MindWalk Holdings Corp. reports strong Q3 2026 revenue growth driven by its AI-powered biologic discovery and drug development platform.
MindWalk Holdings Corp. a bio-native artificial intelligence company specializing in biologics discovery and AI-powered drug development, has announced its financial results for the third quarter of fiscal year 2026, which ended on January 31, 2026. The company reported significant growth across several financial and operational metrics, highlighting continued momentum in its commercialization strategy, platform expansion, and research pipeline. The company also confirmed that it would host its fiscal 2026 third-quarter earnings conference call on March 12, 2026, at 10:30 a.m. Eastern Time, where management will discuss the results and provide additional insights into its strategic direction.
Strong Revenue Growth in the Third Quarter
During the third quarter of fiscal 2026, MindWalk generated revenue of $4.2 million, representing a 52% increase compared to $2.7 million in the third quarter of fiscal 2025. This marks the third consecutive quarter of year-over-year revenue growth for the company, reflecting increasing adoption of its AI-driven biologics discovery platforms and services.
A particularly notable contributor to this growth was the company’s expanding presence in the United States. U.S. revenue reached $2.6 million, which is double the $1.3 million recorded during the same quarter in 2025. This rapid growth highlights MindWalk’s strategic emphasis on the North American market, where demand for AI-enabled biologics development solutions continues to rise.
For the first nine months of fiscal 2026, MindWalk reported total revenue of $11.4 million, up 45% from $7.9 million during the same period in the previous fiscal year. The company also improved its year-to-date gross margin to 58%, compared with 53% in the prior year, demonstrating improved operational efficiency and scaling of its services.
In the third quarter alone, gross margin reached 59%, slightly lower than the 65% recorded in the same quarter last year, though still reflecting a healthy margin structure as the company continues to invest in expansion and platform development.
Significant Improvement in Net Loss
MindWalk also reported a major improvement in its bottom line. The net loss from continuing operations in the third quarter was $3.9 million, a sharp reduction from the $22.0 million loss recorded in the third quarter of 2025. The previous year’s loss included a $21.2 million impairment charge, making the year-over-year comparison particularly significant in highlighting the company’s improving financial position.
As of January 31, 2026, the company reported $14.2 million in cash and cash equivalents, providing liquidity to continue advancing its research programs and commercialization initiatives. All financial figures reported by the company are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards (IFRS).
First Recurring Contract for the LensAI Platform
One of the most important commercial milestones during the quarter was the signing of the first one-year recurring contract for the LensAI platform with the company’s largest enterprise AI customer. This agreement represents a major shift in MindWalk’s revenue model, transitioning part of its business from traditional project-based services toward recurring subscription-based revenue.
Under this contract, the customer will pay for LensAI services on a monthly basis, marking a key step in establishing a stable and scalable revenue stream. The platform is now actively being deployed across MindWalk’s customer base, and the company plans to expand this contract structure with additional partners.
According to CEO and President Dr. Jennifer Bath, the quarter demonstrated strong operational progress. She noted that the company recorded its third consecutive quarter of revenue growth while advancing multiple research programs toward critical data readouts. She also emphasized the importance of the North American market, where the company has expanded its operations.
To support this strategy, MindWalk established biologics services operations in the Boston and Cambridge biotechnology hub. At the same time, the company made the strategic decision to divest its European operations in order to focus resources on North American growth opportunities.
Launch of the B Cell Llama Nanobody Discovery Platform
MindWalk also announced the launch of B cell Llama™, a nanobody discovery platform designed to accelerate the development of next-generation biologics. The platform is based on the isolation of B cells from immunized llamas and focuses on the discovery of VHH nanobodies.
Unlike traditional antibodies, VHH nanobodies do not contain a light chain, which eliminates the complex chain-pairing challenges often encountered in antibody engineering. This structural advantage can significantly simplify the development of bispecific and multispecific antibodies, which are increasingly important in modern biologic therapies.
The company has accumulated extensive expertise in nanobody discovery through years of research and collaboration. A peer-reviewed study published in Biomacromolecules, a journal of the American Chemical Society, highlighted new findings from a collaboration with Eindhoven University of Technology and Radboud University Medical Center.
The research demonstrated neutralization of a viral variant against which no clinically approved antibody therapy has shown activity. The study also revealed that the molecule with the strongest binding affinity did not produce functional activity, emphasizing the importance of selecting candidates based on biological function rather than affinity alone. MindWalk retains the first right to commercialize the intellectual property generated through this collaboration.
Progress in the Dengue Vaccine Program
Another key area of development for the company is its dengue vaccine program. **Dengue infects approximately 390 million people worldwide each year and has been identified by the World Health Organization as one of the top global health threats.
Currently, there is no vaccine approved by the U.S. Food and Drug Administration in the United States for dengue prevention. Existing vaccines have struggled to generate balanced immunity across the virus’s four distinct serotypes.
MindWalk’s vaccine approach focuses on identifying a single conserved epitope shared across all four serotypes, potentially addressing the major challenge in dengue vaccinology. The company has completed in vivo immunization studies, which confirmed that immunized animals produced antibodies targeting the conserved cross-serotype epitope.
The next stage of the program will involve neutralization studies conducted with an independent third-party collaborator to evaluate the vaccine candidate’s ability to neutralize all dengue serotypes.
Advancements in the GLP-1 Program
MindWalk also reported progress in its GLP-1 therapeutic program, targeting metabolic diseases such as obesity and diabetes. In vitro testing conducted by an independent third-party laboratory confirmed activation of the GLP-1 receptor.
The results demonstrated biological activity comparable to Semaglutide, one of the world’s leading GLP-1 therapies, which generated approximately $29 billion in global sales in 2024.
Researchers also identified a dual-pathway treatment mechanism that links GLP-1 signaling with another longevity-related biological pathway. The program is being developed with guidance from a major pharmaceutical collaborator and will next move into expanded in-vitro testing, stability studies, and eventual in-vivo validation of safety profiles.
Influenza Vaccine Research
In addition to its dengue and metabolic disease programs, MindWalk is advancing research into influenza prevention. The company’s LensAI platform has analyzed more than 2,000 influenza sequences, including types A and B as well as strains originating from avian and porcine hosts.
Through this large-scale analysis, the platform identified a single conserved biological feature present across all sequences examined. Researchers are now progressing toward in-silico manufacturing of a lead vaccine candidate that will be used in upcoming neutralization studies to assess its ability to prevent infection.
Asset-Level Financing Strategy
To support continued development of its pipeline, MindWalk has engaged legal and financial advisors to design asset-level structured financing vehicles. These financing structures will allow investors to support individual research programs—such as the GLP-1, dengue, and influenza initiatives—without diluting the parent company’s equity.
This approach enables targeted program-level investments while preserving long-term shareholder value and ensuring that promising assets receive dedicated funding.
Upcoming Earnings Webcast
MindWalk will host its live earnings webcast on March 12, 2026, at 10:30 a.m. Eastern Time. Investors and analysts will be able to access the webcast and a replay through the Events section of the company’s investor relations website.
With accelerating revenue growth, expanding commercial partnerships, and multiple therapeutic programs progressing through research milestones, MindWalk continues to position itself at the intersection of artificial intelligence and biologics discovery. The company’s strategic focus on North America, combined with the scaling of its LensAI platform and nanobody discovery technologies, reflects its ambition to become a leading innovator in AI-driven drug development.