BriaCell(US:BCTX)2024-06-14 20:10Financial Performance - BriaCell reported a net loss of $1,715,759 for the three-month period ended April 30, 2024, compared to a net loss of $4,895,436 for the same period in 2023, indicating a significant improvement[88]. - The net loss for the period decreased to $3,682,796 in 2024 from $17,883,739 in 2023, indicating a reduction of approximately 79%[1]. - The company reported a net financial income of $23,934,668 for the nine-month period ending April 30, 2024, a significant turnaround from a net loss of $2,317,236 in the same period of 2023[4]. Operating Expenses - Total operating expenses for the three-month period ended April 30, 2024, were $9,229,648, up from $5,677,029 in the same period of 2023, reflecting increased research and development activities[88]. - For the nine-month period ending April 30, 2024, total operating expenses increased to $27,562,122, up from $15,566,503 in the same period of 2023, representing a 77% increase[1]. - General and administrative expenses decreased to $1,572,016 for the three-month period ended April 30, 2024, from $1,816,461 in the same period of 2023[94]. Research and Development - Research and development expenses rose to $7,657,632 for the three-month period ended April 30, 2024, compared to $3,860,568 in the same period of 2023, driven by expanded clinical trials[88]. - Research and development expenses rose significantly to $22,772,344, compared to $10,169,140 in 2023, marking a 124% increase, driven by higher clinical trial costs[1]. - Clinical trial expenses surged to $17,763,490 in 2024 from $5,799,621 in 2023, reflecting a 206% increase due to extended patient participation and higher setup costs for pivotal studies[2]. Clinical Trials - The company initiated its pivotal Phase 3 study of Bria-IMT™ on October 3, 2023, aiming to enroll 177 patients in both the treatment and control arms[85]. - BriaCell's Bria-IMT™ showed a median overall survival of 13.4 months in advanced metastatic breast cancer patients, compared to 6.7-9.8 months reported in literature[80]. - Clinical trial costs specifically increased from $2,469,105 in 2023 to $6,165,072 in 2024, highlighting the escalation in the Bria-IMT™ trial[93]. Financial Position - As of April 30, 2024, the company had total assets of $6,203,266, down from $27,163,577 as of July 31, 2023, indicating a decrease of approximately 77%[7]. - The company has a negative working capital of $1,227,767 as of April 30, 2024, compared to a positive working capital of $25,147,050 as of July 31, 2023[7]. - The accumulated deficit increased to $84,229,532 as of April 30, 2024, from $80,652,231 as of July 31, 2023[9]. Cash Flow - Cash used in operating activities for the nine-month period ending April 30, 2024, was $20,090,398, compared to $12,825,853 in the same period of 2023, reflecting an increase of 56%[11]. Capital Management - The company plans to finance its research and development activities through existing and future working capital resources while evaluating additional sources of capital[8]. Risk Management - The Company does not believe it is exposed to material interest rate risk as it has no interest-bearing debt[116]. - A 5% depreciation or appreciation of the Canadian dollar against the US dollar would not have a material effect on the total loss and comprehensive loss[117]. - The Company does not use derivative instruments to reduce its exposure to foreign currency risk[113]. - Management believes that the credit risk concentration with respect to financial instruments is remote[114]. - The overall objective of the Board is to set policies that seek to reduce risk without unduly affecting the Company's competitiveness and flexibility[113]. - The Company has no significant concentration of credit risk arising from operations[114]. - Price risk is considered remote as the Company has no revenues[116].