Fri, Jun 14, 8:14 PM (129 days ago)
BriaCell Therapeutics Corp. reported a significant decline in cash and cash equivalents from $21.25 million on July 31, 2023, to $935,694 on April 30, 2024, primarily due to increased operational expenses. The company's total assets fell to $6.2 million from $27.16 million, while current liabilities rose to $6.76 million from $1.80 million. Operating expenses surged to $27.56 million for the nine months ended April 30, 2024, driven by research and development costs associated with advancing their Bria-IMT™ and Bria-OTS™ programs. Despite these expenses, the company reported a net loss reduction to $3.68 million from $17.88 million, largely due to a $23.66 million gain from the revaluation of warrant liabilities. The company continues to face liquidity challenges, with negative working capital of $1.23 million and substantial ongoing operational costs, raising concerns about its ability to continue as a going concern. A recent $5.0 million offering completed on May 17, 2024, is expected to provide short-term financial relief.