HYFT MindWalk Holdings Corp.

$HYFT shareholders: What I learned today gives me a different perspective on MindWalk's future. If you've followed my posts, you know I've been extremely critical of Jennifer Bath, MindWalk's management, and what I consider an unacceptable lack of shareholder transparency and accountability. That hasn't changed. But neither has my belief in this company's technology. Today, I had an eye-opening conversation with a significant, longtime shareholder who says he communicates directly with management. He gave me permission to share his perspective anonymously. Let me be clear: I have not independently verified his explanations. They are not official company disclosures. I'm sharing his perspective alongside publicly announced developments, and shareholders should distinguish the two. That said, the conversation helped me connect several pieces of MindWalk's commercial strategy. And for the first time in a while, I see a potentially more encouraging picture. 1. BioStrand: Could we finally be approaching a turning point? One of the most interesting explanations was that BioStrand brought impressive technology to MindWalk, but commercializing it has proven much harder than anticipated. My source believes the company may finally be approaching an inflection point. That's important. We've spent years discussing the science. What shareholders need now is evidence that customers are willing to pay for it. The question is no longer simply whether the technology is promising. It's whether MindWalk can turn that promise into a scalable business. 2. ReefIQ: The real opportunity may be recurring revenue. This was one of my biggest takeaways. My source described a potential enterprise software model involving upfront implementation fees, integration milestones, and eventually recurring payments based on customer usage. Think about business models such as Snowflake, Palantir, or Databricks—not as valuation comparisons, but as examples of enterprise platforms that can become embedded in customer operations. Implementation could be lengthy, potentially around 18 months, although no Teva-specific timeline has been verified. Once a pharmaceutical company integrates its data and workflows into a platform, the commercial relationship could extend well beyond the initial agreement. One customer generates implementation revenue. Multiple customers using the platform over time could create a recurring-revenue business. That's the opportunity. What we still need are actual contract economics, usage commitments, and measurable recurring revenue. 3. Teva: Could the first agreement make the next one easier? The publicly announced Teva agreement may be more significant as a commercial starting point than its undisclosed initial dollar value suggests. My source believes negotiations began earlier this year. Enterprise agreements can involve extensive legal reviews, security requirements, technical integration, and contract negotiations. If Teva helps MindWalk establish a repeatable contracting and implementation process, future pharmaceutical customers may be easier to onboard. The first agreement could become a blueprint rather than a one-time accomplishment. That doesn't guarantee additional contracts. But having a named pharmaceutical customer is an important step toward broader commercial credibility. 4. Two potential revenue engines. This is where things get interesting. Another major clarification was the distinction between MindWalk's software business and traditional drug discovery. ReefIQ and LensAI: Potential upfront implementation payments, milestones, and recurring software usage revenue. Drug discovery partnerships: Potential upfront payments, development milestones, and royalties if partnered drugs eventually succeed commercially. That distinction matters because shareholders have questioned where the royalty opportunities fit into the company's strategy. My source's interpretation is that royalties are primarily associated with drug-discovery partnerships, rather than necessarily being part of enterprise software agreements such as Teva. Consider a purely hypothetical example: A 1% royalty on a drug generating $1 billion in annual sales would equal $10 million in annual royalty revenue. That's not a MindWalk forecast or a confirmed deal term. Developing a commercially successful drug is extraordinarily difficult. But imagine the long-term possibilities if MindWalk establishes recurring software revenue while also building a portfolio of royalty-bearing drug partnerships. Two different revenue streams. Two different ways to create value. That's a business model worth understanding. 5. The pharmaceutical pipeline: Bath herself has discussed multiple negotiations. This is where the opportunity becomes particularly interesting. Jennifer Bath has publicly discussed multiple ongoing negotiations. We're not relying solely on an anonymous shareholder to establish that MindWalk is pursuing additional business. What today's conversation added was a clearer perspective on how potential agreements could be structured. Some opportunities may involve enterprise software revenue, while drug-discovery partnerships could potentially include upfront payments, development milestones, and royalties. My source expressed optimism about the broader commercial pipeline, but I cannot independently verify the stage or likelihood of any individual agreement. The question is no longer simply whether MindWalk is pursuing additional partnerships. It's whether management can convert those negotiations into signed agreements with meaningful economics. And that's where Jennifer Bath must be held accountable. She has told shareholders negotiations are ongoing. Now shareholders deserve to see execution. 6. Thomas Lynch: Was his departure really a warning sign? When Chief Business Officer Thomas Lynch departed in October, I questioned whether that signaled trouble with the company's commercial pipeline. My source offered a different interpretation: the departure may have reflected a change in commercial leadership and priorities rather than a failure of the Teva opportunity. He also believes Jennifer Bath played a significant role in securing the Teva agreement. Neither explanation has been independently established. But it changes the question I want answered. What exactly is MindWalk doing differently to improve commercial execution, and how will shareholders measure the results? A leadership change only matters if it produces better performance. 7. Who is responsible for delivering the next contracts? My source described Jennifer Bath as more directly involved in commercial activity, with Shuji Sato and the Boston team contributing to pharmaceutical business development. If that reflects the current structure, shareholders deserve to understand the commercial strategy and who is accountable for executing it. I'm less interested in job titles than results. Show us customer growth, signed contracts, recurring revenue, and progress toward profitability. That's how management earns confidence. 8. The $30 million Sanabil financing: An important near-term test. The company's previously announced 60-day closing window points to November 13. My source expressed optimism about the financing, but I have no independent confirmation that it has closed or that all remaining conditions have been satisfied. The distinction matters. An announced financing commitment is not the same as completed funding. If finalized on the disclosed terms, the facility could give MindWalk additional financial flexibility as it pursues commercialization. If the timeline changes, shareholders deserve a clear explanation. For now, I'm waiting for official confirmation. 9. My biggest frustration: Why aren't shareholders hearing these explanations directly? Here's what bothers me most. In one conversation, I gained a better understanding of the potential revenue models, commercialization challenges, Teva's strategic importance, and possible direction of the sales organization. These explanations may or may not prove accurate. But why are shareholders left searching for answers in the first place? Why isn't management publicly explaining its commercial strategy with this level of clarity? I've repeatedly asked questions about revenue, financing, execution, and accountability. Shareholders shouldn't have to rely on private conversations to understand the company they own. We deserve consistent public communication backed by measurable results. My takeaway: I see reasons for optimism. I also see more reasons to demand accountability. For the first time in a while, I'm looking at MindWalk's commercial opportunity through a different lens. A potentially scalable enterprise software platform. A major pharmaceutical customer that could help establish a repeatable commercial model. A separate drug-discovery business with potential milestone and royalty economics. Multiple negotiations that management itself has discussed publicly. And the possibility that years of technological development could finally begin translating into meaningful commercialization. If MindWalk executes, the opportunity could be considerably larger than one pharmaceutical software agreement. But let's be equally clear. None of this excuses years of disappointing shareholder communication or removes management's responsibility to deliver results. In fact, it raises even more questions about Jennifer Bath's leadership. If the technology has been this promising, why has commercialization taken so long? If the business model has evolved, why hasn't it been communicated more clearly? If MindWalk is approaching a turning point, why aren't shareholders receiving the information needed to evaluate that progress? I continue to believe Jennifer Bath should be held accountable for the company's commercial execution and shareholder communication. I do not support her continued service on the board. My confidence in the technology does not equal confidence in management.

$HYFT Insider buying alert 🚨 nothing says I'm bullish more then the CEO buying shares in the open market

$HYFT A senior IT developer with 29 years of experience at SWIFT has joined MindWalk as a Principal Software Engineer.

$HYFT Attention $HYFT shareholders. I’m asking every concerned shareholder to copy the email below, add your name, and send it to mailto:investors@mindwalkai.com before the November 17 shareholder meeting. We deserve answers. Not more promises. Subject: Formal Shareholder Demand for Answers Before November 17 AGM Dear MindWalk Investor Relations and Board of Directors, As a concerned shareholder, I am requesting answers to nine issues involving management’s performance, delayed milestones, executive compensation, and board accountability. 1. Jennifer Bath’s Compensation Bath’s reported total compensation increased 111% in two years, from C$1.005 million in FY2024 to C$2.121 million in FY2026. What measurable achievements justified this increase while shareholders continue waiting for meaningful commercial execution? 2. Major Pharmaceutical Contracts Management has repeatedly discussed major pharmaceutical negotiations and recurring enterprise revenue. How many major ReefIQ agreements have actually been signed? How many remain in advanced negotiations? When can shareholders expect measurable commercial results? 3. Thomas Lynch’s Departure Why did the Chief Business Officer depart less than one year after his appointment? Who is now responsible for closing major pharmaceutical agreements, and has his departure disrupted negotiations? 4. $30 Million Sanabil Financing The September 14 financing announcement targeted closing within approximately 60 days. Is the transaction proceeding on schedule? What conditions remain outstanding, and when will the funds become available? 5. Cayman SPC Financing MindWalk announced its Cayman Islands financing structure in December 2025. Nine months later, management described the legal and tax planning as only 90–95% complete. Why the prolonged process? Is the structure operational? Have investors committed capital? When will the first transaction close? 6. Dengue Neutralization Results Management described dengue neutralization data as a near-term readout in March. In May, the company announced cross-strain testing was underway. Have the assays been completed? Did the antibodies demonstrate neutralization across all four serotypes? When will results be released? 7. Universal Influenza Neutralization Results In May, MindWalk also announced universal influenza neutralization assays were underway. More than five months later, where are the results? Which strains have been tested, and has functional cross-strain neutralization been demonstrated? 8. Board Accountability What measurable performance objectives has the Board established for Jennifer Bath? How are Chairman Dirk Witters and director Jon Lieber holding management accountable for compensation, commercial execution, and shareholder returns? 9. Shareholder Voting and Governance What happens if a director receives more WITHHOLD votes than FOR votes? Does MindWalk have a director-resignation policy? Will the Board respond to significant shareholder opposition? I believe in MindWalk’s technology, but believing in the technology does not mean accepting indefinite delays, inadequate communication, or executive compensation disconnected from measurable achievements. I recognize that scientific research and commercial negotiations involve uncertainty. That makes transparent reporting even more important. I formally request that this email be forwarded to Chairman Dirk Witters and all independent directors. Please provide substantive answers before the November 17 Annual General Meeting or explain when these issues will be addressed publicly. Shareholders deserve transparency, accountability, and execution. Sincerely, [Your Name] MindWalk Holdings Corp. Shareholder ⸻ To my fellow $HYFT shareholders: Copy this letter. Add your name. Email it to mailto:investors@mindwalkai.com. And don’t forget to vote. If you haven’t received your proxy materials, contact your brokerage and request your control number. One shareholder can raise questions. Collectively, we can demand accountability. We own shares in this company. We have every right to question how it’s being managed. It’s time to make our voices heard.

$HYFT Jennifer Bath, enough is enough. While shareholders wait for neutralization results, Cayman financing, and major pharma contracts, we get another technical announcement, more senior hires, and another board member. Six years of spending, generous executive compensation, and stock awards potentially diluting shareholders. Where is the meaningful revenue? Listen, it's excellent that the software is performing as shareholders expected it would all along. We believe in the technology. What we question is management's ability to monetize it. How can shareholders trust a board that continues approving compensation without demanding measurable financial results? Shareholders need execution and accountability, not more promises, presentations, or technical advancements with no revenue attached. Jennifer, it's time to execute!

$HYFT The way I understand it, initially they get paid to integrate the drug discovery process and the pharma data into the system. When they hit key milestones for that they get paid likely lump sum's. Once everything is integrated and working, they will get paid every month depending on how much data they pushed through reefIQ ( more substantial then market understanding ) and lens AI. Additionally they would participate in milestones and later royalties of a drug if commercialized

$HYFT Ironically probably the best news 🗞️ ever out on the company today. The market will understand it over time. $TEVA likely wouldn't allow financial terms to be released. Main thing is the ReefIQ is being adopted for their drug discovery work flows .... new paradigm has begun 🧬

$HYFT Nachkaufen in der 3 Reihe. Dauert bis hier die Welle kommt . 2$ mein Ziel kurzfristig

$HYFT Dont agree at all with end of this WSI article regarding BLOAT on Bath as perfect CEO... Joke, without Bath as CEO & an actual CEO & managmenent at the helm the CO could be ripping higher with massive revenue spikes & closed deals, new drugs etc. Bath is the real reason shares are hovering barely over 1 puky Dollar. YA YA bring out the POM POMS!!! Flat out horse s h i t CEO & share price. Embarrassed here to admit taking a position over 18 moths ago & even added more on dips towards this current level now cant add more becuase of c r a p mangement period

$HYFT first ReefIQ partnership announced today with TEVA Australia. This is HUGE news from commercial validation standpoint, a long awaited milestone

$HYFT It’s time for desperate pumpers to start quoting snd reposting their own pumps!! Jfc. We are just an ATM for Bath.

$HYFT Boden wieder erreicht. Letztes Mal war ein Turboanstieg die Folge , Smallcaps sind nun mal volatil

$HYFT 1 dollar 😖 CEO Bath, you better not loose that NASDAQ compliance, for a 2nd time! And are you using your absurd salary to be buying hand over fist??!!

$HYFT Todays news of the first deployment of ReefIQ is indeed significant. But the message from the market (and certainly not forward looking or understanding) is clearly "WHAT'S IT WORTH! $$ ??". And today's price action has been repeatedly shown on numerous nees releases. And this blunt language "Financial terms were not disclosed."definitely does not help. CEO Bath, do you not understand this??

$HYFT fluff PR, nobody is buying it. Timing was perfect (markets ripping) but the news lacks substance.

$HYFT typical. Nothing new, this business was/is already implied, hence why no dollars attached to it.

$HYFT As I understand it, ReefIQ contracts initially generate revenue through milestone-based payments, followed by meaningful recurring revenue once the platform is fully adopted. The fact that the agreement is with Teva Australia suggests that ReefIQ has not yet been adopted across the broader Teva Group. As I mentioned earlier, I believe Teva may consider wider adoption once the required milestones have been achieved. This is undoubtedly a positive start, but we should remain cautious and not get ahead of ourselves.

$HYFT mentioned yesterday Biotech Insider - AUSTIN, Texas , Oct. 26, 2026 (GLOBE NEWSWIRE) -- Biotech Insider News Commentary - An mRNA-based cancer therapy designed around each patient’s own tumor has delivered positive Phase 3 results. On October 22 , Merck and Moderna announced detailed results from the Phase 3 INTerpath-001 trial showing that intismeran autogene, given with KEYTRUDA®, significantly reduced the risk of melanoma recurrence or death by 42% compared with KEYTRUDA alone. Moderna’s shares still fell 17.57% that day. Beneath the trading is a scientific result that matters for the whole field: a therapy built around immune targets selected from a patient’s own tumor can change outcomes. The open question now is how well, how fast and how cheaply those targets can be chosen. Companies mentioned in today’s commentary include: MindWalk Holdings Corp. (NASDAQ: HYFT), Moderna, Inc. (NASDAQ: MRNA), Merck & Co., Inc. (NYSE: MRK), BioNTech SE (NASDAQ: BNTX).

$HYFT called its annual shareholders meeting for Oct. 28, 2026, and released the proxy materials.

$HYFT Boden ist erreicht Es wird eine kräftige Erholung kommen für diesen Topp Newcomer