Cover
Cover - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Oct. 25, 2023 | Jan. 31, 2023 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jul. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
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 | $ 105,163,751 | ||
Entity Common Stock, Shares Outstanding | 15,981,726 | ||
Document Financial Statement Error Correction [Flag] | false | ||
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 | ||
Trading Symbol | BCTX | ||
Security Exchange Name | NASDAQ | ||
Warrants To Purchase Common Shares No Par Value [Member] | |||
Title of 12(b) Security | Warrants to purchase common shares, no par value | ||
Trading Symbol | BCTXW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 21,251,092 | $ 41,041,652 |
Amounts receivable | 18,873 | 24,103 |
Prepaid expenses | 5,678,542 | 1,280,945 |
Total current assets | 26,948,507 | 42,346,700 |
NON-CURRENT ASSETS: | ||
Investments | 2 | 2 |
Intangible assets, net | 215,068 | 230,339 |
Total non-current assets | 215,070 | 230,341 |
Total assets | 27,163,577 | 42,577,041 |
CURRENT LIABILITIES: | ||
Trade payables | 1,123,739 | 463,280 |
Accrued expenses and other payables | 677,718 | 477,807 |
Total current liabilities | 1,801,457 | 941,087 |
NON-CURRENT LIABILITIES: | ||
Warrant liability | 29,139,301 | 31,307,022 |
Total non-current liabilities | 29,139,301 | 31,307,022 |
CONTINGENT LIABILITIES AND COMMITMENTS | ||
SHAREHOLDERS’ EQUITY: | ||
Share Capital of no par value – Authorized: unlimited at July 31, 2023 and 2022; Issued and outstanding: 15,981,726 and 15,518,018 shares at July 31, 2023 and 2022, respectively | 69,591,784 | 65,589,293 |
Share-based payment reserved | 7,421,950 | 5,228,160 |
Warrant reserve | ||
Accumulated other comprehensive loss | (138,684) | (138,684) |
Accumulated deficit | (80,652,231) | (60,349,837) |
Total shareholders’ equity (deficit) | (3,777,181) | 10,328,932 |
Total liabilities and shareholders’ equity (deficit) | $ 27,163,577 | $ 42,577,041 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized, unlimited | Unlimited | Unlimited |
Common stock, shares issued | 15,981,726 | 15,518,018 |
Common stock, shares outstanding | 15,981,726 | 15,518,018 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Statement [Abstract] | ||
Research and development expenses | $ 15,336,638 | $ 8,021,489 |
General and administrative expenses | 7,935,626 | 7,267,452 |
Total operating loss | (23,272,264) | (15,288,941) |
Financial income (expenses), net | 2,969,870 | (11,549,962) |
Loss and comprehensive loss | $ (20,302,394) | $ (26,838,903) |
Net loss per share attributable to ordinary shareholders - basic | $ (1.30) | $ (1.73) |
Net loss per share attributable to ordinary shareholders - diluted | $ (1.30) | $ (1.73) |
Weighted average number of shares used in computing net loss per share attributable to ordinary shareholders, basic | 15,619,676 | 15,494,091 |
Weighted average number of shares used in computing net loss per share attributable to ordinary shareholders, diluted | 15,619,676 | 15,494,091 |
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, 2021 | $ 54,774,172 | $ 2,178,130 | $ (138,684) | $ (29,141,897) | $ 27,671,721 |
Beginning balance, shares at Jul. 31, 2021 | 15,269,583 | ||||
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) | |||
Issuance of Options | 3,074,584 | 3,074,584 | |||
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 | |||
Loss for the year | (26,838,903) | (26,838,903) | |||
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 | ||||
Issuance of Options | 2,193,790 | 2,193,790 | |||
Loss for the year | (20,302,394) | (20,302,394) | |||
Exercise of warrants | $ 2,491 | 2,491 | |||
Exercise of warrants, shares | 300 | ||||
Issuance of shares | $ 4,000,000 | 4,000,000 | |||
Issuance of shares, shares | 463,408 | ||||
Ending balance value at Jul. 31, 2023 | $ 69,591,784 | $ 7,421,950 | $ (138,684) | $ (80,652,231) | $ (3,777,181) |
Ending balance, shares at Jul. 31, 2023 | 15,981,726 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Cash flow from operating activities: | ||
Loss | $ (20,302,394) | $ (26,838,903) |
Adjustments to reconcile loss to net cash used in operating activities: | ||
Amortization | 15,271 | 15,272 |
Share-based compensation | 2,193,790 | 3,074,584 |
Interest expense | 979 | |
Gain from government grant | (3,388) | |
Change in fair value of warrants | (2,119,530) | 11,658,372 |
Changes in assets and liabilities: | ||
Decrease (increase) in amounts receivable | 5,230 | (11,530) |
Increase in prepaid expenses | (4,397,597) | (764,054) |
Increase in accounts payable | 660,459 | 249,164 |
Increase in accrued expenses and other payables | 199,911 | 135,128 |
Net cash used in operating activities | (23,744,860) | (12,484,376) |
Cash flow from financing activities: | ||
Proceeds from exercise of warrants | 1,594 | 6,509,768 |
Share and warrant buyback program | (47,294) | (10,171,732) |
Repayment government grant | (23,577) | |
Proceeds from issuance of shares | 4,000,000 | |
Share issuance costs | (57,116) | |
Net cash provided by (used in) financing activities | 3,954,300 | (3,742,657) |
Decrease in cash and cash equivalents | (19,790,560) | (16,227,033) |
Cash and cash equivalents at beginning of year | 41,041,652 | 57,268,685 |
Cash and cash equivalents at end of year | $ 21,251,092 | $ 41,041,652 |
GENERAL
GENERAL | 12 Months Ended |
Jul. 31, 2023 | |
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 Therapeutics Corporation. (the “Company”), is an immuno-oncology biotechnology company. The Company is currently advancing its Bria-IMT targeted immunotherapy program against end-stage breast cancer to Phase 3 study which has been approved by the FDA and is expected to 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, 2023 was $ 80,652,231 60,349,837 23,744,860 12,484,376 d. The Company has two wholly-owned U.S. subsidiaries: (i) BriaCell Therapeutics Corp. (“BTC”), which was incorporated in April 3, 2014, under the laws of the state of Delaware. (ii) BTC has a wholly-owned subsidiary, Sapientia Pharmaceuticals, Inc. (“Sapientia”), which was incorporated in September 20, 2012, under the laws of the state of Delaware. The Company also has one Canadian subsidiary: BriaPro Therapeutics Corp, (“BriaPro”) which was incorporated on May 15, 2023, was incorporated under the Business Corporations Act (British Columbia). As of July 31, 2023, BriaPro was a wholly-owned. See also note 15a. (Sapientia and BTC and BriaPro together, the “Subsidiaries”) The Company has one operating segment and reporting unit. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2023 | |
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). BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) b. Use of estimates, assumptions and judgements 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 the fair value of options at the grant date, and the warrant liability at the grant date and each reporting period 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. Intangible assets Intangible assets are tested for impairment annually or more frequently if there is an indication of impairment. The carrying value of intangibles with definite lives is reviewed each reporting period to determine whether there is any indication of impairment. If there are indications of impairment the impairment analysis is completed and if the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and impairment loss is recognized. 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. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (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, and investments with maturities of longer than three months where the investment can be liquidated before the maturity date without a significant penalty. f. Property and equipment, net Property and equipment with individual values of over $ 2,500 SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS % 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 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 details of intangible assets are as follows: SCHEDULE OF INTANGIBLE ASSETS Patents Useful life 20 Amortization method Straight-line In-house development or purchase Purchase For the years ended July 31, 2023 and 2022, no indicators of impairment have been identified. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) h. Research and Development expenses Research and development expenses are recognized in the consolidated statements of operations and comprehensive loss when incurred. Research and development expenses consist of intellectual property, development and production expenditures. i. 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, trade payable and accrued expenses and other payables approximate their fair value due to the short-term maturity of such instruments. The carrying amount of warrant liabilities is recorded at the fair value at each reporting period. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) j. 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. k. 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. Restricted share units use the share price on the grant date to determine the fair value of the restricted share unit award. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) l. 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, 2023, and 2022 no m. 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. n. 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. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
PREPAID EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Jul. 31, 2023 | |
Prepaid Expenses | |
PREPAID EXPENSES | NOTE 3: PREPAID EXPENSES Prepaid expenses as of July 31, 2023 includes an amount of $ 4,701,679 5,379,945 |
INTANGIBLE ASSETS. NET
INTANGIBLE ASSETS. NET | 12 Months Ended |
Jul. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS. NET | NOTE 4: INTANGIBLE ASSETS. NET Acquired intangible assets with finite lives consisted of the following as of July 31, 2023 and 2022: SCHEDULE OF INTANGIBLE ASSETS 2023 2022 July 31, 2023 2022 Patents $ 305,130 $ 305,130 Gross intangible assets 305,130 305,130 Less – accumulated amortization (90,062 ) (74,791 ) Intangible assets, net $ 215,068 $ 230,339 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, 2023 and 2022, were $ 15,271 15,271 The estimated future amortization expense of intangible assets as of July 31, 2023 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS 2024 $ 15,271 2025 15,271 2026 15,271 2027 15,271 2028 and thereafter 153,984 Total $ 215,068 See also note 14a regarding the transfer of the intangible asset. |
ACCRUED EXPENSES AND OTHER PAYA
ACCRUED EXPENSES AND OTHER PAYABLES | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | NOTE 5: ACCRUED EXPENSES AND OTHER PAYABLES SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES 2023 2022 July 31, 2023 2022 Clinical activities $ 20,000 69,720 Professional services 657,718 408,087 Total $ 677,718 $ 477,807 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (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, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | NOTE 6: CONTINGENT LIABILITIES AND COMMITMENTS Legal proceedings: On May 24, 2023, the Company reached a settlement agreement with an investor who made certain claims against the Company and was seeking monetary and injunctive relief, and against which the Company had filed counterclaims. Pursuant to the settlement agreement, the Company paid $ 230,000 b. Lease The Company is currently on a month-to-month lease arrangement for office and lab space in Philadelphia, PA, in the amount of approximately $ 16,500 36,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Jul. 31, 2023 | |
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, 2023 and 2022: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at July 31, 2023 July 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents $ 21,251,092 - 21,251,092 41,041,652 - 41,041,652 Total assets measured at fair value $ 21,251,092 - 21,251,092 41,041,652 - 41,041,652 Financial liabilities: Warrants liability 9,742,023 19,397,278 29,139,301 11,151,608 20,155,414 31,307,022 Total liabilities measured at fair value $ 9,742,023 19,397,278 29,139,301 $ 11,151,608 $ 20,155,414 $ 31,307,022 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, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Jul. 31, 2023 | |
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 (i) The Company issued the following shares during the year ended July 31, 2022: 1. During the year, 554,991 5.68 219,453 2. During the year, 63,454 5.31 337,099 997,200 6.19 6,172,669 1,060,654 (ii) The Company issued the following shares during the year ended July 31, 2023: 1. On April 14, 2023, 300 5.31 1,594 300 2. On May 12, 2023, the Company issued 463,408 8.63 4,000,000 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 9,098,014 259,059 1,121,011 1,130,808 15,736 d. Share Purchase Warrants A summary of changes in share purchase warrants for the years ending July 31, 2023 and 2022 is presented below: SUMMARY OF CHANGES IN WARRANTS Number of warrants outstanding Weighted average exercise price 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 Exercised (300 ) (5.31 ) Repurchased and cancelled (15,736 ) (5.31 ) Balance, July 31, 2023 8,121,650 $ 5.76 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 8: SHAREHOLDERS’ EQUITY (Cont.) As of July 31, 2023, warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Warrants outstanding as of July 31, 2023 Exercise Price Number of Warrants Exercisable as of July 31, 2023 Expiry Date 51,698 $ 4.11 51,698 November 16, 2025 3,896,809 $ 5.31 3,896,809 February 26, 2026 April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,121,650 8,121,650 e) Compensation Warrants A summary of changes in compensation warrants for the years ended July 31, 2023 and 2022 is presented below: SUMMARY OF CHANGES IN WARRANTS Number of warrants outstanding Weighted average exercise price Balance, July 31, 2021 601,643 5.68 Exercised (554,991 ) (5.68 ) Balance, July 31, 2022 and 2023 ( * ) 46,652 $ 5.66 (*) There was no movement in compensation warrants during the year ended July 31, 2023. As of July 31, 2023, compensation warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Warrants as of July 31, 2023 Exercise Price Exercisable As of July 31, 2023 Expiry Date 4,890 $ 4.11 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 f) Warrant liability continuity (i) The following table presents the summary of the changes in the fair value of the warrants recorded as a liability on the Balance Sheet (*): SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of July 31, 2021 $ 29,789,260 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 Exercise of warrants (897 ) Warrant buyback program (47,294 ) Change in fair value (*) (2,119,530 ) Balance as of July 31, 2023 $ 29,139,301 (*) Certain warrants were issued prior to August 1, 2022 in respect of public offerings and private placements that contain terms that require the warrants to be recorded as a liability at fair value under US GAAP. As a result, these warrants are valued at the end of each reporting period. For the year ended July 31, 2023, the Company recorded a gain on the revaluation of the total warrant liability of $ 2,119,530 in the consolidated statements of operations and comprehensive loss. (ii) The key inputs used in the valuation of the of the Public Offering Broker Warrants as of July 31, 2023 and at July 31, 2022 were as follows: SCHEDULE OF VALUATION OF PUBLIC OFFERING BROKER WARRANTS February 26, 2021 (Issuance date) April 12, 2021 (Issuance date) July 31, 2023 July 31, 2022 Share price $ 3.40 $ 3.92 $ 6.69 $ 6.50 Exercise price $ 5.31 $ 5.31 $ 5.31 6.19 $ 5.31 6.19 Expected life (years) 5.00 5.00 2.58 3.35 3.58 4.35 Volatility 100 % 100 % 100 % 100 % Dividend yield 0 % 0 % 0 % 0 % Risk free rate 0.88 % 0.97 % 4.51 % 2.68 % BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Jul. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 9: SHARE-BASED COMPENSATION 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. On February 9, 2023, the Omnibus Plan was approved by the shareholders. a. The following table summarizes the number of options granted under the Stock Option Plan for the year ended July 31, 2023 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 2.91 $ 573,466 Granted (i) 818,300 7.81 3.44 Forfeited (999 ) 30.04 Expired (1,667 ) 46.80 Balance as of July 31, 2022 1,490,300 $ 6.20 4.09 $ 447,090 Granted (ii) 641,100 6.16 4.63 - Balance as of July 31, 2023 2,131,400 6.19 3.55 1,065,700 Exercisable as of July 31, 2023 1,585,655 $ 6.18 3.19 $ 808,684 (i) The vesting periods of the 818,300 1. 110,000 2. 482,300 3. 226,000 (ii) The 641,100 (iii) The weighted-average grant date per-share fair value of stock options granted during 2023 and 2022 was $ 4.72 and $ 5.76 , respectively. As of July 31, 2023, there are $ 2,590,646 of total unrecognized costs related to share-based compensation that is expected to be recognized over a period of up to 1.75 years. b. 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 2023 and 2022: SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY - SETTLED SHARE OPTIONS Year ended July 31, 2023 2022 Dividend yield 0 % 0 % Expected volatility of the share prices 100 % 100 % Risk-free interest rate 3.99 4.23 % 0.8 2.83 % Expected term (in years) 5 5 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 9: SHARE-BASED COMPENSATION (Cont.) c. The following table summarizes information about the Company’s outstanding and exercisable options granted to employees as of July 31, 2023 SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise price Options outstanding as of July 31, 2023 Weighted average remaining contractual term (years) Options exercisable as of July 31, 2023 Weighted average remaining contractual term (years) Expiry Date $ 6.03 440,000 4.89 55,000 4.89 June 20, 2028 $ 7.16 21,000 4.58 5,250 4.58 February 27, 2028 $ 6.36 180,100 4.01 90,050 4.01 August 02, 2027 $ 4.71 31,000 3.81 19,375 3.81 May 20, 2027 $ 7.51 150,000 3.54 112,500 3.54 February 16, 2027 $ 8.47 524,700 3.45 519,400 3.45 January 13, 2027 $ 7.53 12,600 3.25 12,080 3.25 November 01, 2026 $ 5.74 100,000 3.09 100,000 3.09 September 01, 2026 $ 4.24 60,000 2.72 60,000 2.72 April 19, 2026 $ 4.24 612,000 2.66 612,000 2.66 March 29, 2026 2,131,400 1,585,655 d. Restricted Share Units The following table summarizes the number of RSU’s granted to directors under the Omnibus Plan for year ended July 31, 2023: SCHEDULE OF RESTRICTED STOCK UNITS GRANTED Number of RSU’s outstanding Aggregate intrinsic value Balance, July 31, 2021 and 2022 - $ - Granted (i) 19,200 123,072 Balance, July 31, 2023 19,200 $ 128,448 (i) On August 2, 2022, the Company issued 19,200 123,072 d. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the years ended July 31, 2023 and 2022 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2023 2022 Year ended July 31, 2023 2022 Research and development expenses $ 1,072,592 $ 435,563 General and administrative expenses 1,121,198 2,639,021 Total share-based compensation $ 2,193,790 $ 3,074,584 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (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, 2023 | |
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 July 31 were as follows: b. The Company recorded loss before taxes on income as follows: SCHEDULE OF LOSS BEFORE TAXES ON INCOME 2023 2022 Year ended July 31, 2023 2022 Domestic $ ( 2,469,999 ) $ (16,555,241 ) Foreign (17,832,395 ) (10,283,662 ) Loss before taxes on income $ (20,302,394 ) $ (26,838,903 ) c. The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 27 27 SCHEDULE OF EFFECTIVE INCOME TAX 2023 2022 Year ended July 31, 2023 2022 Net loss before recovery of income taxes $ (20,302,394 ) $ (26,838,903 ) Expected income tax (recovery) expense (5,481,650 ) (7,246,504 ) Tax rate changes and effect of taxes of subsidiaries at foreign rates 1,068,270 1,591,220 Share-based compensation and other non-deductible expenses 622,220 828,930 Foreign exchange loss - 7,810 Share issuance cost booked directly to equity - (15,420 ) Valuation allowance 3,791,160 4,833,964 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 2023 2022 July 31, 2023 2022 Deferred Tax Assets: Property, plant and equipment $ 730 730 Marketable Securities 11,760 11,760 Warrant liability 3,776,710 4,330,580 Share issuance costs 734,300 1,105,220 Operating tax losses carried forward 3,842,320 2,714,150 Operating tax losses carried forward- USA 4,913,950 4,015,960 Research and Development 2,685,825 - Total deferred tax assets 15,965,594 12,178,400 Valuation allowance (15,920,430 ) (12,130,030 ) Net deferred tax assets $ 45,160 $ 48,370 Deferred Tax Liability: Intellectual Property $ (45,160 ) $ (48,370 ) Convertible Debentures - ) Total net deferred tax liabilities (45,160 ) (48,370 ) Valuation allowance - - Net deferred tax assets (liabilities) $ - $ - f. The Company has net deferred tax assets relating primarily to net operating loss (“NOL”) carryforwards and resource properties. 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, 2023, was $ 2,790,400 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 10: TAXES ON INCOME (Cont.) At July 31, 2023, the Company had US federal NOL carryforwards of approximately $ 23,340,000 The federal net operating losses have expiry periods ranging between 2033 and indefinitely 14,231,000 The Canadian net operating losses have expiry periods ranging between 2035 and 2043. 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, 2023, 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, 2023, and 2022, and has not recognized interest or penalties in the consolidated statements of operations for the years ended July 31, 2023, and 2022. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Jul. 31, 2023 | |
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 2023 2022 Year ended July 31, 2023 2022 Directors (*) $ 517,398 $ 476,117 Officers (**) 1,881,171 1,404,363 Due from related party $ 2,398,569 $ 1,880,480 (*) 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: 2023 2022 July 31, 2023 2022 Directors (*) $ 7,500 $ 20,519 Officers (**) 33,253 55,039 Related party, balance $ 40,753 $ 75,558 BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (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, 2023 | |
Financial Expense Net | |
FINANCIAL EXPENSE, NET | NOTE 12: FINANCIAL EXPENSE, NET SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET 2023 2022 Year ended July 31, 2023 2022 Interest income $ 891,213 $ 136,731 Interest expense - (979 ) Change in fair value of warrant liability 2,119,530 (11,658,372 ) Gain on government grant - 3,388 Foreign exchange loss (40,873 ) (30,730 ) Financial income (expenses), net $ 2,969,870 $ (11,549,962 ) |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER SHARE | 12 Months Ended |
Jul. 31, 2023 | |
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, 2023 and 2022; hence all potentially dilutive ordinary shares were excluded due to their anti-dilutive effect. SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2023 2022 Year ended July 31, 2023 2022 Numerator: Net loss available to shareholders of ordinary shares (20,302,394 ) (26,838,903 ) Denominator: Shares used in computing net loss per ordinary shares, basic and diluted 15,619,676 15,494,091 |
LONG-LIVED ASSETS BY GEOGRAPHIC
LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION | NOTE 14: LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION SCHEDULE OF LONG-LIVED ASSETS 2023 2022 July 31, 2023 2022 United States $ 215,068 $ 230,339 Total long-lived assets * $ 215,068 $ 230,339 (*) Long-lived assets are comprised of property and equipment, net, investments and intangible assets, net. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jul. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15: SUBSEQUENT EVENTS a. On August 31, 2023, the Company closed a plan of arrangement spinout transaction (the “Arrangement”) pursuant to which certain pipeline assets of the Company, including Bria-TILsRx™ and protein kinase C delta (PKCδ) inhibitors for multiple indications including cancer (the “BriaPro Assets”), were spun-out to BriaPro Therapeutics Corp. (“BriaPro”), resulting in a 2/3rd owned subsidiary of the Company with the remaining 1/3rd held by BriaCell shareholders (“BriaCell Shareholders”). Pursuant to the terms of the Arrangement, BriaPro has acquired the entire right and interest in and to the BriaPro Assets in consideration for the issuance by BriaPro to the Company of BriaPro common shares. Under the terms of the Arrangement, for each BriaCell share held immediately prior to closing, BriaCell Shareholders receive one (1) common share of BriaPro, and one (1) new common share of BriaCell (retiring their old share) having the same terms and characteristics as the existing BriaCell common shares. The Company will remain listed on the NASDAQ Stock Market and Toronto Stock Exchange, and BriaPro is an unlisted reporting issuer in Canada. Immediately following the closing of the Arrangement, the Company controls 2/3rd of the BriaPro common shares representing approximately 66.6 As a result of the Arrangement, there are approximately 47,945,178 31,963,452 Pursuant to the Arrangement, each BriaCell warrant shall, in accordance with its terms, entitle the holder thereof to receive, upon the exercise thereof, one BriaCell Share and one BriaPro Share for the original exercise price. Upon the exercise of BriaCell Warrants, BriaCell shall, as agent for BriaPro, collect and pay to BriaPro an amount for each one (1) BriaPro Share so issued that is equal to the exercise price under the BriaCell Warrant multiplied by the fair market value of one (1) BriaPro Share at the Effective Date divided by the total fair market value of one (1) BriaCell Share and one (1) BriaPro Share at the Effective Date. Transition Services Agreement On August 31, 2023, the Company and BriaPro executed a transition services agreement (the “Agreement”), pursuant to which BriaCell will provide certain research and development and head office services (the “Services”) to BriaPro for a fixed monthly fee of $ 20,000 Briacell and BriaPro acknowledged the transitional nature of the Services and accordingly, as promptly as practicable, BriaPro agreed to use commercially reasonable efforts to transition each Service to its own internal organization or to obtain alternate third party providers to provide the Services. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2023 | |
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). BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Use of estimates, assumptions and judgements | b. Use of estimates, assumptions and judgements 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 the fair value of options at the grant date, and the warrant liability at the grant date and each reporting period 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. Intangible assets Intangible assets are tested for impairment annually or more frequently if there is an indication of impairment. The carrying value of intangibles with definite lives is reviewed each reporting period to determine whether there is any indication of impairment. If there are indications of impairment the impairment analysis is completed and if the carrying amount of an asset exceeds its recoverable amount, the asset is impaired and impairment loss is recognized. |
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. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (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, and investments with maturities of longer than three months where the investment can be liquidated before the maturity date without a significant penalty. |
Property and equipment, net | f. Property and equipment, net Property and equipment with individual values of over $ 2,500 SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS % 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 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 details of intangible assets are as follows: SCHEDULE OF INTANGIBLE ASSETS Patents Useful life 20 Amortization method Straight-line In-house development or purchase Purchase For the years ended July 31, 2023 and 2022, no indicators of impairment have been identified. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Research and Development expenses | h. Research and Development expenses Research and development expenses are recognized in the consolidated statements of operations and comprehensive loss when incurred. Research and development expenses consist of intellectual property, development and production expenditures. |
Fair value of financial instruments | i. 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, trade payable and accrued expenses and other payables approximate their fair value due to the short-term maturity of such instruments. The carrying amount of warrant liabilities is recorded at the fair value at each reporting period. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Leases | j. 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 | k. 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. Restricted share units use the share price on the grant date to determine the fair value of the restricted share unit award. BriaCell Therapeutics Corp Notes to the Consolidated Financial Statements For the Years Ended July 31, 2023 and 2022 (Expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) |
Income Taxes | l. 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, 2023, and 2022 no |
Basic and diluted net loss per Share | m. 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. |
Recently issued and adopted accounting standards | n. 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. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS | SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS % Computers and peripheral equipment 20 33 |
SCHEDULE OF INTANGIBLE ASSETS | The details of intangible assets are as follows: SCHEDULE 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, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | Acquired intangible assets with finite lives consisted of the following as of July 31, 2023 and 2022: SCHEDULE OF INTANGIBLE ASSETS 2023 2022 July 31, 2023 2022 Patents $ 305,130 $ 305,130 Gross intangible assets 305,130 305,130 Less – accumulated amortization (90,062 ) (74,791 ) Intangible assets, net $ 215,068 $ 230,339 |
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS | The estimated future amortization expense of intangible assets as of July 31, 2023 is as follows: SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS 2024 $ 15,271 2025 15,271 2026 15,271 2027 15,271 2028 and thereafter 153,984 Total $ 215,068 |
ACCRUED EXPENSES AND OTHER PA_2
ACCRUED EXPENSES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES | SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES 2023 2022 July 31, 2023 2022 Clinical activities $ 20,000 69,720 Professional services 657,718 408,087 Total $ 677,718 $ 477,807 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
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, 2023 and 2022: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at July 31, 2023 July 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents $ 21,251,092 - 21,251,092 41,041,652 - 41,041,652 Total assets measured at fair value $ 21,251,092 - 21,251,092 41,041,652 - 41,041,652 Financial liabilities: Warrants liability 9,742,023 19,397,278 29,139,301 11,151,608 20,155,414 31,307,022 Total liabilities measured at fair value $ 9,742,023 19,397,278 29,139,301 $ 11,151,608 $ 20,155,414 $ 31,307,022 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS | SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of July 31, 2021 $ 29,789,260 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 Exercise of warrants (897 ) Warrant buyback program (47,294 ) Change in fair value (*) (2,119,530 ) Balance as of July 31, 2023 $ 29,139,301 (*) Certain warrants were issued prior to August 1, 2022 in respect of public offerings and private placements that contain terms that require the warrants to be recorded as a liability at fair value under US GAAP. As a result, these warrants are valued at the end of each reporting period. For the year ended July 31, 2023, the Company recorded a gain on the revaluation of the total warrant liability of $ 2,119,530 in the consolidated statements of operations and comprehensive loss. |
SCHEDULE OF VALUATION OF PUBLIC OFFERING BROKER WARRANTS | SCHEDULE OF VALUATION OF PUBLIC OFFERING BROKER WARRANTS February 26, 2021 (Issuance date) April 12, 2021 (Issuance date) July 31, 2023 July 31, 2022 Share price $ 3.40 $ 3.92 $ 6.69 $ 6.50 Exercise price $ 5.31 $ 5.31 $ 5.31 6.19 $ 5.31 6.19 Expected life (years) 5.00 5.00 2.58 3.35 3.58 4.35 Volatility 100 % 100 % 100 % 100 % Dividend yield 0 % 0 % 0 % 0 % Risk free rate 0.88 % 0.97 % 4.51 % 2.68 % |
Share Purchase Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SUMMARY OF CHANGES IN WARRANTS | A summary of changes in share purchase warrants for the years ending July 31, 2023 and 2022 is presented below: SUMMARY OF CHANGES IN WARRANTS Number of warrants outstanding Weighted average exercise price 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 Exercised (300 ) (5.31 ) Repurchased and cancelled (15,736 ) (5.31 ) Balance, July 31, 2023 8,121,650 $ 5.76 |
SCHEDULE OF WARRANTS OUTSTANDING | As of July 31, 2023, warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Warrants outstanding as of July 31, 2023 Exercise Price Number of Warrants Exercisable as of July 31, 2023 Expiry Date 51,698 $ 4.11 51,698 November 16, 2025 3,896,809 $ 5.31 3,896,809 February 26, 2026 April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,121,650 8,121,650 |
Compensation Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SUMMARY OF CHANGES IN WARRANTS | A summary of changes in compensation warrants for the years ended July 31, 2023 and 2022 is presented below: SUMMARY OF CHANGES IN WARRANTS Number of warrants outstanding Weighted average exercise price Balance, July 31, 2021 601,643 5.68 Exercised (554,991 ) (5.68 ) Balance, July 31, 2022 and 2023 ( * ) 46,652 $ 5.66 (*) There was no movement in compensation warrants during the year ended July 31, 2023. |
SCHEDULE OF WARRANTS OUTSTANDING | As of July 31, 2023, compensation warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Warrants as of July 31, 2023 Exercise Price Exercisable As of July 31, 2023 Expiry Date 4,890 $ 4.11 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, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF NUMBER OF OPTIONS GRANTED | 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 2.91 $ 573,466 Granted (i) 818,300 7.81 3.44 Forfeited (999 ) 30.04 Expired (1,667 ) 46.80 Balance as of July 31, 2022 1,490,300 $ 6.20 4.09 $ 447,090 Granted (ii) 641,100 6.16 4.63 - Balance as of July 31, 2023 2,131,400 6.19 3.55 1,065,700 Exercisable as of July 31, 2023 1,585,655 $ 6.18 3.19 $ 808,684 (i) The vesting periods of the 818,300 1. 110,000 2. 482,300 3. 226,000 (ii) The 641,100 (iii) The weighted-average grant date per-share fair value of stock options granted during 2023 and 2022 was $ 4.72 and $ 5.76 , respectively. As of July 31, 2023, there are $ 2,590,646 of total unrecognized costs related to share-based compensation that is expected to be recognized over a period of up to 1.75 years. |
SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY - SETTLED SHARE OPTIONS | SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY - SETTLED SHARE OPTIONS Year ended July 31, 2023 2022 Dividend yield 0 % 0 % Expected volatility of the share prices 100 % 100 % Risk-free interest rate 3.99 4.23 % 0.8 2.83 % Expected term (in years) 5 5 |
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS | SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise price Options outstanding as of July 31, 2023 Weighted average remaining contractual term (years) Options exercisable as of July 31, 2023 Weighted average remaining contractual term (years) Expiry Date $ 6.03 440,000 4.89 55,000 4.89 June 20, 2028 $ 7.16 21,000 4.58 5,250 4.58 February 27, 2028 $ 6.36 180,100 4.01 90,050 4.01 August 02, 2027 $ 4.71 31,000 3.81 19,375 3.81 May 20, 2027 $ 7.51 150,000 3.54 112,500 3.54 February 16, 2027 $ 8.47 524,700 3.45 519,400 3.45 January 13, 2027 $ 7.53 12,600 3.25 12,080 3.25 November 01, 2026 $ 5.74 100,000 3.09 100,000 3.09 September 01, 2026 $ 4.24 60,000 2.72 60,000 2.72 April 19, 2026 $ 4.24 612,000 2.66 612,000 2.66 March 29, 2026 2,131,400 1,585,655 |
SCHEDULE OF RESTRICTED STOCK UNITS GRANTED | The following table summarizes the number of RSU’s granted to directors under the Omnibus Plan for year ended July 31, 2023: SCHEDULE OF RESTRICTED STOCK UNITS GRANTED Number of RSU’s outstanding Aggregate intrinsic value Balance, July 31, 2021 and 2022 - $ - Granted (i) 19,200 123,072 Balance, July 31, 2023 19,200 $ 128,448 (i) On August 2, 2022, the Company issued 19,200 123,072 |
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES | d. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the years ended July 31, 2023 and 2022 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2023 2022 Year ended July 31, 2023 2022 Research and development expenses $ 1,072,592 $ 435,563 General and administrative expenses 1,121,198 2,639,021 Total share-based compensation $ 2,193,790 $ 3,074,584 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF LOSS BEFORE TAXES ON INCOME | b. The Company recorded loss before taxes on income as follows: SCHEDULE OF LOSS BEFORE TAXES ON INCOME 2023 2022 Year ended July 31, 2023 2022 Domestic $ ( 2,469,999 ) $ (16,555,241 ) Foreign (17,832,395 ) (10,283,662 ) Loss before taxes on income $ (20,302,394 ) $ (26,838,903 ) |
SCHEDULE OF EFFECTIVE INCOME TAX | SCHEDULE OF EFFECTIVE INCOME TAX 2023 2022 Year ended July 31, 2023 2022 Net loss before recovery of income taxes $ (20,302,394 ) $ (26,838,903 ) Expected income tax (recovery) expense (5,481,650 ) (7,246,504 ) Tax rate changes and effect of taxes of subsidiaries at foreign rates 1,068,270 1,591,220 Share-based compensation and other non-deductible expenses 622,220 828,930 Foreign exchange loss - 7,810 Share issuance cost booked directly to equity - (15,420 ) Valuation allowance 3,791,160 4,833,964 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 2023 2022 July 31, 2023 2022 Deferred Tax Assets: Property, plant and equipment $ 730 730 Marketable Securities 11,760 11,760 Warrant liability 3,776,710 4,330,580 Share issuance costs 734,300 1,105,220 Operating tax losses carried forward 3,842,320 2,714,150 Operating tax losses carried forward- USA 4,913,950 4,015,960 Research and Development 2,685,825 - Total deferred tax assets 15,965,594 12,178,400 Valuation allowance (15,920,430 ) (12,130,030 ) Net deferred tax assets $ 45,160 $ 48,370 Deferred Tax Liability: Intellectual Property $ (45,160 ) $ (48,370 ) Convertible Debentures - ) Total net deferred tax liabilities (45,160 ) (48,370 ) Valuation allowance - - Net deferred tax assets (liabilities) $ - $ - |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
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 2023 2022 Year ended July 31, 2023 2022 Directors (*) $ 517,398 $ 476,117 Officers (**) 1,881,171 1,404,363 Due from related party $ 2,398,569 $ 1,880,480 (*) 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: 2023 2022 July 31, 2023 2022 Directors (*) $ 7,500 $ 20,519 Officers (**) 33,253 55,039 Related party, balance $ 40,753 $ 75,558 |
FINANCIAL EXPENSE, NET (Tables)
FINANCIAL EXPENSE, NET (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Financial Expense Net | |
SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET | SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET 2023 2022 Year ended July 31, 2023 2022 Interest income $ 891,213 $ 136,731 Interest expense - (979 ) Change in fair value of warrant liability 2,119,530 (11,658,372 ) Gain on government grant - 3,388 Foreign exchange loss (40,873 ) (30,730 ) Financial income (expenses), net $ 2,969,870 $ (11,549,962 ) |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER SHARE (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE | SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2023 2022 Year ended July 31, 2023 2022 Numerator: Net loss available to shareholders of ordinary shares (20,302,394 ) (26,838,903 ) Denominator: Shares used in computing net loss per ordinary shares, basic and diluted 15,619,676 15,494,091 |
LONG-LIVED ASSETS BY GEOGRAPH_2
LONG-LIVED ASSETS BY GEOGRAPHIC LOCATION (Tables) | 12 Months Ended |
Jul. 31, 2023 | |
Segment Reporting [Abstract] | |
SCHEDULE OF LONG-LIVED ASSETS | SCHEDULE OF LONG-LIVED ASSETS 2023 2022 July 31, 2023 2022 United States $ 215,068 $ 230,339 Total long-lived assets * $ 215,068 $ 230,339 (*) 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, 2023 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 80,652,231 | $ 60,349,837 |
Cash flows from operating activities | $ 23,744,860 | $ 12,484,376 |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIVES OF ASSETS (Details) - Computer Equipment [Member] | Jul. 31, 2023 |
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 INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Accounting Policies [Abstract] | ||
Useful life | 20 years | |
Amortization method | Straight-line | |
Amortization method | Purchase | |
Patents | $ 305,130 | $ 305,130 |
Gross intangible assets | 305,130 | 305,130 |
Less – accumulated amortization | (90,062) | (74,791) |
Intangible assets, net | $ 215,068 | $ 230,339 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Accounting Policies [Abstract] | ||
Property and equipment, net | $ 2,500 | |
Unrecognized tax benefits | $ 0 | $ 0 |
PREPAID EXPENSES (Details Narra
PREPAID EXPENSES (Details Narrative) - MST Agreement [Member] - InfoWorks [Member] | Jul. 31, 2023 USD ($) |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Prepaid expenses | $ 4,701,679 |
Upfront fee | $ 5,379,945 |
SCHEDULE OF ESTIMATED FUTURE AM
SCHEDULE OF ESTIMATED FUTURE AMORTIZATION EXPENSES OF INTANGIBLE ASSETS (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 15,271 | |
2025 | 15,271 | |
2026 | 15,271 | |
2027 | 15,271 | |
2028 and thereafter | 153,984 | |
Intangible assets, net | $ 215,068 | $ 230,339 |
INTANGIBLE ASSETS. NET (Details
INTANGIBLE ASSETS. NET (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of Intangible Assets | $ 15,271 | $ 15,271 |
SCHEDULE OF ACCRUED EXPENSES AN
SCHEDULE OF ACCRUED EXPENSES AND OTHER PAYABLES (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Payables and Accruals [Abstract] | ||
Clinical activities | $ 20,000 | $ 69,720 |
Professional services | 657,718 | 408,087 |
Total | $ 677,718 | $ 477,807 |
CONTINGENT LIABILITIES AND CO_2
CONTINGENT LIABILITIES AND COMMITMENTS (Details Narrative) - USD ($) | 12 Months Ended | ||
May 24, 2023 | Jul. 31, 2023 | Sep. 01, 2023 | |
Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Lease commitment amount | $ 36,000 | ||
Office and Lab Space [Member] | |||
Loss Contingencies [Line Items] | |||
Operating lease payments | $ 16,500 | ||
Settlement Agreement [Member] | General and Administrative Expense [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement amount | $ 230,000 |
SCHEDULE OF FAIR VALUE ON A REC
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 21,251,092 | $ 41,041,652 |
Total liabilities measured at fair value | 29,139,301 | 31,307,022 |
Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 29,139,301 | 31,307,022 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 21,251,092 | 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 | 21,251,092 | 41,041,652 |
Total liabilities measured at fair value | 9,742,023 | 11,151,608 |
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 | 9,742,023 | 11,151,608 |
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 | 21,251,092 | 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 | 19,397,278 | 20,155,414 |
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 | 19,397,278 | 20,155,414 |
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 |
SUMMARY OF CHANGES IN WARRANTS
SUMMARY OF CHANGES IN WARRANTS (Details) - $ / shares | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | |||
Share Purchase Warrants [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants outstanding, beginning balance | 8,137,686 | 9,464,152 | ||
Weighted average exercise price, beginning balance | $ 5.76 | $ 5.85 | ||
Number of warrants outstanding, expired | (22,489) | |||
Weighted average exercise price, expired | $ (28.08) | |||
Number of warrants outstanding, exercised | (300) | (1,060,654) | ||
Weighted average exercise price, exercised | $ (5.31) | $ (6.14) | ||
Number of warrants outstanding, repurchased and cancelled | (15,736) | (243,323) | ||
Weighted average exercise price, repurchased and cancelled | $ (5.31) | $ (5.31) | ||
Number of warrants outstanding, ending balance | 8,121,650 | 8,137,686 | ||
Weighted average exercise price, ending balance | $ 5.76 | $ 5.76 | ||
Compensation Warrants [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants outstanding, beginning balance | 46,652 | [1] | 601,643 | |
Weighted average exercise price, beginning balance | $ 5.66 | [1] | $ 5.68 | |
Number of warrants outstanding, exercised | (554,991) | |||
Weighted average exercise price, exercised | $ (5.68) | |||
Number of warrants outstanding, ending balance | [1] | 46,652 | 46,652 | |
Weighted average exercise price, ending balance | [1] | $ 5.66 | $ 5.66 | |
[1] There was no movement in compensation warrants during the year ended July 31, 2023. |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) | 12 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Share Purchase Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 8,121,650 |
Number of warrants exercisable | 8,121,650 |
Share Purchase Warrants [Member] | Warrant One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 51,698 |
Exercise price | $ / shares | $ 4.11 |
Number of warrants exercisable | 51,698 |
Expiry date | Nov. 16, 2025 |
Share Purchase Warrants [Member] | Warrant Two [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 3,896,809 |
Exercise price | $ / shares | $ 5.31 |
Number of warrants exercisable | 3,896,809 |
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 | $ / shares | $ 6.19 |
Number of warrants exercisable | 4,173,143 |
Expiry date | Dec. 07, 2026 |
Compensation Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 46,652 |
Number of warrants exercisable | 46,652 |
Compensation Warrants [Member] | Warrant One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 4,890 |
Exercise price | $ / shares | $ 4.11 |
Number of warrants exercisable | 4,890 |
Expiry date | Nov. 16, 2025 |
Compensation Warrants [Member] | Warrant Two [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 17,074 |
Exercise price | $ / shares | $ 5.31 |
Number of warrants exercisable | 17,074 |
Expiry date | Feb. 26, 2026 |
Compensation Warrants [Member] | Warrant Three [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 24,688 |
Exercise price | $ / shares | $ 6.19 |
Number of warrants exercisable | 24,688 |
Expiry date | Jun. 07, 2026 |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Warrant liability, beginning balance | $ 31,307,022 | ||
Change in fair value | (2,119,530) | $ 11,658,372 | |
Warrant liability, ending balance | 29,139,301 | 31,307,022 | |
Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Warrant liability, beginning balance | 31,307,022 | 29,789,260 | |
Warrant buyback program | (47,294) | (1,073,718) | |
Exercise of warrants | (897) | (9,066,892) | |
Change in fair value | (2,119,530) | [1] | 11,658,372 |
Warrant liability, ending balance | $ 29,139,301 | $ 31,307,022 | |
[1]Certain warrants were issued prior to August 1, 2022 in respect of public offerings and private placements that contain terms that require the warrants to be recorded as a liability at fair value under US GAAP. As a result, these warrants are valued at the end of each reporting period. For the year ended July 31, 2023, the Company recorded a gain on the revaluation of the total warrant liability of $ 2,119,530 |
SCHEDULE OF CHANGE IN FAIR VA_2
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS (Details) (Parenthetical) - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Warrant Liability | $ 2,119,530 | $ (11,658,372) | |
Warrant [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Warrant Liability | $ 2,119,530 | [1] | $ (11,658,372) |
[1]Certain warrants were issued prior to August 1, 2022 in respect of public offerings and private placements that contain terms that require the warrants to be recorded as a liability at fair value under US GAAP. As a result, these warrants are valued at the end of each reporting period. For the year ended July 31, 2023, the Company recorded a gain on the revaluation of the total warrant liability of $ 2,119,530 |
SCHEDULE OF VALUATION OF PUBLIC
SCHEDULE OF VALUATION OF PUBLIC OFFERING BROKER WARRANTS (Details) - $ / shares | 12 Months Ended | |||
Apr. 12, 2021 | Feb. 26, 2021 | Jul. 31, 2023 | Jul. 31, 2022 | |
Share price | $ 3.92 | $ 3.40 | $ 6.69 | $ 6.50 |
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% | 4.51% | 2.68% |
Minimum [Member] | ||||
Exercise price | $ 5.31 | $ 5.31 | ||
Expected life | 2 years 6 months 29 days | 3 years 6 months 29 days | ||
Maximum [Member] | ||||
Exercise price | $ 6.19 | $ 6.19 | ||
Expected life | 3 years 4 months 6 days | 4 years 4 months 6 days |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |||||
May 12, 2023 | Apr. 14, 2023 | Sep. 27, 2022 | Sep. 09, 2021 | Jul. 31, 2023 | Jul. 31, 2022 | |
Class of Warrant or Right [Line Items] | ||||||
Common stock, shares authorized | Unlimited | Unlimited | ||||
Common stock, no par value per share | $ 0 | $ 0 | ||||
Proceeds from exercise of warrants | $ 1,594 | $ 6,509,768 | ||||
Aggregate gross proceeds | $ 4,000,000 | |||||
Shares repurchased, value | $ 9,098,014 | |||||
Share Buyback Program [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Shares repurchased, shares | 1,031,672 | |||||
Shares repurchased, value | $ 9,098,014 | |||||
Share Buyback Program [Member] | TSX Venture [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Shares repurchased, shares | 13,415,154 | |||||
Purchase price percentage | 10% | |||||
Share Buyback Program [Member] | TSX Venture [Member] | Maximum [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Shares repurchased, shares | 1,341,515 | |||||
Prevail Partners LLC [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of shares issued | 463,408 | |||||
Shares issued price per share | $ 8.63 | |||||
Aggregate gross proceeds | $ 4,000,000 | |||||
Warrant [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of warrants outstanding | 300 | |||||
Warrant exercise price | $ 5.31 | |||||
Proceeds from exercise of warrants | $ 1,594 | |||||
Number of shares issued | 300 | 1,060,654 | ||||
Warrant [Member] | Share Buyback Program [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Shares repurchased, shares | 4,119,622 | 259,059 | ||||
Purchase price percentage | 10% | |||||
Shares repurchased, value | $ 1,121,011 | |||||
Fair value of warrants, value | $ 1,130,808 | |||||
Fair value of warrants, shares | 15,736 | |||||
Warrant [Member] | Share Buyback Program [Member] | Maximum [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Shares repurchased, shares | 411,962 | |||||
Compensation Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of warrants outstanding | 554,991 | |||||
Warrant exercise price | $ 5.68 | |||||
Exercised shares | 219,453 | |||||
Warrants One [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of warrants outstanding | 63,454 | |||||
Warrant exercise price | $ 5.31 | |||||
Proceeds from exercise of warrants | $ 337,099 | |||||
Warrants Two [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number of warrants outstanding | 997,200 | |||||
Warrant exercise price | $ 6.19 | |||||
Proceeds from exercise of warrants | $ 6,172,669 |
SCHEDULE OF NUMBER OF OPTIONS G
SCHEDULE OF NUMBER OF OPTIONS GRANTED (Details) - Stock Option Plan [Member] - USD ($) | 12 Months Ended | |||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2021 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of options, beginning balance | 1,490,300 | 674,666 | ||
Weighted average exercise price, beginning balance | $ 6.20 | $ 4.38 | ||
Weighted average remaining contractual term (in years), beginning balance | 4 years 1 month 2 days | 2 years 10 months 28 days | ||
Aggregate intrinsic value, beginning balance | $ 447,090 | $ 573,466 | ||
Number of options, granted | [1] | 641,100 | 818,300 | |
Weighted average exercise price, granted | [1] | $ 6.16 | $ 7.81 | |
Weighted average remaining contractual term (in years), granted | [1] | 4 years 7 months 17 days | 3 years 5 months 8 days | |
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 | |||
Aggregate intrinsic value, granted | [1] | |||
Number of options, ending balance | 2,131,400 | 1,490,300 | 674,666 | |
Weighted average exercise price, ending balance | $ 6.19 | $ 6.20 | ||
Weighted average remaining contractual term (in years), ending balance | 3 years 6 months 18 days | |||
Aggregate intrinsic value, ending balance | $ 1,065,700 | $ 447,090 | ||
Number of options, exercisable | 1,585,655 | |||
Weighted average exercise price, exercisable | $ 6.18 | |||
Weighted average remaining contractual term (in years), exercisable | 3 years 2 months 8 days | |||
Aggregate intrinsic value, exercisable | $ 808,684 | |||
[1]On August 2, 2022, the Company issued |
SCHEDULE OF NUMBER OF OPTIONS_2
SCHEDULE OF NUMBER OF OPTIONS GRANTED (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||||
Apr. 12, 2021 | Feb. 26, 2021 | Jul. 31, 2023 | Jul. 31, 2022 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Weighted-average grant date per-share | $ 5.31 | $ 5.31 | |||
Stock Option Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of options granted | [1] | 641,100 | 818,300 | ||
Unrecognized costs | $ 2,590,646 | ||||
Expected period | 1 year 9 months | ||||
Stock Option Plan [Member] | Employee Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Weighted-average grant date per-share | $ 4.72 | $ 5.76 | |||
Stock Option Plan [Member] | Directors and Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of options granted | 818,300 | ||||
Stock Option Plan [Member] | Directors and Employees [Member] | Vested Immediately [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of options granted | 110,000 | ||||
Stock Option Plan [Member] | Directors and Employees [Member] | Vest Quarterly Over Year From Grant Date [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of options granted | 482,300 | ||||
Stock Option Plan [Member] | Directors and Employees [Member] | Vest Quarterly Over Two Years From Grant Date [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of options granted | 641,100 | 226,000 | |||
[1]On August 2, 2022, the Company issued |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY - SETTLED SHARE OPTIONS (Details) | 12 Months Ended | |||
Apr. 12, 2021 | Feb. 26, 2021 | Jul. 31, 2023 | Jul. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Dividend yield | 0% | 0% | 0% | 0% |
Expected volatility of the share prices | 100% | 100% | 100% | 100% |
Expected term (in years) | 5 years | 5 years | ||
Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 2 years 6 months 29 days | 3 years 6 months 29 days | ||
Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 3 years 4 months 6 days | 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 | 100% | 100% | ||
Expected term (in years) | 5 years | 5 years | ||
Stock Option Plan [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate, minimum | 3.99% | 0.80% | ||
Stock Option Plan [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate, maximum | 4.23% | 2.83% |
SCHEDULE OF OUTSTANDING AND EXE
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) | 12 Months Ended |
Jul. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options outstanding | 2,131,400 |
Options exercisable | 1,585,655 |
Exercise Price 6.03 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 6.03 |
Options outstanding | 440,000 |
Weighted average remaining contractual term (years) | 4 years 10 months 20 days |
Options exercisable | 55,000 |
Weighted average remaining contractual term (years), exercisable | 4 years 10 months 20 days |
Expiry date | Jun. 20, 2028 |
Exercise Price 7.16 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.16 |
Options outstanding | 21,000 |
Weighted average remaining contractual term (years) | 4 years 6 months 29 days |
Options exercisable | 5,250 |
Weighted average remaining contractual term (years), exercisable | 4 years 6 months 29 days |
Expiry date | Feb. 27, 2028 |
Exercise Price 6.36 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 6.36 |
Options outstanding | 180,100 |
Weighted average remaining contractual term (years) | 4 years 3 days |
Options exercisable | 90,050 |
Weighted average remaining contractual term (years), exercisable | 4 years 3 days |
Expiry date | Aug. 02, 2027 |
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) | 3 years 9 months 21 days |
Options exercisable | 19,375 |
Weighted average remaining contractual term (years), exercisable | 3 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) | 3 years 6 months 14 days |
Options exercisable | 112,500 |
Weighted average remaining contractual term (years), exercisable | 3 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) | 3 years 5 months 12 days |
Options exercisable | 519,400 |
Weighted average remaining contractual term (years), exercisable | 3 years 5 months 12 days |
Expiry date | Jan. 13, 2027 |
Exercise Price 7.53 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.53 |
Options outstanding | 12,600 |
Weighted average remaining contractual term (years) | 3 years 3 months |
Options exercisable | 12,080 |
Weighted average remaining contractual term (years), exercisable | 3 years 3 months |
Expiry date | Nov. 01, 2026 |
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) | 3 years 1 month 2 days |
Options exercisable | 100,000 |
Weighted average remaining contractual term (years), exercisable | 3 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 | 60,000 |
Weighted average remaining contractual term (years) | 2 years 8 months 19 days |
Options exercisable | 60,000 |
Weighted average remaining contractual term (years), exercisable | 2 years 8 months 19 days |
Expiry date | Apr. 19, 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) | 2 years 7 months 28 days |
Options exercisable | 612,000 |
Weighted average remaining contractual term (years), exercisable | 2 years 7 months 28 days |
Expiry date | Mar. 29, 2026 |
SCHEDULE OF RESTRICTED STOCK UN
SCHEDULE OF RESTRICTED STOCK UNITS GRANTED (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 12 Months Ended | |||
Aug. 02, 2022 | Jul. 31, 2023 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of RSU's outstanding, Beginning balance | ||||
Aggregate intrinsic value, beginning balance | ||||
Number of RSU's outstanding, Granted | [1] | 19,200 | ||
Aggregate intrinsic value, Granted | $ 123,072 | $ 123,072 | [1] | |
Number of RSU's outstanding, Ending balance | 19,200 | |||
Aggregate intrinsic value, ending balance | $ 128,448 | |||
[1]On August 2, 2022, the Company issued |
SCHEDULE OF RESTRICTED STOCK _2
SCHEDULE OF RESTRICTED STOCK UNITS GRANTED (Details) (Parenthetical) - Restricted Stock Units (RSUs) [Member] - USD ($) | 12 Months Ended | |||
Aug. 02, 2022 | Jul. 31, 2023 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares issued | [1] | 19,200 | ||
Aggregate intrinsic value | $ 123,072 | $ 123,072 | [1] | |
Chief Executive Officer [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares issued | 19,200 | |||
[1]On August 2, 2022, the Company issued |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation | $ 2,193,790 | $ 3,074,584 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation | 1,072,592 | 435,563 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation | $ 1,121,198 | $ 2,639,021 |
SCHEDULE OF LOSS BEFORE TAXES O
SCHEDULE OF LOSS BEFORE TAXES ON INCOME (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ 2,469,999 | $ (16,555,241) |
Foreign | (17,832,395) | (10,283,662) |
Loss before taxes on income | $ (20,302,394) | $ (26,838,903) |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Net loss before recovery of income taxes | $ (20,302,394) | $ (26,838,903) |
Expected income tax (recovery) expense | (5,481,650) | (7,246,504) |
Tax rate changes and effect of taxes of subsidiaries at foreign rates | 1,068,270 | 1,591,220 |
Share-based compensation and other non-deductible expenses | 622,220 | 828,930 |
Foreign exchange loss | 7,810 | |
Share issuance cost booked directly to equity | (15,420) | |
Valuation allowance | 3,791,160 | 4,833,964 |
Income tax (recovery) |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS NET (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Property, plant and equipment | $ 730 | $ 730 |
Marketable Securities | 11,760 | 11,760 |
Warrant liability | 3,776,710 | 4,330,580 |
Share issuance costs | 734,300 | 1,105,220 |
Operating tax losses carried forward | 3,842,320 | 2,714,150 |
Operating tax losses carried forward- USA | 4,913,950 | 4,015,960 |
Research and Development | 2,685,825 | |
Total deferred tax assets | 15,965,594 | 12,178,400 |
Valuation allowance | (15,920,430) | (12,130,030) |
Net deferred tax assets | 45,160 | 48,370 |
Intellectual Property | (45,160) | (48,370) |
Convertible Debentures | ||
Total net deferred tax liabilities | (45,160) | (48,370) |
Valuation allowance | ||
Net deferred tax assets (liabilities) |
TAXES ON INCOME (Details Narrat
TAXES ON INCOME (Details Narrative) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Statutory income tax rate | 27% | 27% |
Income tax expenses | ||
Valuation allowance deferred | 2,790,400 | |
Net operating loss | $ 23,340,000 | |
Operating loss expiration date description | The federal net operating losses have expiry periods ranging between 2033 and indefinitely | |
Canadian net operating loss carryovers | $ 14,231,000 | |
Foreign operating loss expiration date description | The Canadian net operating losses have expiry periods ranging between 2035 and 2043. |
SCHEDULE OF RELATED PARTY BALAN
SCHEDULE OF RELATED PARTY BALANCES (Details) - Related Party [Member] - USD ($) | 12 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | ||
Related Party Transaction [Line Items] | |||
Due from related party | $ 2,398,569 | $ 1,880,480 | |
Related party, balance | 40,753 | 75,558 | |
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related party | [1] | 517,398 | 476,117 |
Related party, balance | [2] | 7,500 | 20,519 |
Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related party | [3] | 1,881,171 | 1,404,363 |
Related party, balance | $ 33,253 | $ 55,039 | |
[1]Excluding the CEO who is a director[2]Long-lived assets are comprised of property and equipment, net, investments and intangible assets, net.[3]Includes the CEO who is also a director |
SCHEDULE OF FINANCIAL INCOME (E
SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Financial Expense Net | ||
Interest income | $ 891,213 | $ 136,731 |
Interest expense | (979) | |
Change in fair value of warrant liability | 2,119,530 | (11,658,372) |
Gain on government grant | 3,388 | |
Foreign exchange loss | (40,873) | (30,730) |
Financial income (expenses), net | $ 2,969,870 | $ (11,549,962) |
SCHEDULE OF BASIC AND DILUTED N
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss available to shareholders of ordinary shares | $ (20,302,394) | $ (26,838,903) |
Shares used in computing net loss per ordinary shares, basic | 15,619,676 | 15,494,091 |
Shares used in computing net loss per ordinary shares, diluted | 15,619,676 | 15,494,091 |
SCHEDULE OF LONG-LIVED ASSETS (
SCHEDULE OF LONG-LIVED ASSETS (Details) - USD ($) | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | [1] | $ 215,068 | $ 230,339 |
UNITED STATES | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | $ 215,068 | $ 230,339 | |
[1]Long-lived assets are comprised of property and equipment, net, investments and intangible assets, net. |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Aug. 31, 2023 | Jul. 31, 2023 | Jul. 31, 2022 |
Subsequent Event [Line Items] | |||
Common stock, shares, issued | 15,981,726 | 15,518,018 | |
Common stock, shares, outstanding | 15,981,726 | 15,518,018 | |
Subsequent Event [Member] | Bria Pro [Member] | Transition Service Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Fixed monthly fee | $ 20,000 | ||
Subsequent Event [Member] | Bria Pro [Member] | |||
Subsequent Event [Line Items] | |||
Ownership percentage | 66.60% | ||
Common stock, shares, issued | 47,945,178 | ||
Common stock, shares, outstanding | 47,945,178 | ||
Investment owned, balance, shares | 31,963,452 |