1/ THREAD: Long ImmunoPrecise Antibodies (IPA- Nasdaq)
$IPA is my largest holding since mid-2020, I haven't sold a share

This thread is just the peak of the iceberg as IPA has made such progress that highlighting all on a thread isn't possible, apologize for lots of omissions

2/ IPA is composed of 2 businesses:

The CRO (Contract Research Organization) and Talem Therapeutics.

Both the CRO and Talem are on fire. The CRO is growing at +50% with GM of 60% and Talem (drug discovery company) has several programs with some about to start Phase 1.

3/ Current Market CAP 315MCAD /250M USD
SO: ~16M
Rev run rate ~20M CAD- Growth 50%
Cash: 16M CAD

4/ Let’s start with the CRO. In the antibodies space, IPA is the ONLY CRO that offers a complete end-to-end service from concept to clinical trials

5/CRO's revenues are growing at 50%, with 60% gross margins (the CRO industry has ~12%margins), IPA has more than 70% of the top 20 pharma as clients, more than 500 total clients, EBITDA positive, $16m in cash and run rate revenues of ~ $20M for this fiscal year