The following Management's Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited condensed interim consolidated financial statements of MindWalk Holdings Corp. (the Company&#x201

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

The following Management's Discussion and Analysis ( MD&A ) should be read in conjunction with the unaudited condensed interim consolidated financial statements of MindWalk Holdings Corp. (the Company , MindWalk for the three months ended July 31, 2025, together with the audited consolidated financial statements and accompanying MD&A of the Company for the year ended April 30, 2025. This MD&A is the responsibility of management and was reviewed and approved by the Board of Directors of MindWalk on September 15, 2025.

The referenced financial statements have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ( IFRS ) and as applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. Except as otherwise noted, all dollar figures in this MD&A are stated in Canadian dollars, which is the Company's reporting currency.

We have prepared this MD&A with reference to National Instrument 51-102 Continuous Disclosure Obligations of the Canadian Securities Administrators. Additional information relating to MindWalk Holdings Corp. including our most recently completed [Annual Information Form] and our Annual Report on Form 20-F for the fiscal year ended April 30, 2025, is available on our website at www.mindwalkAI.com and can be found on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar.

FORWARD-LOOKING STATEMENTS

This MD&A contains certain statements that constitute forward-looking statements within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators.

Forward-looking statements often, but not always, are identified by the use of words such as seek , anticipate , believe , plan , estimate , expect , targeting and intend and statements that an event or result may , will , should , could , or might occur or be achieved and other similar expressions.

This document contains forward-looking statements about MindWalk's future outlook, future plans and expenditures, the satisfaction of rights and performance of obligations under agreements to which MindWalk is a party, product development, future revenue growth, research and development initiatives, and general market trends and developments. These statements, which involve expectations, estimates, and projections, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and/or are beyond MindWalk's control.

The forward-looking statements are based on certain assumptions, including the progress, timing, and costs related to the execution of MindWalk's business plan and strategy; estimates and projections regarding the industry in which MindWalk operates; the future success of research and development activities, including the advancement of MindWalk's AI technologies, the LensAI software, and HYFTTM technology. Assumptions are also made on the absence of material changes in various areas such as regulatory environment, general business and economic conditions, market demand for MindWalk's services, competitive landscape, and technological disruptions. Furthermore, the statements take into account estimates regarding future financing and capital.

The success of MindWalk's AI technologies is subject to inherent uncertainties of technology development and implementation, including the complexity of tasks the AI is being developed to perform, potential technical difficulties, the necessity for continuous adaptation to new scientific findings and data, and regulatory and ethical considerations. Furthermore, the potential for MindWalk's AI technologies to generate revenues is contingent upon market acceptance, development of commercially viable applications, and establishment of successful business models.

Forward-looking statements inherently carry risks and uncertainties that could cause actual outcomes and results to differ materially from current expectations. Thus, these statements should be approached with caution, and undue reliance on them should be avoided. Some of these risks and uncertainties are outlined in the 'RISKS AND UNCERTAINTIES' section of this MD&A. It is important to

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

note that forward-looking statements are not assurances of future performance. As actual results and future events could vary significantly from those anticipated in these statements, they should not be taken as accurate predictions. Despite the potential updates or revisions of forward-looking statements due to new information or future events, MindWalk is under no obligation to make these changes unless required by law. These cautionary notes serve to qualify all forward-looking statements contained in this MD&A explicitly.

CAUTION REGARDING NON-IFRS MEASURES

In addition to the results reported in accordance with IFRS, this MD&A makes reference to certain measures that are not recognized under IFRS and do not have a standardized meaning prescribed by IFRS. They are therefore unlikely to be comparable to similar measures presented by other companies. The Company uses non-IFRS measures, including adjusted EBITDA as additional information to complement IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Management believes that these measures provide useful information in that they may exclude amounts that are not indicative of the Company's core operating results and ongoing operations and provide a more consistent basis for comparison between periods. For further details, please refer to the Non-IFRS Financial Measures section later in this document.

Founded on November 22, 1983, and incorporated under Alberta law, MindWalk's common shares ( Common Shares ) currently trade on the Nasdaq Capital Market under the ticker symbol HYFT . The Company changed its corporate name from ImmunoPrecise Antibodies Ltd. to MindWalk Holdings Corp. on September 3, 2025.The corporate headquarters of MindWalk is situated at Industrious 823 Congress Ave Suite 300 Austin, Texas, 78701.

The Company is a leading biotherapeutic research and technology firm, distinguished by its proficiency in both in silico and wet lab methodologies. At the intersection of systems biology, multi-omics modeling, and complex artificial intelligence systems, the company has carved out a unique space within the field. The core of the Company's operations encompasses a diverse suite of proprietary technologies that aid in the exploration, discovery, and development of novel drugs and biologics.

Integrated within MindWalk's wet lab infrastructure is a diverse array of in silico technologies. As an end-to-end service provider of antibody discovery and development, MindWalk's state-of-the-art computational methodologies allow the Company to perform detailed and comprehensive evaluations across various stages of biologic discovery and development.

The synergy between MindWalk's in silico analyses and wet lab technologies enhances the efficacy of the workflow, thereby offering a unique value proposition to its partners aimed at reducing the time, cost and risk associated with therapeutic antibody discovery and development. This strategic integration underscores MindWalk's commitment to innovative solutions, driving not only operational efficiency but also pioneering advancements in the industry.

The Company believes that its experience, innovation, technologies, scientific rigor, and focus on producing quality products, provide a unique experience in one-stop service offerings, and assist the Company in its aim to reduce the time required for, and the inherent risk associated with, conventional multi-vendor product development.

The Company has achieved organic revenue growth through market penetration and service diversification in the biologics, Contract Research Organizations ( CRO ) space, as well as accretive growth through strategic expansion of its operations in Europe, by acquiring and integrating innovative technologies, and through investments in research and development ( R&D ).

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

The breadth of services provided by MindWalk unfolds sequentially in alignment with the process of antibody discovery and development. Starting from the in silico arena, the Company utilizes custom antigen modeling, target analysis using Natural Language Processing, and the patented HYFTTM analysis to lay the groundwork for the subsequent experimental phases.

As the projects transition into the wet lab phase, MindWalk's capabilities diversify, offering an array of services such as design and manufacturing, B cell sorting incorporating MindWalk's proprietary Function First B Cell screening and sequencing, and antibody development. MindWalk's wet lab antibody discovery technologies are compatible with in-depth mining of antibody repertoires by next generation sequencing and computational analysis. The Company's hybridoma discovery and production services, enhanced by multiplexed high-throughput screening and single clone-picking, complement the expertise it possesses with transgenic animals and multi-species antibody discovery.

The Company then steps into antibody characterization studies, which encompass affinity measurements, epitope landscape profiling, functional assays, and in silico analyses including immunogenicity, three-dimensional modeling, epitope mapping, antibody binning, relative affinity rankings, molecular docking, and off-target analyses. Additional services include the creation of bi-specifics, recombinant cloning, protein and antibody production and downstream processing, stable cell line generation, antibody engineering, and cryopreservation and cryostorage.

MindWalk's wholly owned subsidiary, MindWalk Biologics, has received recognition as approved CRO for top-tier transgenic animal platforms producing antibodies with human antigen binding domains, along with protein manufacturing. The subsidiary also forms a critical component of the Company's R&D investments, promoting the development of proprietary technologies like B cell Select .

Moreover, in the past two years, the Company has gained increasing recognition as a rising leader in the biologics and AI CRO space, with a focus on organic growth through market penetration and service diversification, as well as strategic expansion with platform and process integration. Furthermore, end-to-end services have been leveraged through acquisition, enabling a steady foundation for future growth.

Operations of the Company

MindWalk is a global operation with a presence in Diepenbeek in Belgium, Victoria, British Columbia, in Canada and Fargo, North Dakota and Austin, Texas in the United States. This broad reach enables MindWalk to tap into thriving locations that strongly support the life sciences industry and the development of artificial intelligence.

The Company's leadership, spanning North America and Europe, holds global responsibility for financial and accounting oversight, sales and marketing, investor relations, and information technology. An enterprise resource management system aids in automating marketing and sales, enhancing customer relationship management, and simplifying accounting, financial reporting, and project management tasks.

The principal executive office is in Austin, Texas and the Company's base office in Canada is in Victoria, British Columbia. The base for U.S. operations is in Fargo, North Dakota. MindWalk Biologics operates from Victoria, British Columbia (Canada), performing custom antibody generation since its inception. The Company has recently completed the expansion of its vivarium in Victoria while simultaneously intensifying its capabilities in measuring protein binding kinetics and high-throughput label-free protein-protein interactions and further developing and improving technologies such as its B cell Select platform.

On April 14, 2022, the Company successfully acquired MindWalk BV, BioKey BV, and BioClue BV, a group of innovative artificial intelligence entities based in Belgium. These entities are leaders in the field of multi-omics and in silico biotechnology, specializing in the intricate task of identifying unique biological fingerprints within proteins, RNA, and DNA across multiple information layers, giving rise to unprecedented insights into biological molecules, including intricate relationships between protein structure and function. They have constructed a comprehensive knowledge base of these distinctive biological markers, which serves as a significant tool for their

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

comparison and processing. This strategic acquisition further bolsters the Company's standing in the rapidly advancing fields of multi-omics and in silico antibody discovery and development.

The Company continues to broaden its intellectual property portfolio in additional, meaningful ways, including internal R&D, acquisitions, and collaborations. There is also an emphasis on therapeutic antibody asset development in areas such as oncology, inflammation, neurodegenerative diseases, autoimmunity, and atherosclerosis.

STRATEGY AND OUTLOOK

The management team at MindWalk places a strong emphasis on initiatives designed to increase revenue, enhance internal assets, and maximize shareholder value. Central to the Company's mission is the aspiration to fundamentally transform the approach to biotherapeutic discovery and development. By integrating its advanced AI-driven software, LensAI, MindWalk aims to introduce a new paradigm that underscores accuracy, precision, speed, and cost-effectiveness, thereby changing how the world processes complex and disparate data.

One core component of MindWalk's strategy is the integration of LensAI's in silico capabilities into its services. LensAI adds high-through-put in silico analytical capabilities early in the discovery and development cycle, which enhances the Company's traditional wet lab services.

MindWalk's goal is to be the world's premier partner for complex AI-driven therapeutic antibody discovery and development, providing a rapid, integrated, accurate, data-driven, technologically advanced continuum of services. The Company works towards accelerating the transition of novel therapies from idea to the clinic by providing a bridge between highly accurate in silico predictions and wet lab validations. MindWalk's in silico tools, powered by LensAI, can predict potential targets, antibody binding characteristics, therapeutic developability, safety and tolerability, functional outcomes, and provide iterative feedback from wet lab experiments designed to refine these predictions and improve the accuracy of its AI models.

Pharmaceutical industry trends suggest an increasing reliance on external partners like MindWalk for expertise, cost-effectiveness, and rapid turnaround times. As a service provider with both wet lab and AI-driven in silico capabilities, management believes the Company aligns well with these industry needs.

The antibody discovery and development services sector, including CROs and specialized technology providers, is experiencing strong momentum. The market was valued at approximately US $8.3 billion in 2024 and is expected to grow at a 9 10% CAGR, more than doubling to around US $20 billion by 2034. This growth is driven by rising demand for outsourced expertise and advanced platforms that accelerate therapeutic pipelines.

In parallel, the global monoclonal antibody market continues its expansion. Valued at US $210 billion in 2022, it is projected to reach nearly US $495 billion by 2030 at an 11% CAGR, with some forecasts suggesting it could surpass US $900 billion by 2035. Monoclonal antibodies remain one of the largest and fastest-growing therapeutic categories, particularly in oncology, autoimmune, and infectious disease.

Artificial intelligence is now reshaping this landscape through SaaS-based drug discovery platforms. The AI in drug discovery market was estimated at roughly US $6.3 billion in 2024 and could grow to US $16.5 billion by 2034, while more aggressive forecasts see expansion to over US $35 billion. These platforms offer biopharma companies the ability to integrate predictive modeling, optimize candidate selection, and reduce R&D timelines.

Supporting all of these advances is the drug discovery informatics and data management market. Valued at around US $3.7 billion in 2024, it is forecast to grow at an ~11% CAGR to over US $7 billion by 2030, and as high as US $11 billion by 2034 in some estimates. This reflects the industry's growing recognition that scalable, integrated data systems are critical for translating laboratory insights into clinical breakthroughs.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

MindWalk is not simply following industry trends but is working to establish new standards in biotherapeutics research. The Company positions itself as a leader in AI-integrated discovery by combining proprietary in silico technologies with established wet-lab capabilities. This integrated model supports innovation and enhances the Company's ability to deliver comprehensive solutions across the drug discovery and development value chain.

AI for Drug Discovery

AI is increasingly becoming a critical enabler in drug discovery and development, supporting target identification, molecular design, and candidate screening at scale. Its ability to analyze complex biological datasets allows researchers to uncover disease mechanisms, establish biomarkers, and generate predictive models that improve the efficiency of R&D. The AI in drug discovery market was estimated at approximately US $6.3 billion in 2024 and is projected to reach more than US $16.5 billion by 2034, with some forecasts suggesting growth could exceed US $35 billion over the same period. This rapid expansion reflects the increasing reliance on AI to accelerate timelines, reduce costs, and improve the probability of success in drug development. Within this context, the Company's LensAI platform leverages proprietary methodologies to align with these industry trends, integrating AI-driven analysis with wet-lab validation to support comprehensive antibody discovery and development.

The acquisition of MindWalk in April 2022 marked a significant advancement for the Company. MindWalk brings its unique and proprietary HYFT technology that adds accuracy and transparency (explainability) to traditional AI approaches and algorithms, an extremely important feature, especially in the life sciences.

The Company's AI-driven software, LensAI, takes advantage of this technology. It enables the Company to extract the potential from data, discover connections between data, and pull new and valuable information from existing data. Furthermore, MindWalk's HYFT framework converts unstructured data into structured data, allowing for default feature reduction and efficient downstream analysis using advanced AI/ML techniques. The HYFT fingerprints create a link between sequences and literature analysis through a bottom-up Natural Language Processing approach, providing a universal syntax for the language of biology. This proprietary pattern and profile detection is crucial for understanding diseases and biological processes.

MindWalk's HYFT framework makes all accessible biological data rapidly computable. The technology developed by MindWalk offers a solution for omics (DNA, RNA, amino acids) data management, analysis, and storage, effectively addressing the current challenges and bottlenecks in bioinformatics. The integration of this technology with the LensAI platform results in an incredibly efficient system for managing and analyzing omics data. This combination of technologies is capable of processing huge tasks at high speed and scale, all while maintaining a light computational footprint.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

OVERALL PERFORMANCE AND LIQUIDITY OF CONTINUING OPERATIONS

The Company achieved revenues of $3.2 million during the three months ended July 31, 2025, a 27.8% increase from 2024 revenues of $2.5 million. The Company incurred total operating expenses of $5.7 million during the three months ended July 31, 2025, a decrease of $0.2 million compared to the three months ended July 31, 2024. Net loss for continuing operations totaled $4.1 million and $4.3 million for the three months ended July 31, 2025 and 2024, respectively.

As of July 31, 2025, the Company had cash on hand and restricted cash of $5.0 million compared to $10.8 million as of April 30, 2025. The Company expects its cash on hand as of July 31, 2025 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.

RESULTS OF CONTINUING OPERATIONS

Comparison of the three months ended July 31, 2025 and 2024

The Company achieved revenue of $3.2 million during the three months ended July 31, 2025, a 27.8% increase from the three months ended July 31, 2024.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

Gross profit totaled $1.5 million during the three months ended July 31, 2025, an increase of 51.2% compared to the three months ended July 31, 2024. The increase in gross profit reflects the increase in project revenues, offset by increases in supplies, repairs and maintenance.

Research and development

During the three months ended July 31, 2025, research and development expenses decreased to $1.0 million from $1.5 million during the three months ended July 31, 2024. The decrease reflects reallocating project-related R&D efforts to cost of sales

Sales and marketing expenses totaled $1.3 million during the three months ended July 31, 2025, compared to $0.5 million during the three months ended July 31, 2024. The increase in sales and marketing expenses reflect an increase in advertising related to digital campaign expenses.

General and administrative

During the three months ended July 31, 2025, general and administrative expenses totaled $3.3 million, a decrease of $0.1 million compared to the three months ended July 31, 2024 from a reduction in bad debt expense and a decrease in salary and benefit expenses.

Other Income / Expense

The Company recorded a negligible amount of other income (expense) during the three months ended July 31, 2025, compared to other income of $20 thousand during the three months ended July 31, 2024. This decrease includes lower grant income.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

SUMMARY OF QUARTERLY RESULTS

The following table sets out financial information for the past eight quarters, as adjusted for the accounting policy change for discontinued operations as discussed in Note 2:

* Because of the net loss, basic and diluted loss per share are the same given potential dilutive common shares are excluded from the computation as their effect would be anti-dilutive.

The Company achieved revenue of $3.2 million during the three months ended July 31, 2025, an increase of 27.8% from the same period in the previous year, reflecting an increase in project revenue as well as product revenue.

The Company recorded a gross profit margin of 48% during the three months ended July 31, 2025, as compared to 41% compared to July 31, 2024. The increase in gross profit margin during the period ended July 31, 2025 was primarily attributable to the increase in revenue, offset by higher supply cost as a result of increased projects as well as an increase in lab repair and maintenance costs.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE MONTHS ENDED JULY 31, 2025 AND JULY 31, 2024

Fluctuations in operating expenses was driven primarily by research and development expenses and sales and marketing, while general and administrative expenses were essentially flat, as compared to the period ended July 31, 2024. R&D expenses decreased due to a reallocation of project-related R&D efforts to cost of sales, while sales and marketing increased due to advertising related to digital campaign expenses, as compared to the period ended July 31, 2024.