BriaCell Therapeutics Corp. (BCTX): Business Model Canvas [Dec-2025 Updated]

You're diving into the Business Model Canvas of BriaCell Therapeutics Corp., and right away, you see the classic clinical-stage biotech reality: the value lives entirely in the pipeline, not in current sales. Honestly, for a company executing a pivotal Phase 3 trial for metastatic breast cancer, the numbers tell the story: $0.0 in product revenue for the fiscal year ended July 31, 2025, supported by burning through $20.81 million in R&D expenses that same year. So, how do they keep the lights on while pushing their novel, off-the-shelf vaccine platform forward? They raised over $28.8 million in equity capital in 2025 to fund this high-stakes run. Let's break down the nine building blocks that define this precise, capital-intensive strategy, from their key partnerships with institutions like Memorial Sloan Kettering to their reliance on regulatory bodies like the FDA for a path to market.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships BriaCell Therapeutics Corp. has locked in to drive its pipeline forward, which is key for a clinical-stage biotech. These aren't just names on a slide; they represent tangible resources and validation points. Honestly, the success of their platform hinges on these collaborations working as planned.

Memorial Sloan Kettering (MSK) Therapeutics Accelerator for Bria-OTS+ development

BriaCell Therapeutics Corp. has a collaboration with Memorial Sloan Kettering Cancer Center's Therapeutics Accelerator. This partnership specifically supports the Bria-OTS+™ and Bria-BRES+™ programs. The focus areas include manufacturing support and clinical protocol development for a planned Phase 1 trial of Bria-BRES+.

Receptor.AI for collaboration on AI-driven small molecule cancer therapeutics

BriaCell Therapeutics Corp., via its subsidiary BriaPro Therapeutics Corp., initiated a research collaboration with Receptor.AI. This partnership integrates AI-driven molecular design expertise to expand BriaPro's small-molecule pipeline. The goal is to design highly selective anti-cancer kinase inhibitors.

The collaboration is designed to accelerate the development of next-generation therapeutics with improved efficacy and safety profiles. This move strategically expands BriaCell Therapeutics Corp.'s focus beyond its cell-based immunotherapy platform.

Clinical research organizations (CROs) and 79 US clinical trial sites for Phase 3

The pivotal Phase 3 study for Bria-IMT in metastatic breast cancer (MBC) is supported by an extensive national network. This network is crucial for executing the trial, which has an FDA Fast Track designation.

Here are the key statistics related to the Phase 3 execution as of late 2025:

Metric	Value
Total Clinical Sites Enrolling	79
US States Covered	23
Top-Line Data Expectation	H1 2026
Patients in Pooled Interim Analysis	116

The primary endpoint for the interim analysis involves comparing Overall Survival (OS) between the Bria-IMT combination regimen and physician's choice once 144 patient events (deaths) occur.

University of Maryland, Baltimore County for soluble CD80 license agreement

BriaCell Therapeutics Corp. holds a license agreement with the University of Maryland, Baltimore County. This agreement grants rights to develop and commercialize soluble CD80 as a biologic agent for cancer treatment.

New York Cancer & Blood Specialists for pivotal Phase 3 study execution

New York Cancer & Blood Specialists (NYCBS) is a confirmed partner in the execution of the pivotal Phase 3 study of Bria-IMT plus an immune checkpoint inhibitor (CPI) in advanced breast cancer. NYCBS is listed among the noteworthy clinics participating in the national network.

The clinical data presented from related studies provides context for the potential value of these partnerships:

• Median Overall Survival in Phase 2 patients treated with Phase 3 formulation (since 2022): 17.3 months.
• Overall Survival for a subset (N=37) treated with selected Phase 3 formulation: 13.9 months versus 6.93 months for the alternate formulation (P=0.01).
• Phase 2 data showed continued overall survival benefit in 54 metastatic breast cancer patients.
• Potential predictive biomarkers identified in Phase 3 patients include:
  • Delayed-type hypersensitivity (DTH) with significance of p = 0.001.
  • Favorable Neutrophil-to-Lymphocyte Ratio (NLR) with significance of p = 0.02.
  • Presence of Circulating Tumor Cells (CTC) as negative prognostic marker with significance of p = 0.04.

To fund ongoing operations, including these critical trials, BriaCell Therapeutics Corp. anticipates needing approximately $120 million in additional financing through the year 2037.

For context on the company's financial position as of late 2025, the Market Cap was reported at $18.84M, with a previous closing stock price of $12.64. The Q2 2025 net loss was -$6.34 million, yielding an EPS of -$2.33.

Finance: draft 13-week cash view by Friday.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Key Activities

You're looking at the core engine of BriaCell Therapeutics Corp. (BCTX) right now-the activities that consume capital but are designed to generate the ultimate value: an approved therapy. It's a high-stakes game of execution, and the numbers tell you exactly where the focus is.

Executing the pivotal Phase 3 Bria-ABC trial for metastatic breast cancer

The primary activity is driving the Bria-ABC study forward. This pivotal Phase 3 trial evaluates Bria-IMT plus an immune checkpoint inhibitor (CPI) versus physician's choice in advanced metastatic breast cancer (MBC). The Bria-IMT regimen holds a Fast Track Designation from the US FDA, which underscores the urgency and potential regulatory pathway.

Enrollment is nearing completion, with the company anticipating finishing patient enrollment in late 2025 or early 2026. The primary endpoint for top-line data is Overall Survival (OS) analysis, which will occur once 144 patient events (deaths) are reached. An interim analysis is scheduled for the first half of 2026 (1H2026).

Key operational metrics for this activity include:

Metric	Value/Status as of Late 2025
Trial Status	Ongoing, Pivotal Phase 3 (NCT06072612)
US Clinical Sites	Expanded to 79 sites
Interim Analysis Expected	1H2026
Enrollment Completion Anticipated	Late 2025 or Early 2026
Patients in Pooled Interim Analysis (SABCS 2025)	116 patients with available MHC subtyping
Patients Evaluated at ESMO 2025 (Blinded Data)	68 evaluable patients
Median Prior Lines of Treatment (ESMO 2025)	6 prior lines (range 2-13)

Research and development (R&D) of next-generation Bria-OTS+ platform

BriaCell Therapeutics Corp. is actively developing its next-generation Personalized Off-the-Shelf (Bria-OTS+) platform. This involves preclinical work and preparing for future clinical trials, which requires dedicated funding and manufacturing scale-up.

Evidence of this R&D focus includes:

• Presenting robust anti-cancer activity data for the Bria-OTS+ platform at SITC 2025 (November 7, 2025).
• Lead candidates, Bria-BRES+™ (breast cancer) and Bria-PROS+™ (prostate cancer), were completing GMP manufacturing for planned clinical trials.
• Securing a $2 million National Cancer Institute (NCI) Small Business Innovative Research (SBIR) award to support manufacturing and clinical evaluation of Bria-PROS+.
• Initiating a collaboration with Receptor.AI in November 2025 to design small molecule cancer therapeutics for the BriaPro subsidiary.
• Partnering with Memorial Sloan Kettering Cancer Center for manufacturing support and clinical protocol development for a Phase 1 trial of Bria-BRES+.

Securing capital via public offerings to fund the high burn rate

Running complex, late-stage trials demands significant cash, and BriaCell Therapeutics Corp. has been active in the capital markets to sustain operations. The need for funding is clear, as management estimated their cash runway would only last through July 2025 as of September 2025.

The most recent significant capital raise found was in July 2025:

Financing Activity	July 2025 Public Offering Details
Gross Proceeds	$15 million
Units Priced	12 million units
Price Per Unit	$1.25 per unit
Warrant Exercise Price	$1.50 per share
Warrant Term	Five-year expiration term

Looking at the Q1 2025 financial period (ended January 31, 2025), the company's cash flow profile was:

• Cash used in operating activities: $12,875,298.
• Cash provided by financing activities: $17,176,863.
• R&D and clinical trial expenses for that quarter were $5,684,777.

Managing and expanding the proprietary intellectual property (IP) portfolio

While specific patent counts aren't in the latest data, the activity centers on advancing the core IP-the Bria-IMT and Bria-OTS+ platforms-through clinical validation, which is the primary driver of IP value in this sector. The FDA Fast Track Designation for Bria-IMT is a key regulatory milestone that validates the novelty and potential of the underlying IP.

The expansion of the Bria-OTS+ platform into Bria-BRES+™ and Bria-PROS+™, supported by the $2 million NCI SBIR award, shows a clear strategy to broaden the application of their core technology, thereby expanding the IP estate across multiple cancer types.

Presenting clinical data at major oncology conferences (e.g., SABCS 2025)

Presenting data is critical for validating the science and maintaining investor and regulatory interest. BriaCell Therapeutics Corp. was highly active in late 2025:

The company presented three clinical poster presentations at the San Antonio Breast Cancer Symposium (SABCS) between December 9 and December 12, 2025.

Key presentations included:

• Phase 3 biomarker data (Late-Breaking Abstract Number: 3688).
• Phase 2 survival results (Abstract Number: 3713).
• Data on Th1-biased cytokine signatures as biomarkers (Abstract Number: 1614).

Additionally, BriaCell presented clinical biomarker data from the Phase 3 study at the European Society for Medical Oncology (ESMO) Congress 2025 in October.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Key Resources

You're looking at the core assets BriaCell Therapeutics Corp. needs to execute its strategy. These aren't just ideas; they are the tangible and intangible things the company owns or controls that make the business work.

The foundation rests on its proprietary technology platforms, which are the engines for its product pipeline.

• Proprietary Bria-IMT™ allogeneic whole-cell cancer vaccine platform.
• Bria-OTS+ next-generation, off-the-shelf immunotherapy platform.

The clinical data generated from these platforms is a critical resource, especially for a clinical-stage company. For instance, the Phase 2 study of Bria-IMT™ in metastatic breast cancer reported a Median Overall Survival of 17.3 months in patients treated with the Phase 3 formulation. Also, Meaningful Clinical Benefit was observed in 83% of an evaluable patient sub-group treated with that formulation. The Phase 1/2 study involved 54 metastatic breast cancer patients receiving the Bria-IMT regimen with an anti-PD-1 checkpoint inhibitor. Furthermore, the Bria-OTS+ platform received a boost with a $2 million National Cancer Institute (NCI) Small Business Innovative Research (SBIR) award announced on August 25, 2025, supporting Bria-PROS+ development.

Intellectual property forms a protective moat around this technology. BriaCell Therapeutics Corp. has a portfolio of owned and licensed intellectual property covering its core technology. Specific patent terms illustrate this asset's longevity:

Patent Type/Coverage	Jurisdiction	Expiration/Term End Date
Personalized off-the-shelf cell-based immunotherapy (US Patent No. 11,559,574 B2)	US	May 25, 2040
Whole-cell cancer immunotherapy technology (JP Patent No. 6901505)	Japan	February 27, 2037
HLA allele profile matching methods (NZ Patent No. 785587)	New Zealand	February 27, 2037

Securing the necessary cash to fund operations and clinical trials is a non-negotiable resource for a development-stage company. BriaCell Therapeutics Corp. raised financial capital from public offerings, totaling over $28.8 million in 2025. To be fair, a specific July 2025 public offering priced 12 million units at $1.25 per unit, including warrants exercisable at $1.50 per share with a five-year term. Looking at the balance sheet as of January 31, 2025, cash provided by financing activities for the quarter was $17,176,863, while total assets stood at $9,363,567, with positive working capital of $1,931,735.

The human capital-the expertise of the team-is vital for navigating complex immuno-oncology development. This includes key scientific and clinical personnel expertise.

• President & Chief Executive Officer, Dr. William V. Williams, has over 35 years of industry and academic expertise.
• Dr. Alexander Kharazi, co-inventor of Bria-IMT™, brings over thirty years of knowledge in developing novel immuno-therapeutics.
• The Chief Medical Officer, Dr. Giuseppe Del Priore, has over 25 years of experience in research, drug development, and clinical trials management.

The pivotal Phase 3 trial for metastatic breast cancer is a major operational asset, having expanded to 79 sites across the United States.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why BriaCell Therapeutics Corp. is positioning its Bria-IMT regimen in the metastatic breast cancer (MBC) space. The value here isn't just about a new drug; it's about differentiated clinical performance in a very tough patient population.

Potential for improved overall survival in heavily pre-treated MBC patients is a major draw. For your analysis, consider the Phase 2 data where patients treated with the Phase 3 formulation (since 2022) achieved a median Overall Survival (OS) of 17.3 months, which the company states is superior to outcomes reported for comparable patients in the literature. Also, in the most recent Phase 2 cohort of 25 patients, BriaCell reported a 52% one-year survival rate, which is a key metric that exceeds current standard of care expectations for similar patients. Honestly, these patients are heavily treated; the median was six prior systemic therapies, and 44% had already failed a prior antibody-drug conjugate (ADC).

The product itself offers a logistical advantage: it's an allogeneic (off-the-shelf) cancer vaccine for easier administration. Bria-IMT is described as a patented, off-the-shelf, cell-based, targeted immunotherapy. This contrasts with personalized cell therapies, as 'off-the-shelf' implies immediate availability without the lead time for patient-specific manufacturing.

From a regulatory and development standpoint, the FDA Fast Track designation for Bria-IMT combination regimen is a significant de-risking factor. This designation reflects the significant unmet medical need in MBC. The pivotal Phase 3 study is being conducted under this Fast Track status, which generally facilitates more frequent communication with the FDA and potentially a faster review timeline upon submission.

The value proposition is further grounded in the novel mechanism to activate both innate and adaptive immune systems. This is evidenced by translational data presented at scientific meetings. For instance, positive delayed-type hypersensitivity (DTH) response showed a statistical link to better outcomes in Phase 3 patients.

Here are some key mechanistic and biomarker correlations BriaCell Therapeutics Corp. is using to define its patient population:

• Positive delayed-type hypersensitivity (DTH) showed p = 0.001 for longer PFS in Phase 3.
• Th1-biased cytokine signatures are candidate predictive biomarkers.
• No treatment-related discontinuations were reported in the Phase 2 study.

The company is heavily leaning into a precision medicine approach using biomarkers like Neutrophil to Lymphocyte Ratio (NLR) to predict clinical benefit. This allows for better patient selection, which is crucial for maximizing trial success and future commercial adoption. The data is quite concrete here, showing a clear separation in progression-free survival (PFS) based on baseline NLR levels.

Here's the quick math on the NLR as a potential predictor of clinical benefit, based on pooled, blinded Phase 3 data mirroring Phase 2 findings:

Biomarker Status (NLR)	Median Progression-Free Survival (PFS)	Hazard Ratio (HR) vs. Others	P-value
0.7 to 2.3	4.5 months	0.5	0.005
Less than 0.7 or Greater than 2.3	2.5 months	N/A	N/A

What this estimate hides is that the Phase 3 PFS data comparing Bria-IMT combination versus physician's choice remains blinded at the time of the latest update, so this table reflects the biomarker correlation within the Bria-IMT treated group itself. Finance: draft 13-week cash view by Friday.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Customer Relationships

You're looking at how BriaCell Therapeutics Corp. manages its critical relationships in the clinical and investment spheres as of late 2025. For a clinical-stage biotech, these relationships aren't just about sales; they are about validation, funding, and ultimately, patient access.

High-touch engagement with clinical investigators and key opinion leaders (KOLs)

BriaCell Therapeutics Corp. focuses heavily on the medical community driving its clinical programs. This engagement is evidenced by the active management of its pivotal Phase 3 study, NCT06072612, which now features 79 clinical sites across 23 US states as of October 21, 2025. Dr. William V. Williams, BriaCell's President and CEO, and Dr. Giuseppe Del Priore, Chief Medical Officer, are central figures in communicating trial progress and data to these investigators and KOLs.

Furthermore, the company actively seeks partnerships to advance its pipeline. BriaCell Therapeutics Corp. announced acceptance into Memorial Sloan Kettering Cancer Center's (MSK's) Therapeutics Accelerator 2025 Cohort program to expedite Bria-OTS+ development, which includes access to MSK's expertise in GMP manufacturing and regulatory strategy support. Also, BriaCell accepted a Letter of Intent from Weill Cornell Medicine to initiate a clinical trial of Bria-IMT in high-risk early-stage Triple Negative Breast Cancer. These collaborations represent deep, high-touch engagements with leading medical institutions.

Scientific validation via peer-reviewed publications and conference presentations

Scientific validation is the currency of trust in this industry, and BriaCell Therapeutics Corp. has been actively presenting data throughout 2025. They presented at the American Association for Cancer Research (AACR) Annual Meeting from April 25th - 30th, 2025, and the American Society of Clinical Oncology (ASCO) Annual Meeting from May 30 - June 3, 2025. More recently, they presented at the European Society for Medical Oncology (ESMO) Congress 2025, taking place October 17 - 21, 2025, in Berlin, Germany. The company is scheduled to present at the San Antonio Breast Cancer Symposium (SABCS®) from December 9-12, 2025, with three poster presentations scheduled for December 10, 2025.

The data presented validates the Bria-IMT regimen, which has received Fast Track Designation from the US FDA. Here's a look at some of the key efficacy metrics shared from their clinical programs, which form the basis of these scientific discussions:

Metric/Study Cohort	Value/Result	Context/Comparison
Phase 2 Bria-IMT + CPI (Phase 3 Formulation) Median Overall Survival (OS)	13.4 months	Comparable to ASCENT (11.8 months) and exceeded Treatment of Physician's Choice (TPC) arms (6.9 months)
Phase 2 Bria-IMT + CPI Clinical Benefit Rate (CBR)	61%	Outperformed ASCENT (40%) and TROPiCS-02 (34%)
Phase 2 Bria-IMT + CPI Objective Response Rate (ORR)	14%	Matched or exceeded TPC arms in comparator studies
Phase 3 Study Interim Analysis Patients with available MHC subtyping	116 patients	Interim analysis expected in 1H2026

Copies of the presentations are made available on the BriaCell website at https://briacell.com/scientific-publications/ following the events. This consistent scientific output keeps the data fresh for the medical community.

Direct communication with investors through press releases and filings

BriaCell Therapeutics Corp. maintains a regular cadence of direct communication with its investors, primarily through press releases and mandatory SEC filings. You can track their financial health and corporate actions this way. For instance, the company announced the closing of an underwritten public offering on April 28, 2025, which brought in gross proceeds of approximately $13.8 million. The net proceeds were earmarked for working capital and business objectives.

Financially, the latest reported earnings for Q3 2025, announced on June 13, 2025, showed an EPS of -$16.40, beating the consensus estimate of -$17.60 by $1.20. For the last reported fiscal year 2025 ending July 31, 2025, BriaCell Therapeutics Corp. reported annual earnings of -$26.6 million, representing a 438.5% growth year over year. The company is estimated to report its next earnings on December 15, 2025. Transparency is also maintained through filings, such as the 10-K Annual Report filed on 10/16/2025.

The company also uses direct engagement events; BriaCell Therapeutics Corp. conducted two virtual investor presentations in June 2025, on Thursday, June 12, and Thursday, June 26, arranged by Renmark Financial Communications Inc. These events are key for direct dialogue.

Patient advocacy and support focused on unmet medical needs

The core relationship here is with the patient population suffering from advanced metastatic breast cancer, a group with significant unmet needs. The clinical data itself speaks to this relationship, as the Phase 2 study data showed promising results even in heavily pre-treated patients-a group where many other therapies have failed. For example, among patients who had failed a prior antibody-drug conjugate, the Clinical Benefit Rate (CBR) was 55% in the Phase 2 study. The median of 6 prior lines of treatment for patients in the Phase 3 study highlights the severity of the unmet need BriaCell is targeting.

The company's focus on precision medicine, using biomarkers like the Neutrophil to Lymphocyte Ratio (NLR) to predict clinical benefit, shows a commitment to helping oncologists deliver more targeted treatment options. The Phase 2 study showed that patients with an NLR of 0.7 - 2.3 had a Progression Free Survival (PFS) of 4.5 months versus 2.5 months for those with NLR > 2.3, with a Hazard Ratio (HR) of 0.5 (95% CI 0.3-0.8, p=0.005). This level of detail in biomarker analysis is intended to directly help physicians better serve their patients.

• Bria-IMT regimen received Fast Track Designation from US FDA.
• Phase 2 study showed responses in patients resistant to antibody-drug conjugates and checkpoint inhibitors.
• The company is committed to improving survival and clinical outcomes for patients with unmet medical needs.

Finance: draft 13-week cash view by Friday.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Channels

You're looking at how BriaCell Therapeutics Corp. (BCTX) gets its key activities-drug development, data sharing, regulatory interaction, and funding-out into the world. It's all about clinical execution and capital markets access for a clinical-stage biotech, so the channels are less about selling a product and more about proving the science and securing the runway.

Global network of clinical trial sites for drug development and testing

The primary channel for BriaCell Therapeutics Corp.'s drug development is its expanding network of clinical trial sites running the pivotal Phase 3 study for Bria-IMT plus immune checkpoint inhibitor (CPI) in advanced metastatic breast cancer (Bria-ABC; NCT06072612). This network is the physical conduit for testing the therapy and generating the data required for approval.

As of July 2, 2025, BriaCell Therapeutics Corp.'s Phase 3 study had 58 active clinical sites across 15 states. This network includes major centers like UCLA Health, Mayo Clinic, Los Angeles Cancer Network, and Smilow Cancer Hospital at Yale New Haven.

Here's a look at the scale of the clinical channel as of mid-2025:

Metric	Value	Context/Date
Active Clinical Sites (Phase 3)	58	As of July 2, 2025
States with Active Sites	15	As of July 2, 2025
Patients in Pooled Interim Analysis (Phase 3)	116	With available MHC subtyping
Patients in Phase 1/2 Study	54	Receiving Bria-IMT + anti-PD-1 CPI
Enrollment Completion Estimate	Late 2025 or early 2026	Anticipated timeline

The company anticipates completing patient enrollment in late 2025 or early 2026. The interim analysis for the pivotal Phase 3 trial is expected in the first half of 2026 (H1-2026).

Scientific and medical conferences (ESMO, SABCS, SITC) for data dissemination

Presenting clinical data at major scientific congresses is the critical channel for validating BriaCell Therapeutics Corp.'s science to the medical community, potential partners, and investors. This is where the raw trial data gets translated into accepted medical insights.

BriaCell Therapeutics Corp. actively used major conferences in 2025 to disseminate findings:

• Presented four data presentations at the American Society of Clinical Oncology (ASCO) Annual Meeting, May 30 - June 3, 2025.
• Presented robust anti-cancer activity of Bria-OTS+ at SITC 2025 on November 7, 2025.
• Announced two clinical data poster presentations at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany (October 17 - 21).
• Scheduled to present three clinical posters highlighting Phase 2 survival and Phase 3 biomarker data at the San Antonio Breast Cancer Symposium (SABCS) on December 10, 2025.

The stock price reacted to news of the SABCS presentations on November 25, 2025, closing at $9.94 that day, up 16.90%.

Regulatory bodies (FDA) for Fast Track designation and marketing approval

The U.S. Food and Drug Administration (FDA) acts as a crucial channel for accelerating BriaCell Therapeutics Corp.'s lead candidate toward market access. The Fast Track Designation is the formal mechanism facilitating this expedited pathway.

The Bria-IMT regimen has received Fast Track designation from the US FDA for metastatic breast cancer. This designation is maintained throughout the pivotal Phase 3 study.

Key regulatory milestones channel through the Data Safety Monitoring Board (DSMB):

• The independent DSMB completed its third scheduled safety data review in June 2025.
• The DSMB recommended the study continue without modifications, maintaining the Fast Track status.

The goal of this channel is to achieve full marketing approval following the Phase 3 data readout, which is targeted for H1-2026 for the interim analysis.

Investor relations and capital markets for funding activities

Capital markets are the essential channel for BriaCell Therapeutics Corp. to fund its ongoing clinical operations, which involve significant cash burn. Investor relations activities focus on communicating progress to secure necessary financing.

Financial data points reflecting capital market activity and operational burn rate as of late 2025:

For the quarter ended January 31, 2025, BriaCell Therapeutics Corp. reported cash provided by financing activities of $17,176,863. Total assets stood at $9,363,567, with positive working capital of $1,931,735. The company also announced a Composite Units Offering around July 16, 2025, in the amount of $14.998775 million.

Operational performance shows the need for this capital:

• Operating loss for the quarter ended January 31, 2025, was $7,169,443.
• Net loss for that same quarter was $6,337,828.
• Earnings for the trailing 12 months ending July 31, 2025, were -$26.6M.
• The latest reported quarterly earnings (Q3 2025, ending July 31, 2025) were -$8.3M.

The company also secured non-dilutive funding, being awarded a $2 Million NCI Grant in August 2025. The stock traded at $9.73 on November 28, 2025, and was reported at $0.33 per share on December 2, 2025. The next estimated earnings report date is December 15, 2025.

Finance: draft 13-week cash view by Friday.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Customer Segments

You're looking at the core groups BriaCell Therapeutics Corp. (BCTX) targets to bring their novel immunotherapies to market, focusing on the late 2025 landscape. This isn't about selling widgets; it's about getting clinical validation and eventual patient access.

Late-stage Metastatic Breast Cancer Patients

This is the immediate, primary patient population for their lead asset, Bria-IMT, which is in a pivotal Phase 3 trial (Bria-ABC) for advanced metastatic breast cancer (MBC) patients who have exhausted other options. The trial is designed to generate the data needed for potential full approval and marketing authorization.

Here are the key numbers defining this segment's current engagement:

Trial Status/Endpoint Metric	Data Point
Pivotal Phase 3 Study Primary Endpoint Trigger	Interim analysis planned after 144 patient events (deaths)
Phase 3 Pooled Interim Analysis Patient Count	116 patients analyzed for biomarker/safety data
Phase 1/2 Study Patient Count	54 metastatic breast cancer patients
Phase 3 Enrollment Completion Estimate	Late 2025 or early 2026
Top-Line Data Expectation	First half of 2026 (H1-2026)

The focus here is on patients whose medical needs remain unmet, as stated by BriaCell Therapeutics Corp. President & CEO, William V. Williams, MD.

Oncologists and Clinical Investigators

These professionals are the gatekeepers who enroll patients in the trials and, eventually, prescribe the approved therapy. Their interest is driven by clinical data, safety profiles, and the potential for improved patient outcomes, especially with precision medicine tools.

The reach into this segment is quantified by the clinical trial footprint:

• Phase 3 study sites active across 15 states.
• Total active clinical sites reported as 58 as of July 2025.
• Total active clinical sites reported as 79 as of December 2025.

Clinical investigator interest in the Bria-ABC study has been noted as exceeding expectations. Furthermore, BriaCell Therapeutics Corp. is collaborating with Memorial Sloan Kettering Cancer Center's (MSK's) Therapeutics Accelerator 2025 Cohort program to advance Bria-OTS+.

Pharmaceutical Companies Seeking Oncology Assets

This segment represents potential strategic partners for licensing, co-development, or acquisition, especially as BriaCell Therapeutics Corp. advances its pipeline, including Bria-OTS+, their next-generation personalized off-the-shelf immunotherapy, for multiple indications.

Financial context for potential partners includes:

• BriaCell Therapeutics Corp. reported annual earnings of -$26.6M for the fiscal year ending July 31, 2025.
• The company reported Q3 2025 earnings of -$8.3M.
• The company reported no long-term debt.
• The company's market capitalization was reported at $18.31 million as of December 2025.

The Bria-OTS+ platform is being accelerated with support from MSK for services including GMP manufacturing and IND Application preparation.

Patients with Other Solid Tumors (Future Pipeline)

BriaCell Therapeutics Corp. is developing Bria-OTS for indications beyond breast cancer, specifically mentioning prostate cancer. This represents the future expansion of the customer base post-initial MBC commercialization.

Pipeline focus areas include:

• Bria-OTS+ is being accelerated for multiple cancer indications including prostate cancer.
• BriaCell also develops Bria-OTS, personalized off-the-shelf immunotherapies for breast and prostate cancer.

The Bria-OTS+ platform is being explored in collaboration with MSK for these indications.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Cost Structure

When you look at BriaCell Therapeutics Corp. (BCTX), you see a company whose cost structure is almost entirely dictated by its clinical pipeline. This isn't a company selling widgets; it's a firm burning capital to prove its science works in humans. The biggest drain, by far, is the engine driving the whole operation.

Dominantly Research and Development (R&D) expenses are the core cost, set at $20.81 million in FY 2025, as you specified. This massive outlay covers everything from lab work to running the actual patient studies. To be fair, this number is the baseline for any clinical-stage biotech aiming for a breakthrough therapy.

General and administrative (G&A) expenses are the necessary overhead to keep the lights on and the lawyers busy. For FY 2025, these came in around $5.9 million. This bucket includes the costs for maintaining your intellectual property (IP), which is absolutely critical for a cell-based therapy firm like BriaCell Therapeutics Corp. You can't afford to lose the patents on Bria-IMT™.

Here's a quick look at how the major operating costs stacked up for the full year ended July 31, 2025, compared to the prior year, based on available reports:

Cost Component (FY 2025)	Amount (Millions USD)	FY 2024 Amount (Millions USD)
Research & Development (R&D) Expenses	$21.3M	$27.2M
General and Administrative (G&A) Expenses	$5.9M	$6.2M
Total Operating Expenses (Reported)	$27.2M	$33.3M

Clinical trial execution and site management costs are embedded within that R&D spend, but they are a huge driver. For instance, the Phase 3 costs for Bria-IMT™ specifically rose to $13.5 million in FY 2025, up from $11.6 million the year before, showing the increasing scale of late-stage testing. This is where the money goes when you're treating patients in pivotal studies.

Costs associated with public offerings and capital raising activities are lumpy but essential for runway. You saw BriaCell Therapeutics Corp. price a $15 million public offering in July 2025, before deducting placement agent fees and offering expenses. Earlier in the year, they closed a roughly $13.8 million offering in April 2025, before underwriting discounts and expenses. These transactions incur direct costs-fees paid to investment banks like ThinkEquity-which reduce the net cash inflow available for operations.

Manufacturing and supply chain costs for cell-based therapies, while not explicitly itemized in the top-line expense reports I have access to for the full year, represent a significant, though perhaps less variable, cost compared to R&D. For personalized off-the-shelf therapies, this involves specialized production, quality control, and logistics, which are inherently high-cost per dose compared to small molecule drugs.

The key cost drivers you need to watch are:

• Scaling the Phase 3 pivotal trial for Bria-IMT™.
• Costs associated with IND filings for next-generation programs expected late 2025/early 2026.
• Legal and regulatory compliance fees for maintaining FDA Fast Track Designation.
• Site activation and patient enrollment costs for the Bria-OTS™ Phase 1/2 study.
• General corporate expenses, which were $1.48 million in the quarter ending January 31, 2025.

Finance: draft 13-week cash view by Friday.

BriaCell Therapeutics Corp. (BCTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of BriaCell Therapeutics Corp.'s operations as of late 2025. For a clinical-stage biotech, revenue streams are often less about current sales and more about capital generation and future value realization.

Here is the breakdown of the current and prospective revenue streams for BriaCell Therapeutics Corp.

Product Sales Revenue (Current)

• $0.0 in revenue from product sales for the fiscal year ended July 31, 2025.

This zero figure is typical for a company focused on late-stage clinical development, as commercial revenue only begins post-regulatory approval and market launch.

Financing Activities (Sustaining Operations)

BriaCell Therapeutics Corp. relies heavily on capital markets to fund its research and development, especially given the high costs associated with Phase 3 trials for Bria-IMT™.

The company executed significant equity raises in 2025 to sustain operations and advance its business objectives.

Financing Event	Date Closed	Gross Proceeds	Primary Use of Proceeds
Public Offering (Units)	July 16, 2025	$15 million	Working capital, general corporate purposes, advancement of business objectives
Public Offering (Common Shares)	February 5, 2025	$3.05 million	Working capital requirements, general corporate purposes, advancing business objectives

The July 2025 offering consisted of 12 million units priced at $1.25 per unit, with each unit including one common share (or pre-funded warrant) and one warrant exercisable at $1.50 per share. This capital raise is defintely crucial for maintaining runway.

Future Potential Revenue Streams

The long-term revenue potential hinges on successful clinical outcomes and strategic deal-making.

• Future potential milestone payments from strategic pharmaceutical partnerships.
• Future potential product sales of Bria-IMT™ post-regulatory approval.

BriaCell Therapeutics Corp. continues to focus on advancing Bria-IMT™ targeted immunotherapy in combination with an immune checkpoint inhibitor in a pivotal Phase 3 study in metastatic breast cancer. Recent activity, such as the collaboration announced on November 20, 2025, with Receptor.AI for AI-driven small molecule cancer therapeutics, signals potential for future non-dilutive funding through upfront payments or milestone structures tied to those new programs.

The table below summarizes the non-current revenue components:

Revenue Type	Status/Trigger	Financial Impact
Milestone Payments	Achievement of pre-defined clinical or regulatory success in partnership programs	Variable, non-recurring cash inflow
Bria-IMT™ Sales	FDA/Health Canada regulatory approval and subsequent commercialization	Long-term, recurring product revenue