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 AND SIX MONTHS ENDED OCTOBER 31, 2025

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 or, MindWalk for the three and six months ended October 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 December 12, 2025.

The referenced financial statements have been prepared in accordance with IFRS Accounting 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/search-filings.

FORWARD-LOOKING INFORMATION

This MD&A includes forward looking statements within the meaning of National Instrument 51-102 Continuous Disclosure Obligations. Forward looking statements relate to future events or future performance and reflect management's current expectations, estimates and projections.

Forward looking statements in this MD&A include, without limitation, statements about MindWalk's:

business strategy and priorities, including the shift toward a software-led model centered on LensAI

plans and expectations for LensAI subscriptions, HYFT-based analytics and data services, and selected wet lab offerings

expectations regarding revenue growth, margins, operating costs, liquidity and capital resources

research and development activities and internal asset programs, including programs related to dengue and GLP-1 and longevity

expectations regarding the protection, expansion and use of the Company's intellectual property, including HYFT patterns and related biological assets

expectations regarding client adoption of AI-driven and SaaS-based drug discovery tools

views on industry, market size and growth rates in AI in drug discovery, drug discovery informatics, cloud-based drug discovery platforms and life science analytics

expectations about future financing, capital allocation and shareholder value

Forward looking statements often use words such as expects , plans , targets , believes , forecasts , intends , estimates or similar expressions and include statements about events or results that are anticipated or projected . Any statements that describe future plans, objectives or goals are forward looking statements.

These statements are based on a number of assumptions, including management's assumptions regarding:

the progress, timing and costs associated with executing MindWalk's business plan and strategy

the performance, safety and regulatory profile of the Company's technologies and internal programs

the accuracy of industry data and growth forecasts referenced in this MD&A

the competitive environment and the pace of adoption of AI-driven and SaaS-based solutions in drug discovery

the ability to maintain and expand customer and partner relationships

the availability of qualified personnel, contractors and key infrastructure

the continued availability of financing on acceptable terms

the absence of material adverse changes in general business, economic, geopolitical, market, tax, regulatory or legal conditions

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2025

Forward looking statements involve known and unknown risks and uncertainties. Actual results, performance and achievements differ in many cases from those expressed or implied in forward looking statements. Risks and uncertainties include, among others:

the risk that MindWalk does not successfully execute its software-led strategy or achieve anticipated levels of LensAI usage

the risk of slower than expected adoption of AI-based and SaaS-based tools by current or potential clients

risks related to research and development, including technical challenges, data quality, model performance and regulatory expectations for AI in life sciences

risks related to the protection, enforcement and value of intellectual property, including HYFT-related IP and related biological assets

competition from existing or new market participants, including larger companies with greater resources

risks related to dependence on key personnel, partners, vendors and critical infrastructure

risks related to compliance with evolving laws and regulations, including those relating to data privacy, data security and the use of AI

financing, liquidity and capital market risks, including dilution risk from future financings

risks related to the development, advancement and commercial potential of internal programs, including dengue and GLP-1 and longevity

general economic, market and geopolitical risks that affect the Company and its clients

Additional information about these and other risks is included in the Risks and Uncertainties section of this MD&A and in MindWalk's other filings with Canadian securities regulators and the United States Securities and Exchange Commission.

Forward looking statements in this MD&A speak only as of the date of this document. MindWalk does not undertake any obligation to update or revise forward looking statements as a result of new information, future events or otherwise, except as required by applicable securities laws. Readers should not place undue reliance on forward looking statements.

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 corporate headquarters of MindWalk is situated at 3204 - 4464 Markham Street, Victoria, BC V8Z 7X8.

MindWalk is a Bio-Native AI biotherapeutic research and technology company operating an integrated biointelligence ecosystem for biologics discovery and development. The Company combines AI, deep data and advanced lab research, linking in silico platforms with wet lab operations across therapeutic and anti-drug antibodies, diagnostics, vaccines and peptide therapeutics.

HYFT patterns are the foundation of this ecosystem. These compact informational units, shaped by evolution, are defined by the Company as the minimal sequence information required to determine molecular structure and corresponding function. HYFT patterns are encoded, indexed and linked at the core of LensAI, the Company's explainable AI platform for biologics, forming a shared biological knowledge layer.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2025

LensAI uses HYFT patterns to connect more than 25 billion biological relations, turning fragmented data into integrated, discovery-ready insight. The platform supports rapid analysis and harmonization of heterogeneous data across modalities, including sequence, structure, functional assays and other omics sources. HYFT-based applications draw from the same indexed pattern space, providing consistent, transparent decision support for day-to-day work in drug discovery, including target profiling, antigen and epitope analysis, sequence engineering, candidate triage and portfolio evaluation.

MindWalk's wet lab facilities complement this HYFT-driven data and AI layer. Experimental programs deliver discovery, characterization and production activities and, in selected engagements, generate datasets that feed LensAI, while HYFT-based insights inform experimental design, assay strategy and candidate selection. This integration between computation and bench work is intended to reduce time, cost and risk across biologic discovery and development programs and to provide partners with a coordinated offering aligned with MindWalk's bio-native, data-centric brand.

MindWalk structures its services around LensAI, the Company's Bio-Native AI platform for biologics discovery and development. Partners access LensAI through expert-led projects, SaaS subscriptions or API-based integrations, aligning usage with program scope, internal resources and data strategy.

An increasingly important focus is making program data AI-ready. Using HYFT technology, MindWalk organizes and links program data into a consistent, queryable structure. Sequences, structures, assay outputs, omics data and external sources are ingested and connected into a shared biological layer where each datapoint carries context, evidence and provenance. Concept-driven NLP processes literature, reports and other unstructured text at the level of mechanisms, targets and pathways, then aligns those concepts with the same HYFT-based context that supports experimental data.

On top of this data foundation, LensAI services span target profiling, antigen and epitope analysis, immunogenicity and liability screening, hit expansion, candidate triage, de novo variant sequence design, developability assessment and portfolio-level analysis. HYFT patterns allow LensAI to connect sequence, structure, function and literature into a single computational representation, supporting faster, more transparent decisions at each stage of the discovery workflow, from early hypothesis through engineering strategies.

MindWalk's wet lab services operate in close coordination with LensAI and the HYFT-based data layer. Focused discovery, characterization and production activities, including immunization, B cell and hybridoma discovery, functional and biophysical assays, protein and antibody production, are offered as stand-alone services or, where appropriate, with experimental results integrated into LensAI. This selective loop between computation and bench work supports data-rich validation while MindWalk maintains its core identity as an AI, data and HYFT-platform company for biologics discovery.

MindWalk operates in North America and Europe, with activities organized around the LensAI platform, HYFT-based data layer and supporting wet lab capabilities.

The Company focuses operational resources on expanding and protecting its intellectual property portfolio, particularly around HYFT patterns, HYFT-powered analytics and related biological assets. This includes internal R&D, selective partnerships and strategic transactions that extend HYFT use across new targets, modalities and therapeutic areas.

Operations emphasize scalability and cost management. Shared platforms, standardized workflows and centralized data infrastructure support growth in LensAI subscriptions and AI-enabled projects without a proportional increase in fixed overhead.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2025

Management places an emphasis on quality systems, data security and regulatory compliance appropriate for biologics research and AI-driven analysis. This operational focus supports reliable project execution for partners while preserving flexibility to shift resource allocation as demand for LensAI and related services evolves.

STRATEGY AND OUTLOOK

Management places emphasis on initiatives that increase revenue, strengthen MindWalk's software and data assets, and support long term shareholder value. Strategy centers on Bio-Native AI, with LensAI and HYFT patterns used to change how complex biological data is organized, interpreted and applied across discovery programs.

MindWalk aims to grow a software-led model around LensAI, offered through subscriptions, expert-led analytics projects and API integrations. Management's objective is to deepen LensAI usage within current clients, expand access to new partners that seek SaaS-based discovery tools, and position wet lab services as a selective complement where integrated computation-plus-experiment workflows add clear value.

A strategic focus is advancing data services that support this model. MindWalk invests in HYFT-based data organization, concept-driven NLP and shared biological knowledge layers that, as described above, organize and link sequence, structure, assay, omics and literature data into a consistent, queryable environment. These capabilities support LensAI subscriptions, analytics projects and future offerings that rely on reusable data rather than one-off analyses.

Independent research points to sustained growth in software-driven drug discovery and data-centric solutions. One recent study estimates the global AI in drug discovery market at about USD 6.93 billion in 2025, with expectations of reaching roughly USD 16.52 billion by 2034 at a CAGR of about 10 percent. The global drug discovery informatics market, which includes modeling, analytics and related software, is estimated at approximately USD 3.65 billion in 2024 and projected to reach about USD 7.03 billion by 2030, reflecting an 11.6 percent CAGR from 2025 through 2030.

Cloud-based drug discovery platforms represent another growth area. One forecast projects this segment at USD 3.5 billion in 2025, reaching roughly USD 11.3 billion by 2035 at a 12.6 percent CAGR, with Software as a Service expected to hold the largest share of spend. In parallel, the global life science analytics market, which spans broader data and insight platforms for pharma and medical devices, is projected to grow from USD 40.03 billion in 2025 to USD 68.81 billion by 2030 at an 11.4 percent CAGR.

Management views these trends as supportive of MindWalk's focus on LensAI subscriptions, HYFT-based analytics and data services, alongside a targeted set of wet lab offerings. Over the outlook period, the Company plans to allocate resources toward offerings that scale with software, data and IP, pursue deeper multi-year relationships with partners that adopt LensAI, and keep a thoughtful approach to cost structure in order to support improvements in profitability.

AI FOR BIOLOGICS AND DRUG DISCOVERY

AI now plays a central role in biologics discovery, where multi-modal data from sequence, structure, assays and clinical sources inform decisions from target selection through lead design. Software platforms that combine predictive modeling, explainability, data organization and experimental context have become important for pharma and biotech partners.

Within this environment, LensAI functions as MindWalk's Bio-Native AI platform. Building on the HYFT framework described above, LensAI encodes, indexes and links patterns across sequence, structure, function and literature so results are traceable to specific biological patterns rather than opaque model behavior. Concept-driven NLP aligns scientific text with the same HYFT-based context that supports experimental data, reinforcing a single, pattern-led view of biology.

The HYFT framework converts unstructured and semi-structured inputs into structured, pattern-based representations. Sequence, omics and literature data flow into a shared biological layer with built-in feature reduction, supporting efficient downstream analysis with AI and ML methods while preserving traceability to underlying patterns and sources.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2025

LensAI also supports internal asset programs that illustrate how HYFT-based AI links to tangible biotherapeutic opportunities. In the universal dengue vaccine initiative, LensAI identified a highly conserved epitope across all four dengue virus serotypes using in silico analysis, with the goal of driving neutralizing antibody responses while avoiding serotype-specific limitations. In the GLP-1 and longevity program, LensAI supports the design of GLP-1 receptor agonists and the definition of a companion pathway for resilience and cellular health. The regimen combines AI-guided GLP-1 designs with a second, longevity-focused therapeutic concept and is advancing following in vitro evidence of receptor activation at levels higher than semaglutide in the assays conducted.

Across these efforts, the HYFT and LensAI stack is intended to make accessible biological data rapidly computable. The system targets bottlenecks in omics data management and analysis by organizing DNA, RNA and amino acid information into a unified HYFT-based layer that supports large, complex analytic workloads at scale while maintaining a relatively light computational footprint for partner engagements and internal R&D.

OVERALL PERFORMANCE AND LIQUIDITY OF CONTINUING OPERATIONS

The Company achieved revenues of $4.1 million and $7.3 million during the three and six months ended October 31, 2025, roughly a 54% and a 41% increase from 2024 revenues of $2.7 million and $5.2 million, respectively. The Company incurred cost of sales of $1.5 million and $3.1 million during the three and six months ended October 31, 2025, a $0.2 and $0.3 million increase for the three and six months ended October 31, 2024 cost of sales, respectively. The Company incurred total operating expenses of $5.4 million during the three months ended October 31, 2025, which is flat compared to the three months ended October 31, 2024. Operating expenses totaled $11.1 million during the six months ended October 31, 2025, a decrease of $0.2 million compared to the six months ended October 31, 2024. Net loss totaled $3.2 million and $6.2 million for the three and six months ended October 31, 2025, compared to a net loss of $2.6 million and $6.6 million during the same periods last year.

As of October 31, 2025, the Company had cash on hand of $16.5 million compared to $10.7 million as of April 30, 2025. The Company expects its cash on hand as of October 31, 2025 will be sufficient to fund the Company's operations for at least one year from the date these financial statements are available to be issued.

RESULTS OF OPERATIONS

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

The Company achieved revenue of $4.1 million during the three months ended October 31, 2025, a 54% increase from the three months ended October 31, 2024.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2025

Gross profit totaled $2.7 million during the three months ended October 31, 2025, an increase of 94% compared to the three months ended October 31, 2024, due primarily to improved project revenue.

Research and development

During the three months ended October 31, 2025, R&D expenses increased to $1.2 million from $1.0 million during the three months ended October 31, 2024. R&D expenses for the three months ended October 31, 2025 reflect ongoing investments in R&D on the LensAI platform.

Sales and marketing expenses totaled $1.1 million during the three months ended October 31, 2025, compared to $1.1 million during the three months ended October 31, 2024. Expenditures during the three months ended October 31, 2025 reflect commercialization efforts to drive awareness of MindWalk.

General and administrative

During the three months ended October 31, 2025, general and administrative expenses totaled $3.1 million, an increase of 7.7% compared to the three months ended October 31, 2024.