The company has failed to generate any meaningful revenue, while R&D expenditures reached a peak of $11.1M in 2024Q2, underscoring the intense capital requirements of its clinical-stage 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 89.96K | 147.89K | 82.57K | 15.53K | 15.14K | 15.58K | 18.73K | 18.83K | 16.88K | 290 | 1.8K | 565 | 61.24K | -80.34K | 72.26K | 55.93K | 43.57K | 166 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -89.96K | -147.89K | -82.57K | -15.53K | -15.14K | -15.58K | -18.73K | -18.83K | -16.88K | -289 | -1.8K | -565 | -61.24K | 80.34K | -72.26K | -55.93K | -43.57K | -165 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -79.1% | -431.73% | -2.58% | 2.83% | 16.84% | 0.52% | -11.59% | -5739.79% | 83.97% | -219.11% | 99.08% | -176.22% | 211.18% | -29.19% | -28.39% | -26303.64% | - | - | - | - |
| Operating Expenses | 38.58M | 37.58M | 33.34M | 31.08M | 19.61M | 8.72M | 4.82M | 6.23M | 4.96M | 3.21M | 2.19M | 1.87M | 415.23K | 370.46K | 487.35K | 946.35K | 290.71K | 251.1K | 117.09K | 135.86K | 8.58K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.9M | 8.08M | 6.15M | 10.6M | 9.32M | 6.19M | 1.84M | 1.29M | 1.85M | 1.09M | 1.24M | 1.74M | 415.23K | 370.46K | 487.35K | 946.35K | 96.45K | 102.21K | 117.09K | 129.06K | 8.58K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 33.31M | 29.5M | 27.19M | 20.48M | 10.29M | 2.53M | 2.98M | 4.94M | 3.11M | 2.12M | 952.15K | 137.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | -3.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 194.26K | 148.89K | 0 | 6.81K | 0 |
| Operating Income | -31.02M | -37.73M | -33.34M | -31.08M | -19.61M | -8.72M | -5.28M | -6.25M | -4.97M | -3.21M | -2.19M | -1.88M | -476.47K | -290.12K | -559.62K | -1M | -334.28K | -251.27K | -117.09K | -135.86K | -8.58K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -13.17% | -7.28% | -58.51% | -124.98% | -65.17% | 15.61% | -25.76% | -54.65% | -46.55% | -17% | -293.54% | -64.23% | 48.16% | 44.17% | -199.83% | -33.04% | -114.59% | 13.82% | -1483.5% | - |
| EBITDA | -30.92M | -37.58M | -33.26M | -31.06M | -19.59M | -8.7M | -5.26M | -6.23M | -4.96M | -3.21M | -2.19M | -1.87M | -475.26K | -289.72K | -557.88K | -999.89K | -332.95K | -251.1K | -101.5K | -129K | -8.58K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 9.78% | -13.01% | -7.08% | -58.57% | -125.25% | -65.4% | 15.66% | -25.8% | -54.14% | -46.65% | -16.94% | -294.42% | -64.04% | 48.07% | 44.21% | -200.31% | -32.6% | -147.39% | 21.32% | -1403.5% | - |
| D&A (Non-Cash Add-back) | 100.93K | 147.89K | 83.93K | 20.39K | 19.59K | 19.07K | 18.73K | 18.83K | 16.88K | 290 | 1.8K | 565 | 1.21K | 406 | 1.73K | 2.39K | 1.33K | 166 | 0 | 0 | 0 |
| EBIT | -31.02M | -37.73M | -4.93M | -31.08M | -34.42M | -17.17M | -4.84M | -5.79M | -5.39M | -3.22M | -2.23M | -3.49M | -8.9M | -381.98K | -998.98K | -1.03M | -927.69K | -245.83K | -101.5K | -135.86K | 0 |
| Net Interest Income | 240.48K | 115.09K | 283.61K | 1.2M | 172.61K | -96.2K | -36.2K | -19.41K | -4.37K | 6.42K | 4.77K | 9.23K | 13.1K | 17.51K | 38.13K | 12.7K | 2.99K | 2.93K | 15.59K | 13.32K | 0 |
| Interest Income | 240.48K | 166.38K | 283.61K | 1.2M | 173.86K | 4.02K | 0 | 12.06K | 15.97K | 6.42K | 4.77K | 9.23K | 13.1K | 17.51K | 38.13K | 12.7K | 2.99K | 2.93K | 15.59K | 13.32K | 0 |
| Interest Expense | 0 | 51.29K | 0 | 0 | 1.24K | 100.22K | 36.2K | 31.47K | 20.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 834.34K | 899.68K | 28.41M | 3.97M | -14.81M | -8.55M | -113.98K | 434.77K | -435.76K | -2.48K | -37.87K | -1.62M | -8.42M | -91.86K | -439.37K | -23.3K | -593.41K | 5.44K | 15.59K | 13.32K | 0 |
| Pretax Income | -37.35M | -36.83M | -4.93M | -27.11M | -34.42M | -17.27M | -5.39M | -5.82M | -5.41M | -3.22M | -2.23M | -3.49M | -8.9M | -381.98K | -998.99K | -1.03M | -927.69K | -245.83K | -101.5K | -122.55K | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116.41K | 8.58K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -94.99% | - |
| Net Income | -37.06M | -36.49M | -4.79M | -27.11M | -34.42M | -17.27M | -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 | -116K | -8.58K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -34.78% | -661.35% | 82.32% | 21.23% | -99.34% | -249.34% | 15.04% | -7.58% | -68.07% | -44.17% | 36.07% | 60.75% | -2228.67% | 61.76% | 2.59% | -10.55% | -277.37% | -142.2% | 12.5% | -1251.98% | - |
| Net Income (Continuing) | -37.35M | -36.83M | -4.93M | -27.11M | -34.42M | -17.27M | -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 | -116K | -8.58K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -649.1K | -751.79K | -419.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.11 | -62.60 | -43.01 | -195.00 | -259.50 | -13.50 | -5.64 | -1505.30 | -1798.34 | -1348.63 | -1360.30 | -2251.40 | -21957.60 | -1470.51 | -2929.32 | -4372.16 | -7325.49 | -4378.67 | -2927.94 | -27.92 | -0.00 |
| EPS Growth % | 59.63% | -45.55% | 77.94% | 24.86% | -1822.22% | -139.36% | 99.63% | 16.3% | -33.35% | 0.86% | 39.58% | 89.75% | -1393.2% | 49.8% | 33% | 40.32% | -67.3% | -49.55% | -10386.89% | - | - |
| EPS (Basic) | - | -62.60 | -43.01 | -192.55 | -257.58 | -13.50 | -5.64 | -1505.30 | -1798.34 | -1348.63 | -1360.30 | -2251.40 | -21957.60 | -1470.51 | -2929.32 | -4372.16 | -7325.49 | -4378.67 | -2927.94 | -27.92 | -0.00 |
| Diluted Shares Outstanding | 7.25M | 1.88M | 1.1M | 1.04M | 1.03M | 301.31K | 47.59K | 38.64K | 28.52K | 22.65K | 19.23K | 16.5K | 3.93K | 3.93K | 3.92K | 2.18K | 1.21K | 595 | 323 | 4.17K | 5.75K |
| Basic Shares Outstanding | 7.25M | 1.88M | 1.1M | 1.04M | 1.03M | 301.31K | 47.59K | 38.64K | 28.52K | 22.65K | 19.23K | 16.5K | 3.93K | 3.93K | 3.92K | 2.18K | 1.21K | 595 | 323 | 4.17K | 5.75K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As reported in recent financial statements, BriaCell's quarterly R&D expenditures have fluctuated significantly, reaching a peak of $11.1M in 2024Q2, which underscores the capital-intensive nature of advancing its proprietary whole-cell immunotherapy platform through complex clinical trial stages and specialized manufacturing requirements.
The company's cost structure is almost entirely dominated by R&D, reflecting its status as a pre-revenue clinical-stage entity. Investors should monitor the volatility in these expenses, as they are heavily tied to patient enrollment milestones and the logistical demands of cold-chain cell therapy production.
Based on the company's historical income statements, net income figures have been periodically distorted by non-operating items, such as warrant liability adjustments, which can obscure the underlying cash burn rate that remains the most critical metric for evaluating the firm's operational sustainability.
The presence of significant swings in net income, including positive figures in certain quarters despite zero revenue, suggests that these results are driven by accounting adjustments rather than operational performance. Analysts should prioritize cash flow from operations to assess the true runway, as non-cash items provide a misleading view of the company's financial health.
According to the provided data, BriaCell maintains a high fixed-cost base with SG&A expenses consistently hovering around $2M per quarter, indicating that the company has yet to achieve the scale necessary to leverage its administrative overhead against its significant clinical development investments.
The lack of revenue generation means that operating leverage is currently non-existent, as every dollar of SG&A and R&D directly increases the net loss. Future efficiency will depend on the company's ability to transition from a high-burn R&D phase to a commercial model, though current trends suggest that administrative costs remain sticky regardless of clinical progress.
With reported cash reserves of approximately $14.4M and quarterly operating losses frequently exceeding $7M, the company faces a precarious financial position that warrants investigation into the timing and potential dilutive impact of future capital raises required to sustain its pivotal clinical trial designs.
The reliance on equity financing to fund ongoing operations creates a persistent risk of shareholder dilution that may outweigh the potential upside of clinical data readouts. Investors should be wary of the disconnect between the company's ambitious clinical roadmap and its limited cash runway, which may necessitate a strategic partnership or further capital market dependence in the near term.
Quick answers to the most common questions about buying BCTX stock.
For fiscal year 2025, BriaCell Therapeutics Corp. (BCTX) reported total revenue of $0.0M.
BriaCell Therapeutics Corp. (BCTX) reported a net loss of $36.5M for the fiscal year ending 2025.