BriaCell Therapeutics Corp.
For the period ended Apr 30, 2026. Filed Jun 9, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 30, 2026 · Filed Jun 9, 2026
BCTX$3.95+20.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-01-31; filed 2026-03-10.
0001493152-26-009557
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-04-30; filed 2026-06-09.
0001493152-26-027928
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 126 previous paragraphs and 126 current paragraphs.
88 unchanged; 27 reworded; 11 added; 9 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 9 previous and 9 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
On February 17, 2026, BriaCell received its fifth positive recommendation from Data Safety Monitoring Board (DSMB) for Phase 3 study in metastatic breast cancer. Independent DSMB has identified no safety concerns, and recommended continuation of BriaCell’s pivotal Phase 3 study of Bria-IMT™ plus immune check point inhibitor. This fifth consecutive positive DSMB recommendation supports the favorable safety profile observed to date.
Current report
On April 20, 2026, BriaCell presented positive Phase 3 quality of life (QOL) data in heavily pretreated metastatic breast cancer patients with prior failed ADC, CPI, and CDK4/6 inhibitor treatments at the 2026 American Association for Cancer Research (AACR) annual meeting. The data showed preservation of quality QOL in patients who had been on multiple prior failed therapy attempts. Additionally, we showed identification of potential prognostic biomarkers upon further analyses of Phase 2 Bria-IMT™ study data.
Current report
On April 27, 2026, BriaCell announced that it has six clinical data presentations at the American Society of Clinical Oncology (ASCO 2026) meeting.
Current report
On May 7, 2026, and May 13, 2026, BriaCell announced the addition of NYU Langone Health’s Perlmutter Cancer Center and Penn Medicine’s Abramson Cancer Center, respectively, as clinical sites in the Bria-ABC pivotal breast cancer study. On May 12, 2026, BriaCell announced that enrollment in that the Bria-ABC pivotal breast cancer study had surpassed 230 patients.
Current report
On April 21, 2026, BriaCell presented positive data from its preclinical Bria-OTS+ platform at the 2026 AACR meeting showing that Bria-OTS+ platform provided early, potent and durable activation of innate and adaptive immunity in in-vitro cancer cell line models. Additionally, our data showed immune cells activated by Bria-OTS+ exhibited serial killing activity across multiple rounds of tumor cell challenge.
Current report
On May 6, 2026, BriaCell announced that it has received FDA clearance initiate clinical evaluation of Bria-BRES+™ in advanced metastatic breast cancer. The IND application opens the path to commence Phase 1/2a clinical study for Bria-BRES+ in metastatic breast cancer. Bria-BRES+ is BriaCell’s next generation personalized immunotherapy for breast cancer, and features additional immune activating components designed to enhance clinical efficacy. BriaCell has prepared clinical supplies of Bria-BRES+ and plans to initiate a Phase 1/2a clinical study in metastatic breast cancer in the coming months.
Current report
On May 14, 2026, BriaCell announced that it has completed manufacturing clinical supplies of Bria-PROS+, its next generation, personalized, off-the-shelf, cell-based immunotherapy candidate for prostate cancer. On May 15 th, 2026, BriaCell announced that it is making progress in developing Bria-OVA+, its next generation, personalized, off-the-shelf, cell-based immunotherapy for ovarian cancer.
Current report
For the three-month period ended April 30, 2026, total research and development expenses were $5,966,673, compared to $4,810,196 for the three-month period ended April 30, 2025. The increase was primarily driven by higher clinical trial sites and investigational drug costs, which increased to $3,980,115 in 2026 from $3,175,543 in 2025, reflecting expanded clinical development activities. Wages and salaries also increased to $1,492,067 from $1,303,157, due to higher personnel costs supporting ongoing research programs. Laboratory rent increased to $130,500 from $114,330, while depreciation expense increased to $29,193 from $22,839. Share-based compensation increased significantly to $175,999 in 2026 from $36,493 in 2025, reflecting a higher level of equity-based awards granted during the period.
Current report
For the nine-month period ended April 30, 2026, general and administrative expenses amounted to $4,770,998, compared to $4,490,216 for the same period in 2025. The increase was primarily driven by higher shareholder communications expenses, which increased from $425,804 in 2025 to $860,951 in 2026, as well as higher wages and salaries, which increased from $951,371 in 2025 to $1,228,753 in 2026. These increases were partially offset by lower professional fees, which decreased from $875,632 in 2025 to $667,463 in 2026, and lower travel expenses, which decreased from $265,617 in 2025 to $106,439 in 2026.
Current report
The Company continues to devote substantially all of its efforts toward research and development activities. In the course of such activities, the Company has sustained operating losses and expects such losses to continue in the foreseeable future. The Company’s accumulated deficit as of April 30, 2026 was $134,339,456 and negative cash flows from operating activities during the nine-month period ended April 30, 2026 was $22,692,452. The Company is planning to finance its operations by exploring additional sources of capital and financing, while managing its existing working capital resources. During the year ended July 31, 2025, the Company raised $50.9 million in gross proceeds from equity financings and, in January 2026, completed a public offering generating approximately $30 million in gross proceeds. However, the Company’s ability to continue as a going concern is dependent upon its ability to attain future profitable operations and to continue to obtain the necessary financing to meet its obligations arising from normal business operations when they come due. The uncertainty of the Company’s ability to raise such financial capital casts substantial doubt on the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company not be able to continue as a going concern.
Current report
Net cash used in investing activities during the nine-month period ended April 30, 2026, was $8,795,576 as compared to $225,000 for the nine-month period ended April 30, 2025. During 2026, this was primarily from the net purchase of short-term investments.
Removed paragraphs (9)
Previous report
Shareholder Approval
Previous report
In accordance with Multilateral Instrument 61-101 –Protection of Minority Security Holders in Special Transactions(“MI 61-101”), the resolution approving the Purchase Agreement must be approved by a simple majority of votes cast by shareholders, present in person or represented by proxy and entitled to vote at the Meeting, excluding the votes cast by any “interested party” (as defined in MI 61-101). As a 10% shareholder with an interest in the Transaction, BriaCell's shareholdings in BriaPro will be excluded from voting.
Previous report
Formal Valuation Requirements
Previous report
In respect of the formal valuation requirement of MI 61-101, BriaPro intends to rely on the specified markets exemptions set forth in subsection 5.5(b) of MI 61-101, as none of its securities are listed or quoted on a specified senior exchange.
Previous report
Though a formal valuation is not required under applicable securities laws, as a matter of good governance and best corporate practice, BriaPro intends to obtain a valuation from an independent third-party valuator as a condition to closing, verifying and validating that Transaction is occurring at fair market value.
Previous report
For the three-month period ended January 31, 2026, total research and development expenses were $6,053,689, compared to $5,684,777 for the three-month period ended January 31, 2025. Clinical trial sites and investigational drug costs decreased modestly year over year, primarily reflecting decreased reliance of third-party vendors in our trials as we expand our in-house headcount to advance our trials, which also explains the increase in wages and salaries as detailed below. The increase in total research and development expenses was primarily driven by wages and salaries, which rose from $1,292,021 in 2025 to $1,881,893 in 2026, reflecting higher headcount and additional personnel required to support clinical operations and ongoing development programs. Laboratory rent increased to $130,500 in 2026, compared to $114,330 in 2025, due to expanded utilization of laboratory space and related facility charges. Supplies increased from $85,264 in 2025 to $134,974 in 2026, reflecting increased consumable usage driven by greater clinical and laboratory activity during the current period. Depreciation expense was consistent year over year at $22,839 for both periods. Professional fees increased from $1,908 in 2025 to $4,944 in 2026, primarily due to higher consulting, regulatory, and scientific support related to advancing clinical development. Share-based compensation increased from $50,839 in 2025 to $79,016 in 2026, reflecting a higher level of equity-based awards outstanding during the period.
Previous report
For the six-month period ended January 31, 2026, general and administrative expenses amounted to $3,116,877, compared to $2,972,157 for the same period in 2025. The increase was primarily driven by higher wages and salaries, regulatory and filing fees, insurance, and other administrative costs, partially offset by lower consulting, professional fees, and travel expenses.
Previous report
The financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future.
Previous report
Historically, the Company has financed its operation through private and public placement of equity securities, as well as debt financing. The Company’s ability to fund its longer-term cash requirements is subject to multiple risks, many of which are beyond its control. The Company intends to raise additional capital, either through debt or equity financings in order to achieve its business plan objectives. Management believes that it can be successful in obtaining additional capital; however, there can be no assurance that the Company will be able to do so. There is no assurance that any funds raised will be sufficient to enable the Company to attain profitable operations or continue as a going concern. To the extent that the Company is unsuccessful, the Company may need to curtail or cease its operations and implement a plan to extend payables or reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. To this end, for several months during calendar year 2025, certain directors and officers agreed to defer payment of their directors’ fees/compensation until we completed a financing, after which, these fees were paid in full. Further, certain officers have indicated their willingness to receive a portion of their compensation in equity of the Company, subject to applicable Nasdaq rules. In addition, we continue to reduce expenditure on certain non-core activities whilst maintaining our focus on our Phase 3 Bria-IMT™ pivotal study in advanced metastatic breast cancer.
Reworded paragraphs (27)
Previous wording
BriaCell Therapeutics Corp. (“Briacell” or the “Company”) is a clinical-stage biotechnology company that is developing novel immunotherapies to transform cancer care. Immunotherapies have come to the forefront in the fight against cancer as they harness the body’s own immune system to recognize and destroy cancer cells. The Company is currently advancing its Bria-IMT™ targeted immunotherapy in combination with an immune check point inhibitor (Retifanlimab) in a pivotal 1 Phase 3 study in metastatic breast cancer (listed on ClinicalTrials.gov asNCT06072612). Bria-IMT™ is currently under Fast Track Designation by the U.S. Food and Drug Administration (the “FDA”) intended to accelerate the review process of novel treatments that address unmet medical needs. Positive completion of the pivotal study, following review by FDA, could lead to full approval of the Bria-IMT™ immune checkpoint inhibitor combination in metastatic breast cancer.
Current wording
BriaCell Therapeutics Corp. (“Briacell” or the “Company”) is a clinical-stage biotechnology company that is developing novel immunotherapies to transform cancer care. Immunotherapies have come to the forefront in the fight against cancer as they harness the body’s own immune system to recognize and destroy cancer cells. The Company is currently advancing its Bria-IMT™ targeted immunotherapy in combination with an immune check point inhibitor (Retifanlimab) in a pivotal Phase 3 study in metastatic breast cancer (listed on ClinicalTrials.gov asNCT06072612). Bria-IMT™ is currently under Fast Track Designation by the U.S. Food and Drug Administration (the “FDA”) intended to accelerate the review process of novel treatments that address unmet medical needs. Positive completion of the pivotal study, following review by FDA, could lead to full approval of the Bria-IMT™ immune checkpoint inhibitor combination in metastatic breast cancer.
Previous wording
BriaCell has reported benchmark-beating patient survival and clinical benefit in metastatic breast cancer with median overall survival of 13.4 months in BriaCell’s metastatic breast cancer patients vs. 6.7-9.8 months 2 for similar patients reported in the literature in its Phase 2 study of Bria-IMT™ combination study with retifanlimab. Additionally, BriaCell reported median overall survival of 16.5 months in Phase 2 Bria-IMT™ study patients treated in combination with immune checkpoint inhibitor in patients treated with the Phase 3 formulation since 2022 (post-COVID). A completed Bria-IMT™ Phase 1/2 combination study with retifanlimab (an anti-PD1 antibody manufactured by Incyte) confirmed tolerability and early-stage efficacy (listed on ClinicalTrials.gov asNCT03328026).
Current wording
BriaCell has reported benchmark-beating patient survival and clinical benefit in metastatic breast cancer with median overall survival of 13.4 months in BriaCell’s metastatic breast cancer patients vs. 6.7-9.8 months for similar patients reported in the literature in its Phase 2 study of Bria-IMT™ combination study with retifanlimab. Additionally, BriaCell reported median overall survival of 16.5 months in Phase 2 Bria-IMT™ study patients treated in combination with immune checkpoint inhibitor in patients treated with the Phase 3 formulation since 2022 (post-COVID). A completed Bria-IMT™ Phase 1/2 combination study with retifanlimab (an anti-PD1 antibody manufactured by Incyte) confirmed tolerability and early-stage efficacy (listed on ClinicalTrials.gov asNCT03328026).
Previous wording
Throughout this time period, there were several important updated on the ongoing pivotal Phase 3 study of Bria-IMT™ in patients with advanced metastatic breast cancer, including accelerating enrollment, adding additional clinical sites, and several positive Data Safety Monitoring Board meetings. Some of these are detailed below.
Current wording
Throughout this time period, there were several important updates on the ongoing pivotal Phase 3 study of Bria-IMT™ in patients with advanced metastatic breast cancer, including accelerating enrollment, adding additional clinical sites, and several positive Data Safety Monitoring Board meetings. Some of these are detailed below.
Previous wording
On November 25, 2025, BriaCell highlighted positive Phase 2 & Phase 3 clinical data at SABCS® 2025 with poster presentations at the San Antonio Breast Cancer Symposium (December 10, 2025) will highlight positive Phase 2 safety and efficacy signals and positive biomarker findings in both the Phase 2 and the pivotal Phase 3 studies.On December 9,2025, BriaCell announced that patient enrollment is on track for 1H2026 topline data readout with over 230 patients screened and over 160 patients enrolled in BriaCell’s pivotal Phase 3 study in metastatic breast cancer (MBC).
Current wording
On November 25, 2025, BriaCell highlighted positive Phase 2 & Phase 3 clinical data at SABCS® 2025 with poster presentations at the San Antonio Breast Cancer Symposium (December 10, 2025) which highlighted positive Phase 2 safety and efficacy signals and positive biomarker findings in both the Phase 2 and the pivotal Phase 3 studies. On December 9,2025, BriaCell announced that patient enrollment is on track for 1H2026 topline data readout with over 230 patients screened and over 160 patients enrolled in BriaCell’s pivotal Phase 3 study in metastatic breast cancer (MBC).
Previous wording
Maturing positive Phase 2 data continue to support the potentially meaningful clinical benefit of the Bria-IMT regimen and the ongoing pivotal Phase 3 study is further evaluating this immunotherapy and the role of biomarkers in predicting patient response.
Current wording
Presentation Title: Survival Results of Phase II Bria-IMT Allogenic Whole Cell-Based Cancer Vaccine Maturing positive Phase 2 data continue to support the potentially meaningful clinical benefit of the Bria-IMT regimen and the ongoing pivotal Phase 3 study is further evaluating this immunotherapy and the role of biomarkers in predicting patient response.
Previous wording
As consideration for the transfer of the exclusive license and the Credit Facility, BriaPro will issue to BriaCell 23,972,589 Common Shares at an aggregate value of approximately C$1.18M, increasing BriaCell’s interest in BriaPro to approximately 78% post-transaction. The Transaction is expected to close by the end of March 2026, subject to certain conditions including (i) approval of the disinterested shareholders of BriaPro, and (ii) receipt of a third-party valuation confirming that the Transaction is occurring at fair market value.
Current wording
As consideration for the transfer of the exclusive license and the Credit Facility, BriaPro will issue to BriaCell 23,972,589 Common Shares at an aggregate value of approximately C$1.18M, increasing BriaCell’s interest in BriaPro to approximately 78% post-transaction. On March 5, 2026, the disinterested shareholders of BriaPro approved the Transaction and the Transaction closed on March 31, 2026.
Previous wording
Results of Operations for the Three and Six Months Ended January 31, 2026, and 2025
Current wording
Results of Operations for the Three and Nine Months Ended April 30, 2026, and 2025
Previous wording
Clinical trial expenses for the three months ended January 31, 2026, were $5,008,171, compared to $3,923,559 during the same period in 2025. The increase reflects continued investment in the Bria-IMT™ pivotal Phase 3 program and ongoing advancement of the Bria-OTS™ Phase 1/2a program as it progresses through early clinical development. Together, these programs account for the majority of the year-over-year increase in clinical trial expenses.
Current wording
Clinical trial expenses for the three months ended April 30, 2026, were $4,349,651, compared to $3,190,751 during the same period in 2025. The increase reflects continued investment in the Bria-IMT™ pivotal Phase 3 program and ongoing advancement of the Bria-OTS™ Phase 1/2a program as it progresses through early clinical development. Together, these programs account for the majority of the year-over-year increase in clinical trial expenses.
Previous wording
For the three-month period ended January 31, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $3,874,242, compared to $3,642,650 in 2025. The increase reflects the study’s continued progression through an advanced, cost-intensive stage, including expanded patient enrollment, increased clinical site activity, CRO services, central laboratory work, and clinical supply management. The level of spending is consistent with maintaining study momentum as the program advances toward planned interim analyses.
Current wording
For the three-month period ended April 30, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $3,149,348, compared to $2,708,394 in 2025. The increase reflects the study’s continued progression through an advanced, cost-intensive stage, including expanded patient enrollment, increased clinical site activity, CRO services, central laboratory work, and clinical supply management. The level of spending is consistent with maintaining study momentum as the program advances toward planned interim analyses.
Previous wording
For the three-month period ended January 31, 2026, Bria-IMT™ Phase 1/2a expenses were $197,203, compared to $215,301 in 2025. The decrease reflects the continued wind-down of the program following completion of primary activities in fiscal 2024, with current-period costs primarily related to residual close-out procedures, data management, and limited follow-up activities. Expenses are expected to remain modest as final wrap-up items are completed.
Current wording
For the three-month period ended April 30, 2026, Bria-IMT™ Phase 1/2a expenses were $159,579, compared to $300,013 in 2025. The decrease reflects the continued wind-down of the program following completion of primary activities in fiscal 2024, with current-period costs primarily related to residual close-out procedures, data management, and limited follow-up activities. Expenses are expected to remain modest as final wrap-up items are completed.
Previous wording
For the three-month period ended January 31, 2026, Bria-OTS™ Phase 1/2a expenses were $936,726, compared to $65,608 in 2025. The substantial increase reflects continued advancement of the OTS program in early clinical development. Current-period costs include expanded development and manufacturing activities, GMP production of Bria-BRES+ and Bria-PROS+, regulatory and analytical support, and operational activities necessary to support ongoing evaluation of the next-generation Bria-OTS+ platform. The increased investment aligns with the program’s progression and the expansion of OTS across multiple solid tumor indications.
Current wording
For the three-month period ended April 30, 2026, Bria-OTS™ Phase 1/2a expenses were $1,040,724, compared to $182,344 in 2025. The substantial increase reflects continued advancement of the OTS program in early clinical development. Current-period costs include expanded development and manufacturing activities, GMP production of Bria-BRES+ and Bria-PROS+, regulatory and analytical support, and operational activities necessary to support ongoing evaluation of the next-generation Bria-OTS+ platform. The increased investment aligns with the program’s progression and the expansion of OTS across multiple solid tumor indications.
Previous wording
For the three-month period ended January 31, 2026, general and administrative expenses were $1,477,577, compared to $1,484,666 for the same period in 2025. The decrease was primarily driven by lower share-based compensation, professional fees, consulting, shareholder communications, and travel expenses, partially offset by higher wages and salaries, regulatory, filing and transfer agent fees, insurance, and other general administrative costs.
Current wording
For the three-month period ended April 30, 2026, general and administrative expenses were $1,654,121, compared to $1,518,059 for the three-month period ended April 30, 2025. The increase was primarily attributable to higher shareholder communications expense, which increased from $146,616 in 2025 to $307,058 in 2026, higher share-based compensation of $256,208 in 2026 compared to $188,322 in 2025, increased consulting expenses from $44,222 in 2025 to $98,621 in 2026, and higher wages and salaries, which increased from $325,926 in 2025 to $359,873 in 2026. These increases were partially offset by lower professional fees, insurance expense, regulatory, filing and transfer agent fees, and travel expenses.
Previous wording
For the three-month period ended January 31, 2026, the Company recorded net financial income of $84,589, compared to $67,358 in the same period of 2025. The increase is mainly attributable to higher foreign exchange losses offset by higher interest income. For the three-month period ended January 31, 2026, financial income was comprised of $105,638 of interest income, and a $21,049 foreign exchange loss.
Current wording
For the three-month period ended April 30, 2026, the Company recorded net financial income of $186,970, compared to net financial expense of $9,762 in the same period of 2025. The increase is mainly attributable to higher interest income and lower interest expense. For the three-month period ended April 30, 2026, financial income was comprised of $219,220 of interest income, $29,631 of interest expense and $2,619 foreign exchange loss.
Previous wording
For the three-month period ended January 31, 2026, the Company reported a net loss of $7,296,893, compared to $6,337,828 for the same period in 2025. The higher loss primarily reflects higher operating expenses, including increased research and development spending as the Company continued to advance its pivotal Phase 3 trial, including higher clinical-site activity, investigational product costs, and supporting operational infrastructure.
Current wording
For the three-month period ended April 30, 2026, the Company reported a net loss of $7,237,055, compared to $6,224,929 for the same period in 2025. The higher loss primarily reflects higher operating expenses, including increased research and development spending as the Company continued to advance its pivotal Phase 3 trial, including higher clinical-site activity, investigational product costs, and supporting operational infrastructure.
Previous wording
Results of Operations for the Six Months Ended January 31, 2026 and 2025
Current wording
Results of Operations for the Nine Months Ended April 30, 2026 and 2025
Previous wording
For the six-month period ended January 31, 2026, research, development, and clinical trial expenses were $12,737,332, compared to $9,350,118 for the same period in 2025. The increase was primarily driven by higher clinical trial site and investigational drug costs, which rose from $6,557,243 in 2025 to $8,662,722 in 2026 as the Company advanced its clinical programs. Wages and salaries increased from $2,241,110 in 2025 to $3,185,595 in 2026, reflecting increased headcount and personnel supporting clinical and development activities. Laboratory rent increased to $255,110 in 2026 from $228,660 in 2025 due to expanded use of facilities. Supplies increased to $411,631 in 2026 from $184,694 in 2025, reflecting higher clinical and laboratory activity. Depreciation expense remained consistent year over year at $45,678. Professional fees increased to $14,149 in 2026 from $9,176 in 2025 due to increased consulting and support for clinical operations. Share-based compensation increased to $162,447 in 2026 from $83,557 in 2025, reflecting a higher level of equity-based awards outstanding during the period.
Current wording
For the nine-month period ended April 30, 2026, research, development, and clinical trial expenses were $18,704,005, compared to $14,160,314 for the same period in 2025. The increase was primarily driven by higher clinical trial sites and investigational drug costs, which increased from $9,732,786 in 2025 to $12,642,837 in 2026, reflecting the advancement of the Company’s clinical development programs. Wages and salaries increased from $3,544,267 in 2025 to $4,677,662 in 2026, due to increased headcount and personnel supporting clinical and development activities. Laboratory rent increased from $342,990 in 2025 to $385,610 in 2026, while supplies increased from $341,878 in 2025 to $568,727 in 2026, reflecting higher clinical and laboratory activity. Share-based compensation increased from $120,050 in 2025 to $338,446 in 2026, reflecting a higher level of equity-based awards outstanding during the period.
Previous wording
Clinical trial expenses for the six months ended January 31, 2026, were $9,952,363, compared to $6,631,649 during the same period in 2025. The increase reflects sustained investment in the Bria-IMT™ pivotal Phase 3 program and significant advancement of the Bria-OTS™ Phase 1/2a program as it progresses through early clinical development. These programs continue to be the primary drivers of the year-over-year increase in clinical trial expenses.
Current wording
Clinical trial expenses for the nine months ended April 30, 2026, were $14,302,014, compared to $9,822,400 during the same period in 2025. The increase reflects sustained investment in the Bria-IMT™ pivotal Phase 3 program and significant advancement of the Bria-OTS™ Phase 1/2a program as it progresses through early clinical development. These programs continue to be the primary drivers of the year-over-year increase in clinical trial expenses.
Previous wording
For the six-month period ended January 31, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $7,667,192, compared to $6,089,111 in 2025. The increase reflects continued patient enrollment, expansion of clinical sites, increased clinical site activity, CRO services, central laboratory testing, and clinical supply management associated with the ongoing progression of the Phase 3 study. Spending levels during the period are consistent with maintaining operational momentum as the trial advances toward planned interim analyses.
Current wording
For the nine-month period ended April 30, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $10,816,541, compared to $8,797,505 in 2025. The increase reflects continued patient enrollment, expansion of clinical sites, increased clinical site activity, CRO services, central laboratory testing, and clinical supply management associated with the ongoing progression of the Phase 3 study. Spending levels during the period are consistent with maintaining operational momentum as the trial advances toward planned interim analyses.
Previous wording
For the six-month period ended January 31, 2026, Bria-IMT™ Phase 1/2a expenses were $360,407, compared to $399,343 in 2025. The decrease reflects the continued wind-down of the program following completion of primary activities in fiscal 2024. Current-period costs primarily relate to residual close-out procedures, data management, and limited follow-up activities. Expenses are expected to decline further as final wrap-up activities conclude.
Current wording
For the nine-month period ended April 30, 2026, Bria-IMT™ Phase 1/2a expenses were $519,986, compared to $699,356 in 2025. The decrease reflects the continued wind-down of the program following completion of primary activities in fiscal 2024. Current-period costs primarily relate to residual close-out procedures, data management, and limited follow-up activities. Expenses are expected to decline further as final wrap-up activities conclude.
Previous wording
For the six-month period ended January 31, 2026, Bria-OTS™ Phase 1/2a expenses were $1,924,764, compared to $143,195 in 2025. The substantial increase reflects continued advancement of the OTS program into early clinical development. Costs incurred during the period include expanded development and manufacturing activities, GMP production of Bria-BRES+ and Bria-PROS+, regulatory and analytical support, and operational activities necessary to support ongoing evaluation of the next-generation Bria-OTS+ platform. The increased investment aligns with the program’s progression and expansion across multiple solid tumor indications.
Current wording
For the nine-month period ended April 30, 2026, Bria-OTS™ Phase 1/2a expenses were $2,965,488, compared to $325,539 in 2025. The substantial increase reflects continued advancement of the OTS program into early clinical development. Costs incurred during the period include expanded development and manufacturing activities, GMP production of Bria-BRES+ and Bria-PROS+, regulatory and analytical support, and operational activities necessary to support ongoing evaluation of the next-generation Bria-OTS+ platform. The increased investment aligns with the program’s progression and expansion across multiple solid tumor indications.
Previous wording
For the six-month period ended January 31, 2026, financial income amounted to $243,235, compared to $79,072 for the six-month period ended January 31, 2025. Financial income for the 2026 period consisted of $243,607 in interest income and a $372 foreign exchange loss. In comparison, financial income for the 2025 period included $59,882 in interest income and a $19,190 foreign exchange gain. The increase in financial income from 2025 to 2026 was primarily due to higher interest income, reflecting increased cash and cash equivalents available for investment in interest-bearing funds.
Current wording
For the nine-month period ended April 30, 2026, financial income amounted to $430,205, compared to $69,310 for the nine-month period ended April 30, 2025. Financial income for the 2026 period consisted of $462,827 in interest income, an interest expense of $29,631 and a $2,991 foreign exchange loss. In comparison, financial income for the 2025 period included $86,514 in interest income, an interest expense of $36,979 and a $19,775 foreign exchange gain. The increase in financial income from 2025 to 2026 was primarily due to higher interest income, reflecting increased cash and cash equivalents available for investment in interest-bearing funds.
Previous wording
The Company reported a loss of $15,575,221 for the six-month period ended January 31, 2026, compared to $12,167,104 for the same period in 2025. The increase in loss was primarily driven by higher research, development and clinical trial expenses, which rose to $12,737,332 in 2026 from $9,350,118 in 2025 as the Company advanced its clinical programs. This was partially offset by higher financial income in the current period, including increased interest income and a lower foreign exchange loss.
Current wording
The Company reported a loss of $22,812,276 for the nine-month period ended April 30, 2026, compared to $18,392,033 for the same period in 2025. The increase in loss was primarily driven by higher research, development and clinical trial expenses, which rose to $18,704,005 in 2026 from $14,160,314 in 2025 as the Company advanced its clinical programs.
Previous wording
As of January 31, 2026, the company had a positive working capital balance of $28,993,334 (July 31, 2025 positive balance of $15,948,588).
Current wording
As of April 30, 2026, the company had a positive working capital balance of $21,802,678 (July 31, 2025 positive balance of $15,948,588).
Previous wording
As of January 31, 2026, the Company has total assets of $33,594,454 (July 31, 2025 - $ 21,649,706), a positive working capital of $28,993,334 (July 31, 2025 – positive balance of $15,948,588) and an accumulated deficit of $127,174,949 (July 31, 2025 - negative balance of $ 111,755,564).
Current wording
As of April 30, 2026, the Company has total assets of $27,071,310 (July 31, 2025 - $ 21,649,706), working capital of $21,802,678 (July 31, 2025 – positive balance of $15,948,588) and an accumulated deficit of $134,339,456 (July 31, 2025 - $111,755,564).
Previous wording
During the period ended January 31, 2026, the Company’s overall position of cash and cash equivalents increased by $19,409,820 from the period ended July 31, 2025 (including effects of foreign exchange). This increase in cash can be attributed to the following:
Current wording
During the period ended April 30, 2026, the Company’s overall position of cash and cash equivalents decreased by $3,613,587 from the period ended July 31, 2025 (including effects of foreign exchange). This decrease in cash can be attributed to the following:
Previous wording
The Company’s net cash used in operating activities during the period ended January 31, 2026, was $15,672,094 as compared to $12,875,298 for the period ended January 31, 2025.
Current wording
The Company’s net cash used in operating activities during the nine-month period ended April 30, 2026, was $22,692,452 as compared to $20,038,075 for the nine-month period ended April 30, 2025.
Previous wording
Cash gained in financing activities for the period ended January 31, 2026, was 27,874,441 as compared to 17,176,863 for the period ended January 31, 2025.
Current wording
Cash gained in financing activities for the nine-month period ended April 30, 2026, was 27,874,441 as compared to 31,891,239 for the nine-month period ended April 30, 2025. During both periods, this was primarily from the proceeds of the issuance of shares in various financings.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Presentation Title: Survival Results of Phase II Bria-IMT Allogenic Whole Cell-Based Cancer Vaccine
Previous report — wording carried elsewhere
On March 5, 2026, the disinterested shareholders of BriaPro approved the Transaction.