Liquidity is rapidly depleting, as evidenced by the cash balance plummeting from $29.9M in 2026Q2 to $6.9M in 2026Q3, necessitating potential future capital raises to sustain operations.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 |
|---|
| Cash from Operations | -33.9M | -39.07M | -32.97M | -31.89M | -15.87M | -9.89M | -1.55M | -5.12M | -4.95M | -1.91M | -1.58M | -1.19M | -397.42K | -381.8K | -382.74K | -656.68K | -318.63K | -151.05K | -89.68K | -87.76K | 0 |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -44.21% | -18.52% | -3.38% | -100.9% | -60.55% | -535.98% | 69.63% | -3.34% | -159.16% | -21.12% | -33.01% | -198.57% | -4.09% | 0.25% | 41.72% | -106.09% | -110.94% | -68.42% | -2.2% | - | - |
| Net Income | -37.06M | -36.5M | -6.55M | -27.27M | -34.13M | -17.63M | -4.94M | -5.82M | -5.41M | -3.22M | -2.23M | -3.49M | -8.9M | -381.98K | -998.99K | -1.03M | -927.69K | -245.83K | -101.5K | -116.41K | -8.58K |
| Depreciation & Amortization | 122.75K | 147.89K | 114.64K | 20.51K | 19.42K | 19.46K | 18.73K | 18.83K | 16.88K | 290 | 1.8K | 565 | 1.21K | 406 | 1.73K | 2.39K | 1.33K | 166 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.73M | -80.47K | -36.17M | 99.73K | 18.73M | 10.63M | 88.77K | -361.74K | 903.45K | 271.74K | 680.64K | 2.22M | 8.43M | -40.05K | 526.31K | 458.54K | 612.79K | 82.45K | 0 | 39.05K | 0 |
| Working Capital Changes | 572.51K | -2.65M | 9.64M | -4.74M | -497.54K | -2.91M | 3.28M | 1.04M | -466.68K | 1.03M | -28.99K | 84.84K | 64.74K | 39.83K | 88.21K | -92.02K | -5.07K | 12.17K | 11.81K | -10.4K | 8.58K |
| Change in Receivables | -2.06K | 1.02M | -1M | 7.02K | -14.66K | 12.68K | -24.19K | 15.59K | -11.98K | -3.49K | 32.09K | -25.5K | 2.89K | 47.41K | 72.09K | -121.65K | 456 | -2.62K | 5.98K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.11M | -5.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.59K | -12.93K | 17.97K | 29.32K | -2.37K | 16.27K | 5.83K | 0 | 0 |
| Cash from Investing | -19.05M | -10.61M | -931.67K | 0 | 0 | 0 | 0 | 1.35M | -590.5K | 149.85K | 208.98K | -411.62K | 280.78K | -129.95K | -1.91M | -3.39M | -441.75K | -167.11K | -25.42K | 0 | 0 |
| Capital Expenditures | 0 | 0 | -624.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.27K | -252.89K | -538.81K | -2.52M | -2.24M | -496.09K | -167.11K | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 691.33K | 0 | 379.93K | 0 | 0 | 54.34K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.33K | -17.74K | 120.18K | -99.65K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 46.56M | 63.04M | 6.04M | 5.31M | -4.76M | 82.92M | 1.44M | 3.01M | 5.29M | 2.89M | 1.06M | 2.07M | 1.75M | 0 | 25.04K | 6.4M | 1.35M | 777.88K | 0 | 439.28K | 88.4K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -421.52K | 27.59K | 0 | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 57.41M | 63.04M | 6.04M | 5.31M | -4.73M | 83.34M | 1.41M | 3.01M | 4.15M | 2.89M | 1.06M | 2.07M | 0 | 0 | 25.04K | 6.4M | 1.35M | 777.88K | 0 | 488.31K | 88.4K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -63.52K | -12.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.86M | 0 | 0 | 0 | -29.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | -49.03K | 0 |
| Net Change in Cash | -9.65M | 13.24M | -28.23M | -26.25M | -20.77M | 71.55M | -170.63K | -757.22K | -377.65K | 1.1M | -296.22K | -2.67M | 1.57M | -550.63K | -2.46M | 2.46M | 625.03K | 818.34K | 0 | 351.52K | 88.4K |
| Free Cash Flow | -33.9M | -39.07M | -33.59M | -31.89M | -15.87M | -9.89M | -1.55M | -5.12M | -4.95M | -1.91M | -1.58M | -1.19M | -554.93K | -839.48K | -2.9M | -2.89M | -814.72K | -318.16K | 0 | -87.76K | 0 |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 1.52% | -16.32% | -5.33% | -100.9% | -60.55% | -535.98% | 69.63% | -3.34% | -159.16% | -21.12% | -32.75% | -114.23% | 33.9% | 71.06% | -0.21% | -255.24% | -156.08% | - | 100% | - | - |
| FCF per Share | -4.68 | -20.74 | -30.62 | -30.63 | -15.37 | -32.82 | -32.67 | -132.48 | -173.70 | -84.41 | -82.07 | -72.04 | -141.10 | -213.45 | -739.53 | -1328.85 | -672.77 | -534.31 | - | -21.05 | - |
| FCF Conversion (FCF/Net Income) | 0.91x | 1.07x | 6.88x | 1.18x | 0.46x | 0.57x | 0.31x | 0.88x | 0.92x | 0.59x | 0.71x | 0.34x | 0.04x | 1.00x | 0.38x | 0.64x | 0.34x | 0.61x | 0.88x | 0.76x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in recent financial filings, BriaCell's operating cash flow consistently tracks closely with net losses, with the OCF/NI ratio frequently hovering near 1.0, suggesting that non-cash adjustments provide minimal relief from the underlying cash-intensive nature of the company's clinical-stage research and development activities.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily driven by cash-based expenditures rather than non-cash accounting charges. Investors should interpret this as a lack of operational cushion, as the firm cannot rely on non-cash items to mitigate the impact of its high clinical trial burn rate.
Based on the company's historical financial statements, free cash flow remains deeply negative, with quarterly outflows often exceeding $8M, reflecting the heavy capital requirements necessary to sustain the development of the Bria-IMT platform without the benefit of any offsetting commercial revenue streams.
The consistent negative trajectory of free cash flow underscores the company's total dependence on external financing to fund its operations. This trend suggests that until the company reaches a significant clinical inflection point or secures a strategic partnership, the cash runway will remain the primary constraint on its operational viability.
According to the provided quarterly data, working capital changes have been highly erratic, swinging from a $5M inflow in 2024Q3 to a $2.9M outflow in 2025Q1, which suggests that the timing of clinical trial payments and vendor accruals creates significant quarterly cash flow noise.
These fluctuations appear to be a byproduct of the company's reliance on CROs and specialized manufacturing partners, where payment milestones can cause lumpy cash outflows. Analysts should monitor these swings as they may obscure the underlying structural burn rate of the business during periods of intense clinical activity.
As indicated by the recent inclusion of stock-based compensation figures, BriaCell is increasingly utilizing equity-based incentives to manage its cash position, with $432.2K in SBC recorded in 2026Q3, a strategy that helps preserve liquidity but introduces potential long-term dilution for existing shareholders.
While SBC serves as a necessary tool for talent retention in a cash-constrained environment, it effectively shifts the cost of operations from the cash flow statement to the equity base. Investors should consider the cumulative impact of this dilution when evaluating the company's long-term capital structure and potential for future financing events.
Quick answers to the most common questions about buying BCTX stock.
BriaCell Therapeutics Corp. (BCTX) generated $-39.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BriaCell Therapeutics Corp. (BCTX) reported negative free cash flow of $39.1M in 2025, indicating capital requirements exceeded cash from operations.
BriaCell Therapeutics Corp. (BCTX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.