ImmunoPrecise Antibodies : Q1 2024 Earnings Presentation

FY24 Q1

Earnings Presentation

SEPTEMBER 14, 2023 | ir.ipatherapeutics.com | NASDAQ: IPA, TSXV: IPA

Disclosures

Disclaimer

This presentation is not, & nothing in it should be construed as, an offer, invitation or recommendation in respect of ImmunoPrecise Antibodies Ltd. (the "Company") securities, or an offer, invitation or recommendation to sell, or solicitation of an offer to buy, the facilities or of the Company's securities in any jurisdiction. Neither this presentation nor anything in it shall form the basis of any contract or commitment. This presentation is not intended to be relied upon as advice to investors or potential investors & does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this presentation based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. These projections should not be considered a representation of the Company's potential cash generation performance in any way.

Forward Looking Statements

This presentation includes forward-looking statements to provide prospective investors with information pertaining to the Company's long-term business objective. 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.

Forward-looking statements are not statements of historical fact or assurances of future performance. They are based on the current beliefs, expectations & assumptions of the Company's management about the Company's business, planned acquisitions, future plans, anticipated events & other future conditions. All forward-looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this document & are expressly qualified in their entirety by the cautionary statements included in this presentation.

The forward-looking statements that are contained in this presentation involve a number of risks and uncertainties and are based on certain assumptions, including: the progress, timing and costs

related to the execution of the Company's business plan and strategy; estimates and projections regarding the industry in which the Company operates; the future success of research and

development activities; the absence of material changes in general business and economic conditions; estimates regarding the future financing and capital requirements; and the absence of adverse changes in relevant laws and regulations. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Further information on risks and uncertainties may be found in the Company's Management Discussion & Analysis which may be obtained from SEDAR at www.sedar.comand SEC at www.sec.gov.

Furthermore, forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.	2

Fiscal Year 2024 Q1 Earnings Call

Fiscal Year 2024 Q1 Business Update

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

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Fiscal Year 2024 Q1 Earnings Call

Spotlight on business

Board of Directors development

Chris Buyse

Extensive capital markets experience with executive leadership and board roles in companies such as at ThromboGenics NV and iTeos Therapeutics.

Barry Springer

Wealth of experience in therapeutic antibody discovery and development, with a strong track record in therapeutic and technology licensing deals. Former Vice President of Janssen Strategy, Operations, and Innovation.

Dirk Witters

Seasoned advisor in healthcare therapeutics with over 20 years of executive, board and investment experience in Corporate and Investment Banking. Former CEO

of KBC Bank France.

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

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Fiscal Year 2024 Q1 Earnings Call

Spotlight on business

Key financial highlights

Continuing strong momentum

• Second back-to-back and new quarterly record revenues
• Consolidated revenue grew +21.3% YOY
• Newly expanded protein manufacturing facility - growth of +44.0% YOY
• Higher quarterly net income before taxes - approx. $6 million dollars
• F-3form filled with SEC, allowing securities 'shelf offering'

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

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Fiscal Year 2024 Q1 Earnings Call

Spotlight on business

Sales highlights

Record sales revenue

+21.3% year-over-year Q1 growth

Antibody discovery signed sales orders

• Year-over-yearQ1 increase of +59%
• June's total $3.51 million: +125% over Q1 FY23
• July's total $1.56 million: +64% over Q1 FY23

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

6

Fiscal Year 2024 Q1 Earnings Call

Spotlight on business

Scientific advancements

Advancing the combination of wet lab + in silico

• Service packages update
• Active participation at the Festival of Biologics
• Service offerings adaptation
• B cell discovery developments
• Engaging with the bispecific market
• Neo-antigenexploration

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

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Fiscal Year 2024 Q1 Earnings Call

IPA's in silico-drivende-risking platform

Enabling more informed lead nomination and increasing the value of therapeutics with in-depth risk mitigation

More

Integrated in silico-drivende-risking

Characteristics

Less

Early

Development phase

Late

Improving the value of therapeutic leads through early-stagehigh-throughput risk assessment and optimization

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

8

Fiscal Year 2024 Q1 Earnings Call

Spotlight on business

Scientific advancements

Advancing the combination of wet lab + in silico

• Service packages update
• Active participation at the Festival of Biologics
• Service offerings adaptation
• B cell discovery developments
• Engaging with the bispecific market
• Neo-antigenexploration

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

9

Fiscal Year 2024 Q1 Earnings Call

Spotlight on business

Operational Updates

Strategically built for growth

• AI integration and growth
• Platform capabilities
• In silico immunogenicity analysis
• LENSai platform's new feature

ir.ipatherapeutics.com| NASDAQ:IPA

©2023 ImmunoPrecise Antibodies LTD. All rights reserved. IPA is a trademark of ImmunoPrecise Antibodies LTD. BioStrand is an independently operating subsidiary of BioStrand, BV. LENSai and HYFTS are trademarks of BioStrand, BV.

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