Cover
Cover - USD ($) | 12 Months Ended | ||
Jul. 31, 2022 | Oct. 27, 2022 | Jan. 31, 2022 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jul. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 Tax Identification Number | 47-1099599 | ||
Entity Incorporation, State or Country Code | A1 | ||
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 | ||
City Area Code | (604) | ||
Local Phone Number | 921-1810 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 88,633,205 | ||
Entity Common Stock, Shares Outstanding | 15,518,018 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 1930 | ||
Auditor Name | MNP LLP | ||
Auditor Location | Mississauga, Canada | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Shares, no par value | ||
Security Exchange Name | NASDAQ | ||
Warrant To Purchase Common Shares [Member] | |||
Title of 12(b) Security | Warrants to purchase common shares, no par value | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 41,041,652 | $ 57,268,685 |
Amounts receivable | 24,103 | 12,574 |
Prepaid expenses | 1,280,945 | 516,891 |
Total current assets | 42,346,700 | 57,798,150 |
NON-CURRENT ASSETS: | ||
Investments | 2 | 2 |
Intangible assets, net | 230,339 | 245,610 |
Total non-current assets | 230,341 | 245,612 |
Total assets | 42,577,041 | 58,043,762 |
CURRENT LIABILITIES: | ||
Trade payables | 463,280 | 214,116 |
Accrued expenses and other payables | 477,807 | 342,679 |
Total current liabilities | 941,087 | 556,795 |
NON-CURRENT LIABILITIES: | ||
Warrant liability | 31,307,022 | 29,789,260 |
Government loans | 25,986 | |
Total non-current liabilities | 31,307,022 | 29,815,246 |
SHAREHOLDERS’ EQUITY: | ||
Share Capital of no par value – Authorized: unlimited at July 31, 2022 and 2021; Issued and outstanding: 15,518,018 and 15,269,583 shares at July 31, 2022 and 2021, respectively | 65,589,293 | 54,774,172 |
Additional paid in capital | 5,228,160 | 2,178,130 |
Warrant reserve | ||
Accumulated other comprehensive loss | (138,684) | (138,684) |
Accumulated deficit | (60,349,837) | (29,141,897) |
Total shareholders’ equity | 10,328,932 | 27,671,721 |
Total liabilities and shareholders’ equity | $ 42,577,041 | $ 58,043,762 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Statement of Financial Position [Abstract] | ||
Common stock, par or stated value per share | $ 0 | $ 0 |
Common stock, shares authorized, unlimited | Unlimited | Unlimited |
Common stock, shares, issued | 15,518,018 | 15,269,583 |
Common stock, shares, outstanding | 15,518,018 | 15,269,583 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||
Research and development expenses | $ 8,021,489 | $ 2,020,899 |
General and administrative expenses | 7,267,452 | 4,955,136 |
Total operating loss | (15,288,941) | (6,976,035) |
Financial expenses, net | (11,549,962) | (6,840,165) |
Loss and comprehensive loss | $ (26,838,903) | $ (13,816,200) |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (1.73) | $ (3.06) |
Weighted average number of shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | 15,494,091 | 4,519,579 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jul. 31, 2020 | $ 12,263,858 | $ 2,446,886 | $ (138,684) | $ (17,312,812) | $ (2,740,752) |
Beginning balance, shares at Jul. 31, 2020 | 721,962 | ||||
Issuance of warrants on convertible debt | |||||
Conversion feature | 20,251 | 20,251 | |||
Issuance of shares for debt | $ 329,670 | 329,670 | |||
Issuance of shares for debt, shares | 50,000 | ||||
Issuance of shares in public offering | $ 12,357,799 | 12,357,799 | |||
Issuance of shares in public offering, shares | 6,764,705 | ||||
Issuance of shares in private placement, net of issuance costs | $ 13,611,136 | 13,611,136 | |||
Issuance of shares in private placement, net of issuance costs, shares | 5,170,343 | ||||
Reclassification of warrant liability | |||||
Exercise of warrants | $ 16,191,458 | (249,867) | 15,941,591 | ||
Exercise of warrants, shares | 2,562,573 | ||||
Expiration of warrants | (1,599,468) | 1,599,468 | |||
Expiration and forfeiture of options | (387,647) | 387,647 | |||
Issuance of options | 1,968,226 | 1,968,226 | |||
Loss for the year | (13,816,200) | (13,816,200) | |||
Ending balance, value at Jul. 31, 2021 | $ 54,774,172 | 2,178,130 | (138,684) | (29,141,897) | 27,671,721 |
Ending balance, shares at Jul. 31, 2021 | 15,269,583 | ||||
Issuance of options | 3,074,584 | 3,074,584 | |||
Loss for the year | (26,838,903) | (26,838,903) | |||
Exercise of Broker Warrants | $ 2,730,754 | 2,730,754 | |||
Exercise of Broker Warrants, shares | 219,453 | ||||
Exercise of Private Placement Warrants | $ 12,162,001 | 12,162,001 | |||
Exercise of Private Placement Warrants, shares | 997,200 | ||||
Exercise of Public Offering Warrants | $ 683,905 | 683,905 | |||
Exercise of Public Offering Warrants, shares | 63,454 | ||||
Shares issuance costs | $ (57,116) | (57,116) | |||
Shares repurchased and canceled | $ (4,704,423) | (4,393,591) | (9,098,014) | ||
Shares repurchased and canceled, shares | (1,031,672) | ||||
Expiration of options | (24,554) | 24,554 | |||
Ending balance, value at Jul. 31, 2022 | $ 65,589,293 | $ 5,228,160 | $ (138,684) | $ (60,349,837) | $ 10,328,932 |
Ending balance, shares at Jul. 31, 2022 | 15,518,018 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Cash flow from operating activities: | ||
Loss | $ (26,838,903) | $ (13,816,200) |
Adjustments to reconcile loss to net cash used in operating activities: | ||
Depreciation and amortization | 15,272 | 15,256 |
Share-based compensation | 3,074,584 | 1,968,226 |
Interest expense | 979 | 78,554 |
Gain from government grant | (3,388) | 3,691 |
Expensed share issue costs in public offering | 1,793,527 | |
Loan forgiveness | (127,030) | |
Loss on extinguishment of settlement of debt | 166,937 | |
Change in fair value of warrants | 11,658,372 | 4,448,957 |
Changes in assets and liabilities: | ||
Decrease (increase) in amounts receivable | (11,530) | 9,941 |
Decrease in prepaid expenses | (764,054) | (100,984) |
Increase (decrease) in accounts payable | 249,164 | (1,405,664) |
Increase (decrease) in accrued expenses and other payables | 135,128 | (785,399) |
Net cash used in operating activities | (12,484,376) | (7,750,188) |
Cash flow from financing activities: | ||
Proceeds from public offering, net | 26,927,142 | |
Proceeds from private placement, net | 24,695,195 | |
Proceeds from exercise of warrants | 6,509,768 | 13,705,685 |
Share and warrant buyback program | (10,171,732) | |
Repayment government grant | (23,577) | |
Repayment of unsecured convertible loan | (307,108) | |
Proceeds from issuance of unsecured convertible loan | 215,710 | |
Share issuance costs | (57,116) | |
Repayment of short-term loans | (239,000) | |
Net cash provided by (used in) financing activities | (3,742,657) | 64,997,624 |
Increase (decrease) in cash and cash equivalents | (16,227,033) | 57,247,436 |
Cash and cash equivalents at beginning of year | 57,268,685 | 21,249 |
Cash and cash equivalents at end of year | 41,041,652 | 57,268,685 |
Significant non-cash transactions: | ||
Shares issued for settlement of debt | 329,670 | |
Forgiveness of government grant | $ 144,542 |
GENERAL
GENERAL | 12 Months Ended |
Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1: GENERAL a. BriaCell Therapeutics Corp. (“BriaCell” or the “Company”) was incorporated under the Business Corporations Act (British Columbia) on July 26, 2006 and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “BCT” and the Company also trades on the Nasdaq Capital Market (“NASDAQ”) under the symbols “BCTX” and “BCTXW”. b. BriaCell is an immuno-oncology biotechnology company. BriaCell owns the US patent to Bria-IMT™, a whole-cell cancer vaccine (US Patent No.7674456) (the “Patent”). The Company is currently advancing its immunotherapy program, Bria-IMT™, to complete a 24-subject Phase I/IIa clinical trial and by research activities in the context of BriaDx™, a companion diagnostic test to identify patients likely benefitting from Bria-IMT™. c. The Company continues to devote substantially all of its efforts toward research and development activities. In the course of such activities, the Company has sustained operating losses and expects such losses to continue in the foreseeable future. The Company’s accumulated deficit as of July 31, 2022 was $ 60,349,837 12,484,376 7,750,188 d. The Company has a wholly-owned U.S. subsidiary, BriaCell Therapeutics Corp. (“BTC”), which was incorporated in April 3, 2014, under the laws of the state of Delaware. BTC has a wholly-owned subsidiary, Sapientia Pharmaceuticals, Inc. (“Sapientia” and together with BTC the “Subsidiaries”), which was incorporated in September 20, 2012, under the laws of the state of Delaware. The Company has one operating segment and reporting unit. e. 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 our clinical trials and research programs are delayed by at least one quarter due to COVID-19. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation of the financial statements: The Company’s consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (U.S. GAAP) as set forth in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (ASC). Prior to July 2022, the Company prepared its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), as permitted in the United States based on the Company’s qualification as a “foreign private issuer” under the rules and regulations of the U.S Securities and Exchange Commission (the “SEC”). On August 1, 2022, the Company no longer qualified as a “foreign private issuer” as such term is defined in Rule 405 under the Securities Act of 1933 and therefore, as a domestic filer, prepared its consolidated financial statements in accordance with U.S. GAAP. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) b. Use of estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. Going Concern Preparation of the consolidated financial statement on a going concern basis, which contemplates the realization of assets and payments of liabilities in the ordinary course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets, including its intangible assets and to meet its liabilities as they become due Warrants and options 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. Income Taxes Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. c. Principal of consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. d. Consolidated financial statements in U.S dollars: The functional currency is the currency that best reflects the economic environment in which the Company and its subsidiary operates and conducts their transactions. The Company’s management believes that the functional currency of the Company and its subsidiaries is the U.S. dollar. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars at each reporting period end in accordance with ASC No. 830 “Foreign Currency Matters.” All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financing income or expenses as appropriate. The Company changed its functional currency from the Canadian dollar (C$) to the United States dollar (US$) as of May 1, 2021. The change in presentation currency is a voluntary change which is accounted for retrospectively. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) e. Cash and cash equivalents: Cash equivalents are short-term highly liquid deposits that are readily convertible to cash with original maturities of three months or less, at the date acquired. f. Property and equipment, net: Property and equipment with individual values of over $ 2,500 SCHEDULE OF ESTIMATED USEFUL LIFE OF ASSET % Computers and peripheral equipment 20 33 g. Intangible assets, net: Separately acquired intangible assets are measured on initial recognition at cost including directly attributable costs. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred. Intangible assets with finite useful lives are amortized over their useful lives and reviewed for impairment annually and whenever there is an indication that the asset may be impaired. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these group of assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the group of assets is expected to generate. If such review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. The amortization period and the amortization method for an intangible asset are reviewed at least at each year end. Intangible assets with indefinite useful lives are not systematically amortized and are tested for impairment annually, or whenever there is an indication that the intangible asset may be impaired. The useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable. If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite to finite life is accounted for prospectively as a change in accounting estimate and on that date the asset is tested for impairment. Commencing from that date, the asset is amortized systematically over its useful life. The useful lives of intangible assets are as follows: SCHEDULE OF USEFUL LIVES OF INTANGIBLE ASSETS Patents Useful life 20 Amortization method Straight-line In-house development or purchase Purchase For the years ended July 31, 2022 and 2021, no BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) h. Impairment of long-lived assets: The Company’s long-lived assets to be held or used, including intangible assets that are subject to amortization, are reviewed for impairment in accordance with ASC 360 “Property, Plants and Equipment”, whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to the future undiscounted cash flows expected to be generated by the assets (or asset group). If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds their fair value. For the years ended July 31, 2022 and 2021, no i. Research and Development expenses: Research and development expenses are recognized in the consolidated statements of operations when incurred. Research and development expenses consist of intellectual property, development and production expenditures. j. Fair value of financial instruments: The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2 — Observable inputs that are based on inputs not quoted on active markets but corroborated by market data. Level 3 — Unobservable inputs are used when little or no market data are available. The carrying amounts of cash and cash equivalents, amounts receivables, trade payable and accrued expenses and other payables approximate their fair value due to the short-term maturity of such instruments. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) k. Leases: The Company accounts for leases according to ASC 842, “Leases”. The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. An ROU asset represents the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease agreement. An ROU asset is measured based on the discounted present value of the remaining lease payments, plus any initial direct costs incurred and prepaid lease payments, excluding lease incentives. The lease liability is measured at lease commencement date based on the discounted present value of the remaining lease payments. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate is considered unless it is reasonably certain that the Company will not exercise the option. The Company elected the practical expedient for lease agreements with a term of twelve months or less and does not recognize right-of-use (“ROU”) assets and lease liabilities in respect of those agreements. The Company also elected the practical expedient to not separate lease and non-lease components for its leases. l. Share-based compensation The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation – Stock Compensation”, which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service periods, which is the vesting period of the respective award, on a straight-line basis when the only condition to vesting is continued service. The Company has selected the Black-Scholes option-pricing model as the most appropriate fair value method for its option awards. The Company recognizes forfeitures of equity-based awards as they occur. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) m. Income Taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, which prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, to reduce deferred tax assets to their estimated realizable value, if needed. ASC 740 offers a two-step approach for recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. As of July 31, 2022, and 2021 no n. Basic and diluted net loss per Share: The Company’s basic net loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted-average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive ordinary shares are anti-dilutive. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) o. Recently issued and adopted accounting standards: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. Effective August 1, 2021, the Company early adopted ASU 2016-13. Adoption of the new standard did not have a material impact on the financial statements. 2. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The final guidance issued by the FASB for convertible instruments eliminates two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. Separate accounting is still required in certain cases. Additionally, among other changes, the guidance eliminates some of the conditions for equity classification in ASC 815-40-25 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. ASU 2020-06 is effective for the company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. Effective August 1, 2021, the Company early adopted ASU 2020-06. Adoption of the new standard did not have a material impact on the financial statements. 3. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. Early adoption is permitted. Adoption of the new standard did not have a material impact on the financial statements. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
INTANGIBLE ASSETS. NET
INTANGIBLE ASSETS. NET | 12 Months Ended |
Jul. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS. NET | NOTE 3: INTANGIBLE ASSETS. NET Acquired intangible assets with finite lives consisted of the following as of July 31, 2022 and 2021: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT 2022 2021 July 31, 2022 2021 Patents $ 305,130 $ 305,130 Gross intangible assets 305,130 305,130 Less – accumulated amortization (74,791 ) (59,520 ) Intangible assets, net $ 230,339 $ 245,610 The attributable intellectual property relates to Sapientia’s various patents, which the Company is amortizing over 20 years, consistent with its accounting policy. Amortization expenses for the years ended July 31, 2022 and 2021, were $ 15,271 15,256 The estimated future amortization expense of intangible assets as of July 31, 2022 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS 2023 $ 15,271 2024 15,271 2025 15,271 2026 15,271 2027 15,271 2028 and thereafter 153,984 Total $ 230,339 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
LOANS
LOANS | 12 Months Ended |
Jul. 31, 2022 | |
Debt Disclosure [Abstract] | |
LOANS | NOTE 4: LOANS (a) Short-terms loans During the year ended July 31, 2021, the Company received seven unsecured loans from directors and an officer in the total amount of $ 27,469 2.5 During March 2021, all the above mentioned short-term loans and accrued interest were repaid. Total interest expense in respect to all short-term loans for year ended July 31, 2022 and 2021 is nil 5,429 (b) Government grants On April 24, 2020, the Company received a $ 32,560 40,000 0 3 5 8,140 25,986 24,420 15 On December 13, 2021, the Company repaid the CEBA loan in the amounts of $ 24,420 For the year ended July 31, 2022 and 2021, the Company recorded an interest expense of nil 3,650 On May 1, 2020 the Company received $ 127,030 1 For the year ended July 31, 2022 and 2021, the Company recorded an interest expense of nil 3,300 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 4: LOANS (Cont.) (c) 2020 Convertible Loan On November 16, 2020 (“Closing Date”), the Company closed a brokered private placement of an unsecured convertible debenture unit of the Company (the “Debenture Unit”) to a single subscriber, purchased at a price of $ 305,250 29.33 215,710 The Debenture Unit was comprised of (A) $ 305,250 5.0 5 1,628,000 69,188 The Debenture was convertible, at the option of the holder thereof, from the period beginning on May 16, 2021, until the repayment of the Debenture in full, into that number of Shares computed on the basis of the principal amount of the Debenture divided by the conversion price of $4.41 per Share. Each Debenture Warrant entitles the holder thereof to purchase one Share for a period of five (5) years from the Closing Date at a price of $4.41 per Debenture Warrant, subject to adjustment as set forth in the Warrants In consideration for the services rendered by ThinkEquity, a division of Fordham Financial Management, Inc. (the “Broker”), the Broker received a cash commission of $ 21,571 4,890 4.41 5 The Company has determined that the Debenture Unit contained the following freestanding financial instruments: The term loan and the warrants. The warrants and the Broker Warrants are not indexed to the Company’s own stock and were classified as liabilities, initially measured at fair value, and subsequently measured at fair value through earnings. The Company has determined that the term loan contained embedded derivatives required to be bifurcated from the host debt instrument pursuant to ASC 815-15. In addition, since the conversion feature was not bifurcated, the Company concluded that the term loan also includes a beneficial conversion feature which was accounted for as an equity component. As such, the proceeds were allocated to the warrants, bifurcated embedded derivatives and the equity component. The residual proceeds were allocated to the liability component. The cash commission and Broker Warrants were expensed in the statement of operations and comprehensive loss. The Debenture’s net proceeds were $ 188,672 14,838 51,084 10,905 127,156 11,597 26,907 19.97 100 0.49 5 4.25 53,878 On March 1, 2021, the Debenture was repaid and the Company recorded a charge in the consolidated statements of operations and comprehensive loss of $ 79,717 |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 12 Months Ended |
Jul. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | NOTE 5: ACCRUED EXPENSES AND OTHER PAYABLES SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES Year ended July 31, 2022 2021 Clinical activities $ 69,720 39,896 Professional services 408,087 221,816 Other - 80,967 Total $ 477,807 $ 342,679 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
CONTINGENT LIABILITIES AND COMM
CONTINGENT LIABILITIES AND COMMITMENTS | 12 Months Ended |
Jul. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | NOTE 6: CONTINGENT LIABILITIES AND COMMITMENTS a. Legal proceedings: On May 19, 2021, Alpha Capital Anstalt (“Alpha”) filed a lawsuit in the New York State Supreme Court, Commercial Division, New York County against BriaCell Therapeutics Corp. (“BriaCell”), alleging that BriaCell breached a loan contract when it refused to reprice and extend the term of warrants purported held by Alpha in spring 2021, seeking monetary and injunctive relief for delivery of those amended warrants. Counterclaiming and defending against Alpha’s complaint, BriaCell alleges that Alpha’s loan to BriaCell is unenforceable both because the loan is criminally usurious under New York law and because Alpha acted as an unregistered securities dealer in violation of American securities law. BriaCell also has alleged that Canadian securities law, regulation, and rules prohibited it from amending the warrants to comply with Alpha’s spring 2021 demands. On May 11, 2022, Alpha moved to dismiss BriaCell’s operative Amended Counterclaim. The parties have fully briefed that motion, and the Court has calendared oral argument on that motion for February 7, 2023. Expert discovery is ongoing and may affect the value of the parties’ respective claims and damages. The Company disagrees with Alpha’s claims, is defending these claims, and has filed a counter claim. At this time, whilst it is impossible to provide any guarantee as to the outcome of the lawsuit, it is the Company’s assessment, based on advice from the Company’s legal counsel at this time, and based on the information known by the Company, that it’s more likely than not that BriaCell will not have to pay Alpha in the litigation. b. Lease In July 2021, the Company ended its lease agreement in Berkeley, California. During the same time, the Company started a month-to-month lease arrangement for office and lab space in New York, New York in the amount of approximately $ 8,600 16,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jul. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 7: FAIR VALUE MEASUREMENTS The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of July 31, 2022 and 2021: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at July 31, July 31, 2022 July 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents $ 41,041,652 - 41,041,652 57,268,685 - 57,268,685 Total assets measured at fair value $ 41,041,652 - 41,041,652 57,268,685 - 57,268,685 Financial liabilities: Warrants liability 11,151,608 20,155,414 31,307,022 7,426,535 22,362,725 29,789,260 Total liabilities measured at fair value $ 11,151,608 $ 20,155,414 $ 31,307,022 $ 7,426,535 $ 22,362,725 $ 29,789,260 We classify our cash equivalents and the liability in respect of publicly traded warrants within Level 1 because we use quoted market prices in active markets. The fair value of the warrant liability for non-public warrants is measured using inputs other than quoted prices included in Level 1 that are observable for the liability either directly or indirectly, and thus are classified as Level 2 financial instruments. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Jul. 31, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 8: SHAREHOLDERS’ EQUITY a. Authorized share capital The authorized share capital consists of an unlimited no b. Issued share capital During the years ended July 31, 2021 and 2022, the Company issued shares as follows: i) On August 18, 2020, the Company issued 50,000 6.59 25,235 ii) On February 26, 2021, the Company completed an underwritten public offering in the United States. The aggregate gross proceeds to the Company from the offering were approximately $ 26 4,852,353 4.25 1,030,000 4.24 0.01 5.3125 five years In addition, the Company issued the underwriter 294,118 5.3125 5 The Company granted the underwriter a 45-day option to purchase up to 882,352 882,352 882,352 882,352 3.9 In addition, the Company issued the underwriter 44,118 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 8: SHAREHOLDERS’ EQUITY (Cont.) b. Issued share capital (continued) During the year ended July 31, 2021, the Company accounted for the Public Offering as follows: The Pre-funded Warrants were recorded in equity. The Public Offering Warrants and the Over-allotment Warrants were recorded as a liability with fair value of $ 4,920,666 3,433,158 1,820,114 1,613,043 The fair value of the Over-allotment Warrants at the issuance date was $ 1,632,351 At July 31, 2022 the fair value of the Public Offering Warrants and Public Offering Broker Warrants were $ 11,151,608 190,333 As a result, for the year ended July 31, 2022, the Company recorded a loss on the revaluation of the total warrant liability of $ 5,728,396 The key inputs used in the valuation of the Public Offering Broker Warrants as of July 31, 2022 and at July 31, 2021 were as follows: SCHEDULE OF WARRANTS February 26, 2021 (Issuance date) April 12, 2021 (Issuance date) July 31, 2022 July 31, 2021 Share price $ 3.40 $ 3.92 $ 6.50 $ 5.23 Exercise price $ 5.31 $ 5.31 $ 5.31 6.19 $ 5.31 6.19 Expected life (years) 5.00 5.00 3.58 4.35 4.58 5.35 Volatility 100 % 100 % 100 % 100 % Dividend yield 0 % 0 % 0 % 0 % Risk free rate 0.88 % 0.97 % 2.68 % 0.70 % BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 8: SHAREHOLDERS’ EQUITY (Cont.) b. Issued share capital (continued) iii) On June 3, 2021, the Company entered into securities purchase agreements (each a “Purchase Agreement”) with certain institutional and accredited investors (the “Investors”) pursuant to which the Company issued (i) 4,370,343 800,000 5,170,343 27.2 5.26 5.2599 In connection with the Private Placement, the Company agreed to: 1) pay the placement agent a cash commission equal to 8.0 258,517 6.19 5 The Private Placement Pre-funded Warrants were recorded in equity. The fair value of the Private Placement Warrants was $ 10,095,311 5.15 6.19 5.5 100 0 0.78 19,721,446 5,810,946 6.50 6.19 4.35 100 0 2.68 $ 3,489,558 On June 25, 2021, and June 26, 2021, 750,000 50,000 800,000 iv) The following table presents the summary of the changes in the fair value of the warrants: SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of July 31, 2020 $ - Convertible Debt Warrants 227,460 Issuance of Public Offering Warrants 4,920,666 Issuance of Public Offering Broker Warrants 1,778,904 Issuance of Private Placement Warrants 10,095,311 Exercise of Warrants (645,386 ) Reclassification of warrant liability to warrant reserve following change in functional currency 8,963,348 Change in fair value 4,448,957 Balance as of July 31, 2021 $ 29,789,260 Issuance of warrants - Warrant buyback program (1,073,718 ) Exercise of warrants (9,066,892 ) Change in fair value 11,658,372 Balance as of July 31, 2022 $ 31,307,022 v) During the year ended July 31, 2022, 554,991 5.68 219,453 vi) During the year ended July 31, 2022, 63,454 5.31 337,099 997,200 6.19 6,172,669 1,060,654 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 8: SHAREHOLDERS’ EQUITY (Cont.) c. Share buyback program On September 9, 2021 the Company approved a repurchase program whereby the Company may purchase through the facilities of the TSX or NASDAQ (i) up to 1,341,515 411,962 10 13,415,154 10 4,119,622 1,031,672 9,098,014 243,323 1,073,718 1,428,620 d. Share Purchase Warrants A summary of changes in share purchase warrants for the years ending July 31, 2022 and 2021 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 from the issuance of a convertible note 69,188 5.42 Granted in the Public Offering 5,882,353 5.31 Granted in the Over-allotment Option 882,352 5.31 Granted in the Private Placement 5,170,343 6.19 Expired (156,039 ) (36.26 ) Exercised (2,562,573 ) (5.48 ) Balance, July 31, 2021 9,464,152 $ 5.85 Expired (22,489 ) (28.08 ) Exercised (1,060,654 ) (6.14 ) Repurchased and cancelled (243,323 ) (5.31 ) Balance, July 31, 2022 8,137,686 $ 5.76 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 8: SHAREHOLDERS’ EQUITY (Cont.) d. Share Purchase Warrants (continued) As of July 31, 2022, warrants outstanding were as follows: SCHEDULE OF SHARE PURCHASE WARRANTS OUTSTANDING Number of Warrants outstanding as of July 31, 2022 Exercise Price Number of Warrants Exercisable as of July 31, 2022 Expiry Date 51,698 $ 4.41 51,698 November 16, 2025 3,912,845 $ 5.31 3,910,724 February 26, 2026 April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,137,686 8,135,565 e) Compensation Warrants A summary of changes in compensation warrants for the years ended July 31, 2022 and 2021 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 from the issuance of a convertible note 4,890 4.41 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 Expired (13,790 ) (35.16 ) Exercised - - Balance, July 31, 2021 601,643 $ 5.68 Exercised (554,991 ) (5.68 ) Balance, July 31, 2022 46,652 $ 5.66 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 8: SHAREHOLDERS’ EQUITY (Cont.) e) Compensation Warrants (continued) As of July 31, 2022, compensation warrants outstanding were as follows: SCHEDULE OF COMPENSATION WARRANTS OUTSTANDING Number of Warrants as of July 31, 2022 Exercise Price Exercisable As of July 31, 2022 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
SHARE-BASED COMPENSATION | 12 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 9: SHARE-BASED COMPENSATION The Company has adopted a stock option plan (the “Stock Option Plan”) under which it is authorized to grant options to officers, directors, employees and consultants enabling them to acquire up to 10 5 years The Company estimates the fair value of stock options granted using the Black-Scholes option-pricing model. The option-pricing model requires a number of assumptions, of which the most significant are the expected stock price volatility and the expected option term. Expected volatility was calculated based upon the Company’s historical share price and historical volatilities of similar entities in the related sector index. The expected term of the options granted is derived from output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. The following table lists the inputs to the Black-Scholes option-pricing model used for the fair value measurement of equity-settled share options for the above Options Plans for the years 2022 and 2021: SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS Year ended July 31, 2022 2021 Dividend yield 0 % 0 % Expected volatility of the share prices 65 % 74 79 % Risk-free interest rate 1.4 1.5 % 0.6 1.38 % Expected term (in years) 8 8 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 9: SHARE - BASED COMPENSATION (Cont.) a. The following table summarizes the number of options granted to employees under the Stock Option Plan for the year ended July 31, 2022 and related information: SCHEDULE OF NUMBER OF OPTIONS GRANTED Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of July 31, 2021 674,666 $ 4.38 3.91 $ 573,466 Granted 818,300 7.81 4.44 Exercised - - Forfeited (999 ) 30.04 Expired (1,667 ) 46.80 Balance as of July 31, 2022 1,490,300 6.20 4.09 447,090 Exercisable as of July 31, 2022 1,202,040 $ 5.83 3.99 $ 805,367 The weighted-average grant date per-share fair value of stock options granted during 2022 and 2021 was $ 7.81 4.39 1,652,550 1.75 b. The following table summarizes information about the Company’s outstanding and exercisable options granted to employees as of July 31, 2022 SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise price Options outstanding as of July 31, 2022 Weighted average remaining contractual term (years) Options exercisable as of July 31, 2022 Weighted average remaining contractual term (years) Expiry Date $ 4.71 31,000 4.81 3,875 4.81 May 20, 2027 $ 7.51 150,000 4.54 37,500 4.54 February 16, 2027 $ 8.47 524,700 4.45 377,625 4.45 January 13, 2027 $ 7.74 12,600 4.25 11,040 4.25 November 01, 2027 $ 5.74 100,000 4.09 100,000 4.09 September 01, 2026 $ 4.24 612,000 3.66 612,000 3.66 March 29, 2026 $ 4.24 60,000 3.72 60,000 3.72 April 19, 2026 1,490,300 1,202,040 c. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the years ended July 31, 2022 and 2021 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2022 2021 Year ended July 31, 2022 2021 Research and development expenses $ 435,563 $ 719,480 General and administrative expenses 2,639,023 1,288,025 Total share-based compensation $ 3,074,586 $ 2,007,505 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 10: TAXES ON INCOME a. Components of income taxes excluding cumulative effects of changes in accounting principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax for the years ended December 31 were as follows: b. The Company recorded loss before taxes on income for the period indicated as follows: SCHEDULE OF LOSS BEFORE TAXES ON INCOME 2022 2021 Year ended July 31, 2022 2021 Domestic $ (16,551,241 ) $ (11,434,438 ) Foreign (10,283,662 ) (2,381,762 ) Loss before taxes on income $ (26,838,903 ) $ (13,816,200 ) c. The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 27% (2021 - 27%) to the effective tax rate is as follows: SCHEDULE OF EFFECTIVE INCOME TAX July 31, 2022 July 31, 2021 Net loss before recovery of income taxes $ (26,838,903 ) $ (13,816,200 ) Expected income tax (recovery) expense (7,246,504 ) (3,730,374 ) Tax rate changes and effect of taxes of subsidiaries at foreign rates 1,591,220 31,580 Share-based compensation and other non-deductible expenses 828,930 497,160 Foreign exchange loss 7,810 579,170 Share issuance cost booked directly to equity (15,420 ) (1,360,580 ) Valuation allowance 4,833,964 3,983,044 Income tax (recovery) $ - $ - d. The Company had no e. Significant components of the Company’s deferred tax assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS NET July 31, 2022 July 31, 2021 Deferred Tax Assets: Property, plant and equipment $ 730 731 Marketable Securities 11,760 12,181 Warrant liability 4,330,580 1,182,778 Share issuance costs 1,105,220 1,483,999 Operating tax losses carried forward 2,714,150 1,833,609 Operating tax losses carried forward- USA 4,015,960 3,909,537 Total deferred tax assets 12,178,400 8,422,835 Valuation allowance (12,130,030 ) (8,363,505 ) Net deferred tax assets $ 48,370 $ 59,330 Deferred Tax Liability: Intellectual Property $ (48,370 ) $ (51,580 ) Convertible Debentures - (7,750 ) Total net deferred tax liabilities (48,370 ) (59,330 ) Valuation allowance - - Net deferred tax assets (liabilities) $ - $ - f. The Company has net deferred tax assets relating primarily to net operating loss (“NOL”) carryforwards, warrant liability and share issuance costs. Subject to certain limitations, the Company may use these deferred tax assets to offset taxable income in future periods. Due to the Company’s history of losses and uncertainty regarding future earnings, a full valuation allowance has been recorded against the Company’s deferred tax assets, as it is more likely than not that such assets will not be realized. The net change in the total valuation allowance for the year ended July 31, 2022, was $ 1,870,351 At July 31, 2022, the Company had US federal NOL carryforwards of approximately $ 18,890,000 . The federal net operating losses have expiry periods ranging between 2033 and indefinitely. 10,053,000 as of July 31, 2022. The Canadian net operating losses have expiry periods ranging between 2035 and 2042. Utilization of the NOL carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code (“IRC”) Sections 382 and 383, and similar state provisions. The Company has not completed an IRC 382/383 analysis regarding the limitation of NOL and credit carryforwards. If a change in ownership were to have occurred, the annual limitation may result in the expiration of NOL carryforwards and credits before utilization. If eliminated, the related asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. The Company has adopted the provisions of ASC 740-10, which clarifies the accounting for uncertain tax positions. ASC 740-10 requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not to be sustained upon examination based on the technical merits of the position. For the year ended July 31, 2022, the Company had no material unrecognized tax benefits, and based on the information currently available, no significant changes in unrecognized tax benefits are expected in the next 12 months. The Company’s policy is to recognize interest and penalties related to uncertain tax positions as income tax expense. The Company has no accruals for interest or penalties on its accompanying consolidated balance sheets as of July 31, 2022, and 2021, and has not recognized interest or penalties in the consolidated statements of operations for the years ended July 31, 2022, and 2021. The Company is subject to taxation in the United States, New York, California, and Canada. The Company is subject to tax examination by tax authorities in those jurisdictions for periods after 2015. However, to the extent allowed by law, the taxing authorities may have the right to examine the periods where NOLs and credits were generated and carried forward, and make adjustments to the amount of the NOL and credit carryforwards. The Company is not currently under examination by federal or state jurisdictions. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Jul. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | NOTE 11: 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. a. The following related party salaries and directors’ fees are included in the consolidated statements of operations and comprehensive loss: SCHEDULE OF RELATED PARTY BALANCES 2022 2021 Year ended July 31, 2022 2021 Directors (*) $ 476,117 $ 434,370 Officers (**) 1,404,363 332,273 Due from related party $ 1,880,480 $ 766,643 (*) Excluding the CEO who is a director (**) Includes the CEO who is also a director b. The following related party balances are included in the consolidated balance sheets: 2022 2021 As of July 31, 2022 2021 Directors (*) $ 20,519 $ 17,101 Officers (**) 55,039 31,429 Due from related party $ 75,558 $ 48,530 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
FINANCIAL EXPENSE, NET
FINANCIAL EXPENSE, NET | 12 Months Ended |
Jul. 31, 2022 | |
Financial Expense Net | |
FINANCIAL EXPENSE, NET | NOTE 12: FINANCIAL EXPENSE, NET SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET 2022 2021 Year ended July 31, 2022 2021 Interest income $ 136,731 $ 3,149 Interest expense (979 ) (78,554 ) Change in fair value of warrant liability (11,658,372 ) (4,448,957 ) Gain on government grant 3,388 3,691 Foreign exchange loss (30,730 ) (2,177,791 ) Loss on extinguishment of debt - (141,703 ) Financial expenses, net $ (11,549,962 ) $ (6,840,165 ) |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER SHARE | 12 Months Ended |
Jul. 31, 2022 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET LOSS PER SHARE | NOTE 13: BASIC AND DILUTED NET LOSS PER SHARE Basic net loss per ordinary share is computed by dividing net loss for each reporting period by the weighted-average number of ordinary shares outstanding during each period. Diluted net loss per ordinary share is computed by dividing net loss for each reporting period by the weighted average number of ordinary shares outstanding during the period, plus dilutive potential ordinary shares considered outstanding during the period, in accordance with ASC No. 260-10 “Earnings Per Share”. The Company experienced a loss in the year ended July 31, 2022 and 2021; hence all potentially dilutive ordinary shares were excluded due to their anti-dilutive effect. SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2022 2021 Year ended July 31, 2022 2021 Numerator: Net loss available to shareholders of ordinary shares (26,838,903 ) (13,816,200 ) Denominator: Shares used in computing net loss per ordinary shares, basic and diluted 15,494,091 4,519,579 The following items have been excluded from the diluted weighted average number of shares outstanding because they are anti-dilutive: SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 Year ended July 31, 2022 2021 Employee stock options and warrants excluded from the computation of diluted per share amounts as their effect would be antidilutive 10,054,793 3,60,759 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
LONG-LIVED ASSETS BY GEOGRAPHIC
LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION | 12 Months Ended |
Jul. 31, 2022 | |
Segment Reporting [Abstract] | |
LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION | NOTE 14: LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION SCHEDULE OF LONG-LIVED ASSETS 2022 2021 As of July 31, 2022 2021 United States $ 230,340 $ 245,612 Total long-lived assets* $ 230,340 $ 245,612 (*) Long-lived assets are comprised of property and equipment, net, investments and intangible assets, net. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jul. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15: SUBSEQUENT EVENTS The Company evaluated the possibility of subsequent events existing in the Company’s consolidated financial statements through October 27, 2022, the date that the consolidated financial statements were available for issuance. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements, except as noted below. a) Approval of Omnibus Incentive Plan On August 2, 2022, the Company approved an omnibus equity incentive plan (“Omnibus Plan), which will permit the Company to grant incentive stock options, preferred share units, restricted share units (“RSU’s”), and deferred share units (collectively, the “Awards”) for the benefit of any employee, officer, director, or consultant of the Company or any subsidiary of the Company. The maximum number of Shares available for issuance under the Omnibus Plan shall not exceed 15% of the issued and outstanding Shares, from time to time, less the number of Shares reserved for issuance under all other security-based compensation arrangements of the Company, including the existing Stock Option Plan. The Omnibus Plan remains subject to approval by the shareholders of the Company (the “Shareholders”) and final approval of the Toronto Stock Exchange (“Exchange”) and will replace the Company’s existing Stock Option Plan upon receipt of such approvals (“Approvals”). The Company may make grants under the Omnibus Plan, however, the grants cannot be settled until the Approvals have been received. b) Option and RSU grants On August 2, 2022, the Company granted 180,100 8.38 two August 2, 2027 142,100 The Company also granted, under the Omnibus Plan, 19,200 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation of the financial statements: | a. Basis of presentation of the financial statements: The Company’s consolidated financial statements have been prepared in accordance with the United States generally accepted accounting principles (U.S. GAAP) as set forth in the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (ASC). Prior to July 2022, the Company prepared its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), as permitted in the United States based on the Company’s qualification as a “foreign private issuer” under the rules and regulations of the U.S Securities and Exchange Commission (the “SEC”). On August 1, 2022, the Company no longer qualified as a “foreign private issuer” as such term is defined in Rule 405 under the Securities Act of 1933 and therefore, as a domestic filer, prepared its consolidated financial statements in accordance with U.S. GAAP. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Use of estimates: | b. Use of estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. Going Concern Preparation of the consolidated financial statement on a going concern basis, which contemplates the realization of assets and payments of liabilities in the ordinary course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets, including its intangible assets and to meet its liabilities as they become due Warrants and options 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. Income Taxes Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. |
Principal of consolidation: | c. Principal of consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. |
Consolidated financial statements in U.S dollars: | d. Consolidated financial statements in U.S dollars: The functional currency is the currency that best reflects the economic environment in which the Company and its subsidiary operates and conducts their transactions. The Company’s management believes that the functional currency of the Company and its subsidiaries is the U.S. dollar. Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars at each reporting period end in accordance with ASC No. 830 “Foreign Currency Matters.” All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financing income or expenses as appropriate. The Company changed its functional currency from the Canadian dollar (C$) to the United States dollar (US$) as of May 1, 2021. The change in presentation currency is a voluntary change which is accounted for retrospectively. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Cash and cash equivalents: | e. Cash and cash equivalents: Cash equivalents are short-term highly liquid deposits that are readily convertible to cash with original maturities of three months or less, at the date acquired. |
Property and equipment, net: | f. Property and equipment, net: Property and equipment with individual values of over $ 2,500 SCHEDULE OF ESTIMATED USEFUL LIFE OF ASSET % Computers and peripheral equipment 20 33 |
Intangible assets, net: | g. Intangible assets, net: Separately acquired intangible assets are measured on initial recognition at cost including directly attributable costs. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Expenditures relating to internally generated intangible assets, excluding capitalized development costs, are recognized in profit or loss when incurred. Intangible assets with finite useful lives are amortized over their useful lives and reviewed for impairment annually and whenever there is an indication that the asset may be impaired. The evaluation is performed at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these group of assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the group of assets is expected to generate. If such review indicates that the carrying amount of intangible assets is not recoverable, the carrying amount of such assets is reduced to fair value. The amortization period and the amortization method for an intangible asset are reviewed at least at each year end. Intangible assets with indefinite useful lives are not systematically amortized and are tested for impairment annually, or whenever there is an indication that the intangible asset may be impaired. The useful life of these assets is reviewed annually to determine whether their indefinite life assessment continues to be supportable. If the events and circumstances do not continue to support the assessment, the change in the useful life assessment from indefinite to finite life is accounted for prospectively as a change in accounting estimate and on that date the asset is tested for impairment. Commencing from that date, the asset is amortized systematically over its useful life. The useful lives of intangible assets are as follows: SCHEDULE OF USEFUL LIVES OF INTANGIBLE ASSETS Patents Useful life 20 Amortization method Straight-line In-house development or purchase Purchase For the years ended July 31, 2022 and 2021, no BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Impairment of long-lived assets: | h. Impairment of long-lived assets: The Company’s long-lived assets to be held or used, including intangible assets that are subject to amortization, are reviewed for impairment in accordance with ASC 360 “Property, Plants and Equipment”, whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to the future undiscounted cash flows expected to be generated by the assets (or asset group). If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds their fair value. For the years ended July 31, 2022 and 2021, no |
Research and Development expenses: | i. Research and Development expenses: Research and development expenses are recognized in the consolidated statements of operations when incurred. Research and development expenses consist of intellectual property, development and production expenditures. |
Fair value of financial instruments: | j. Fair value of financial instruments: The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2 — Observable inputs that are based on inputs not quoted on active markets but corroborated by market data. Level 3 — Unobservable inputs are used when little or no market data are available. The carrying amounts of cash and cash equivalents, amounts receivables, trade payable and accrued expenses and other payables approximate their fair value due to the short-term maturity of such instruments. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Leases: | k. Leases: The Company accounts for leases according to ASC 842, “Leases”. The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. An ROU asset represents the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease agreement. An ROU asset is measured based on the discounted present value of the remaining lease payments, plus any initial direct costs incurred and prepaid lease payments, excluding lease incentives. The lease liability is measured at lease commencement date based on the discounted present value of the remaining lease payments. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate is considered unless it is reasonably certain that the Company will not exercise the option. The Company elected the practical expedient for lease agreements with a term of twelve months or less and does not recognize right-of-use (“ROU”) assets and lease liabilities in respect of those agreements. The Company also elected the practical expedient to not separate lease and non-lease components for its leases. |
Share-based compensation | l. Share-based compensation The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation – Stock Compensation”, which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the award is recognized as an expense over the requisite service periods, which is the vesting period of the respective award, on a straight-line basis when the only condition to vesting is continued service. The Company has selected the Black-Scholes option-pricing model as the most appropriate fair value method for its option awards. The Company recognizes forfeitures of equity-based awards as they occur. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Income Taxes: | m. Income Taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”, which prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, to reduce deferred tax assets to their estimated realizable value, if needed. ASC 740 offers a two-step approach for recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. As of July 31, 2022, and 2021 no |
Basic and diluted net loss per Share: | n. Basic and diluted net loss per Share: The Company’s basic net loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted-average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive ordinary shares are anti-dilutive. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2022 and 2021 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Recently issued and adopted accounting standards: | o. Recently issued and adopted accounting standards: As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. 1. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. Effective August 1, 2021, the Company early adopted ASU 2016-13. Adoption of the new standard did not have a material impact on the financial statements. 2. In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The final guidance issued by the FASB for convertible instruments eliminates two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. Separate accounting is still required in certain cases. Additionally, among other changes, the guidance eliminates some of the conditions for equity classification in ASC 815-40-25 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. ASU 2020-06 is effective for the company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. Effective August 1, 2021, the Company early adopted ASU 2020-06. Adoption of the new standard did not have a material impact on the financial statements. 3. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. Early adoption is permitted. Adoption of the new standard did not have a material impact on the financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ESTIMATED USEFUL LIFE OF ASSET | SCHEDULE OF ESTIMATED USEFUL LIFE OF ASSET % Computers and peripheral equipment 20 33 |
SCHEDULE OF USEFUL LIVES OF INTANGIBLE ASSETS | The useful lives of intangible assets are as follows: SCHEDULE OF USEFUL LIVES OF INTANGIBLE ASSETS Patents Useful life 20 Amortization method Straight-line In-house development or purchase Purchase |
INTANGIBLE ASSETS. NET (Tables)
INTANGIBLE ASSETS. NET (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | Acquired intangible assets with finite lives consisted of the following as of July 31, 2022 and 2021: SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT 2022 2021 July 31, 2022 2021 Patents $ 305,130 $ 305,130 Gross intangible assets 305,130 305,130 Less – accumulated amortization (74,791 ) (59,520 ) Intangible assets, net $ 230,339 $ 245,610 |
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS | The estimated future amortization expense of intangible assets as of July 31, 2022 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS 2023 $ 15,271 2024 15,271 2025 15,271 2026 15,271 2027 15,271 2028 and thereafter 153,984 Total $ 230,339 |
ACCRUED EXPENSES AND OTHER PA_2
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES | SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES Year ended July 31, 2022 2021 Clinical activities $ 69,720 39,896 Professional services 408,087 221,816 Other - 80,967 Total $ 477,807 $ 342,679 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS | The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of July 31, 2022 and 2021: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at July 31, July 31, 2022 July 31, 2021 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents $ 41,041,652 - 41,041,652 57,268,685 - 57,268,685 Total assets measured at fair value $ 41,041,652 - 41,041,652 57,268,685 - 57,268,685 Financial liabilities: Warrants liability 11,151,608 20,155,414 31,307,022 7,426,535 22,362,725 29,789,260 Total liabilities measured at fair value $ 11,151,608 $ 20,155,414 $ 31,307,022 $ 7,426,535 $ 22,362,725 $ 29,789,260 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF WARRANTS | The key inputs used in the valuation of the Public Offering Broker Warrants as of July 31, 2022 and at July 31, 2021 were as follows: SCHEDULE OF WARRANTS February 26, 2021 (Issuance date) April 12, 2021 (Issuance date) July 31, 2022 July 31, 2021 Share price $ 3.40 $ 3.92 $ 6.50 $ 5.23 Exercise price $ 5.31 $ 5.31 $ 5.31 6.19 $ 5.31 6.19 Expected life (years) 5.00 5.00 3.58 4.35 4.58 5.35 Volatility 100 % 100 % 100 % 100 % Dividend yield 0 % 0 % 0 % 0 % Risk free rate 0.88 % 0.97 % 2.68 % 0.70 % |
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS | SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of July 31, 2020 $ - Convertible Debt Warrants 227,460 Issuance of Public Offering Warrants 4,920,666 Issuance of Public Offering Broker Warrants 1,778,904 Issuance of Private Placement Warrants 10,095,311 Exercise of Warrants (645,386 ) Reclassification of warrant liability to warrant reserve following change in functional currency 8,963,348 Change in fair value 4,448,957 Balance as of July 31, 2021 $ 29,789,260 Issuance of warrants - Warrant buyback program (1,073,718 ) Exercise of warrants (9,066,892 ) Change in fair value 11,658,372 Balance as of July 31, 2022 $ 31,307,022 |
Share Purchase Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SUMMARY OF CHANGES IN COMPENSATION WARRANTS | A summary of changes in share purchase warrants for the years ending July 31, 2022 and 2021 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 from the issuance of a convertible note 69,188 5.42 Granted in the Public Offering 5,882,353 5.31 Granted in the Over-allotment Option 882,352 5.31 Granted in the Private Placement 5,170,343 6.19 Expired (156,039 ) (36.26 ) Exercised (2,562,573 ) (5.48 ) Balance, July 31, 2021 9,464,152 $ 5.85 Expired (22,489 ) (28.08 ) Exercised (1,060,654 ) (6.14 ) Repurchased and cancelled (243,323 ) (5.31 ) Balance, July 31, 2022 8,137,686 $ 5.76 |
SCHEDULE OF COMPENSATION WARRANTS OUTSTANDING | As of July 31, 2022, warrants outstanding were as follows: SCHEDULE OF SHARE PURCHASE WARRANTS OUTSTANDING Number of Warrants outstanding as of July 31, 2022 Exercise Price Number of Warrants Exercisable as of July 31, 2022 Expiry Date 51,698 $ 4.41 51,698 November 16, 2025 3,912,845 $ 5.31 3,910,724 February 26, 2026 April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,137,686 8,135,565 |
Compensation Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SUMMARY OF CHANGES IN COMPENSATION WARRANTS | A summary of changes in compensation warrants for the years ended July 31, 2022 and 2021 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 from the issuance of a convertible note 4,890 4.41 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 Expired (13,790 ) (35.16 ) Exercised - - Balance, July 31, 2021 601,643 $ 5.68 Exercised (554,991 ) (5.68 ) Balance, July 31, 2022 46,652 $ 5.66 |
SCHEDULE OF COMPENSATION WARRANTS OUTSTANDING | As of July 31, 2022, compensation warrants outstanding were as follows: SCHEDULE OF COMPENSATION WARRANTS OUTSTANDING Number of Warrants as of July 31, 2022 Exercise Price Exercisable As of July 31, 2022 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 (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS | The following table lists the inputs to the Black-Scholes option-pricing model used for the fair value measurement of equity-settled share options for the above Options Plans for the years 2022 and 2021: SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS Year ended July 31, 2022 2021 Dividend yield 0 % 0 % Expected volatility of the share prices 65 % 74 79 % Risk-free interest rate 1.4 1.5 % 0.6 1.38 % Expected term (in years) 8 8 |
SCHEDULE OF NUMBER OF OPTIONS GRANTED | a. The following table summarizes the number of options granted to employees under the Stock Option Plan for the year ended July 31, 2022 and related information: SCHEDULE OF NUMBER OF OPTIONS GRANTED Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of July 31, 2021 674,666 $ 4.38 3.91 $ 573,466 Granted 818,300 7.81 4.44 Exercised - - Forfeited (999 ) 30.04 Expired (1,667 ) 46.80 Balance as of July 31, 2022 1,490,300 6.20 4.09 447,090 Exercisable as of July 31, 2022 1,202,040 $ 5.83 3.99 $ 805,367 |
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS | b. The following table summarizes information about the Company’s outstanding and exercisable options granted to employees as of July 31, 2022 SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise price Options outstanding as of July 31, 2022 Weighted average remaining contractual term (years) Options exercisable as of July 31, 2022 Weighted average remaining contractual term (years) Expiry Date $ 4.71 31,000 4.81 3,875 4.81 May 20, 2027 $ 7.51 150,000 4.54 37,500 4.54 February 16, 2027 $ 8.47 524,700 4.45 377,625 4.45 January 13, 2027 $ 7.74 12,600 4.25 11,040 4.25 November 01, 2027 $ 5.74 100,000 4.09 100,000 4.09 September 01, 2026 $ 4.24 612,000 3.66 612,000 3.66 March 29, 2026 $ 4.24 60,000 3.72 60,000 3.72 April 19, 2026 1,490,300 1,202,040 |
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES | c. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the years ended July 31, 2022 and 2021 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2022 2021 Year ended July 31, 2022 2021 Research and development expenses $ 435,563 $ 719,480 General and administrative expenses 2,639,023 1,288,025 Total share-based compensation $ 3,074,586 $ 2,007,505 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF LOSS BEFORE TAXES ON INCOME | b. The Company recorded loss before taxes on income for the period indicated as follows: SCHEDULE OF LOSS BEFORE TAXES ON INCOME 2022 2021 Year ended July 31, 2022 2021 Domestic $ (16,551,241 ) $ (11,434,438 ) Foreign (10,283,662 ) (2,381,762 ) Loss before taxes on income $ (26,838,903 ) $ (13,816,200 ) |
SCHEDULE OF EFFECTIVE INCOME TAX | SCHEDULE OF EFFECTIVE INCOME TAX July 31, 2022 July 31, 2021 Net loss before recovery of income taxes $ (26,838,903 ) $ (13,816,200 ) Expected income tax (recovery) expense (7,246,504 ) (3,730,374 ) Tax rate changes and effect of taxes of subsidiaries at foreign rates 1,591,220 31,580 Share-based compensation and other non-deductible expenses 828,930 497,160 Foreign exchange loss 7,810 579,170 Share issuance cost booked directly to equity (15,420 ) (1,360,580 ) Valuation allowance 4,833,964 3,983,044 Income tax (recovery) $ - $ - |
SCHEDULE OF DEFERRED TAX ASSETS NET | e. Significant components of the Company’s deferred tax assets are as follows: SCHEDULE OF DEFERRED TAX ASSETS NET July 31, 2022 July 31, 2021 Deferred Tax Assets: Property, plant and equipment $ 730 731 Marketable Securities 11,760 12,181 Warrant liability 4,330,580 1,182,778 Share issuance costs 1,105,220 1,483,999 Operating tax losses carried forward 2,714,150 1,833,609 Operating tax losses carried forward- USA 4,015,960 3,909,537 Total deferred tax assets 12,178,400 8,422,835 Valuation allowance (12,130,030 ) (8,363,505 ) Net deferred tax assets $ 48,370 $ 59,330 Deferred Tax Liability: Intellectual Property $ (48,370 ) $ (51,580 ) Convertible Debentures - (7,750 ) Total net deferred tax liabilities (48,370 ) (59,330 ) Valuation allowance - - Net deferred tax assets (liabilities) $ - $ - |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY BALANCES | a. The following related party salaries and directors’ fees are included in the consolidated statements of operations and comprehensive loss: SCHEDULE OF RELATED PARTY BALANCES 2022 2021 Year ended July 31, 2022 2021 Directors (*) $ 476,117 $ 434,370 Officers (**) 1,404,363 332,273 Due from related party $ 1,880,480 $ 766,643 (*) Excluding the CEO who is a director (**) Includes the CEO who is also a director b. The following related party balances are included in the consolidated balance sheets: 2022 2021 As of July 31, 2022 2021 Directors (*) $ 20,519 $ 17,101 Officers (**) 55,039 31,429 Due from related party $ 75,558 $ 48,530 |
FINANCIAL EXPENSE, NET (Tables)
FINANCIAL EXPENSE, NET (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Financial Expense Net | |
SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET | SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET 2022 2021 Year ended July 31, 2022 2021 Interest income $ 136,731 $ 3,149 Interest expense (979 ) (78,554 ) Change in fair value of warrant liability (11,658,372 ) (4,448,957 ) Gain on government grant 3,388 3,691 Foreign exchange loss (30,730 ) (2,177,791 ) Loss on extinguishment of debt - (141,703 ) Financial expenses, net $ (11,549,962 ) $ (6,840,165 ) |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER SHARE (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE | SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2022 2021 Year ended July 31, 2022 2021 Numerator: Net loss available to shareholders of ordinary shares (26,838,903 ) (13,816,200 ) Denominator: Shares used in computing net loss per ordinary shares, basic and diluted 15,494,091 4,519,579 |
SCHEDULE OF ANTI-DILUTIVE SECURITIES | The following items have been excluded from the diluted weighted average number of shares outstanding because they are anti-dilutive: SCHEDULE OF ANTI-DILUTIVE SECURITIES 2022 2021 Year ended July 31, 2022 2021 Employee stock options and warrants excluded from the computation of diluted per share amounts as their effect would be antidilutive 10,054,793 3,60,759 |
LONG-LIVED ASSETS BY GEOGRAPH_2
LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION (Tables) | 12 Months Ended |
Jul. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF LONG-LIVED ASSETS | SCHEDULE OF LONG-LIVED ASSETS 2022 2021 As of July 31, 2022 2021 United States $ 230,340 $ 245,612 Total long-lived assets* $ 230,340 $ 245,612 (*) Long-lived assets are comprised of property and equipment, net, investments and intangible assets, net. |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 60,349,837 | $ 29,141,897 |
Cash flows from operating activities | $ 12,484,376 | $ 7,750,188 |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIFE OF ASSET (Details) - Computer Equipment [Member] | Jul. 31, 2022 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20% |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 33% |
SCHEDULE OF USEFUL LIVES OF INT
SCHEDULE OF USEFUL LIVES OF INTANGIBLE ASSETS (Details) | 12 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Useful life | 20 years |
Amortization method | Straight-line |
In-house development or purchase | Purchase |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Accounting Policies [Abstract] | ||
Property and equipment, net | $ 2,500 | |
Impairment loss of intangible asset | 0 | $ 0 |
Impairment loss of long lived assets | 0 | 0 |
Unrecognized tax benefits | $ 0 | $ 0 |
SCHEDULE OF PROPERTY, PLANT AND
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 305,130 | $ 305,130 |
Gross intangible assets | 305,130 | 305,130 |
Less – accumulated amortization | (74,791) | (59,520) |
Intangible assets, net | $ 230,339 | $ 245,610 |
SCHEDULE OF ESTIMATED FUTURE AM
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS (Details) - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 15,271 | |
2024 | 15,271 | |
2025 | 15,271 | |
2026 | 15,271 | |
2027 | 15,271 | |
2028 and thereafter | 153,984 | |
Intangible assets, net | $ 230,339 | $ 245,610 |
INTANGIBLE ASSETS. NET (Details
INTANGIBLE ASSETS. NET (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 15,271 | $ 15,256 |
LOANS (Details Narrative)
LOANS (Details Narrative) | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) | Dec. 13, 2021 USD ($) | Mar. 01, 2021 USD ($) | Feb. 26, 2021 USD ($) $ / shares | Nov. 16, 2020 USD ($) $ / shares shares | May 01, 2020 USD ($) | Apr. 24, 2020 USD ($) | Apr. 24, 2020 CAD ($) | Jul. 31, 2022 USD ($) shares | Jul. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Short-Term Debt [Line Items] | |||||||||||
Proceeds from unsecured debt | $ 215,710 | ||||||||||
Interest expense | 979 | 78,554 | |||||||||
Proceeds from issuance initial public offering | $ 26,000,000 | 26,927,142 | |||||||||
Debt instrument description | Debenture in full, into that number of Shares computed on the basis of the principal amount of the Debenture divided by the conversion price of $4.41 per Share. Each Debenture Warrant entitles the holder thereof to purchase one Share for a period of five (5) years from the Closing Date at a price of $4.41 per Debenture Warrant, subject to adjustment as set forth in the Warrants | ||||||||||
Warrant exercise price | $ / shares | $ 5.3125 | ||||||||||
Interest and debt expense | 53,878 | ||||||||||
Extinguishment of debt | $ 79,717 | ||||||||||
Broker Warrants [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Warrants outstanding | $ 14,838 | ||||||||||
Warrant [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Stock issued during period shares new issues | shares | 1,060,654 | ||||||||||
Warrants outstanding | $ 19,721,446 | ||||||||||
Fordham Financial Management Inc [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Cash commission | $ 21,571 | ||||||||||
Warrant exercise price | $ / shares | $ 4.41 | ||||||||||
Warrants and rights outstanding term | 5 years | ||||||||||
Fordham Financial Management Inc [Member] | Warrant [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Stock issued during period shares new issues | shares | 4,890 | ||||||||||
Short Term Loans [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest expense | 5,429 | ||||||||||
Canada Emergency Business Account Loan [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate, stated percentage | 0% | 0% | 15% | ||||||||
Interest expense | 3,650 | ||||||||||
Proceeds from loans | $ 32,560 | $ 40,000 | |||||||||
Debt instrument term | 3 years | 3 years | |||||||||
Debt instrument periodic payment interest | 5% | 5% | |||||||||
Debt instrument decrease forgiveness | $ 24,420 | $ 8,140 | |||||||||
Principal amount | $ 25,986 | ||||||||||
Canada Emergency Business Account Loan [Member] | Subsequent Event [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Repayment of debt | $ 24,420 | ||||||||||
Paycheck Protection Program [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate, stated percentage | 1% | ||||||||||
Interest expense | 0 | 3,300 | |||||||||
Proceeds from loans | $ 127,030 | ||||||||||
Unsecured Convertible Debenture [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Proceeds from loans | $ 215,710 | ||||||||||
Debt instrument term | 5 years | ||||||||||
Principal amount | $ 305,250 | ||||||||||
Debt instrument purchase price | $ 305,250 | ||||||||||
Original discount, percentage | 29.33% | ||||||||||
Debt instrument convertible percentage | 5% | ||||||||||
Proceeds from issuance initial public offering | $ 1,628,000 | ||||||||||
Warrants purchase | shares | 69,188 | ||||||||||
Proceeds from issuance of debt | $ 188,672 | ||||||||||
Warrants outstanding | 51,084 | ||||||||||
Embedded derivatives | 10,905 | ||||||||||
Equity component | 127,156 | ||||||||||
Liability component | $ 11,597 | ||||||||||
Debt instrument interest rate, effective percentage | 19.97% | ||||||||||
Unsecured Convertible Debenture [Member] | Measurement Input, Option Volatility [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt instrument measurement input | 100 | ||||||||||
Unsecured Convertible Debenture [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt instrument measurement input | 0.49 | ||||||||||
Unsecured Convertible Debenture [Member] | Measurement Input, Expected Term [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt instrument measurement input expected life | 5 years | ||||||||||
Unsecured Convertible Debenture [Member] | Measurement Input, Share Price [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Debt instrument measurement input | $ / shares | 4.25 | ||||||||||
Debenture [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Cost and expenses | $ 26,907 | ||||||||||
Directors and Officer [Member] | Seven Unsecured Loans [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Proceeds from unsecured debt | $ 27,469 | ||||||||||
Interest rate, stated percentage | 2.50% |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
Payables and Accruals [Abstract] | ||
Clinical activities | $ 69,720 | $ 39,896 |
Professional services | 408,087 | 221,816 |
Other | 80,967 | |
Total | $ 477,807 | $ 342,679 |
CONTINGENT LIABILITIES AND CO_2
CONTINGENT LIABILITIES AND COMMITMENTS (Details Narrative) - USD ($) | 1 Months Ended | |
Apr. 30, 2022 | Jul. 31, 2021 | |
Office and Lab Space [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Operating lease payments | $ 16,000 | $ 8,600 |
SCHEDULE OF FAIR VALUE ON A REC
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 41,041,652 | $ 57,268,685 |
Total liabilities measured at fair value | 31,307,022 | 29,789,260 |
Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 31,307,022 | 29,789,260 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 41,041,652 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 41,041,652 | 57,268,685 |
Total liabilities measured at fair value | 11,151,608 | 7,426,535 |
Fair Value, Inputs, Level 1 [Member] | Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 11,151,608 | 7,426,535 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 41,041,652 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Total liabilities measured at fair value | 20,155,414 | 22,362,725 |
Fair Value, Inputs, Level 2 [Member] | Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 20,155,414 | $ 22,362,725 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value |
SCHEDULE OF WARRANTS (Details)
SCHEDULE OF WARRANTS (Details) - $ / shares | 12 Months Ended | ||||
Jun. 03, 2021 | Apr. 12, 2021 | Feb. 26, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Share price | $ 5.15 | $ 6.50 | |||
Exercise price | $ 6.19 | ||||
Expected life | 5 years 6 months | 4 years 4 months 6 days | |||
Volatility | 100% | 100% | |||
Dividend yield | 0% | 0% | |||
Risk free rate | 0.78% | 2.68% | |||
Public Offering Warrants and Public Offering Broker Warrants [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Share price | $ 3.92 | $ 3.40 | $ 6.50 | $ 5.23 | |
Exercise price | $ 5.31 | $ 5.31 | |||
Expected life | 5 years | 5 years | |||
Volatility | 100% | 100% | 100% | 100% | |
Dividend yield | 0% | 0% | 0% | 0% | |
Risk free rate | 0.97% | 0.88% | 2.68% | 0.70% | |
Public Offering Warrants and Public Offering Broker Warrants [Member] | Minimum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Exercise price | $ 5.31 | $ 5.31 | |||
Expected life | 3 years 6 months 29 days | 4 years 6 months 29 days | |||
Public Offering Warrants and Public Offering Broker Warrants [Member] | Maximum [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Exercise price | $ 6.19 | $ 6.19 | |||
Expected life | 4 years 4 months 6 days | 5 years 4 months 6 days |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS (Details) - USD ($) | 12 Months Ended | ||
Jun. 03, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Warrant liability, beginning balance | $ 29,789,260 | ||
Issuance of private placements warrants | $ 3,489,558 | $ 24,695,195 | |
Exercise of warrants | (6,509,768) | (13,705,685) | |
Change in fair value | 11,658,372 | 4,448,957 | |
Issuance of warrants | 1,820,114 | ||
Warrant liability, ending balance | 31,307,022 | 29,789,260 | |
Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Warrant liability, beginning balance | 29,789,260 | ||
Convertible Debt Warrants | 227,460 | ||
Issuance of public offering warrants | 4,920,666 | ||
Issuance of public offering broker warrants | 1,778,904 | ||
Issuance of private placements warrants | 10,095,311 | ||
Exercise of warrants | (9,066,892) | (645,386) | |
Reclassification of warrant liability to warrant reserve following change in functional currency | 8,963,348 | ||
Change in fair value | 11,658,372 | 4,448,957 | |
Issuance of warrants | |||
Warrant buyback program | (1,073,718) | ||
Warrant liability, ending balance | $ 31,307,022 | $ 29,789,260 |
SUMMARY OF CHANGES IN SHARE PUR
SUMMARY OF CHANGES IN SHARE PURCHASE WARRANTS (Details) - Share Purchase Warrants [Member] - $ / shares | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding, beginning balance | 9,464,152 | 178,528 |
Weighted average exercise price, beginning balance | $ 5.85 | $ 35.82 |
Number of warrants outstanding, expired | (22,489) | (156,039) |
Weighted average exercise price, expired | $ (28.08) | $ (36.26) |
Number of warrants outstanding, exercised | (1,060,654) | (2,562,573) |
Weighted average exercise price, exercised | $ (6.14) | $ (5.48) |
Number of warrants outstanding, repurchased and cancelled | (243,323) | |
Weighted average exercise price, repurchased and cancelled | $ (5.31) | |
Number of warrants outstanding, Ending balance | 8,137,686 | 9,464,152 |
Weighted average exercise price, ending balance | $ 5.76 | $ 5.85 |
Convertible Note [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding, granted | 69,188 | |
Weighted average exercise price, granted | $ 5.42 | |
Public Offering [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding, granted | 5,882,353 | |
Weighted average exercise price, granted | $ 5.31 | |
Over-Allotment Option [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding, granted | 882,352 | |
Weighted average exercise price, granted | $ 5.31 | |
Private Placement [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding, granted | 5,170,343 | |
Weighted average exercise price, granted | $ 6.19 |
SCHEDULE OF SHARE PURCHASE WARR
SCHEDULE OF SHARE PURCHASE WARRANTS OUTSTANDING (Details) - $ / shares | 12 Months Ended | |
Jul. 31, 2022 | Feb. 26, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Exercise price | $ 5.3125 | |
Warrant One [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding | 4,890 | |
Warrant Three [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding | 24,688 | |
Share Purchase Warrants [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding | 8,137,686 | |
Number of warrants exercisable | 8,135,565 | |
Share Purchase Warrants [Member] | Warrant One [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding | 51,698 | |
Exercise price | $ 4.41 | |
Expiry date | Nov. 16, 2025 | |
Share Purchase Warrants [Member] | Warrant Two [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding | 3,912,845 | |
Exercise price | $ 5.31 | |
Number of warrants exercisable | 3,910,724 | |
Share Purchase Warrants [Member] | Warrant Two [Member] | Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Expiry date | Feb. 26, 2026 | |
Share Purchase Warrants [Member] | Warrant Two [Member] | Maximum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Expiry date | Apr. 26, 2026 | |
Share Purchase Warrants [Member] | Warrant Three [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding | 4,173,143 | |
Exercise price | $ 6.19 | |
Number of warrants exercisable | 4,173,143 | |
Expiry date | Dec. 07, 2026 | |
Warrant One [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Exercise price | $ 4.23 | |
Number of warrants exercisable | 51,698 |
SUMMARY OF CHANGES IN COMPENSAT
SUMMARY OF CHANGES IN COMPENSATION WARRANTS (Details) - $ / shares | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Weighted average exercise price, exercised | $ (6.19) | |
Compensation Warrants [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of warrants outstanding, beginning balance | 13,790 | |
Weighted average exercise price, beginning balance | $ 5.68 | $ 35.16 |
Number of options outstanding, expired | (13,790) | |
Weighted average exercise price, expired | $ (35.16) | |
Number of options outstanding, exercised | (554,991) | |
Weighted average exercise price, exercised | $ (5.68) | |
Number of options outstanding, beginning balance | 601,643 | |
Number of options outstanding, Ending balance | 46,652 | 601,643 |
Weighted average exercise price, ending balance | $ 5.66 | $ 5.68 |
Compensation Warrants [Member] | Convertible Note [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of options outstanding, granted | 4,890 | |
Weighted average exercise price, granted | $ 4.41 | |
Compensation Warrants [Member] | Public Offering [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of options outstanding, granted | 294,118 | |
Weighted average exercise price, granted | $ 5.31 | |
Compensation Warrants [Member] | Over-Allotment Option [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of options outstanding, granted | 44,118 | |
Weighted average exercise price, granted | $ 5.31 | |
Compensation Warrants [Member] | Private Placement [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of options outstanding, granted | 258,517 | |
Weighted average exercise price, granted | $ 6.19 |
SCHEDULE OF COMPENSATION WARRAN
SCHEDULE OF COMPENSATION WARRANTS OUTSTANDING (Details) - $ / shares | 12 Months Ended | |
Jul. 31, 2022 | Feb. 26, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||
Exercise price | $ 5.3125 | |
Warrant One [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Exercise price | $ 4.23 | |
Number of warrants exercisable | 51,698 | |
Compensation Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants outstanding | 46,652 | |
Number of warrants exercisable | 46,652 | |
Warrant One [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants outstanding | 4,890 | |
Warrant One [Member] | Compensation Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants exercisable | 4,890 | |
Expiry date | Nov. 16, 2025 | |
Warrant Two [Member] | Compensation Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants outstanding | 17,074 | |
Exercise price | $ 5.31 | |
Number of warrants exercisable | 17,074 | |
Expiry date | Feb. 26, 2026 | |
Warrant Three [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of warrants outstanding | 24,688 | |
Warrant Three [Member] | Compensation Warrants [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Exercise price | $ 6.19 | |
Number of warrants exercisable | 24,688 | |
Expiry date | Jun. 07, 2026 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |||||||||
Sep. 09, 2021 | Jun. 26, 2021 | Jun. 25, 2021 | Jun. 03, 2021 | Apr. 12, 2021 | Apr. 11, 2021 | Feb. 26, 2021 | Aug. 18, 2020 | Jul. 31, 2022 | Jul. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares authorized, unlimited | Unlimited | Unlimited | ||||||||
Common stock, no par value per share | $ 0 | $ 0 | ||||||||
Loss on extinguishment of debt | $ (166,937) | |||||||||
Aggregate gross proceeds from offering | $ 26,000,000 | 26,927,142 | ||||||||
Exercise price | $ 5.3125 | |||||||||
Warrants Expired term | 5 years | |||||||||
Proceeds from issuance of warrants exercises | 6,509,768 | 13,705,685 | ||||||||
Fair value of warrants | 4,920,666 | |||||||||
Deferred offering costs | 3,433,158 | |||||||||
Proceeds form warrants | 1,820,114 | |||||||||
Proceeds from equity | 1,613,043 | |||||||||
Fair value adjustment of warrants | 11,658,372 | 4,448,957 | ||||||||
Gain (loss) on fair value of warrant liability | $ 5,728,396 | |||||||||
Compensation warrants | 554,991 | |||||||||
Share price | $ 5.15 | $ 6.50 | ||||||||
Exercise price | $ 6.19 | |||||||||
Expected life | 5 years 6 months | 4 years 4 months 6 days | ||||||||
Annualized volatility | 100% | 100% | ||||||||
Dividend yield | 0% | 0% | ||||||||
Risk free rate | 0.78% | 2.68% | ||||||||
Change in fair value of warrants | $ 5,810,946 | |||||||||
Exercise price | $ 6.19 | |||||||||
Proceeds form issuance of private placement | $ 3,489,558 | 24,695,195 | ||||||||
Weighted average exercise price | $ 5.68 | |||||||||
Cashless exercise | 219,453 | |||||||||
Shares repurchased value | $ 9,098,014 | |||||||||
Share Buyback Program [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 13,415,154 | |||||||||
Warrant outstanding | 4,119,622 | |||||||||
Fair value adjustment of warrants | $ 1,428,620 | |||||||||
Purchase price of common stock, percent | 10% | |||||||||
Shares repurchased, shares | 1,031,672 | |||||||||
Shares repurchased value | $ 9,098,014 | |||||||||
Publicly traded warrants | 243,323 | |||||||||
Publicly traded warrants value | $ 1,073,718 | |||||||||
TSX Venture [Member] | Share Buyback Program [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 1,341,515 | |||||||||
Warrants purchased under program | 411,962 | |||||||||
Securities Purchase Agreement [Member] | Accredited Investors [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 4,370,343 | |||||||||
Warrant [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 1,060,654 | |||||||||
Proceeds from issuance of warrants exercises | $ 9,066,892 | 645,386 | ||||||||
Proceeds form warrants | ||||||||||
Fair value adjustment of warrants | 11,658,372 | 4,448,957 | ||||||||
Fair value of warrants | $ 19,721,446 | |||||||||
Proceeds form issuance of private placement | $ 10,095,311 | |||||||||
Warrant Two [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Exercise price | $ 5.31 | |||||||||
Warrant outstanding | 63,454 | |||||||||
Proceeds from issuance of warrants exercises | $ 337,099 | |||||||||
Warrant Three [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Exercise price | $ 6.19 | |||||||||
Warrant outstanding | 997,200 | |||||||||
Proceeds from issuance of warrants exercises | $ 6,172,669 | |||||||||
Public Offering Warrants [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 882,352 | |||||||||
Shares issued price per share | $ 4.25 | |||||||||
Shares offered | 4,852,353 | |||||||||
Fair value adjustment of warrants | 11,151,608 | |||||||||
Pre Funded Warrant [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Shares issued price per share | $ 4.24 | |||||||||
Shares offered | 1,030,000 | |||||||||
Exercise price | $ 0.01 | |||||||||
Public Offering Broker Warrants [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 44,118 | |||||||||
Exercise price | $ 5.3125 | |||||||||
Warrant term | 5 years | |||||||||
Fair value adjustment of warrants | $ 190,333 | |||||||||
Public Offering Broker Warrants [Member] | Warrant [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 294,118 | |||||||||
Over-Allotment Option [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 882,352 | |||||||||
Warrant outstanding | 882,352 | 882,352 | ||||||||
Proceeds from issuance of warrants exercises | $ 3,900,000 | |||||||||
Fair value adjustment of warrants | $ 1,632,351 | |||||||||
Private Placements Pre Funded Warrant [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Purchase of warrants | 800,000 | |||||||||
Warrants exercisable | 50,000 | 750,000 | ||||||||
Private Placements Pre Funded Warrant [Member] | Securities Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Exercise price | $ 5.2599 | |||||||||
Purchase of warrants | 800,000 | |||||||||
Private Placements Warrant [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Fair value adjustment of warrants | $ 10,095,311 | |||||||||
Private Placements Warrant [Member] | Securities Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Exercise price | $ 5.26 | |||||||||
Purchase of warrants | 5,170,343 | |||||||||
Private Placement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Warrant term | 5 years | |||||||||
Cash commission percentage | 8% | |||||||||
Private Placement [Member] | Securities Purchase Agreement [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Proceeds form warrants | $ 27,200,000 | |||||||||
Private Placements Agent Warrants [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Exercise price | $ 6.19 | |||||||||
Compensation warrants | 258,517 | |||||||||
Sichenzia Ross Ference LLP [Member] | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Common stock, shares | 50,000 | |||||||||
Shares issued price per share | $ 6.59 | |||||||||
Loss on extinguishment of debt | $ 25,235 |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS (Details) | 12 Months Ended | ||
Jun. 03, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | |
Expected volatility of the share prices | 100% | 100% | |
Expected term (in years) | 5 years 6 months | 4 years 4 months 6 days | |
Stock Option Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | |
Expected volatility of the share prices | 65% | ||
Expected volatility of the share prices, minimum | 74% | ||
Expected volatility of the share prices, maximum | 79% | ||
Risk-free interest rate, minimum | 1.40% | 0.60% | |
Risk-free interest rate, maximum | 1.50% | 1.38% | |
Expected term (in years) | 8 years | 8 years |
SCHEDULE OF NUMBER OF OPTIONS G
SCHEDULE OF NUMBER OF OPTIONS GRANTED (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted average exercise price, Exercised | $ 6.19 | |
Stock Option Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of options outstanding, beginning balance | 674,666 | |
Weighted average exercise price, beginning balance | $ 4.38 | |
Weighted average remaining contractual term (in years), beginning balance | 3 years 10 months 28 days | |
Aggregate intrinsic value, beginning balance | $ 573,466 | |
Number of options, granted | 818,300 | |
Weighted average exercise price, granted | $ 7.81 | $ 4.39 |
Weighted average remaining contractual term (in years), granted | 4 years 5 months 8 days | |
Number of options, exercised | ||
Weighted average exercise price, Exercised | ||
Number of options, forfeited | (999) | |
Weighted average exercise price, forfeited | $ 30.04 | |
Number of options, expired | (1,667) | |
Weighted average exercise price, expired | $ 46.80 | |
Number of options outstanding, Ending balance | 1,490,300 | 674,666 |
Weighted average exercise price, ending balance | $ 6.20 | $ 4.38 |
Weighted average remaining contractual term (in years), ending balance | 4 years 1 month 2 days | |
Aggregate intrinsic value, ending balance | $ 447,090 | $ 573,466 |
Number of options, exercisable | 1,202,040 | |
Weighted average exercise price, exercisable | $ 5.83 | |
Weighted average remaining contractual term (in years), exercisable | 3 years 11 months 26 days | |
Aggregate intrinsic value, exercisable | $ 805,367 |
SCHEDULE OF OUTSTANDING AND EXE
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) | 12 Months Ended |
Jul. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options outstanding | 1,490,300 |
Options exercisable | 1,202,040 |
Exercise Price 4.71 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 4.71 |
Options outstanding | 31,000 |
Weighted average remaining contractual term (years) | 4 years 9 months 21 days |
Options exercisable | 3,875 |
Weighted average remaining contractual term (years) | 4 years 9 months 21 days |
Expiry date | May 20, 2027 |
Exercise Price 7.51 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.51 |
Options outstanding | 150,000 |
Weighted average remaining contractual term (years) | 4 years 6 months 14 days |
Options exercisable | 37,500 |
Weighted average remaining contractual term (years) | 4 years 6 months 14 days |
Expiry date | Feb. 16, 2027 |
Exercise Price 8.47 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 8.47 |
Options outstanding | 524,700 |
Weighted average remaining contractual term (years) | 4 years 5 months 12 days |
Options exercisable | 377,625 |
Weighted average remaining contractual term (years) | 4 years 5 months 12 days |
Expiry date | Jan. 13, 2027 |
Exercise Price 7.74 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.74 |
Options outstanding | 12,600 |
Weighted average remaining contractual term (years) | 4 years 3 months |
Options exercisable | 11,040 |
Weighted average remaining contractual term (years) | 4 years 3 months |
Expiry date | Nov. 01, 2027 |
Exercise Price 5.74 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 5.74 |
Options outstanding | 100,000 |
Weighted average remaining contractual term (years) | 4 years 1 month 2 days |
Options exercisable | 100,000 |
Weighted average remaining contractual term (years) | 4 years 1 month 2 days |
Expiry date | Sep. 01, 2026 |
Exercise Price 4.24 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 4.24 |
Options outstanding | 612,000 |
Weighted average remaining contractual term (years) | 3 years 7 months 28 days |
Options exercisable | 612,000 |
Weighted average remaining contractual term (years) | 3 years 7 months 28 days |
Expiry date | Mar. 29, 2026 |
Exercise Price 4.24 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 4.24 |
Options outstanding | 60,000 |
Weighted average remaining contractual term (years) | 3 years 8 months 19 days |
Options exercisable | 60,000 |
Weighted average remaining contractual term (years) | 3 years 8 months 19 days |
Expiry date | Apr. 19, 2026 |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Research and development expenses | $ 8,021,489 | $ 2,020,899 |
General and administrative expenses | 7,267,452 | 4,955,136 |
Total share-based compensation | 3,074,584 | 1,968,226 |
Stock Option Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Research and development expenses | 435,563 | 719,480 |
General and administrative expenses | 2,639,023 | 1,288,025 |
Total share-based compensation | $ 3,074,586 | $ 2,007,505 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - Stock Option Plan [Member] - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
weighted-average grant date per share | $ 7.81 | $ 4.39 |
Unrecognized costs | $ 1,652,550 | |
Expected period | 1 year 9 months | |
Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Acquiring percentage of issued and outstanding of common stock | 10% | |
Maximum [Member] | Board of Directors [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options granted in term (in years) | 5 years |
SCHEDULE OF LOSS BEFORE TAXES O
SCHEDULE OF LOSS BEFORE TAXES ON INCOME (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (16,551,241) | $ (11,434,438) |
Foreign | (10,283,662) | (2,381,762) |
Loss before taxes on income | $ (26,838,903) | $ (13,816,200) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX (Details) - USD ($) | 12 Months Ended | |||
Jul. 31, 2022 | Jun. 30, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Net loss before recovery of income taxes | $ (26,838,903) | $ (13,816,200) | ||
Expected income tax (recovery) expense | (7,246,504) | (3,730,374) | ||
Tax rate changes and effect of taxes of subsidiaries at foreign rates | 1,591,220 | 31,580 | ||
Share-based compensation and other non-deductible expenses | 828,930 | 497,160 | ||
Foreign exchange loss | 7,810 | 579,170 | ||
Share issuance cost booked directly to equity | (15,420) | (1,360,580) | ||
Valuation allowance | 4,833,964 | $ 1,870,351 | 3,983,044 | |
Income tax (recovery) | $ 0 | $ 0 |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS NET (Details) - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Property, plant and equipment | $ 730 | $ 731 |
Marketable Securities | 11,760 | 12,181 |
Warrant liability | 4,330,580 | 1,182,778 |
Share issuance costs | 1,105,220 | 1,483,999 |
Operating tax losses carried forward | 2,714,150 | 1,833,609 |
Operating tax losses carried forward- USA | 4,015,960 | 3,909,537 |
Total deferred tax assets | 12,178,400 | 8,422,835 |
Valuation allowance | (12,130,030) | (8,363,505) |
Net deferred tax assets | 48,370 | 59,330 |
Intellectual Property | (48,370) | (51,580) |
Convertible Debentures | (7,750) | |
Total net deferred tax liabilities | (48,370) | (59,330) |
Valuation allowance | ||
Net deferred tax assets (liabilities) |
TAXES ON INCOME (Details Narrat
TAXES ON INCOME (Details Narrative) - USD ($) | 12 Months Ended | |||
Jul. 31, 2022 | Jun. 30, 2022 | Jul. 31, 2021 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expenses | $ 0 | $ 0 | ||
Net chnage in valuation allowance | 4,833,964 | $ 1,870,351 | $ 3,983,044 | |
Operating Loss Carryforwards | $ 18,890,000 | |||
Operating loss expiration date description | The federal net operating losses have expiry periods ranging between 2033 and indefinitely. | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 10,053,000 | |||
Foreign operating loss expiration date description | The Canadian net operating losses have expiry periods ranging between 2035 and 2042. |
SCHEDULE OF RELATED PARTY BALAN
SCHEDULE OF RELATED PARTY BALANCES (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | ||
Related Party [Member] | |||
Due from related party | $ 75,558 | $ 48,530 | |
Related Party [Member] | |||
Due from related party | 1,880,480 | 766,643 | |
Director [Member] | Related Party [Member] | |||
Due from related party | [1] | 20,519 | 17,101 |
Director [Member] | Related Party [Member] | |||
Due from related party | [2] | 476,117 | 434,370 |
Officer [Member] | Related Party [Member] | |||
Due from related party | 55,039 | 31,429 | |
Officer [Member] | Related Party [Member] | |||
Due from related party | [3] | $ 1,404,363 | $ 332,273 |
[1]Long-lived assets are comprised of property and equipment, net, investments and intangible assets, net.[2]Excluding the CEO who is a director[3]Includes the CEO who is also a director |
SCHEDULE OF FINANCIAL INCOME (E
SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Financial Expense Net | ||
Interest income | $ 136,731 | $ 3,149 |
Interest expense | (979) | (78,554) |
Change in fair value of warrant liability | (11,658,372) | (4,448,957) |
Gain on government grant | 3,388 | 3,691 |
Foreign exchange loss | (30,730) | (2,177,791) |
Loss on extinguishment of debt | (141,703) | |
Financial expenses, net | $ (11,549,962) | $ (6,840,165) |
SCHEDULE OF BASIC AND DILUTED N
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss available to shareholders of ordinary shares | $ (26,838,903) | $ (13,816,200) |
Shares used in computing net loss per ordinary shares, basic and diluted | 15,494,091 | 4,519,579 |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES (Details) - shares | 12 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Employee stock options and warrants excluded from the computation of diluted per share amounts as their effect would be antidilutive | 10,054,793 | 360,759 |
SCHEDULE OF LONG-LIVED ASSETS (
SCHEDULE OF LONG-LIVED ASSETS (Details) - USD ($) | Jul. 31, 2022 | Jul. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets* | $ 230,340 | $ 245,612 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets* | $ 230,340 | $ 245,612 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Stock Option Plan [Member] | 12 Months Ended | ||
Aug. 02, 2022 $ / shares shares | Jul. 31, 2022 $ / shares shares | Jul. 31, 2021 $ / shares | |
Subsequent Event [Line Items] | |||
Exercise price | $ / shares | $ 7.81 | $ 4.39 | |
Number of stock options issued | 818,300 | ||
Subsequent Event [Member] | Officer [Member] | |||
Subsequent Event [Line Items] | |||
Number of stock options issued | 142,100 | ||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of options granted | 180,100 | ||
Exercise price | $ / shares | $ 8.38 | ||
Vesting period | 2 years | ||
Expiration date | Aug. 02, 2027 | ||
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member] | Chief Executive Officer [Member] | |||
Subsequent Event [Line Items] | |||
Number of options granted | 19,200 |