Jennifer Bath: I’m going to turn it over to Barry. He absolutely has been. Go ahead, Barry.
Barry Duplantis: Yes. I mean as far as evolution of clients and the types of programs that IPA’s run, when I first joined IPA around five years ago revenue generation was primarily through protein manufacturing at the Utrecht site and hybrid DOMA anti-recovery services at the Canadian site, and both of those — well, particularly the Canadian site was supporting the diagnostic and Canadian academic markets. So that was a lot of the types of clienteles that were coming in at the time. So the first significant change that was made with the company was aligning the service pricing with the offerings of — sorry, the service offerings with the pricing of the therapeutic market in general? So IPA was performing at a level that catered to the therapeutic market but was not charging the prices that associated with that high level of a program.
Secondly, was the adoption of IPA’s B-cell Select platform. So either for the therapeutic market or for therapeutic companion reagent generation, this was a pretty big window that IPA stepped into. And then thirdly, it was the addition of office more advanced engineering capabilities. So the services have altered to more core to the therapeutic industry. We’re able to provide more comprehensive end-to-end service offerings for those clients. And then this has allowed our large partners. And then also we kind of mentioned about how — we haven’t seen attrition in clients as we’ve moved forward. And a lot of that is the type of client that’s out there is pipeline companies consolidate, but we’ve also seen kind of the emergence of these small hedge fund based companies that really require completely consolidated service offerings under one roof.
So us allowing large pharma to consolidate vendors and us being able to be the sole vendor for these up-and-coming startups has really helped kind of drive the type of client and offerings that we’re offering.
Michael Freeman: Okay. All right. Thank you. That is very helpful. Those are all my questions. Congratulations on a really good quarter.
Jennifer Bath: Thank you, Michael.
Operator: We thank you for your thoughtful questions today. I will move us now to closing remarks.
Jennifer Bath: All right. Thank you, Regina. In closing today, we emphasize IPA’s commitment to the generation of innovation and long-term investor value. IPA remains committed to developing better and safer therapeutic drugs against challenging targets. IPA’s LENSai specifically aims to develop drugs faster and help partners target difficult-to-treat conditions, offering a unique value proposition for investors by demonstrating innovation, addressing unmet medical needs and reducing time to market. We believe that this combination of factors will lead to higher returns and more diversified investment portfolio. Let me quickly elaborate. IPA’s commitment to innovation. By focusing on challenging targets, the company demonstrates its commitment to innovation and pushing the boundaries of traditional drug development.
This willingness to tackle complex issues and lead — can lead to breakthrough discoveries, which may result in significant market opportunities for our partners and, therefore, for IPA, a competitive advantage, speeding up the drug development process through AI can help IPA partners stay ahead of the competitors and establish themselves as a leader in the industry. This competitive advantage can lead to increased market share, stronger brand recognition and improved profitability. Addressing unmet medical needs. By targeting difficult-to-treat conditions, the company is addressing a significant unmet medical need. This not only benefits patients, but also create a potentially lucrative market for the companies and investors involved. Reduced time to market.
