Financial Performance - BriaCell reported a net loss of $5,802,175 for the three months ended October 31, 2024, compared to a net income of $6,001,543 in the same period of 2023, reflecting a significant change in financial performance [102]. - For the three-month period ending October 31, 2024, the Company reported a loss of $5,829,276 compared to a gain of $5,958,872 for the same period in 2023, primarily due to a significant change in the fair value of the warrant liability [112]. - Net financial income for the three-month period ending October 31, 2024, was $11,714, a significant decrease from $179,822 in the same period of 2023, driven by lower interest income [111]. - The Company has an accumulated deficit of $91,245,872 as of October 31, 2024, up from $85,443,697 as of July 31, 2024 [115]. Operating Expenses - Total operating expenses decreased to $5,152,832 in Q1 2024 from $8,503,028 in Q1 2023, primarily due to reduced research and development costs [102]. - General and administrative expenses decreased to $1,487,491 in Q1 2024 from $1,645,771 in Q1 2023, reflecting cost management efforts [110]. - Research and development expenses for the three months ended October 31, 2024, were $3,665,341, down from $6,857,257 in the same period of 2023, indicating a 46% reduction [102]. Cash Flow and Financing - The Company’s net cash used in operating activities during the period ended October 31, 2024, was $6,955,076, a decrease from $7,605,245 for the same period in 2023 [117]. - Cash gained in financing activities for the period ended October 31, 2024, was $11,960,252, compared to nil for the same period in 2023 [118]. - The Company intends to raise additional capital through debt or equity financings to achieve its business plan objectives, although there is no assurance of success [117]. - The Company’s overall position of cash and cash equivalents increased by $4,930,176 from the period ended July 31, 2024 [117]. Assets and Working Capital - As of October 31, 2024, the Company had total assets of $10,414,330, an increase from $5,872,261 as of July 31, 2024, and a positive working capital of $3,230,459 compared to a negative balance of $3,807,303 [115]. Clinical Studies and Developments - The Bria-IMT™ pivotal Phase 3 study costs amounted to $2,185,543, remaining consistent with the prior year's $2,278,258, highlighting strategic spending optimization [107]. - The one-year survival rate for patients treated with the Bria-IMT™ regimen in the Phase 2 clinical study was reported at 55%, exceeding the current standard of care [98]. - BriaCell is advancing its Bria-IMT™ targeted immunotherapy in a pivotal Phase 3 study for metastatic breast cancer, with 35 clinical sites actively enrolling patients [97]. - The Company has received FDA Fast Track designation for the Bria-IMT™ combination regimen, which could lead to full approval upon positive study results [95]. - The Phase 1/2 study for Bria-OTS™ commenced with the first patient dosed, evaluating its safety and efficacy in combination with an immune checkpoint inhibitor [99]. Foreign Exchange and Investment Strategy - The Company is exposed to foreign exchange risk due to transactions occurring in Canadian Dollars, but a 5% fluctuation would not have a material effect on total loss [132]. - The Company’s investment strategy focuses on capital preservation and supporting liquidity requirements, primarily through cash and cash equivalents [116].
BriaCell(BCTX) - 2025 Q1 - Quarterly Report