ReefIQ: A Clearer Commercial Framework; Enterprise Conversion Remains the Next Test
H.C. Wainwright
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온라인 텍스트판 First Take
MindWalk Holdings Corp. (HYFT)
October 12, 2026
Price: $1.50; Market Cap (M): $70; 10/9/2026 Close
Rating: Buy; Price Target: $5.00
Swayampakula Ramakanth, Ph.D. - (212-356-0544) / sramakanth@hcwresearch.com
Charles H. Wallace, Ph.D. - (212-916-3969) / cwallace@hcwresearch.com
Arthur He, Ph.D. - (646-975-6958) / ahe@hcwresearch.com
Sean Lee - (212-356-0521) / slee@hcwresearch.com
ReefIQ: A Clearer Commercial Framework; Enterprise
Conversion Remains the Next Test; Reiterate Buy
ReefIQ could grow with customers as they add data and expand AI use. MindWalk’s fireside chat during
our 3rd Annual AI-Based Drug Discovery and Development Virtual Conference added a more specific commercial
mechanism to the ReefIQ thesis. Management described an onboarding charge and separate usage meters for the
size of connected client data and biological relationships, and for AI activity over those data. Our September 23
note already highlighted the company’s model-agnostic architecture, technical deployment, enterprise negotiations,
and the need for a signed ReefIQ contract. We believe the proposed model offers a path to multi-year customer
relationships, with spending potentially expanding as customers add data and increase usage. Enterprise conversion
remains the next test; initial contract scope and recurring-payment terms should help define the commercial
opportunity.
A model-agnostic data layer could support long-term relevance. HYFT Technology enriches biological data
and powers ReefIQ, which connects information across programs. LensAI runs on ReefIQ to support antibody
assessment and optimization. MindWalk designed the platform to allow customers to change or add AI models
while preserving the connected biological data beneath them. We believe this separation could support ReefIQ’s
usefulness as models evolve and customers add research data.
Data expansion and AI activity provide two potential revenue drivers. Management described ReefIQ units
as measuring the size of the biological-context map and reasoning units as measuring AI activity over connected
datasets. Under MindWalk’s proposed model, a customer could increase spending by connecting more programs
and historical data, expanding AI use, or both. We view this as a potential usage-based expansion mechanism
rather than a fixed subscription alone. However, the company is still modeling the ongoing economics, including
reasoning-unit consumption.
Client-controlled data and traceable evidence could support enterprise adoption. Management said customer
data remain in the customer’s environment rather than being transferred to MindWalk’s servers for model training.
ReefIQ preserves links to source experiments, datasets, and publications, allowing users to trace insights and
distinguish direct evidence from inferred relationships or hypotheses. The platform also applies customer-defined
access and data-use rules to keep program-specific and partner-specific information separate. We believe these
features could help ReefIQ complement pharma’s internal AI systems while preserving control of proprietary
information. The company also described connecting historical data from failed programs with current research. In
our view, accumulated program history and biological connections could make ReefIQ more embedded in customer
workflows over time.
Reusable implementation work could support margin improvement. Management expects work developed for
one customer to be reused in subsequent deployments, potentially improving margins over time. Early deployments
could nevertheless require substantial resources and initially carry low margins. We plan to monitor implementation
scope, recurring usage, and the resources needed for later deployments to assess whether operating leverage
develops. MindWalk also discussed smaller, molecule- or disease-focused deployments for customers without a
broad enterprise program map. These focused deployments could provide an entry point for smaller customers
without requiring a broad enterprise rollout.
For definitions and the distribution of analyst ratings, analyst certifications, and other disclosures, please refer to pages 3 - 4 of this report.
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온라인 텍스트판MindWalk Holdings Corp. October 12, 2026
Valuation and Risks. We maintain our Buy rating and 12-month price target of $5.00 per diluted share. We derive
our price target from a risk-adjusted net present value (rNPV) analysis of projected revenues, assuming a 6%
discount rate and a 1% terminal growth rate. We derive an rNPV of C$351M and add net cash and equivalents of
C$7.6M to arrive at a 12-month price target of $5.10 per diluted share, which we round to $5.00 per share. Risks
that could prevent the stock from reaching our price target include: (1) commercial risk; (2) execution risk; (3) legal
and regulatory risk; (4) competition; and (5) intellectual property risk
H.C. WAINWRIGHT & CO. EQUITY RESEARCH 2
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온라인 텍스트판MindWalk Holdings Corp. October 12, 2026
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evaluating both the potential return and risk associated with owning common equity shares of rated firms. The
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Rating and Price Target History for: MindWalk Holdings Corp. (HYFT-US) as of 10-09-2026
I:BUY:$9.00 BUY:$7.00 BUY:$5.00
12/02/22 12/11/24 03/31/25
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 Q2 Q3 2027
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Distribution of Ratings Table as of October 9, 2026
IB Service/Past 12 Months
Ratings Count Percent Count Percent
Buy 544 84.47% 160 29.41%
Neutral 50 7.76% 13 26.00%
Sell 2 0.31% 0 0.00%
Under Review 48 7.45% 18 37.50%
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I, Swayampakula Ramakanth, Ph.D., Charles H. Wallace, Ph.D., Arthur He, Ph.D. and Sean Lee , certify that 1) all
of the views expressed in this report accurately reflect my personal views about any and all subject securities or
issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific
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None of the research analysts or the research analyst’s household has a financial interest in the securities of
MindWalk Holdings Corp. (including, without limitation, any option, right, warrant, future, long or short position).
As of September 30, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common
equity securities of MindWalk Holdings Corp..
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온라인 텍스트판MindWalk Holdings Corp. October 12, 2026
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policy prohibits sharing of information between family members we are disclosing this matter for your consideration.
Additionally, the Research Analyst’s family member does not have a financial interest in MindWalk Holdings Corp..
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