The company continues to report zero revenue while maintaining high R&D expenditures that peaked at $8.3M in 2024Q2, indicating a lack of operational leverage.
| 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 |
|---|
| Sales/Revenue | 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 | 107.34K | 82.58K | 20.49K | 19.39K | 19.44K | 18.74K | 18.74K | 16.89K | 290 | 1.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -107.34K | -82.58K | -20.49K | -19.39K | -19.44K | -18.74K | -18.74K | -16.89K | -290 | -1.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | -29.98% | -303.04% | -5.7% | 0.29% | -3.74% | 0.01% | -10.94% | -5725.52% | 83.8% | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 27.2M | 32.73M | 23.27M | -3.39K | 6.97M | 3.92M | -946K | 5.41M | 2.58M | 1.67M | 1.44M | 437.27K | 424.26K | 551.84K | 1.05M | 324.57K | 233.87K | 114.12K | 129.06K | 8.58K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 5.93M | 5.97M | 7.94M | 7.27M | -3.67M | -1.37M | -932K | -1.05M | 876.16K | 942.02K | 1.33M | 436.17K | 423.86K | 556.06K | 1.05M | 323.27K | 203.86K | 114.12K | 129.06K | 8.58K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 21.27M | 26.75M | 15.34M | 8.02M | 1.31M | 2.22M | 3.74M | 2.39M | 1.71M | 723.43K | 105.82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -15.29M | -1.33M | -64.39K | -3.75M | -313K | 233 | 1.37K | 434 | 1.11K | 392 | -4.22K | 2.51K | 1.29K | 2.33K | 0 | 0 | 0 |
| Operating Income | -27.39M | -32.81M | -23.27M | -15.29M | -6.97M | -3.94M | 946.42K | -3.82M | -2.58M | -1.67M | -1.44M | -437.27K | -424.26K | -1.2M | -1.05M | -324.57K | -233.87K | -114.12K | -129K | -8.58K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | 16.53% | -40.98% | -52.21% | -119.26% | -77.02% | -516.2% | 124.78% | -47.9% | -54.91% | -15.75% | -229.31% | -3.07% | 64.6% | -13.79% | -224.5% | -38.78% | -104.93% | 11.53% | -1403.36% | - |
| EBITDA | -27.28M | -32.73M | -23.26M | -15.27M | -6.95M | -3.92M | 965.17K | -3.8M | -2.58M | -1.67M | -1.44M | -436.17K | -423.87K | -1.2M | -1.05M | -323.27K | -233.72K | -114.12K | -129K | -8.58K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 16.64% | -40.71% | -52.31% | -119.59% | -77.38% | -506.17% | 125.38% | -47.26% | -55.06% | -15.67% | -230.02% | -2.9% | 64.58% | -13.9% | -225.02% | -38.32% | -104.79% | 11.53% | -1403.36% | - |
| D&A (Non-Cash Add-back) | 107.34K | 82.58K | 15.27K | 19.39K | 19.44K | 18.74K | 18.74K | 16.89K | 290 | 1.79K | 565 | 1.11K | 392 | 1.73K | 2.51K | 1.29K | 154 | 0 | 0 | 0 |
| EBIT | -26.7M | -4.85M | -27.24M | -34.07M | -17.51M | -4.91M | -5.76M | -5.39M | -3.22M | -2.21M | -3.49M | -8.89M | -379.9K | -997.51K | -1.03M | -926.05K | -246.33K | -101.4K | 0 | 0 |
| Net Interest Income | 83.53K | 283.51K | 891.21K | 135.75K | -42.95K | -26.95K | -14.69K | -3.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 120.76K | 283.51K | 891.21K | 136.73K | 3.15K | 39 | 9.13K | 12.27K | 5.16K | 3.63K | 7.09K | 12K | 16.9K | 38.01K | 13.36K | 2.9K | 2.73K | 0 | 0 | 0 |
| Interest Expense | 37.23K | 0 | 0 | 979 | 46.09K | 29.48K | 23.82K | 15.63K | 5.16K | 3.63K | 7.09K | 12K | 16.9K | 38.01K | 13.36K | 2.9K | 2.73K | 0 | 0 | 0 |
| Other Income/Expense | 652.99K | 27.95M | 2.97M | -11.69M | -6.77M | -78.9K | 905.3K | -436K | -2.48K | -37.59K | -1.24M | -7.71M | 55.56K | -436.93K | 24.03K | -579.07K | -12.46K | 0 | 0 | 0 |
| Pretax Income | -26.73M | -4.85M | -26.77M | -34.37M | -13.82M | -5.39M | -6.23M | -5.41M | -3.22M | -2.21M | -2.68M | -3.73K | -368.69K | -995.72K | -1.09M | -903.64K | -231.54K | 0 | 0 | 0 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | -153K | 30.73K | 6.58M | -72.25K | 343.74K | -319K | 1.99K | 29.24K | 1.24M | 7.71M | -55.56K | 443.88K | 25.6K | 576.17K | -2.73K | 98.93K | 116.41K | 8.58K |
| Effective Tax Rate % | 0% | 0% | 0.57% | -0.09% | -47.65% | 1.34% | -5.52% | 5.89% | -0.06% | -1.32% | -46.27% | -206897.18% | 15.07% | -44.58% | -2.34% | -63.76% | 1.18% | - | - | - |
| Net Income | -26.49M | -4.72M | -20.3M | -11.58M | -2.9M | 1.39M | 602.68K | 1.06M | -2.58M | -1.7M | -2.68M | -8.15M | -368.69K | -995.72K | -1.08M | -900.74K | -228.81K | -98.93K | -116K | -8.58K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -461.6% | 76.77% | -75.3% | -300.03% | -309.03% | 129.81% | -43.41% | 141.21% | -52.4% | 36.78% | 67.08% | -2109.49% | 62.97% | 7.7% | -19.77% | -293.66% | -131.29% | 14.72% | -1251.86% | - |
| Net Income (Continuing) | -26.73M | -4.85M | -27.24M | -34.07M | -17.61M | -4.94M | -5.79M | -5.41M | -3.22M | -2.21M | -3.49M | -8.89M | -379.9K | -997.52K | -1.03M | -926.05K | -246.33K | -101.4K | -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 |
| Minority Interest | -546.79K | -302.52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -62.60 | -42.99 | -1.74 | -1.73 | -0.19 | -5.64 | 1.04 | 2.49 | -7.32 | -5.88 | -10.76 | -138.07 | -6.25 | -16.93 | -33.02 | -49.58 | -25.62 | -20.45 | -27.92 | -0.00 |
| EPS Growth % | -45.62% | -2370.69% | -0.58% | -810.53% | 96.63% | -642.31% | -58.23% | 134.02% | -24.49% | 45.35% | 92.21% | -2109.12% | 63.08% | 48.73% | 33.4% | -93.52% | -25.28% | 26.76% | - | - |
| EPS (Basic) | -62.60 | -42.99 | -1.74 | -1.73 | -0.19 | -5.64 | 1.04 | 2.49 | -7.61 | -5.88 | -10.76 | -138.07 | -6.25 | -16.93 | -33.02 | -49.58 | -25.62 | -20.45 | -27.92 | -0.00 |
| Diluted Shares Outstanding | 423.11K | 109.7K | 15.62M | 15.52M | 15.27M | 713.89K | 579.66K | 427.81K | 352.98K | 288.44K | 249.18K | 59K | 59K | 58.83K | 32.67K | 18.17K | 8.93K | 4.84K | 4.17K | 2.05M |
| Basic Shares Outstanding | 423.11K | 109.7K | 15.62M | 15.49M | 15.27M | 713.89K | 579.66K | 427.81K | 339.71K | 288.44K | 249.18K | 59K | 59K | 58.83K | 32.67K | 18.17K | 8.93K | 4.84K | 4.17K | 2.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As indicated by recent financial statements, BriaCell’s quarterly R&D expenditures have fluctuated significantly, peaking at $8.3M in 2024Q2, which underscores the capital-intensive nature of its ongoing Phase 3 clinical trials and the inherent volatility in managing specialized biological manufacturing processes for its immunotherapy candidate.
The company's cost structure is almost entirely comprised of R&D, reflecting its status as a pre-revenue clinical-stage entity. Investors should monitor these expenses closely, as the lack of operational scale means that any delay in trial milestones could lead to prolonged periods of high cash burn without corresponding clinical progress.
Based on reported figures, BriaCell’s net income has experienced extreme volatility, including a $18.7M operating income swing in 2025Q4, which appears largely driven by non-operating accounting adjustments such as warrant liability revaluations rather than any underlying improvement in the company's core operational or commercial performance.
The erratic nature of the bottom line suggests that reported net income is a poor proxy for the company's actual financial health. Analysts should prioritize cash flow metrics over GAAP earnings to avoid being misled by accounting noise that does not reflect the firm's true liquidity position.
According to historical income statement data, BriaCell has failed to demonstrate any meaningful operating leverage, as the company continues to report zero revenue while maintaining high fixed overheads, which necessitates constant external financing to sustain its current clinical development trajectory through the ongoing Phase 3 program.
The absence of revenue generation means that every dollar spent on SG&A and R&D directly erodes the company's limited cash reserves. Without a clear path to commercialization or a licensing event, the current operating model appears unsustainable in the absence of continuous equity dilution.
As reported in recent filings, the company’s cash position of $10.5M appears insufficient to support the high costs of pivotal Phase 3 trials, suggesting that the firm may face significant pressure to execute dilutive financing rounds or secure strategic partnerships to avoid a liquidity crisis.
Short-term investors should be wary of the potential for further equity issuance, which could significantly impact shareholder value. The reliance on warrant-heavy financing structures warrants further investigation, as these instruments may create additional overhang and complicate the company's capital structure as it approaches critical clinical data readouts.
Quick answers to the most common questions about buying BCTXW stock.
For fiscal year 2025, BriaCell Therapeutics Corp. (BCTXW) reported total revenue of $0.0M.
BriaCell Therapeutics Corp. (BCTXW) reported a net loss of $26.5M for the fiscal year ending 2025.