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 NINE MONTHS ENDED JANUARY 31, 2026

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 nine months ended January 31, 2026, 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 March 11, 2026.

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 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 regarding the advancement of MindWalk's therapeutic and vaccine pipeline, including the progression of internal proprietary asset programs and the translation of AI-driven discoveries into clinical candidates

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 NINE MONTHS ENDED JANUARY 31, 2026

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 the execution and transition of wet lab operations, including the ability to maintain service quality and client relationships during the Company's shift toward a software-led model

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, influenza and GLP-1 and longevity

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

risks related to the accuracy of third-party industry data, market size estimates and growth forecasts referenced in this MD&A, which may differ materially from actual market conditions

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.

MindWalk Holdings Corp. (the Company or MindWalk ) was incorporated under the laws of Alberta on November 22, 1983. The Company is listed on the Nasdaq Capital Market under the trading ticker symbol HYFT. The Company changed its corporate name from ImmunoPrecise Antibodies Ltd. to MindWalk Holdings Corp. on September 3, 2025.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

The corporate headquarters is situated at 3204 4464 Markham Street, Victoria, BC V8Z 7X8. This MD&A was reviewed and approved by the Board of Directors of MindWalk and should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three and nine months ended January 31, 2026.

All dollar figures in this MD&A are stated in Canadian dollars unless otherwise noted.

MindWalk is a Bio-Native AI company operating at the intersection of artificial intelligence, deep biological data, and advanced laboratory research. Our mission is to make complex biology more computable and to translate that capability into validated therapeutic and vaccine candidates that partners can advance.

The Company's integrated platform connects in silico analysis with a full-stack wet lab, enabling a closed-loop discovery model in which computational insights inform experimental design, and experimental results continuously enrich our data layer. This architecture is intended to improve efficiency across the biologics discovery and development process. MindWalk's integrated discovery and development platform has supported the clinical advancement of over 15 molecules through client and partner programs, and a growing internal pipeline is now leveraging our AI-driven discovery engine..

The HYFT Technology Advantage

At the core of MindWalk's platform is HYFT , a patented biological pattern technology that represents a distinct approach to understanding molecular biology. Rather than relying on sequence alignment which misses functional relationships masked by genetic variation HYFT captures the minimal subsequence information required to determine molecular structure and function.

These HYFT patterns are evolution-defined. They represent the regions of biology that cannot change without loss of essential function: conserved patterns that persist across mutation and species variation. Because these patterns encode functional constraint rather than surface-level similarity, they identify functional relationships that sequence-alignment approaches may not detect.

HYFT patterns are indexed and linked across more than 25 billion biological relationships within LensAI , the Company's explainable AI platform. This creates a shared biological knowledge layer that harmonizes sequence, structure, functional assays, omics data, and scientific literature into a single, queryable computational space. This computational architecture supports traceable, evidence-linked biological analysis..

Critically, HYFT patterns are patented assets owned exclusively by MindWalk. No other organization has the right to use these patterns. This IP exclusivity provides a structural competitive advantage that may deepen with broader application across programs, modalities, and therapeutic areas.

LensAI: The Platform

LensAI is MindWalk's Bio-Native AI platform for biologics discovery and development, built on the HYFT pattern framework. Partners access LensAI through expert-led analytics projects, SaaS subscriptions, and API-based integrations, creating a flexible engagement model that scales with client need.

LensAI capabilities include target profiling, antigen and epitope analysis, immunogenicity and liability screening, candidate triage, de novo variant sequence design, developability assessment, and portfolio-level analysis. Across these applications, HYFT patterns provide the connective tissue that links modalities and makes results traceable to specific biological evidence rather than opaque model behavior.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

Beyond client-facing applications, LensAI also drives MindWalk's internal proprietary asset programs, where the same platform that powers partner work is generating de novo therapeutic and vaccine candidates supported by proprietary IP and HYFT-defined biological analysis, with potential future partnering opportunities.

AI-Driven Internal Asset Pipeline

MindWalk's internal pipeline includes LensAI-generated assets that the Company owns, protects, and intends to advance through partnerships or licensing. Each program is grounded in HYFT-defined biology and anchored in wet-lab validation. The programs below are those where HYFT technology and the LensAI platform served as the primary discovery and design engine.

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

Each AI-driven internal program is designed to be housed and independently financed, allowing individual programs to attract dedicated capital partners without diluting the MindWalk parent entity preserving shareholder value while enabling non-dilutive program-level financing.

Broader Biologics Portfolio

MindWalk's discovery capabilities extend well beyond its HYFT/LensAI-driven internal programs. Through its integrated discovery platform combining wet lab expertise, antibody engineering, and AI tools the Company has built a portfolio of 16 partner-ready assets spanning oncology, immuno-oncology, vascular disease, ophthalmology, and infectious disease.

Select programs of note include:

-CD3 Fabs (MDWK-24): A CD3 -targeting Fab arm designed for bispecific and multi-specific T cell engager formats. Developed by MindWalk, this asset is engineered to reduce cytokine release relative to first-generation CD3 engagers and is available for partners to combine with anti-tumor associated antigen (TAA) arms to generate novel immunotherapeutic molecules.

-ALK-1 Agonist Antibodies (MDWK-21): Monoclonal agonist antibodies targeting activin receptor-like kinase 1 (ALK1), a member of the TGF- receptor superfamily preferentially expressed on endothelial cells. Developed by MindWalk for vascular pathologies including diabetic retinopathy and pulmonary arterial hypertension, where impaired BMP9/ALK1 signaling is a central driver of disease.

-TrkB CD3 Bispecific (MDWK-200): A bispecific T cell engager combining MindWalk's proprietary anti-TrkB and anti-CD3 arms, targeting triple-negative breast cancer and other TrkB-overexpressing solid tumors.

-SARS-CoV-2 (MDWK-03): The most clinically advanced asset in the broader Vault by stage, currently in final drug product form.

Several assets in the portfolio are partnered, reflecting the translational quality of MindWalk's discovery output and the commercial relevance of the Vault. The full portfolio, including additional oncology and immuno-oncology assets, is available at mindwalkai.com/partner-ready-assets/biologics-pipeline.

The TDP-43 neurodegeneration program was developed through a client-driven engagement using MindWalk's integrated discovery platform and has been externally peer-reviewed (bioRxiv, DOI: 10.1101/2025.06.10.658846).

MINDWALK HOLDINGS CORP.

MANAGEMENT DISCUSSION AND ANALYSIS

FOR THE THREE AND NINE MONTHS ENDED JANUARY 31, 2026

2.5 Functional Adjacency

A recent application of HYFT technology has revealed an additional, commercially significant capability: the detection of functional adjacency. Functional adjacency refers to the phenomenon where distinct molecules produce the same therapeutic effect despite low sequence similarity a condition that sequence-alignment-based analysis routinely fails to identify.

MindWalk has applied HYFT to detect shared biological signatures between AI-designed therapeutics, including cases where independently developed molecules converge on the same functional space. This capability has direct implications for competitive intelligence, IP strategy, M&A diligence, and portfolio risk assessment positioning HYFT as a strategic intelligence layer for biopharma organizations navigating an increasingly AI-dense discovery landscape.

STRATEGY AND OUTLOOK

3.1 The AI Acceleration Tailwind

The broader AI landscape is undergoing rapid, disruptive change and management believes this trend may benefit demand for MindWalk's platform capabilities.

As AI tools become faster, cheaper, and more widely accessible, the pace of molecule design across the industry is accelerating sharply. General-purpose AI models can now generate novel therapeutic sequences at scale, lowering the cost and time of early discovery for any organization with compute access. This democratization of AI-assisted design is expanding the volume and variety of candidate molecules entering development pipelines globally.

This acceleration does not commoditize MindWalk's position it deepens the demand for it. Generic AI can produce sequences. What it cannot do is evaluate whether those sequences are functionally equivalent to existing IP, identify whether a candidate engages a target through the same biological mechanism as a competitor's molecule, or determine whether a vaccine epitope will hold across viral evolution. Those questions require the kind of functional biological reasoning that HYFT is intended to address and that sequence-alignment and generative models are not designed to provide.

As AI floods the discovery space with novel molecules, several consequential problems scale with it: IP crowding, functional overlap, and regulatory scrutiny of AI-derived evidence. MindWalk's HYFT technology and specifically its functional adjacency detection capability becomes more strategically valuable as the volume of AI-designed assets grows. The Company is positioned not just as a participant in the AI-driven discovery wave, but as a layer of biological intelligence that the wave itself requires.

This is reinforced by regulatory direction. In January 2025, the FDA clarified its expectations for AI-derived information in drug and biologics submissions, emphasizing transparency, reproducibility, and traceability of AI outputs criteria that black-box generative models cannot satisfy by design. HYFT patterns are designed to support these standards. Management believes these regulatory standards favor platforms with traceable, evidence-linked AI outputs, such as LensAI .

Strategic Positioning

MindWalk is executing against a clear and differentiated thesis: that biologics development will increasingly require biologically grounded AI analysis alongside wet-lab capabilities. MindWalk's integrated platform is designed to address this need, and our integrated wet lab ensures that computational insight translates into experimentally validated, IP-protected assets.

MINDWALK HOLDINGS CORP.