the table above is translated at the January 31, 2024 rate. Exercise price of US $ 1.48 . The figure in the table above is translated at the January 31, 2024 rate. |
Share Capital - Summary of Op_2
Share Capital - Summary of Options Outstanding (Parenthetical) (Details) - Jan. 31, 2024 | $ / shares | $ / shares | |
Disclosure of classes of share capital [line items] | |||
Exercise price | $ 7.52 | ||
Option Expiry Date May 9, 2026 | |||
Disclosure of classes of share capital [line items] | |||
Exercise price | (per share) | 10.32 | [1] | $ 7.72 |
Option 14 and 15 | |||
Disclosure of classes of share capital [line items] | |||
Exercise price | 4.1 | ||
Option Expiry Date January 19, 2029 | |||
Disclosure of classes of share capital [line items] | |||
Exercise price | (per share) | $ 1.98 | [2] | $ 1.48 |
[1] Exercise price of US $ 7.72 . The figure in the table above is translated at the January 31, 2024 rate. Exercise price of US $ 1.48 . The figure in the table above is translated at the January 31, 2024 rate. |
Share Capital - Details of Warr
Share Capital - Details of Warrants and Finder's Warrants Outstanding (Details) - Finder's Warrants | 9 Months Ended | |
Jan. 31, 2024 shares $ / shares | ||
Range One | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Expiry Date | Feb. 03, 2026 | [1] |
Exercise price $ | $ / shares | $ 22.53 | [1] |
Remaining life (year) | 2 years 3 days | [1] |
Warrants outstanding | shares | 130,111 | [1] |
Range Two | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Expiry Date | Dec. 08, 2028 | [2] |
Exercise price $ | $ / shares | $ 1.34 | [2] |
Remaining life (year) | 4 years 10 months 9 days | [2] |
Warrants outstanding | shares | 56,650 | [2] |
[1] Exercise price of US $ 16.81 . The figure in the table above is translated at the January 31, 2024 rate. Exercise price of US $ 1.00 . The figure in the table above is translated at the January 31, 2024 rate. |
Share Capital - Details of Wa_2
Share Capital - Details of Warrants and Finder's Warrants Outstanding (Parenthetical) (Details) - Finder's Warrants | 9 Months Ended |
Jan. 31, 2024 $ / shares | |
Range One | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Warrant exercisable price | $ 16.81 |
Range Two | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Warrant exercisable price | $ 1 |
Employee Remuneration - Summary
Employee Remuneration - Summary of Expenses Recognized for Employee Benefits (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Disclosure of employee benefits expenses [abstract] | ||||
Wages, salaries | $ 5,312 | $ 2,719 | $ 8,059 | $ 7,741 |
Employee benefits | 523 | 216 | 787 | 552 |
Payroll taxes | 364 | 200 | 547 | 681 |
Severance | 60 | 73 | 60 | 133 |
Share-based payments | 1,001 | 193 | 1,298 | 1,307 |
Total employee benefits expense | $ 7,260 | $ 3,401 | $ 10,751 | $ 10,414 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Compensation For Key Management (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | ||||
Salaries and other short-term benefits | $ 238 | $ 530 | $ 1,811 | $ 1,938 |
Severance (included in salaries) | 0 | 63 | 60 | 123 |
Share-based payments | (258) | 124 | 862 | 555 |
Director compensation (included in salaries) | 85 | 83 | 256 | 250 |
Related party transaction, due from (to) related party | $ 65 | $ 800 | $ 2,989 | $ 2,866 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - CAD ($) $ in Millions | Jan. 31, 2024 | Apr. 30, 2023 |
Related party transactions [abstract] | ||
Accounts payable due to related parties | $ 1.6 | |
Accrued liabilities related parties current | $ 0.9 |
Capital Management - Additional
Capital Management - Additional Information (Details) - CAD ($) $ in Thousands | Jan. 31, 2024 | Oct. 31, 2023 | Apr. 30, 2023 | Jan. 31, 2023 | Oct. 31, 2022 | Apr. 30, 2022 |
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Shareholders Equity | $ 49,818 | $ 51,515 | $ 57,803 | $ 61,082 | $ 61,743 | $ 75,286 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Assets and Liabilities (Details) - CAD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 | Jan. 31, 2023 | Apr. 30, 2022 |
Disclosure Of Financial Instruments [Line Items] | ||||
Cash | $ 6,289 | $ 8,366 | $ 11,409 | $ 30,047 |
Investment | 0 | 115 | ||
Total assets | 78,687 | 77,813 | ||
Liabilities | $ (28,869) | $ (20,010) |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Contractual Cash Flow Requirements (Details) - CAD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Disclosure Of Financial Instruments [Line Items] | ||
Total liabilities | $ 28,869 | $ 20,010 |
Inventories - Summary of Detail
Inventories - Summary of Detailed Information About Inventories (Detail) - CAD ($) $ in Thousands | Jan. 31, 2024 | Apr. 30, 2023 |
Classes of current inventories [abstract] | ||
Inventories | $ 2,532 | $ 2,060 |
Commitments - Additional Inform
Commitments - Additional Information (Details) € in Millions | 9 Months Ended |
Jan. 31, 2024 EUR (€) | |
Commitments [Line Items] | |
Minimum contingent earnout payment | € 12 |
BioStrand [Member] | |
Commitments [Line Items] | |
Percentage of contingent earnout payment based on EBITDA | 20% |
Unpaid commitment related to earnout | € 12 |
Oss The Netherlands [Member] | |
Commitments [Line Items] | |
Lease term years | 5 years |
Lease commencement date | Feb. 01, 2024 |
Estimated annual cost of indexed for inflation | € 0.5 |
Lease Optional Extension Period | 5 years |
Grant and Subsidy Income - Addi
Grant and Subsidy Income - Additional Information (Details) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2024 CAD ($) | Jan. 31, 2023 CAD ($) | Jan. 31, 2024 CAD ($) | Jan. 31, 2024 EUR (€) | Jan. 31, 2023 CAD ($) | Jan. 31, 2023 EUR (€) | May 31, 2022 EUR (€) | |
Grant And Subsidy Income [Abstract] | |||||||
Grant awarded | € 0.5 | ||||||
Proceeds from grants | € 0.2 | € 0.2 | |||||
Grant income | $ | $ 0 | $ 22 | $ 299 | $ 306 |
Segmented Information and Eco_3
Segmented Information and Economic Dependence - Summary of Geographical Segments (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | Apr. 30, 2023 | |
Disclosure Of Geographical Areas [Line Items] | |||||
Revenues | $ 6,221 | $ 5,171 | $ 18,059 | $ 15,044 | |
Non-current assets | 63,632 | 63,632 | $ 61,021 | ||
Net income (loss) | (2,940) | (4,699) | (9,132) | (21,431) | |
Interest and accretion | 186 | 119 | 531 | 212 | |
Amortization and depreciation | 1,309 | 1,688 | 4,156 | 4,702 | |
United States of America | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Revenues | 3,369 | 3,006 | 9,009 | 6,942 | |
Europe | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Revenues | 2,594 | 1,889 | 7,960 | 6,816 | |
Canada | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Revenues | 112 | 121 | 356 | 518 | |
Australia | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Revenues | 31 | 90 | 179 | 326 | |
North America | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Non-current assets | 4,650 | 4,650 | 1,025 | ||
Net income (loss) | 765 | (3,146) | 51 | (14,327) | |
Interest and accretion | 95 | 3 | 175 | 14 | |
Amortization and depreciation | 137 | 195 | 439 | 563 | |
North America | Corporate | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Non-current assets | 81 | 81 | 89 | ||
Net income (loss) | (3,335) | (620) | (6,022) | (4,500) | |
Interest and accretion | 14 | 2 | 4 | 17 | |
Amortization and depreciation | 3 | 4 | 9 | 11 | |
Belgium | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Non-current assets | 37,515 | 37,515 | 40,406 | ||
Net income (loss) | (1,488) | (1,267) | (3,829) | (3,276) | |
Interest and accretion | (37) | 3 | 0 | 12 | |
Amortization and depreciation | 608 | 554 | 1,817 | 1,717 | |
Netherlands | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Non-current assets | 21,386 | 21,386 | $ 19,501 | ||
Net income (loss) | 1,118 | 334 | 668 | 672 | |
Interest and accretion | 114 | 111 | 352 | 169 | |
Amortization and depreciation | 561 | 935 | 1,891 | 2,411 | |
Other | |||||
Disclosure Of Geographical Areas [Line Items] | |||||
Revenues | $ 115 | $ 65 | $ 555 | $ 442 |
Segmented Information and Eco_4
Segmented Information and Economic Dependence - Summary of Revenues Allocated According to Revenue Types (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Disclosure Of Geographical Areas [Line Items] | ||||
Revenues | $ 6,221 | $ 5,171 | $ 18,059 | $ 15,044 |
Project Revenue | ||||
Disclosure Of Geographical Areas [Line Items] | ||||
Revenues | 5,774 | 4,754 | 16,508 | 13,817 |
Product Sales Revenue | ||||
Disclosure Of Geographical Areas [Line Items] | ||||
Revenues | 395 | 363 | 1,372 | 1,054 |
Cryo Storage Revenue | ||||
Disclosure Of Geographical Areas [Line Items] | ||||
Revenues | $ 52 | $ 54 | $ 179 | $ 173 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Summary of Non-cash Investing and Financing Transactions (Details) - CAD ($) $ in Thousands | Jan. 31, 2024 | Jan. 31, 2023 |
Statements [Line Items] | ||
Acquisition of building and equipment by lease | $ 7,963 | $ 7,412 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Summary of Changes in Liabilities Arose From Financing Activities (Details) - CAD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | $ 7,984 | $ 4,004 |
Cash Flows | (1,037) | (1,565) |
Non-cash changes, Acquisition | 7,963 | 7,412 |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | 0 | (1,315) |
Non-cash changes, Accretion | 15 | 3 |
Non-cash changes, Foreign exchange movements and change in estimates | 33 | (390) |
Ending balance | 14,958 | 8,149 |
Deferred Acquisition Payments | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 717 | 1,237 |
Cash Flows | 0 | (610) |
Non-cash changes, Acquisition | 0 | 0 |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | 0 | 0 |
Non-cash changes, Accretion | 15 | 0 |
Non-cash changes, Foreign exchange movements and change in estimates | (165) | 47 |
Ending balance | 567 | 674 |
Convertible Debentures | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 1,312 | |
Cash Flows | 0 | |
Non-cash changes, Acquisition | 0 | |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | (1,315) | |
Non-cash changes, Accretion | 3 | |
Non-cash changes, Foreign exchange movements and change in estimates | 0 | |
Ending balance | 0 | |
Leases | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Beginning balance | 7,267 | 1,455 |
Cash Flows | (1,037) | (955) |
Non-cash changes, Acquisition | 7,963 | 7,412 |
Non-cash changes, Debt forgiven/ Settlement/ Disposal | 0 | 0 |
Non-cash changes, Accretion | 0 | 0 |
Non-cash changes, Foreign exchange movements and change in estimates | 198 | (437) |
Ending balance | $ 14,391 | $ 7,475 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences and Related Tax Rate (Details) - CAD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Jan. 31, 2024 | Jan. 31, 2023 | |
Disclosure Of Income Taxes [Abstract] | ||||
Income taxes (recovery) | $ (517) | $ 104 | $ (749) | $ (425) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Common Shares - At The Market Equity Offering Facility [Member] - CAD ($) $ in Millions | Mar. 13, 2024 | Feb. 23, 2024 |
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of common shares sold | 629,240 | |
Proceeds from sale of common shares | $ 1.8 | |
Maximum | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Common stock aggregate gross sales price | $ 60 |