BriaCell(US:BCTX)2023-12-13 16:00Financial Performance - For the three-month period ended October 31, 2023, total operating expenses amounted to $8,503,028, a significant increase from $5,403,151 in the same period of 2022[80] - Net financial income for the three-month period was $14,461,900, a substantial increase from $4,296,610 in 2022, driven by a gain of $14,282,078 from changes in warrant liability[87] - The Company reported a profit of $5,958,872 for the three-month period ended October 31, 2023, compared to a loss of $1,106,541 in the same period of 2022[88] - The Company's net cash used in operating activities for the period ended October 31, 2023, was $7,605,245, compared to $3,542,382 for the same period in 2022[93] Research and Development - Research and development costs for the same period were $6,857,257, up from $3,255,215 in 2022, primarily due to increased clinical trial expenses[82] - Clinical trial expenses surged to $5,397,438 in 2023 from $2,041,939 in 2022, reflecting the expansion of the Bria-IMT™ trial[85] - BriaCell is advancing its Bria-IMT™ targeted immunotherapy in a pivotal Phase 3 study, reporting a median overall survival of 13.5 months for patients, compared to 6.7-9.8 months in literature[74] Assets and Capital - As of October 31, 2023, total assets were $18,619,235, down from $27,163,577 on July 31, 2023, with a positive working capital balance of $17,361,478[89] - The Company has working capital of $17,361,478, down from $25,147,050 on July 31, 2023[91] - The accumulated deficit as of October 31, 2023, is $74,560,688, reduced from $80,652,231 on July 31, 2023[91] - The Company intends to raise additional capital through debt or equity financing to support its business plan objectives[92] Cash Flow - Cash and cash equivalents decreased by $7,605,245 from the previous year, reflecting a significant cash outflow[93] Ownership and Transactions - The Company completed a spinout transaction on August 31, 2023, resulting in a 2/3rd ownership of BriaPro Therapeutics Corp., which holds certain pipeline assets[75] Risk Management - The Company does not use derivative instruments to mitigate foreign currency risk, which arises from transactions in Canadian Dollars[96] - A 5% fluctuation in the Canadian dollar against the US dollar would not have a material effect on the total loss and comprehensive loss as of October 31, 2023[100] - The Company has no significant concentration of credit risk arising from operations, indicating a remote credit risk concentration[97] Accounting Policies - The Company has not adopted any new accounting policies during the period ended October 31, 2023[95] General and Administrative Expenses - General and administrative expenses decreased to $1,645,771 in 2023 from $2,147,936 in 2022, mainly due to lower non-cash share-based compensation[86]