Cover
Cover | 9 Months Ended |
Apr. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2022 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --07-31 |
Entity File Number | 001-40101 |
Entity Registrant Name | BRIACELL THERAPEUTICS CORP. |
Entity Central Index Key | 0001610820 |
Entity Address, Address Line One | Suite 300 – 235 15th Street |
Entity Address, City or Town | West Vancouver |
Entity Address, State or Province | BC |
Entity Address, Postal Zip Code | V7T 2X1 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) | Apr. 30, 2022 | Jul. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 44,527,164 | $ 57,268,685 |
Amounts receivable | 14,532 | 12,574 |
Prepaid expenses | 1,684,882 | 516,891 |
Total current assets | 46,226,578 | 57,798,150 |
Investments | 2 | 2 |
Intellectual property (Note 5) | 234,156 | 245,610 |
Total assets | 46,460,736 | 58,043,762 |
Current liabilities | ||
Accounts payable and accrued liabilities | 366,291 | 556,795 |
Total current liabilities | 366,291 | 556,795 |
Long term liabilities | ||
Warrant liability (Note 7) | 278,396 | 199,458 |
Government loans (Note 6) | 25,986 | |
Total long term liabilities | 278,396 | 225,444 |
Shareholders’ equity | ||
Share capital (Note 8) | 55,850,788 | 54,782,633 |
Share-based payment reserve (Note 9) | 5,358,280 | 2,178,130 |
Warrant reserve (Note 8) | 12,328,545 | 16,193,475 |
Accumulated other comprehensive loss | (138,684) | (138,684) |
Deficit | (27,582,880) | (15,754,031) |
Total shareholders’ equity | 45,816,049 | 57,261,523 |
Total liabilities and shareholders’ equity | $ 46,460,736 | $ 58,043,762 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Expenses: | ||||
Research and development costs (Note 13) | $ 2,543,481 | $ 1,125,425 | $ 5,152,672 | $ 1,440,080 |
General and administration costs (Note 14) | 2,302,281 | 3,681,228 | 5,910,274 | 3,937,092 |
Total expenses | 4,845,762 | 4,806,653 | 11,062,946 | 5,377,172 |
Operating loss | (4,845,762) | (4,806,653) | (11,062,946) | (5,377,172) |
Interest income | 35,987 | 54,373 | ||
Interest expense (Note 6) | (62,417) | (979) | (123,927) | |
Change in fair value of warrant liability (Note 7) | (29,910) | 8,879,154 | (78,938) | 8,879,154 |
Gain on government grant (Note 6) | 3,388 | |||
Loss on extinguishment of debt | (175,904) | (201,138) | ||
Foreign exchange loss | 228 | (884,536) | (5,779) | (884,536) |
Non Operating Expenses | 6,305 | 7,756,297 | (27,935) | 7,669,553 |
Profit (loss) for the period | (4,839,457) | 2,949,644 | (11,090,881) | 2,292,381 |
Other comprehensive income - Foreign currency translation adjustment | (115,591) | 53,235 | ||
Comprehensive profit (loss) for the period | $ (4,839,457) | $ 2,834,053 | $ (11,090,881) | $ 2,345,616 |
Earnings (loss) per share – basic and diluted | $ (0.32) | $ 0.63 | $ (0.72) | $ 1.12 |
Weighted average number of shares outstanding – basic and diluted | 15,358,947 | 4,744,036 | 15,486,028 | 2,047,495 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flow from operating activities | ||
Net profit (loss) for the period | $ (11,090,881) | $ 2,292,381 |
Items not affecting cash: | ||
Depreciation and amortization | 11,454 | 11,443 |
Share-based compensation | 3,204,704 | 2,007,506 |
Interest expense | 979 | 21,261 |
Foreign exchange adjustments | 884,536 | |
Gain from government grant | (3,388) | |
Loss on extinguishment of settlement of debt | 201,138 | |
Change in fair value of warrants | 78,938 | (8,879,154) |
Changes in non-cash working capital: | ||
Amounts receivable | (1,958) | 6,715 |
Prepaid expenses | (1,167,991) | (637,112) |
Accounts payable and accrued liabilities | (190,504) | (1,713,000) |
Net cash from operating activities | (9,158,647) | (5,804,286) |
Cash flow from financing activities | ||
Proceeds from public offering, net | 29,731,961 | |
Proceeds from exercise of warrants | 6,509,768 | |
Share and warrant buyback program | (10,069,065) | |
Repayment government grant | (23,577) | |
Proceeds from receipt of short-term loans | 35,000 | |
Proceeds from issuance of convertible loans | 215,710 | |
Share issuance costs | (2,767,924) | |
Repayment of unsecured convertible loan | (309,642) | |
Change in fair value of warrants | 72,693 | |
Repayment of short-term loans | (274,000) | |
Net cash from financing activities | (3,582,874) | 26,703,798 |
Increase (decrease) in cash | (12,741,521) | 20,899,512 |
Effects of changes in foreign exchange | (856,459) | |
Cash, beginning of the period | 57,268,685 | 21,249 |
Cash, end of the period | 44,527,164 | 20,064,302 |
Supplementary information: | ||
Shares issued for settlement of debt | $ 329,670 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Issued capital [member] | Reserve of share-based payments [member] | Warrant reserve [member] | Accumulated other comprehensive income [member] | Retained earnings [member] | Total |
Beginning balance, value at Jul. 31, 2020 | $ 12,263,858 | $ 597,551 | $ 1,849,335 | $ (138,684) | $ (18,169,480) | $ (3,597,420) |
Beginning balance, shares at Jul. 31, 2020 | 721,962 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Issuance of warrants on convertible debt | 43,980 | 43,980 | ||||
Issuance of shares in public offering | $ 12,357,799 | 790,148 | 13,147,947 | |||
Issuance of shares in public offering, shares | 6,764,705 | |||||
Issuance of shares for debt (Note 8c(ii)) | $ 329,670 | 329,670 | ||||
Issuance of shares for debt (Note 8c(ii)), shares | 50,000 | |||||
Conversion feature | $ 28,712 | 28,712 | ||||
Expiration of warrants | (1,599,468) | 1,599,468 | ||||
Expiration of options | (12,055) | 283,808 | 271,753 | |||
Issuance of options | 1,968,226 | 1,968,226 | ||||
Loss for the period | 2,292,381 | 2,292,381 | ||||
Ending balance, value at Apr. 30, 2021 | $ 24,980,039 | 2,553,722 | 1,083,995 | (138,684) | (13,993,823) | 14,485,249 |
Ending balance, shares at Apr. 30, 2021 | 7,536,667 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Expiration of options | (375,592) | 103,839 | (271,753) | |||
Loss for the period | (2,720,715) | (2,720,715) | ||||
Historic foreign currency adjustments | 856,668 | 856,668 | ||||
Issuance of shares in private placement | $ 13,611,136 | 11,084,060 | 24,695,196 | |||
Issuance of shares in private placement, shares | 5,170,343 | |||||
Reclassification of warrant liability | 6,621,347 | 6,621,347 | ||||
Exercise of warrants | 16,191,458 | (2,595,927) | $ 13,595,531 | |||
Exercise of warrants, shares | 2,562,573 | |||||
Ending balance, value at Jul. 31, 2021 | $ 54,782,633 | 2,178,130 | 16,193,475 | (138,684) | (15,754,031) | $ 57,261,523 |
Ending balance, shares at Jul. 31, 2021 | 15,269,583 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Expiration of options | (24,554) | 24,554 | ||||
Loss for the period | (11,090,881) | (11,090,881) | ||||
Exercise of representation warrants (Note 8a(ii)) | $ 1,644,604 | (1,644,604) | ||||
Exercise of representation warrants (Note 8a(iii)), shares | 219,453 | |||||
Exercise of private placement warrants (Note 8a(iii)) | $ 8,119,743 | (1,947,074) | 6,172,669 | |||
Exercise of private placement warrants (Note 8a(iii)), shares | 997,200 | |||||
Exercise of public offering warrants (Note 8a(iii)) | $ 401,822 | (64,723) | 337,099 | |||
Exercise of public offering warrants (Note 8a(iii)), shares | 63,454 | |||||
Issuance of options (Note 9d) | 3,204,704 | 3,204,704 | ||||
Shares repurchased and cancelled (Note 8a(iv)) | $ (9,098,014) | (9,098,014) | ||||
Shares repurchased and cancelled (Note 8a(iv)), shares | (1,031,672) | |||||
Warrants repurchased and cancelled (Note 8a(iv)) | (208,529) | (762,522) | (971,051) | |||
Ending balance, value at Apr. 30, 2022 | $ 55,850,788 | $ 5,358,280 | $ 12,328,545 | $ (138,684) | $ (27,582,880) | $ 45,816,049 |
Ending balance, shares at Apr. 30, 2022 | 15,518,018 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Apr. 30, 2022 | |
Nature Of Operations | |
Nature of Operations | 1. Nature of Operations BriaCell Therapeutics Corp. (“BriaCell”, the “Company”) was incorporated under the Business Corporations Act (British Columbia) on July 26, 2006 and is listed on the Toronto Stock Exchange under the symbol “BCT” and on the Nasdaq Capital Market under the symbols “BCTX” and “BCTXW”. The Company is developing a new therapy for advanced breast cancer. The Company’s head office in Canada is located at Suite 300 – 235 West 15th Street, West Vancouver, British Columbia, V7T 2X1 and in the United States, the Company has an office located at 2929 Arch Street, 4 th |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Apr. 30, 2022 | |
Basis of Presentation | 2. Basis of Presentation Statement of Compliance The Company prepares its unaudited condensed interim consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) using the accounting policies described herein as issued by International Accounting Standards Board (“IASB”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations. These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34 Interim Financial Reporting. The unaudited condensed interim consolidated financial statements do not include all of the information required for annual consolidated financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended July 31, 2021. The policies applied in these condensed interim consolidated financial statements are based on IFRS effective as of April 30, 2022. Basis of Presentation These condensed interim consolidated financial statements are prepared on a going concern basis and have been presented in the United States dollars which is the Company’s reporting currency. The preparation of financial data is based on accounting principles and practices consistent with those used in the preparation of the audited consolidated financial statements as of July 31, 2021. The accompanying condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended July 31, 2021. Basis of Measurement These condensed interim consolidated financial statements have been prepared on a going concern basis, under the historical cost basis, except for certain financial instruments which have been measured at fair value. Basis of Consolidation These condensed interim consolidated financial statements include the accounts of BriaCell and its wholly-owned US subsidiary BriaCell Therapeutics Corp. (“BTC”) and BTC’s wholly owned subsidiary – Sapientia Pharmaceuticals, Inc. (“Sapientia”). The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control commenced until the date control ceases. Control exists when the Company has the power directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Company applies the acquisition method to account for business combinations in accordance with IFRS 3. All inter–company balances, and transactions, have been eliminated upon consolidation. BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 2. Basis of Presentation (continued) Functional Currency and Presentation Currency The financial statements of each company within the consolidated group are measured using their functional currency which is the currency of the primary economic environment in which an entity operates. As of May 1, 2021, the Company changed its functional currency from the Canadian dollar (C$) to the United States dollar (US$). The change in presentation currency is a voluntary change which is accounted for retrospectively. For comparative reporting purposes, historical financial information has been translated to United States dollars which is disclosed in the tables below using the exchange rate as of May 1, 2021, which is the date of the change in the functional and presentation currency. The following shows the restatement of prior period information: Schedule of Restatement of Prior Period Information Foreign 2021 Three month period ended April 30, 2021 Foreign 2021 Expenses: Research and development costs 1,382,586 (257,161 ) 1,125,425 General and administration costs 4,522,393 (841,165 ) 3,681,228 Total expenses 5,904,979 (1,098,326 ) 4,806,653 Operating loss (5,904,979 ) 1,098,326 (4,806,653 ) Interest expense (76,679 ) 14,262 (62,417 ) Change in fair value of warrant liability 10,908,051 (2,028,897 ) 8,879,154 Loss on extinguishment of debt (216,098 ) 40,194 (175,904 ) Foreign exchange loss (1,086,653 ) 202,117 (884,536 ) Non Operating Expenses 9,528,621 (1,772,324 ) 7,756,297 Profit (loss) for the period 3,623,642 (673,998 ) 2,949,644 Other comprehensive income - Foreign currency translation adjustment (142,004 ) 26,413 (115,591 ) - Comprehensive loss for the period 3,481,638 (647,585 ) 2,834,053 Earnings (loss) per share – basic and diluted 0.77 (0.14 ) 0.63 Weighted average number of shares outstanding – basic and diluted 4,744,036 - 4,744,036 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 2. Basis of Presentation (continued) Functional Currency and Presentation Currency (continued) Foreign 2021 Nine month period ended April 30, 2021 Foreign 2021 Expenses: Research and development costs 1,769,140 (329,060 ) 1,440,080 General and administration costs 4,836,722 (899,630 ) 3,937,092 Total expenses 6,605,862 (1,228,690 ) 5,377,172 Operating loss (6,605,862 ) 1,228,690 (5,377,172 ) Interest expense (152,245 ) 28,318 (123,927 ) Change in fair value of warrant liability 10,908,051 (2,028,897 ) 8,879,154 Loss on extinguishment of debt (247,098 ) 45,960 (201,138 ) Foreign exchange loss (1,086,653 ) 202,117 (884,536 ) Non Operating Expenses 9,422,055 (1,752,502 ) 7,669,553 Profit (loss) for the period 2,816,193 (523,812 ) 2,292,381 Other comprehensive income - Foreign currency translation adjustment 65,399 (12,164 ) 53,235 Comprehensive loss for the period 2,881,592 (535,976 ) 2,345,616 Earnings (loss) per share – basic and diluted 1.38 (0.26 ) 1.12 Weighted average number of shares outstanding – basic and diluted 2,047,495 - 2,047,495 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 2. Basis of Presentation (continued) Functional Currency and Presentation Currency (continued) Foreign 2021 Nine month period ended April 30, 2021 reported, CAD Foreign 2021 Cash flow from operating activities Net profit for the period 2,816,193 (523,812 ) 2,292,381 Items not affecting cash: Depreciation and amortization 14,058 (2,615 ) 11,443 Share-based compensation 2,466,224 (458,718 ) 2,007,506 Accrued interest expense 26,119 (4,858 ) 21,261 Loss on extinguishment of debt 247,098 (45,960 ) 201,138 Foreign exchange adjustments 1,086,653 (202,117 ) 884,536 Change in fair value of warrants (10,908,051 ) 2,028,897 (8,879,154 ) Changes in non-cash working capital: Amounts receivable 8,249 (1,534 ) 6,715 Prepaid expenses (782,693 ) 145,581 (637,112 ) Accounts payable and accrued liabilities (2,104,422 ) 391,422 (1,713,000 ) Net cash from operating activities (7,130,572 ) 1,326,286 (5,804,286 ) Cash flow from financing activities Proceeds from public offering, net 36,525,750 (6,793,789 ) 29,731,961 Proceeds from issuance of convertible loans 265,000 (49,290 ) 215,710 Share issuance costs (3,400,398 ) 632,474 (2,767,924 ) Repayment of unsecured convertible loan (380,395 ) 70,753 (309,642 ) Proceeds from receipt of short-term loans 42,998 (7,998 ) 35,000 Change in fair value of warrants 89,303 (16,610 ) 72,693 Repayment of short-term loans (336,609 ) 62,609 (274,000 ) Net cash from financing activities 32,805,649 (6,101,851 ) 26,703,798 Increase (decrease) in cash 25,675,077 (4,775,565 ) 20,899,512 Effect of changes in foreign exchange (1,052,161 ) 195,702 (856,459 ) Cash, beginning of period 26,104 (4,855 ) 21,249 Cash, end of period 24,649,020 (4,584,718 ) 20,064,302 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2022 | |
Significant Accounting Policies | 3. Significant Accounting Policies The preparation of financial data is based on accounting principles and practices consistent with those used in the preparation of the audited consolidated financial statements as of July 31, 2021. The accompanying condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended July 31, 2021. |
Significant Accounting Judgment
Significant Accounting Judgments and Estimates | 9 Months Ended |
Apr. 30, 2022 | |
Significant Accounting Judgments And Estimates | |
Significant Accounting Judgments and Estimates | 4. Significant Accounting Judgments and Estimates The critical judgments and significant estimates in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are: ● Intangible assets with an infinite life are tested for impairment annually or more frequently if there is an indication of impairment. The carrying value of intangibles with definite lives is reviewed each reporting period to determine whether there is any indication of impairment. If there are indications of impairment the impairment analysis is completed and if the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and impairment loss is recognized. ● The Company uses the Black-Scholes option-pricing model to estimate fair value of options and the warrant liability at each reporting date. The key assumptions used in the model are the expected future volatility in the price of the Company’s shares and the expected life of the warrants. ● The Company and its subsidiaries are required to determine their functional currencies based on the primary economic environment in which each entity operates. In order to do that, management has to analyze several factors, including which currency mainly influences the cost of undertaking the business activities, in which currency the entity has received financing, and in which currency it keeps its receipts from operating activities. Management uses its judgment to determine which factors are most important when the above indicators are mixed and the functional currency is not obvious. |
Intellectual Property
Intellectual Property | 9 Months Ended |
Apr. 30, 2022 | |
Intellectual Property | 5. Intellectual Property The attributable intellectual property relates to Sapientia’s various patents, which the Company is amortizing over 20 years, consistent with its accounting policy. During the three and nine months ended April 30, 2022, the Company recorded $ 3,817 11,454 3,814 11,443 Schedule of Intellectual Property Costs Accumulated Amortization Net Book Value July 31, 2021: July 31, 2020 Additions July 31, 2021 July 31, 2020 Amortization July 31, 2021 July 31, 2021 $ 305,130 $ - $ 305,130 $ 44,263 $ 15,256 $ 59,520 $ 245,610 April 30, 2022: July 31, 2021 Additions April 30, 2022 July 31, 2021 Amortization April 30, 2022 April 30, 2022 $ 305,130 $ - $ 305,130 $ 59,520 $ 11,454 $ 70,974 $ 234,156 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) |
Loans
Loans | 9 Months Ended |
Apr. 30, 2022 | |
Loans | 6. Loans On December 13, 2021, the Company repaid the CEBA (Canada Emergency Business Account) loan in the amount of $ 23,577 3,388 For the three and nine months ended April 30, 2022, the Company recorded an interest expense of $ nil 979 nil 2,686 |
Warrant Liability
Warrant Liability | 9 Months Ended |
Apr. 30, 2022 | |
Warrant Liability | |
Warrant Liability | 7. Warrant Liability Following the change in the functional currency of the Company on May 1, 2021, the warrant liability as of April 30, 2021 ($ 6,621,347 In addition, certain warrants with an exercise price denominated in Canadian dollars are now being treated as a warrant liability, since the exercise price is denominated in a currency different than the functional currency of the Company. The fair value of these warrants, based on the Black-Scholes, as of July 31, 2021 and April 30, 2022 was $ 199,458 278,396 29,910 78,938 8,879,154 8,879,154 The following assumptions were used to determine the fair value at July 31, 2021 and at April 30, 2022: Schedule of Assumptions Used To Determine Fair Value July, 31, 2021 April 30, 2022 22,489 51,698 22,489 51,698 (Expired – Note Share price $ 5.23 $ 5.23 $ 6.96 CAD Exercise price in USD $ 29.30 $ 4.41 $ 4.26 Expected life 0.75 4.3 3.54 Annualized volatility 100 % 100 % 100 % Dividend yield 0 % 0 % 0 % Risk free rate 0.93 % 0.81 % 2.74 % BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) |
Share Capital and Warrant Reser
Share Capital and Warrant Reserve | 9 Months Ended |
Apr. 30, 2022 | |
Share Capital and Warrant Reserve | 8. Share Capital and Warrant Reserve a) Share capital (i) The authorized share capital consists of an unlimited number of common shares with no par value. As of April 30, 2022, the outstanding number of common shares is 15,518,018 (ii) During the nine-month period ended April 30, 2022, 554,991 5.68 219,453 (iii) During the nine-month period ended April 30, 2022, 63,454 5.31 337,099 997,200 6.19 6,172,669 1,060,654 (iv) Share buy-back program On September 9, 2021 the Company approved a repurchase program whereby the Company may purchase through the facilities of the TSX Venture or NASDAQ (i) up to 1,341,515 411,962 10 13,415,154 10 4,119,622 1,031,672 9,098,014 204,440 971,051 208,529 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 8. Share Capital and Warrant Reserve (continued) b) Share Purchase Warrants (i) During the nine-month period ended April 30, 2022, 22,489 28.08 (ii) A summary of changes in share purchase warrants for the year ended July 31, 2021, and for the nine-month period ended April 30, 2022, is presented below: Summary of Changes in Share Purchase Warrants Number of warrants outstanding Weighted average exercise price Balance, July 31, 2020 178,528 35.82 Granted in the Public Offering 5,882,353 5.31 Granted in the Over Allotment 882,352 5.31 Granted in the Private Placement 5,170,343 6.19 Granted from the issuance of a convertible note 69,188 4.41 Expired during the year (156,039 ) (36.26 ) Exercised during the year (2,562,573 ) (5.48 ) Balance, July 31, 2021 9,464,152 5.84 Expired during the period (Note 8b(i)) (22,489 ) (28.08 ) Exercised during the period (Note 8a(iii)) (1,060,654 ) (6.14 ) Repurchased and cancelled during the period (Note 8a(iv)) (204,440 ) (5.31 ) Balance, April 30, 2022 8,176,569 $ 5.75 (iii) As of April 30, 2022, warrants outstanding were as follows: Schedule of Number of Warrants Number of Exercise Price Exercisable At Expiry Date 51,698 $ 4.41 51,698 November 16, 2025 3,951,728 $ 5.31 3,951,728 February 26, 2026 - April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,176,569 8,176,569 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 8. Share Capital and Warrant Reserve (continued) c) Compensation Warrants (i) A summary of changes in compensation warrants for the years ended July 31, 2021 and the nine-month period ended April 30, 2022 is presented below: Summary of Changes in Compensation Warrants Number of warrants outstanding Weighted average exercise price Balance, July 31, 2020 13,790 35.16 Granted in the Public Offering 294,118 5.31 Granted in the Over Allotment 44,118 5.31 Granted in the Private Placement 258,517 6.19 Granted from the issuance of a convertible note 4,890 4.41 Expired during the year (13,790 ) (35.16 ) Balance, July 31, 2021 601,643 $ 5.68 Exercised (Note 8a(ii)) (554,991 ) (5.68 ) Balance, April 30, 2022 46,652 $ 5.66 (ii) As of April 30, 2022, compensation warrants outstanding were as follows: Schedule of Compensation Warrants Number of Exercise Price Exercisable At Expiry Date 4,890 $ 4.23 4,890 November 16, 2025 17,074 $ 5.31 17,074 February 26, 2026 24,688 $ 6.19 24,688 June 7, 2026 46,652 46,652 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) |
Share-Based Compensation and Sh
Share-Based Compensation and Share-Based Payment Reserve | 9 Months Ended |
Apr. 30, 2022 | |
Share-Based Compensation and Share-Based Payment Reserve | 9. Share-Based Compensation and Share-Based Payment Reserve The Company has adopted a stock option plan (the “Plan”) under which it is authorized to grant options to officers, directors, employees, and consultants enabling them to acquire up to 10 5 A summary of changes in stock options for the nine months ended April 30, 2022 and the year ended July 31, 2021, is presented below: Summary of Changes in Stock Options Number of options outstanding Weighted average exercise price Balance, July 31, 2020 19,969 $ 39.89 Granted 672,000 4.24 Expired (16,636 ) (38.32 ) Forfeited (667 ) (61.83 ) Balance, July 31, 2021 674,666 4.39 Granted (a-d) 787,300 5.74 Expired (f) (1,667 ) 46.80 Forfeited (f) (999 ) 30.04 Balance, April 30, 2022 1,459,300 $ 6.23 a) On September 1, 2021, the Company issued 100,000 5.74 518,134 6.79 5.74 5 100 0 0.80 b) On November 1, 2021, the Company issued 12,600 7.94 10,000 2,600 74,579 7.95 7.94 5 100 0 1.19 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 9. Share-Based Compensation and Share-Based Payment Reserve (continued) c) On January 13, 2022, the Company issued 524,700 options to directors, officers, and employees with an exercise price of $ 8.47 and expire on January 13, 2027. 482,300 of the options were granted to Insiders, as such term is defined in the Securities Act (British Columbia) and vest in four equal instalments every 90 days, with the first instalment vesting immediately. The remaining 42,400 options vest in eight equal instalments every 90 days, with the first instalment 3,141,999 based on the Black-Scholes option pricing model using the following assumptions: share price - $ 8.09 ; exercise price - $ 8.47 ; expected life – 5 years; annualized volatility – 100 %; dividend yield – 0 %; risk free rate – 1.47 %. d) On February 16, 2022, the Company issued 150,000 options to an officer with an exercise price of $ 7.51 and expire on February 16, 2027. The options vest in eight equal instalments every 90 days, with the first instalment vesting immediately. The fair value of the options was $ 863,522 based on the Black-Scholes option pricing model using the following assumptions: share price - $ 7.66 ; exercise price - $ 7.51 ; expected life – 5 years; annualized volatility – 100 %; dividend yield – 0 %; risk free rate – 1.92 %. e) The Company recognized stock-based compensation expense in relation to the vesting of options issued during the period of $ 1,586,128 3,204,704 2,007,507 2,007,507 f) During the nine-month period ending April 30, 2022, 1,667 24,554 999 g) As of April 30, 2022, stock options were outstanding for the purchase of common shares as follows: Schedule of Options Outstanding and Exercisable Number of Exercise Price Exercisable At Expiry Date 612,000 $ 4.24 612,000 March 29, 2026 60,000 $ 4.24 60,000 April 19, 2026 100,000 $ 5.74 100,000 September 1, 2026 12,600 $ 7.74 10,520 November 1, 2026 524,700 $ 8.47 251,750 January 13, 2027 150,000 $ 7.51 18,750 February 16, 2027 1,459,300 1,053,020 f) As of April 30, 2022, stock options outstanding have a weighted average remaining contractual life of 4.51 4.86 years). BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) |
Related Party Transactions and
Related Party Transactions and Balances | 9 Months Ended |
Apr. 30, 2022 | |
Related Party Transactions and Balances | 10. Related Party Transactions and Balances Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making operating and financial decisions. This would include the Company’s senior management, who are considered to be key management personnel by the Company. Parties are also related if they are subject to common control or significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. As of April 30, 2022, included in accounts payable and accrued liabilities are amounts owing to a company controlled by an officer in the amount of $ nil 6,283 108,947 42,247 During the three and nine month periods ended April 30, 2022 and 2021, the Company incurred the following expenses charged by directors and key management personnel or companies controlled by these individuals: Schedule of Key Management Transactions 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) Three month period ended Nine month period ended 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) a) Paid or accrued professional fees to a company controlled by an officer of the Company $ - $ 81,807 $ 76,627 $ 98,901 b) Paid or accrued consulting fees to companies controlled by individual directors. $ 24,768 $ 7,684 $ 62,440 $ 23,610 c) Paid or accrued wages and consulting fees to officers and directors $ 313,277 $ 98,140 $ 790,349 $ 299,076 d) Share based compensation to directors and officers $ 1,172,622 $ 1,714,506 $ 2,218,580 $ 1,714,506 |
Capital Management
Capital Management | 9 Months Ended |
Apr. 30, 2022 | |
Capital Management | 11. Capital Management The Company’s capital comprises share capital, share-based payment reserve, warrant reserve, and accumulated other comprehensive loss. The Company manages its capital structure, and makes adjustments to it, based on the funds available to the Company in order to support the Company’s business activities. The Board of Directors does not establish quantitative return on capital criteria for management; it relies on the expertise of the Company’s management to sustain future development of the business. The intellectual property in which the Company currently has an interest is in the development stage; as such, the Company is dependent on external financing to fund its activities. In order to carry out the planned research and development and pay for administrative costs, the Company intends to raise additional amounts as needed. |
Financial Risk Factors
Financial Risk Factors | 9 Months Ended |
Apr. 30, 2022 | |
Financial Risk Factors | 12. Financial Risk Factors The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: a) Credit risk Credit risk from balances with banks and financial institutions is managed by the Company’s management. Investments of surplus funds are made only with approval of management. The Company’s maximum exposure to credit risk for the components of the statement of financial position as of April 30, 2022, and July 31, 2021, is the carrying amounts of cash and cash equivalents included in the Company’s consolidated statement of financial positions. b) Liquidity risk The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities as they come due. As of April 30, 2022, the Company has working capital balance of $ 45,860,287 57,241,355 Schedule of Financial Risk Factors Carrying Contractual Within 1 1-2 years 2-5 years 5+ years Accounts payable and accrued liabilities $ 366,291 $ 366,291 $ 366,291 $ - $ - $ - $ 366,291 $ 366,291 $ 366,291 $ - $ - $ - c) Market Risk i. Interest rate risk Interest Rate risk is the risk that the fair value of a financial instrument will fluctuate because of changes in market interest rates. ii. Price risk As the Company has no revenues, price risk is remote. iii. Exchange risk The Company is exposed to foreign exchange risk as a portion of the Company’s transactions occur in Canadian Dollars (mainly costs relating to being a public company in Canada) and, therefore, the Company is exposed to foreign currency risk at the end of the reporting period through its Canadian denominated accounts payable and cash. As of April 30, 2022, a 5 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 12. Financial Risk Factors d) COVID-19 Since January 2020, the Coronavirus outbreak has dramatically expanded into a worldwide pandemic creating macro-economic uncertainty and disruption in the business and financial markets. Many countries around the world, including Canada and the United States have been taking measures designated to limit the continued spread of the Coronavirus, including the closure of workplaces, restricting travel, prohibiting assembling, closing international borders, and quarantining populated areas. Such measures present concerns that may dramatically affect the Company’s ability to conduct its business effectively. The Company may face difficulties recruiting or retaining patients in our ongoing and planned clinical trials if patients are affected by the virus or are fearful of visiting or traveling to our clinical trial sites because of the outbreak of COVID-19. In the event that clinical trial sites are slowed down or closed to enrolment in our trials, this could have a material adverse impact on our clinical trial plans and timelines. The Company is continuing to assess its business plans and the impact COVID-19 is having on the Company’s clinical trial timelines and the Company’s ability to recruit candidates for clinical trials. The extent to which COVID-19 and global efforts to contain its spread will impact our operations will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the outbreak and the actions taken to contain or treat the coronavirus outbreak. The Company currently believes that the execution of the clinical trials and research programs are delayed by at least one quarter due to COVID-19. |
Research and Development Costs
Research and Development Costs | 9 Months Ended |
Apr. 30, 2022 | |
Research and Development Costs | 13. Research and Development Costs Schedule of Research and Development Costs 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) Three month period ended Nine month period ended 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) Clinical Trials and Investigational drug costs $ 1,364,090 $ 162,670 $ 2,861,870 $ 283,259 Wages and salaries 580,506 235,060 1,390,154 413,915 Laboratory Rent 34,400 3,950 90,354 17,443 Supplies 131,605 - 211,996 - Professional fees - 4,265 30,589 5,983 Share-based compensation 432,880 719,480 567,709 719,480 Research and development costs $ 2,543,481 $ 1,125,425 $ 5,152,672 $ 1,440,080 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) |
General and Administration Cost
General and Administration Costs | 9 Months Ended |
Apr. 30, 2022 | |
General and Administration Costs | 14. General and Administration Costs Schedule of General and Administration Costs 2022 2021 Restated 2022 2021 Restated Three month period ended Nine month period ended 2022 2021 Restated 2022 2021 Restated Wages and salaries $ 173,862 $ 189,200 $ 540,481 $ 264,378 Professional fees 224,573 299,923 805,263 347,811 Consulting 118,081 173,993 354,852 241,797 Insurance 314,226 114,770 722,608 122,544 Regulatory, filing and transfer agent fees 42,656 24,688 233,764 33,273 Shareholder communications 144,048 76,795 379,423 98,503 Amortization 3,817 3,814 11,453 11,443 Rent 3,167 4,278 9,569 13,778 Travel 26,155 46 45,916 6,606 Other 98,448 14,609 169,950 17,847 Share-based compensation 1,153,248 1,288,027 2,636,995 1,288,027 NASDAQ uplisting expenses - 1,491,085 - 1,491,085 $ 2,302,281 $ 3,681,228 $ 5,910,274 $ 3,937,092 |
Commitments
Commitments | 9 Months Ended |
Apr. 30, 2022 | |
Commitments | 15. Commitments The Company is currently on a year-to-year lease arrangement for office and lab space in Philadelphia, Pennsylvania in the amount of approximately $ 16,000 In the ordinary course of operating, the Company may from time to time be subject to various claims or possible claims. Management believes there are no claims or possible claims that if resolved would either individually or collectively result in a material adverse impact on the Company’s financial position results of operations, or cash flows. These matters are internally uncertain, and management’s view of these matters may change in the future. |
Events After the Reporting Peri
Events After the Reporting Period | 9 Months Ended |
Apr. 30, 2022 | |
Events After the Reporting Period | 16. Events After the Reporting Period a) Share buy-back program From May 1, 2022 and through to June 13, 2022, the Company repurchased and cancelled an additional 18,542 46,490 18,913 b) Stock option grants On May 20, 2022, the Company issued 31,000 4.71 vest in eight equal instalments every 90 days, with the first instalment vesting immediately. 20,000 |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Schedule of Restatement of Prior Period Information | The following shows the restatement of prior period information: Schedule of Restatement of Prior Period Information Foreign 2021 Three month period ended April 30, 2021 Foreign 2021 Expenses: Research and development costs 1,382,586 (257,161 ) 1,125,425 General and administration costs 4,522,393 (841,165 ) 3,681,228 Total expenses 5,904,979 (1,098,326 ) 4,806,653 Operating loss (5,904,979 ) 1,098,326 (4,806,653 ) Interest expense (76,679 ) 14,262 (62,417 ) Change in fair value of warrant liability 10,908,051 (2,028,897 ) 8,879,154 Loss on extinguishment of debt (216,098 ) 40,194 (175,904 ) Foreign exchange loss (1,086,653 ) 202,117 (884,536 ) Non Operating Expenses 9,528,621 (1,772,324 ) 7,756,297 Profit (loss) for the period 3,623,642 (673,998 ) 2,949,644 Other comprehensive income - Foreign currency translation adjustment (142,004 ) 26,413 (115,591 ) - Comprehensive loss for the period 3,481,638 (647,585 ) 2,834,053 Earnings (loss) per share – basic and diluted 0.77 (0.14 ) 0.63 Weighted average number of shares outstanding – basic and diluted 4,744,036 - 4,744,036 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 2. Basis of Presentation (continued) Functional Currency and Presentation Currency (continued) Foreign 2021 Nine month period ended April 30, 2021 Foreign 2021 Expenses: Research and development costs 1,769,140 (329,060 ) 1,440,080 General and administration costs 4,836,722 (899,630 ) 3,937,092 Total expenses 6,605,862 (1,228,690 ) 5,377,172 Operating loss (6,605,862 ) 1,228,690 (5,377,172 ) Interest expense (152,245 ) 28,318 (123,927 ) Change in fair value of warrant liability 10,908,051 (2,028,897 ) 8,879,154 Loss on extinguishment of debt (247,098 ) 45,960 (201,138 ) Foreign exchange loss (1,086,653 ) 202,117 (884,536 ) Non Operating Expenses 9,422,055 (1,752,502 ) 7,669,553 Profit (loss) for the period 2,816,193 (523,812 ) 2,292,381 Other comprehensive income - Foreign currency translation adjustment 65,399 (12,164 ) 53,235 Comprehensive loss for the period 2,881,592 (535,976 ) 2,345,616 Earnings (loss) per share – basic and diluted 1.38 (0.26 ) 1.12 Weighted average number of shares outstanding – basic and diluted 2,047,495 - 2,047,495 BriaCell Therapeutics Corp Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended April 30, 2022 and 2021 (Unaudited) (Expressed in US Dollars) 2. Basis of Presentation (continued) Functional Currency and Presentation Currency (continued) Foreign 2021 Nine month period ended April 30, 2021 reported, CAD Foreign 2021 Cash flow from operating activities Net profit for the period 2,816,193 (523,812 ) 2,292,381 Items not affecting cash: Depreciation and amortization 14,058 (2,615 ) 11,443 Share-based compensation 2,466,224 (458,718 ) 2,007,506 Accrued interest expense 26,119 (4,858 ) 21,261 Loss on extinguishment of debt 247,098 (45,960 ) 201,138 Foreign exchange adjustments 1,086,653 (202,117 ) 884,536 Change in fair value of warrants (10,908,051 ) 2,028,897 (8,879,154 ) Changes in non-cash working capital: Amounts receivable 8,249 (1,534 ) 6,715 Prepaid expenses (782,693 ) 145,581 (637,112 ) Accounts payable and accrued liabilities (2,104,422 ) 391,422 (1,713,000 ) Net cash from operating activities (7,130,572 ) 1,326,286 (5,804,286 ) Cash flow from financing activities Proceeds from public offering, net 36,525,750 (6,793,789 ) 29,731,961 Proceeds from issuance of convertible loans 265,000 (49,290 ) 215,710 Share issuance costs (3,400,398 ) 632,474 (2,767,924 ) Repayment of unsecured convertible loan (380,395 ) 70,753 (309,642 ) Proceeds from receipt of short-term loans 42,998 (7,998 ) 35,000 Change in fair value of warrants 89,303 (16,610 ) 72,693 Repayment of short-term loans (336,609 ) 62,609 (274,000 ) Net cash from financing activities 32,805,649 (6,101,851 ) 26,703,798 Increase (decrease) in cash 25,675,077 (4,775,565 ) 20,899,512 Effect of changes in foreign exchange (1,052,161 ) 195,702 (856,459 ) Cash, beginning of period 26,104 (4,855 ) 21,249 Cash, end of period 24,649,020 (4,584,718 ) 20,064,302 |
Intellectual Property (Tables)
Intellectual Property (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Schedule of Intellectual Property | Schedule of Intellectual Property Costs Accumulated Amortization Net Book Value July 31, 2021: July 31, 2020 Additions July 31, 2021 July 31, 2020 Amortization July 31, 2021 July 31, 2021 $ 305,130 $ - $ 305,130 $ 44,263 $ 15,256 $ 59,520 $ 245,610 April 30, 2022: July 31, 2021 Additions April 30, 2022 July 31, 2021 Amortization April 30, 2022 April 30, 2022 $ 305,130 $ - $ 305,130 $ 59,520 $ 11,454 $ 70,974 $ 234,156 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Warrant Liability | |
Schedule of Assumptions Used To Determine Fair Value | The following assumptions were used to determine the fair value at July 31, 2021 and at April 30, 2022: Schedule of Assumptions Used To Determine Fair Value July, 31, 2021 April 30, 2022 22,489 51,698 22,489 51,698 (Expired – Note Share price $ 5.23 $ 5.23 $ 6.96 CAD Exercise price in USD $ 29.30 $ 4.41 $ 4.26 Expected life 0.75 4.3 3.54 Annualized volatility 100 % 100 % 100 % Dividend yield 0 % 0 % 0 % Risk free rate 0.93 % 0.81 % 2.74 % |
Share Capital and Warrant Res_2
Share Capital and Warrant Reserve (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Summary of Changes in Share Purchase Warrants | Summary of Changes in Share Purchase Warrants Number of warrants outstanding Weighted average exercise price Balance, July 31, 2020 178,528 35.82 Granted in the Public Offering 5,882,353 5.31 Granted in the Over Allotment 882,352 5.31 Granted in the Private Placement 5,170,343 6.19 Granted from the issuance of a convertible note 69,188 4.41 Expired during the year (156,039 ) (36.26 ) Exercised during the year (2,562,573 ) (5.48 ) Balance, July 31, 2021 9,464,152 5.84 Expired during the period (Note 8b(i)) (22,489 ) (28.08 ) Exercised during the period (Note 8a(iii)) (1,060,654 ) (6.14 ) Repurchased and cancelled during the period (Note 8a(iv)) (204,440 ) (5.31 ) Balance, April 30, 2022 8,176,569 $ 5.75 |
Schedule of Number of Warrants | Schedule of Number of Warrants Number of Exercise Price Exercisable At Expiry Date 51,698 $ 4.41 51,698 November 16, 2025 3,951,728 $ 5.31 3,951,728 February 26, 2026 - April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,176,569 8,176,569 |
Summary of Changes in Compensation Warrants | (i) A summary of changes in compensation warrants for the years ended July 31, 2021 and the nine-month period ended April 30, 2022 is presented below: Summary of Changes in Compensation Warrants Number of warrants outstanding Weighted average exercise price Balance, July 31, 2020 13,790 35.16 Granted in the Public Offering 294,118 5.31 Granted in the Over Allotment 44,118 5.31 Granted in the Private Placement 258,517 6.19 Granted from the issuance of a convertible note 4,890 4.41 Expired during the year (13,790 ) (35.16 ) Balance, July 31, 2021 601,643 $ 5.68 Exercised (Note 8a(ii)) (554,991 ) (5.68 ) Balance, April 30, 2022 46,652 $ 5.66 |
Schedule of Compensation Warrants | (ii) As of April 30, 2022, compensation warrants outstanding were as follows: Schedule of Compensation Warrants Number of Exercise Price Exercisable At Expiry Date 4,890 $ 4.23 4,890 November 16, 2025 17,074 $ 5.31 17,074 February 26, 2026 24,688 $ 6.19 24,688 June 7, 2026 46,652 46,652 |
Share-Based Compensation and _2
Share-Based Compensation and Share-Based Payment Reserve (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Summary of Changes in Stock Options | A summary of changes in stock options for the nine months ended April 30, 2022 and the year ended July 31, 2021, is presented below: Summary of Changes in Stock Options Number of options outstanding Weighted average exercise price Balance, July 31, 2020 19,969 $ 39.89 Granted 672,000 4.24 Expired (16,636 ) (38.32 ) Forfeited (667 ) (61.83 ) Balance, July 31, 2021 674,666 4.39 Granted (a-d) 787,300 5.74 Expired (f) (1,667 ) 46.80 Forfeited (f) (999 ) 30.04 Balance, April 30, 2022 1,459,300 $ 6.23 |
Schedule of Options Outstanding and Exercisable | Schedule of Options Outstanding and Exercisable Number of Exercise Price Exercisable At Expiry Date 612,000 $ 4.24 612,000 March 29, 2026 60,000 $ 4.24 60,000 April 19, 2026 100,000 $ 5.74 100,000 September 1, 2026 12,600 $ 7.74 10,520 November 1, 2026 524,700 $ 8.47 251,750 January 13, 2027 150,000 $ 7.51 18,750 February 16, 2027 1,459,300 1,053,020 |
Related Party Transactions an_2
Related Party Transactions and Balances (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Schedule of Key Management Transactions | During the three and nine month periods ended April 30, 2022 and 2021, the Company incurred the following expenses charged by directors and key management personnel or companies controlled by these individuals: Schedule of Key Management Transactions 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) Three month period ended Nine month period ended 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) a) Paid or accrued professional fees to a company controlled by an officer of the Company $ - $ 81,807 $ 76,627 $ 98,901 b) Paid or accrued consulting fees to companies controlled by individual directors. $ 24,768 $ 7,684 $ 62,440 $ 23,610 c) Paid or accrued wages and consulting fees to officers and directors $ 313,277 $ 98,140 $ 790,349 $ 299,076 d) Share based compensation to directors and officers $ 1,172,622 $ 1,714,506 $ 2,218,580 $ 1,714,506 |
Financial Risk Factors (Tables)
Financial Risk Factors (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Schedule of Financial Risk Factors | Schedule of Financial Risk Factors Carrying Contractual Within 1 1-2 years 2-5 years 5+ years Accounts payable and accrued liabilities $ 366,291 $ 366,291 $ 366,291 $ - $ - $ - $ 366,291 $ 366,291 $ 366,291 $ - $ - $ - |
Research and Development Costs
Research and Development Costs (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Schedule of Research and Development Costs | Schedule of Research and Development Costs 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) Three month period ended Nine month period ended 2022 2021 Restated (Note 2) 2022 2021 Restated (Note 2) Clinical Trials and Investigational drug costs $ 1,364,090 $ 162,670 $ 2,861,870 $ 283,259 Wages and salaries 580,506 235,060 1,390,154 413,915 Laboratory Rent 34,400 3,950 90,354 17,443 Supplies 131,605 - 211,996 - Professional fees - 4,265 30,589 5,983 Share-based compensation 432,880 719,480 567,709 719,480 Research and development costs $ 2,543,481 $ 1,125,425 $ 5,152,672 $ 1,440,080 |
General and Administration Co_2
General and Administration Costs (Tables) | 9 Months Ended |
Apr. 30, 2022 | |
Schedule of General and Administration Costs | Schedule of General and Administration Costs 2022 2021 Restated 2022 2021 Restated Three month period ended Nine month period ended 2022 2021 Restated 2022 2021 Restated Wages and salaries $ 173,862 $ 189,200 $ 540,481 $ 264,378 Professional fees 224,573 299,923 805,263 347,811 Consulting 118,081 173,993 354,852 241,797 Insurance 314,226 114,770 722,608 122,544 Regulatory, filing and transfer agent fees 42,656 24,688 233,764 33,273 Shareholder communications 144,048 76,795 379,423 98,503 Amortization 3,817 3,814 11,453 11,443 Rent 3,167 4,278 9,569 13,778 Travel 26,155 46 45,916 6,606 Other 98,448 14,609 169,950 17,847 Share-based compensation 1,153,248 1,288,027 2,636,995 1,288,027 NASDAQ uplisting expenses - 1,491,085 - 1,491,085 $ 2,302,281 $ 3,681,228 $ 5,910,274 $ 3,937,092 |
Schedule of Restatement of Prio
Schedule of Restatement of Prior Period Information (Details) | 3 Months Ended | 9 Months Ended | |||||
Apr. 30, 2022USD ($)$ / sharesshares | Jul. 31, 2021USD ($) | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 30, 2021CAD ($)shares | Apr. 30, 2022USD ($)$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 30, 2021CAD ($)shares | |
Expenses: | |||||||
Research and development costs | $ 2,543,481 | $ 1,125,425 | $ 5,152,672 | $ 1,440,080 | |||
General and administration costs | 2,302,281 | 3,681,228 | 5,910,274 | 3,937,092 | |||
Total expenses | 4,845,762 | 4,806,653 | 11,062,946 | 5,377,172 | |||
Operating loss | (4,845,762) | (4,806,653) | (11,062,946) | (5,377,172) | |||
Interest expense | (62,417) | (123,927) | |||||
Change in fair value of warrant liability | (29,910) | 8,879,154 | (78,938) | 8,879,154 | |||
Loss on extinguishment of debt | (175,904) | (201,138) | |||||
Foreign exchange loss | 228 | (884,536) | (5,779) | (884,536) | |||
Non Operating Expenses | 6,305 | 7,756,297 | (27,935) | 7,669,553 | |||
Profit (loss) for the period | (4,839,457) | $ (2,720,715) | 2,949,644 | (11,090,881) | 2,292,381 | ||
Other comprehensive income - Foreign currency translation adjustment | (115,591) | 53,235 | |||||
Comprehensive loss for the period | $ (4,839,457) | $ 2,834,053 | $ (11,090,881) | $ 2,345,616 | |||
Earnings (loss) per share - basic and diluted | $ / shares | $ (0.32) | $ 0.63 | $ (0.72) | $ 1.12 | |||
Weighted average number of shares outstanding - basic and diluted | shares | 15,358,947 | 4,744,036 | 4,744,036 | 15,486,028 | 2,047,495 | 2,047,495 | |
Cash flow from operating activities | |||||||
Net profit for the period | $ (4,839,457) | (2,720,715) | $ 2,949,644 | $ (11,090,881) | $ 2,292,381 | ||
Items not affecting cash: | |||||||
Depreciation and amortization | 11,454 | 11,443 | |||||
Share-based compensation | 3,204,704 | 2,007,506 | |||||
Accrued interest expense | 21,261 | ||||||
Loss on extinguishment of debt | 175,904 | 201,138 | |||||
Foreign exchange adjustments | 884,536 | ||||||
Change in fair value of warrants | (8,879,154) | ||||||
Changes in non-cash working capital: | |||||||
Amounts receivable | (1,958) | 6,715 | |||||
Prepaid expenses | (1,167,991) | (637,112) | |||||
Accounts payable and accrued liabilities | (190,504) | (1,713,000) | |||||
Net cash from operating activities | (9,158,647) | (5,804,286) | |||||
Cash flow from financing activities | |||||||
Proceeds from public offering, net | 29,731,961 | ||||||
Proceeds from issuance of convertible loans | 215,710 | ||||||
Share issucance costs | (2,767,924) | ||||||
Repayment of unsecured convertible loan | (309,642) | ||||||
Proceeds from receipt of short-term loans | 35,000 | ||||||
Change in fair value of warrants | 72,693 | ||||||
Repayment of short-term loans | (274,000) | ||||||
Net cash from financing activities | (3,582,874) | 26,703,798 | |||||
Increase (decrease) in cash | (12,741,521) | 20,899,512 | |||||
Effect of changes in foreign exchange | (856,459) | ||||||
Cash, beginning of the period | 20,064,302 | 57,268,685 | 21,249 | ||||
Cash, end of the period | $ 44,527,164 | 57,268,685 | 20,064,302 | $ 44,527,164 | 20,064,302 | ||
Foreign currency translation [member] | |||||||
Expenses: | |||||||
Research and development costs | (257,161) | (329,060) | |||||
General and administration costs | (841,165) | (899,630) | |||||
Total expenses | (1,098,326) | (1,228,690) | |||||
Operating loss | 1,098,326 | 1,228,690 | |||||
Interest expense | 14,262 | 28,318 | |||||
Change in fair value of warrant liability | (2,028,897) | (2,028,897) | |||||
Loss on extinguishment of debt | 40,194 | 45,960 | |||||
Foreign exchange loss | 202,117 | 202,117 | |||||
Non Operating Expenses | (1,772,324) | (1,752,502) | |||||
Profit (loss) for the period | (673,998) | (523,812) | |||||
Other comprehensive income - Foreign currency translation adjustment | 26,413 | (12,164) | |||||
Comprehensive loss for the period | $ (647,585) | $ (535,976) | |||||
Earnings (loss) per share - basic and diluted | $ / shares | $ (0.14) | $ (0.26) | |||||
Weighted average number of shares outstanding - basic and diluted | shares | |||||||
Cash flow from operating activities | |||||||
Net profit for the period | $ (673,998) | $ (523,812) | |||||
Items not affecting cash: | |||||||
Depreciation and amortization | (2,615) | ||||||
Share-based compensation | (458,718) | ||||||
Accrued interest expense | (4,858) | ||||||
Loss on extinguishment of debt | (40,194) | (45,960) | |||||
Foreign exchange adjustments | (202,117) | ||||||
Change in fair value of warrants | 2,028,897 | ||||||
Changes in non-cash working capital: | |||||||
Amounts receivable | (1,534) | ||||||
Prepaid expenses | 145,581 | ||||||
Accounts payable and accrued liabilities | 391,422 | ||||||
Net cash from operating activities | 1,326,286 | ||||||
Cash flow from financing activities | |||||||
Proceeds from public offering, net | (6,793,789) | ||||||
Proceeds from issuance of convertible loans | (49,290) | ||||||
Share issucance costs | 632,474 | ||||||
Repayment of unsecured convertible loan | 70,753 | ||||||
Proceeds from receipt of short-term loans | (7,998) | ||||||
Change in fair value of warrants | (16,610) | ||||||
Repayment of short-term loans | 62,609 | ||||||
Net cash from financing activities | (6,101,851) | ||||||
Increase (decrease) in cash | (4,775,565) | ||||||
Effect of changes in foreign exchange | 195,702 | ||||||
Cash, beginning of the period | $ (4,584,718) | (4,855) | |||||
Cash, end of the period | $ (4,584,718) | $ (4,584,718) | |||||
Previously stated [member] | |||||||
Expenses: | |||||||
Research and development costs | $ 1,382,586 | $ 1,769,140 | |||||
General and administration costs | 4,522,393 | 4,836,722 | |||||
Total expenses | 5,904,979 | 6,605,862 | |||||
Operating loss | (5,904,979) | (6,605,862) | |||||
Interest expense | (76,679) | (152,245) | |||||
Change in fair value of warrant liability | 10,908,051 | 10,908,051 | |||||
Loss on extinguishment of debt | (216,098) | (247,098) | |||||
Foreign exchange loss | (1,086,653) | (1,086,653) | |||||
Non Operating Expenses | 9,528,621 | 9,422,055 | |||||
Profit (loss) for the period | 3,623,642 | 2,816,193 | |||||
Other comprehensive income - Foreign currency translation adjustment | (142,004) | 65,399 | |||||
Comprehensive loss for the period | $ 3,481,638 | $ 2,881,592 | |||||
Earnings (loss) per share - basic and diluted | $ / shares | $ 0.77 | $ 1.38 | |||||
Weighted average number of shares outstanding - basic and diluted | shares | 4,744,036 | 4,744,036 | 2,047,495 | 2,047,495 | |||
Cash flow from operating activities | |||||||
Net profit for the period | $ 3,623,642 | $ 2,816,193 | |||||
Items not affecting cash: | |||||||
Depreciation and amortization | 14,058 | ||||||
Share-based compensation | 2,466,224 | ||||||
Accrued interest expense | 26,119 | ||||||
Loss on extinguishment of debt | 216,098 | 247,098 | |||||
Foreign exchange adjustments | 1,086,653 | ||||||
Change in fair value of warrants | (10,908,051) | ||||||
Changes in non-cash working capital: | |||||||
Amounts receivable | 8,249 | ||||||
Prepaid expenses | (782,693) | ||||||
Accounts payable and accrued liabilities | (2,104,422) | ||||||
Net cash from operating activities | (7,130,572) | ||||||
Cash flow from financing activities | |||||||
Proceeds from public offering, net | 36,525,750 | ||||||
Proceeds from issuance of convertible loans | 265,000 | ||||||
Share issucance costs | (3,400,398) | ||||||
Repayment of unsecured convertible loan | (380,395) | ||||||
Proceeds from receipt of short-term loans | 42,998 | ||||||
Change in fair value of warrants | 89,303 | ||||||
Repayment of short-term loans | (336,609) | ||||||
Net cash from financing activities | 32,805,649 | ||||||
Increase (decrease) in cash | 25,675,077 | ||||||
Effect of changes in foreign exchange | (1,052,161) | ||||||
Cash, beginning of the period | 26,104 | ||||||
Cash, end of the period | $ 24,649,020 | $ 24,649,020 |
Schedule of Intellectual Proper
Schedule of Intellectual Property (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jul. 31, 2021 | |
Beginning balance Cost | $ 305,130 | $ 305,130 |
Additions | ||
Ending balance Cost | 305,130 | 305,130 |
Beginning Accumulated Amortization | 59,520 | 44,263 |
Amortization during the period | 11,454 | 15,256 |
Ending Accumulated Amortization | 70,974 | 59,520 |
Net Book Value | $ 234,156 | $ 245,610 |
Intellectual Property (Details
Intellectual Property (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Amortization on intellectual property | $ 3,817 | $ 3,814 | $ 11,454 | $ 11,443 |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Dec. 13, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 |
IfrsStatementLineItems [Line Items] | |||||
Repayment of loans | $ 274,000 | ||||
Canada Emergency Business Account [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Repayment of loans | $ 23,577 | ||||
Gain extinguishment of borrowings | $ 3,388 | ||||
Interest expense | $ 979 | $ 2,686 |
Schedule Of Assumptions Used To
Schedule Of Assumptions Used To Determine Fair Value (Details) (Parenthetical) - shares | Apr. 30, 2022 | Jul. 31, 2021 |
Warrant One [member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants | 22,489 | 22,489 |
Warrant Two [member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants | 51,698 | 51,698 |
Schedule of Assumptions Used _2
Schedule of Assumptions Used To Determine Fair Value (Details) - Option pricing model [member] | 9 Months Ended | 12 Months Ended |
Apr. 30, 2022$ / shares | Jul. 31, 2021$ / shares | |
Warrant One [member] | Share Price Measurement Input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 5.23 | |
Warrant One [member] | Exercise Price Measurement Input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 29.30 | |
Warrant One [member] | Expeceted Life Measurement Input [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 9 months | |
Warrant One [member] | Historical volatility for shares, measurement input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 100 | |
Warrant One [member] | Dividend Yield Measurement Input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 0 | |
Warrant One [member] | Interest rate, measurement input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 0.93 | |
Warrant Two [member] | Share Price Measurement Input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 6.96 | 5.23 |
Warrant Two [member] | Exercise Price Measurement Input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 4.26 | 4.41 |
Warrant Two [member] | Expeceted Life Measurement Input [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected life | 3 years 6 months 14 days | 4 years 3 months 18 days |
Warrant Two [member] | Historical volatility for shares, measurement input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 100 | 100 |
Warrant Two [member] | Dividend Yield Measurement Input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 0 | 0 |
Warrant Two [member] | Interest rate, measurement input [member] | ||
IfrsStatementLineItems [Line Items] | ||
Fair value assumptions | 2.74 | 0.81 |
Warrant Liability (Details Narr
Warrant Liability (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Jul. 31, 2021 | |
Warrant Liability | |||||
Increase (decrease) through exercise of warrants, equity | $ 6,621,347 | ||||
Fair value of warrants | $ 278,396 | 278,396 | $ 199,458 | ||
Gain (loss) on fair value of warrant liability | $ 29,910 | $ 8,879,154 | $ 78,938 | $ 8,879,154 |
Summary of Changes in Share Pur
Summary of Changes in Share Purchase Warrants (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jul. 31, 2021 | |
Number of Warrants Outstanding, Balance | 9,464,152 | 178,528 |
Weighted Average Exercise Price, Outstanding | $ 5.84 | $ 35.82 |
Number of Warrants, Granted in the Public Offering | 5,882,353 | |
Weighted Average Exercise Price Granted from Public Offering | $ 5.31 | |
Number of Warrants, Granted in the Over Allotment | 882,352 | |
Weighted Average Exercise Price Granted from Over Allotment | $ 5.31 | |
Number of Warrants, Granted in the Private Placement | 5,170,343 | |
Weighted Average Exercise Price Granted in the Private Placement | $ 6.19 | |
Number of Warrants, Granted from the Issuance of a Convertible Note | 69,188 | |
Weighted Average Exercise Price, Granted from the Issuance of a Convertible Note | $ 4.41 | |
Number of Warrants, Expired | (22,489) | (156,039) |
Weighted Average Exercise Price, Expired During the Year | $ (28.08) | $ (36.26) |
Number of Warrants, Exercised | (1,060,654) | (2,562,573) |
Weighted Average Exercise Price, Exercised | $ (6.14) | $ (5.48) |
Number of Warrants, Repurchased and Cancelled | (204,440) | |
Weighted Average Exercise Price, Repurchased and Cancelled | $ (5.31) | |
Number of Warrants Outstanding, Balance | 8,176,569 | 9,464,152 |
Weighted Average Exercise Price, Outstanding | $ 5.75 | $ 5.84 |
Schedule of Number of Warrants
Schedule of Number of Warrants (Details) | 9 Months Ended |
Apr. 30, 2022$ / sharesshares | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 8,176,569 |
Share Purchase Warrants, Exercisable | 8,176,569 |
Exercise Price Range One [member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 51,698 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 4.41 |
Share Purchase Warrants, Exercisable | 51,698 |
Share Purchase Warrants, Expiry Date | November 16, 2025 |
Exercise Price Range Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 3,951,728 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 5.31 |
Share Purchase Warrants, Exercisable | 3,951,728 |
Share Purchase Warrants, Expiry Date | February 26, 2026 - April 26, 2026 |
Exercise Price Range Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 4,173,143 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 6.19 |
Share Purchase Warrants, Exercisable | 4,173,143 |
Share Purchase Warrants, Expiry Date | December 7, 2026 |
Summary of Changes in Compensat
Summary of Changes in Compensation Warrants (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Jul. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Number of Warrants Outstanding, Balance | 9,464,152 | 178,528 |
Weighted Average Exercise Price, Outstanding | $ 5.84 | $ 35.82 |
Weighted Average Exercise Price Granted in the Private Placement | $ 6.19 | |
Number of Warrants, Granted from the Issuance of a Convertible Note | 69,188 | |
Weighted Average Exercise Price, Granted from the Issuance of a Convertible Note | $ 4.41 | |
Number of Warrants Expired During the Year | 22,489 | 156,039 |
Weighted Average Exercise Price, Expired During the Year | $ 28.08 | $ 36.26 |
Number of Warrants Exercised | (1,060,654) | (2,562,573) |
Weighted Average Exercise Price, Exercised | $ (6.14) | $ (5.48) |
Number of Warrants Outstanding, Balance | 8,176,569 | 9,464,152 |
Weighted Average Exercise Price, Outstanding | $ 5.75 | $ 5.84 |
Compensation Warrants [member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of Warrants Outstanding, Balance | 601,643 | 13,790 |
Weighted Average Exercise Price, Outstanding | $ 5.68 | $ 35.16 |
Number of Warrants Granted in the Public Offering | 294,118 | |
Weighted Average Exercise Price Granted in the Public Offering | $ 5.31 | |
Number of Warrants Granted in the Over Allotment | 44,118 | |
Weighted Average Exercise Price Granted in the Over Allotment | $ 5.31 | |
Number of Warrants Granted in the Private Placement | 258,517 | |
Weighted Average Exercise Price Granted in the Private Placement | $ 6.19 | |
Number of Warrants, Granted from the Issuance of a Convertible Note | 4,890 | |
Weighted Average Exercise Price, Granted from the Issuance of a Convertible Note | $ 4.41 | |
Number of Warrants Expired During the Year | (13,790) | |
Weighted Average Exercise Price, Expired During the Year | $ (35.16) | |
Number of Warrants Exercised | (554,991) | |
Weighted Average Exercise Price, Exercised | $ (5.68) | |
Number of Warrants Outstanding, Balance | 46,652 | 601,643 |
Weighted Average Exercise Price, Outstanding | $ 5.66 | $ 5.68 |
Schedule of Compensation Warran
Schedule of Compensation Warrants (Details) | 9 Months Ended |
Apr. 30, 2022$ / sharesshares | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 8,176,569 |
Share Purchase Warrants, Exercisable | 8,176,569 |
Exercise Price Range One [member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 51,698 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 4.41 |
Share Purchase Warrants, Exercisable | 51,698 |
Exercise Price Range Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 3,951,728 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 5.31 |
Share Purchase Warrants, Exercisable | 3,951,728 |
Exercise Price Range Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 4,173,143 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 6.19 |
Share Purchase Warrants, Exercisable | 4,173,143 |
Compensation Warrants [member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 46,652 |
Share Purchase Warrants, Exercisable | 46,652 |
Compensation Warrants [member] | Exercise Price Range One [member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 4,890 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 4.23 |
Share Purchase Warrants, Exercisable | 4,890 |
Share Purchase Warrants, Expiry Date | Nov. 16, 2025 |
Compensation Warrants [member] | Exercise Price Range Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 17,074 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 5.31 |
Share Purchase Warrants, Exercisable | 17,074 |
Share Purchase Warrants, Expiry Date | Feb. 26, 2026 |
Compensation Warrants [member] | Exercise Price Range Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Share Purchase Warrants, Number of Warrants | 24,688 |
Share Purchase Warrants, Exercise Price | $ / shares | $ 6.19 |
Share Purchase Warrants, Exercisable | 24,688 |
Share Purchase Warrants, Expiry Date | Jun. 7, 2026 |
Share Capital and Warrant Res_3
Share Capital and Warrant Reserve (Details Narrative) - USD ($) | Sep. 09, 2021 | Sep. 08, 2021 | Apr. 30, 2022 | Jul. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||||
Number of warrants issued | 1,060,654 | |||
Number of warrant exercised | 219,453 | |||
Shares purchased under program | 1,031,672 | |||
Warrants purchased under program | 204,440 | |||
Shares purchased under repurchase program, value | $ 9,098,014 | |||
Fair value of traded warrants, net of commissions | $ 971,051 | |||
Fair value of traded warrants repurchased | $ 208,529 | |||
Number of warrants, expired during the year | 22,489 | 156,039 | ||
Warrants exercise price | $ 28.08 | $ 36.26 | ||
TSX Venture [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Percentage of purchased shares | 10.00% | |||
Number of shares, total | 13,415,154 | |||
Percentage of purchased warrants | 10.00% | |||
Number of warrants, total | 4,119,622 | |||
TSX Venture [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Shares purchased under program | 1,341,515 | |||
Warrants purchased under program | 411,962 | |||
Warrant One [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of warrants issued | 63,454 | |||
Warrants exercise price | $ 5.31 | |||
Proceeds from exercise of warrant | $ 337,099 | |||
Number of warrants, total | 22,489 | 22,489 | ||
Warrant Two [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of warrants issued | 997,200 | |||
Warrants exercise price | $ 6.19 | |||
Proceeds from exercise of warrant | $ 6,172,669 | |||
Number of warrants, total | 51,698 | 51,698 | ||
Compensation Warrants [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of warrants issued | 554,991 | |||
Warrants exercise price | $ 5.68 | |||
Number of warrants, expired during the year | (13,790) | |||
Warrants exercise price | $ (35.16) | |||
Ordinary shares [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of shares outstanding | 15,518,018 |
Summary of Changes in Stock Opt
Summary of Changes in Stock Options (Details) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2022shares$ / shares | Jul. 31, 2021shares$ / shares | |
Number of options outstanding, Beginning Balance | shares | 674,666 | 19,969 |
Weighted average exercise price, Beginning Balance | $ / shares | $ 4.39 | $ 39.89 |
Number of options outstanding, Granted | shares | 787,300 | 672,000 |
Weighted average exercise price, Granted | $ / shares | $ 5.74 | $ 4.24 |
Number of options outstanding, Expired | shares | (1,667) | (16,636) |
Weighted average exercise price, Expired | $ / shares | $ 46.80 | $ (38.32) |
Number of options outstanding, Forfeited | shares | (999) | (667) |
Weighted average exercise price, Forfeited | $ / shares | $ 30.04 | $ (61.83) |
Number of options outstanding, Ending Balance | shares | 1,459,300 | 674,666 |
Weighted average exercise price, Ending Balance | $ / shares | $ 6.23 | $ 4.39 |
Schedule of Options Outstanding
Schedule of Options Outstanding and Exercisable (Details) | 9 Months Ended | ||
Apr. 30, 2022shares$ / shares | Jul. 31, 2021shares | Jul. 31, 2020shares | |
IfrsStatementLineItems [Line Items] | |||
Number of Options | 1,459,300 | 674,666 | 19,969 |
Exercisable | 1,053,020 | ||
Exercise Price One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options | 612,000 | ||
Exercise Price | $ / shares | $ 4.24 | ||
Exercisable | 612,000 | ||
Expiry date | Mar. 29, 2026 | ||
Exercise Price Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options | 60,000 | ||
Exercise Price | $ / shares | $ 4.24 | ||
Exercisable | 60,000 | ||
Expiry date | Apr. 19, 2026 | ||
Exercise Price Three [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options | 100,000 | ||
Exercise Price | $ / shares | $ 5.74 | ||
Exercisable | 100,000 | ||
Expiry date | Sep. 1, 2026 | ||
Exercise Price Four [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options | 12,600 | ||
Exercise Price | $ / shares | $ 7.74 | ||
Exercisable | 10,520 | ||
Expiry date | Nov. 1, 2026 | ||
Exercise Price Five [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options | 524,700 | ||
Exercise Price | $ / shares | $ 8.47 | ||
Exercisable | 251,750 | ||
Expiry date | Jan. 13, 2027 | ||
Exercise Price Six [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options | 150,000 | ||
Exercise Price | $ / shares | $ 7.51 | ||
Exercisable | 18,750 | ||
Expiry date | Feb. 16, 2027 |
Share-Based Compensation and _3
Share-Based Compensation and Share-Based Payment Reserve (Details Narrative) | Feb. 16, 2022USD ($)shares$ / shares | Jan. 13, 2022USD ($)shares$ / shares | Nov. 02, 2021USD ($)shares$ / shares | Sep. 02, 2021USD ($)shares$ / shares | Apr. 30, 2022USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2022USD ($)shares | Apr. 30, 2021USD ($) | Jul. 31, 2021shares |
IfrsStatementLineItems [Line Items] | |||||||||
Number of share options granted | 787,300 | 672,000 | |||||||
Stock- based compensation expense | $ | $ 1,586,128 | $ 2,007,507 | $ 3,204,704 | $ 2,007,507 | |||||
Number of share value option | 999 | 667 | |||||||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months 3 days | 4 years 10 months 9 days | |||||||
Officers, Directors, Employees and Consultants [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Percentage of voting equity interests acquired | 10.00% | 10.00% | |||||||
Board of Directors [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Stock options granted, year | 5 years | ||||||||
Consultant [Member] | Stock Options [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of share options granted | 100,000 | ||||||||
Fair value weighted average assumptions exercise price | $ / shares | $ 5.74 | ||||||||
Stock option fair value | $ | $ 518,134 | ||||||||
Fair value weighted average assumptions, share price | $ / shares | $ 6.79 | ||||||||
Fair value weighted average assumptions expected life | 5 years | ||||||||
Fair value weighted average assumptions annualized volatility | 100.00% | ||||||||
Fair value weighted average assumptions dividend yield | 0.00% | ||||||||
Fair value weighted average assumptions risk free rate | 0.80% | ||||||||
Director [Member] | Stock Options [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of share options granted | 12,600 | ||||||||
Fair value weighted average assumptions exercise price | $ / shares | $ 7.94 | ||||||||
Stock option fair value | $ | $ 74,579 | ||||||||
Fair value weighted average assumptions, share price | $ / shares | $ 7.95 | ||||||||
Fair value weighted average assumptions expected life | 5 years | ||||||||
Fair value weighted average assumptions annualized volatility | 100.00% | ||||||||
Fair value weighted average assumptions dividend yield | 0.00% | ||||||||
Fair value weighted average assumptions risk free rate | 1.19% | ||||||||
Number of vested share based compensation | 10,000 | ||||||||
Advisory Board [Member] | Stock Options [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of vested share based compensation | 2,600 | ||||||||
Directors Officers and Employees [member] | Stock Options [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of share options granted | 150,000 | 524,700 | 1,667 | ||||||
Fair value weighted average assumptions exercise price | $ / shares | $ 7.51 | $ 8.47 | |||||||
Stock option fair value | $ | $ 863,522 | $ 3,141,999 | |||||||
Fair value weighted average assumptions, share price | $ / shares | $ 7.66 | $ 8.09 | |||||||
Fair value weighted average assumptions expected life | 5 years | 5 years | |||||||
Fair value weighted average assumptions annualized volatility | 100.00% | 100.00% | |||||||
Fair value weighted average assumptions dividend yield | 0.00% | 0.00% | |||||||
Fair value weighted average assumptions risk free rate | 1.92% | 1.47% | |||||||
Number of vested share based compensation | 42,400 | ||||||||
Fair value option expired | $ | $ 24,554 | ||||||||
Number of share value option | 999 | ||||||||
Insiders [Member] | Stock Options [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of share options granted | 482,300 |
Schedule of Key Management Tran
Schedule of Key Management Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
a) Paid or accrued professional fees to a company controlled by an officer of the Company | $ 81,807 | $ 76,627 | $ 98,901 | |
b) Paid or accrued consulting fees to companies controlled by individual directors. | 24,768 | 7,684 | 62,440 | 23,610 |
c) Paid or accrued wages and consulting fees to officers and directors | 313,277 | 98,140 | 790,349 | 299,076 |
d) Share based compensation to directors and officers | $ 1,172,622 | $ 1,714,506 | $ 2,218,580 | $ 1,714,506 |
Related Party Transactions an_3
Related Party Transactions and Balances (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Jul. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||||
The amount of fees paid or payable for consulting service | $ 24,768 | $ 7,684 | $ 62,440 | $ 23,610 | |
Directors' fees | $ 1,172,622 | $ 1,714,506 | 2,218,580 | $ 1,714,506 | |
Officers [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
The amount of fees paid or payable for consulting service | $ 6,283 | ||||
Director [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Directors' fees | $ 108,947 | $ 42,247 |
Schedule of Financial Risk Fact
Schedule of Financial Risk Factors (Details) | Apr. 30, 2022USD ($) |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | $ 366,291 |
Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | |
Later than three years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | |
Accounts Payable and Accrued Liabilities [member] | Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | 366,291 |
Accounts Payable and Accrued Liabilities [member] | Later than one year and not later than two years [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | |
Accounts Payable and Accrued Liabilities [member] | Later than three years and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | |
Accounts Payable and Accrued Liabilities [member] | Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | |
Gross carrying amount [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | 366,291 |
Gross carrying amount [member] | Accounts Payable and Accrued Liabilities [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | 366,291 |
Contractual Cash Flows [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | 366,291 |
Contractual Cash Flows [member] | Accounts Payable and Accrued Liabilities [member] | |
IfrsStatementLineItems [Line Items] | |
Carrying amount | $ 366,291 |
Schedule of Research and Develo
Schedule of Research and Development Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Professional fees | $ 81,807 | $ 76,627 | $ 98,901 | |
Share-based compensation | 1,586,128 | 2,007,507 | 3,204,704 | 2,007,507 |
Research and development costs | 2,543,481 | 1,125,425 | 5,152,672 | 1,440,080 |
Research and Development Costs [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Clinical Trials and Investigational drug costs | 1,364,090 | 162,670 | 2,861,870 | 283,259 |
Wages and salaries | 580,506 | 235,060 | 1,390,154 | 413,915 |
Laboratory Rent | 34,400 | 3,950 | 90,354 | 17,443 |
Supplies | 131,605 | 211,996 | ||
Professional fees | 4,265 | 30,589 | 5,983 | |
Share-based compensation | 432,880 | 719,480 | 567,709 | 719,480 |
Research and development costs | $ 2,543,481 | $ 1,125,425 | $ 5,152,672 | $ 1,440,080 |
Schedule of General and Adminis
Schedule of General and Administration Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Consulting | $ 24,768 | $ 7,684 | $ 62,440 | $ 23,610 |
Amortization | 3,817 | 3,814 | 11,454 | 11,443 |
Share-based compensation | 1,586,128 | 2,007,507 | 3,204,704 | 2,007,507 |
General and Administration Costs [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Wages and salaries | 173,862 | 189,200 | 540,481 | 264,378 |
Professional fees | 224,573 | 299,923 | 805,263 | 347,811 |
Consulting | 118,081 | 173,993 | 354,852 | 241,797 |
Insurance | 314,226 | 114,770 | 722,608 | 122,544 |
Regulatory, filing and transfer agent fees | 42,656 | 24,688 | 233,764 | 33,273 |
Shareholder communications | 144,048 | 76,795 | 379,423 | 98,503 |
Amortization | 3,817 | 3,814 | 11,453 | 11,443 |
Rent | 3,167 | 4,278 | 9,569 | 13,778 |
Travel | 26,155 | 46 | 45,916 | 6,606 |
Other | 98,448 | 14,609 | 169,950 | 17,847 |
Share-based compensation | 1,153,248 | 1,288,027 | 2,636,995 | 1,288,027 |
NASDAQ uplisting expenses | $ 1,491,085 | $ 1,491,085 |
Financial Risk Factors (Details
Financial Risk Factors (Details Narrative) - USD ($) | Apr. 30, 2022 | Jul. 31, 2021 |
Working capital | $ 45,860,287 | $ 57,241,355 |
Depreciation percentage | 5.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) | 9 Months Ended |
Apr. 30, 2022USD ($) | |
Lease description | The Company is currently on a year-to-year lease arrangement for office and lab space in Philadelphia, Pennsylvania in the amount of approximately $16,000 per month. |
Payments for lease commitment | $ 16,000 |
Events After the Reporting Pe_2
Events After the Reporting Period (Details Narrative) | May 20, 2022shares$ / shares | Jun. 13, 2022USD ($)shares | Apr. 30, 2022USD ($)shares | Jul. 31, 2021shares |
IfrsStatementLineItems [Line Items] | ||||
Warrants purchased under program | 204,440 | |||
Shares purchased under repurchase program, value | $ | $ 9,098,014 | |||
[custom:FairValueOfTradedWarrantsRepurchased-0] | $ | $ 208,529 | |||
Number of stock options, shares | 787,300 | 672,000 | ||
Nonadjusting Event [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Warrants purchased under program | 18,542 | |||
Shares purchased under repurchase program, value | $ | $ 46,490 | |||
[custom:FairValueOfTradedWarrantsRepurchased-0] | $ | $ 18,913 | |||
Number of stock options, shares | 31,000 | |||
Fair value weighted average assumptions exercise price | $ / shares | $ 4.71 | |||
Nonadjusting Event [Member] | CFO [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of stock options, shares | 20,000 |