The equity base remains volatile, shifting from a deficit of $8.1M in 2024Q2 to $17.3M in 2025Q4, primarily driven by dilutive financing rather than organic growth.
| Metric | 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 |
|---|
| Total Current Assets | 19.93M | 3.65M | 26.95M | 42.35M | 57.8M | 239.43K | 157.46K | 1.88M | 1.63M | 833.35K | 1.25M | 2.54M | 1.48M | 2.13M | 5.2M | 1.38M | 770.69K | 356.04K | 456.29K | 88.4K |
| Cash & Short-Term Investments | 17.87M | 862.09K | 21.25M | 41.04M | 57.27M | 19.46K | 146.71K | 1.75M | 1.62M | 820.6K | 1.21M | 806.08K | 1.47M | 2.07M | 5.05M | 1.37M | 761.68K | 350.58K | 445.43K | 88.4K |
| Cash Only | 10.49M | 862.09K | 21.25M | 41.04M | 57.27M | 19.46K | 146.71K | 720.26K | 1.01M | 131.58K | 357.23K | 806.08K | 966.53K | 1.5M | 3.95M | 1.37M | 761.68K | 350.58K | 445.43K | 88.4K |
| Short-Term Investments | 7.37M | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M | 601.76K | 689.02K | 851.24K | 0 | 504.49K | 564.98K | 1.11M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 563.6K | 1.37M | 717.74K | 24.1K | 12.57K | 0 | 2.82K | 0 | 5.6K | 2.67K | 0 | 7.17K | 10.39K | 57.75K | 136.1K | 7.76K | 8.22K | 5.46K | 10.87K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 516.23K | 199.03K | 8.1K | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 9.69K | 3.88K | 157.68 | - | 1.06 | 0.09 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.27K | 1.72M | 0 | 0 | 0 | 4.51K | 1.38K | 0 | 0 | 0 |
| Total Non-Current Assets | 1.72M | 2.22M | 215.07K | 230.34K | 245.61K | 238.88K | 257.98K | 407.5K | 1.91K | 2.35K | 30.33K | 53.01K | 7.93M | 8.19M | 7.15M | 93.4K | 267.99K | 24.78K | 0 | 7.96K |
| Property, Plant & Equipment | 296.82K | 388.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 449 | 1.31K | 0 | 7.9M | 8.12M | 7.12M | 93.4K | 267.99K | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 184.53K | 199.8K | 215.07K | 230.34K | 245.61K | 238.88K | 257.97K | 274.73K | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 523.17K | 418.49K | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 2 | 5.3K | 27.98K | 28.16K | 65.88K | 31.45K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 718.62K | 1.21M | 0 | 0 | 0 | 1 | 0 | 132.76K | 1.9K | 1.9K | 23.72K | 25.04K | 0 | 0 | 0 | 0 | 0 | 24.78K | 0 | 7.96K |
| Total Assets | 21.65M | 5.87M | 27.16M | 42.58M | 58.04M | 478.31K | 415.43K | 2.28M | 1.64M | 835.7K | 1.28M | 2.59M | 9.41M | 10.32M | 12.35M | 1.47M | 1.04M | 380.81K | 456.29K | 96.35K |
| Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 268.68% | -78.38% | -36.2% | -26.65% | 12035.15% | 15.14% | -81.82% | 39.66% | 95.78% | -34.52% | -50.7% | -72.48% | -8.82% | -16.41% | 738.57% | 41.73% | 172.75% | -16.54% | 373.56% | - |
| Total Current Liabilities | 3.98M | 7.46M | 1.8M | 941.09K | 556.79K | 3.63M | 1.06M | 1.34M | 885.9K | 48.59K | 117.17K | 1.84M | 74.46K | 283.94K | 559.43K | 29.15K | 64.19K | 15.64K | 9.59K | 16.54K |
| Accounts Payable | 3.28M | 7.17M | 1.12M | 463.28K | 214.12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.64K | 9.59K | 16.54K |
| Days Payables Outstanding | 11.14K | 31.69K | 20.02K | 8.72K | 4.02K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 228.75K | 301.33K | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | -4.25K | -1.07K | 0 | 506.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 701.24K | 0 | 0 | 0 | 0 | 3.4M | 756.52K | 219.28K | 379K | 48.59K | 117.17K | 1.84M | 74.46K | 283.94K | 559.43K | 29.15K | 64.19K | 0 | 0 | 0 |
| Current Ratio | 5.01x | 0.49x | 14.96x | 45.00x | 103.81x | 0.07x | 0.15x | 1.40x | 1.84x | 17.15x | 10.63x | 1.38x | 19.91x | 7.51x | 9.29x | 47.30x | 12.01x | 22.76x | 47.61x | 5.35x |
| Quick Ratio | 5.01x | 0.49x | 14.96x | 45.00x | 102.88x | 0.01x | 0.14x | 1.40x | 1.84x | 17.15x | 10.63x | 1.38x | 19.91x | 7.51x | 9.29x | 47.30x | 12.01x | 22.76x | 47.61x | 5.35x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 337.67K | 1.1M | 29.14M | 31.31M | 225.44K | 142.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 25.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -191.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 337.67K | 1.1M | 29.14M | 31.31M | 199.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.32M | 8.56M | 30.94M | 32.25M | 782.24K | 3.77M | 1.06M | 1.34M | 885.9K | 48.59K | 117.17K | 1.84M | 74.46K | 283.94K | 559.43K | 29.15K | 64.19K | 15.64K | 9.59K | 16.54K |
| Total Debt | 0 | 0 | 0 | 0 | 25.99K | 228.75K | 301.33K | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -10.49M | -862.09K | -21.25M | -41.04M | -57.24M | 209.29K | 154.62K | 400.4K | -1.01M | -131.58K | -357.23K | -806.08K | -966.53K | -1.5M | -3.95M | -1.37M | -761.68K | -350.58K | -445.43K | -88.4K |
| Debt / Equity | - | - | - | - | 0.00x | - | - | 1.19x | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | 0.31x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | 0.16x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -735.70x | - | - | -15616.96x | -151.27x | -133.62x | 39.74x | -244.35x | -500.66x | -459.52x | -203.05x | -36.45x | -25.11x | -31.53x | -78.84x | -111.94x | -85.75x | - | - | - |
| Total Equity | 16.79M | -2.68M | -3.78M | 10.33M | 57.26M | -3.29M | -643.49K | 945.02K | 750.23K | 787.11K | 1.16M | 751.3K | 9.33M | 10.03M | 11.79M | 1.44M | 974.5K | 365.17K | 446.71K | 79.82K |
| Equity Growth % | 725.24% | 28.92% | -136.57% | -81.96% | 1838.15% | -411.96% | -168.09% | 25.96% | -4.68% | -32.09% | 54.28% | -91.95% | -6.99% | -14.86% | 716.74% | 48.08% | 166.86% | -18.25% | 459.67% | - |
| Book Value per Share | 39.68 | -24.48 | -0.24 | 0.67 | 3.75 | -4.61 | -1.11 | 2.21 | 2.13 | 2.73 | 4.65 | 12.73 | 158.20 | 170.57 | 360.75 | 79.42 | 109.13 | 75.50 | 107.15 | 0.04 |
| Total Shareholders' Equity | 17.33M | -2.38M | -3.78M | 10.33M | 57.26M | -3.29M | -643.49K | 945.02K | 750.23K | 787.11K | 1.16M | 751.3K | 9.33M | 10.03M | 11.79M | 1.44M | 974.5K | 365.17K | 446.71K | 79.82K |
| Common Stock | 101.52M | 72.17M | 69.59M | 65.59M | 54.78M | 11.23M | 10.38M | 7.84M | 6.61M | 4.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -111.76M | -85.44M | -80.65M | -60.35M | -15.75M | -16.64M | -13.78M | -9.74M | -6.68M | -4.27M | -2.67M | -11.28M | -3.52M | -3.37M | -2.55M | -1.37M | -447.17K | -229.34K | -125.52K | -8.58K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -138.68K | -138.68K | -138.68K | -138.68K | -138.68K | -127K | -94.53K | -80.98K | 2.13M | 1.62M | 872.67K | 56.74K | 176.77K | 651.29K | -20.96K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -546.79K | -302.52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in financial statements, BriaCell’s equity base has fluctuated significantly, moving from a deficit of $8.1M in 2024Q2 to a positive $17.3M by 2025Q4, a shift primarily driven by dilutive financing activities rather than any fundamental improvement in the company's underlying business quality or operational performance.
The volatility in equity suggests that the company remains entirely dependent on external capital markets to maintain its existence. Investors should monitor whether this pattern of equity expansion can continue indefinitely without a corresponding milestone in clinical development to justify the ongoing dilution.
Based on recent SEC filings, BriaCell’s cash position of $10.5M as of 2025Q4 provides a limited buffer against its ongoing R&D burn, with the current ratio of 5.01 appearing deceptively high due to the lack of significant short-term liabilities relative to the company's high-cost clinical trial obligations.
While the current ratio suggests a degree of short-term solvency, the absolute cash balance is low relative to the capital-intensive nature of Phase 3 trials. This liquidity profile indicates that the company may face imminent pressure to raise additional funds, which could further dilute existing shareholders.
According to historical balance sheet data, BriaCell has frequently operated with negative retained earnings, which reached $111.8M by 2025Q4, reflecting a persistent reliance on equity issuance to offset the lack of commercial revenue and the high costs associated with its proprietary immunotherapy development platform.
The consistent accumulation of negative retained earnings underscores the company's status as a pre-revenue entity that consumes capital to build its clinical pipeline. The reliance on equity financing suggests that shareholders are effectively funding the company's R&D efforts, with little visibility into when this trend might reverse.
As indicated by the company's financial disclosures, the presence of warrant-related liabilities creates significant non-cash volatility in the balance sheet, which can mask the true underlying cash burn rate and complicate the assessment of the company's actual financial health during this critical Phase 3 transition.
The revaluation of these instruments often leads to accounting gains or losses that do not reflect the company's operational progress. Analysts should focus on cash-based metrics rather than headline equity figures to avoid being misled by these non-operating accounting distortions.
Quick answers to the most common questions about buying BCTXW stock.
As of 2025, BriaCell Therapeutics Corp. (BCTXW) had total assets of $21.6M including $19.9M in current assets.
BriaCell Therapeutics Corp. (BCTXW) carries total debt of $0.0M, offset by $17.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BriaCell Therapeutics Corp. (BCTXW) has total shareholders' equity (book value) of $17.3M ($39.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BriaCell Therapeutics Corp. (BCTXW) reported a current ratio of 5.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.