Cover
Cover - shares | 3 Months Ended | |
Oct. 31, 2023 | Dec. 14, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Oct. 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 | DE | |
Entity Address, Address Line One | 235 15th Street | |
Entity Address, Address Line Two | Suite 300 | |
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 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 | true | |
Entity Common Stock, Shares Outstanding | 15,981,726 | |
Common Shares No Par Value [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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 13,645,847 | $ 21,251,092 |
Amounts receivable | 21,410 | 18,873 |
Prepaid expenses | 4,740,726 | 5,678,542 |
Total current assets | 18,407,983 | 26,948,507 |
NON-CURRENT ASSETS: | ||
Investments | 2 | 2 |
Intangible assets, net | 211,250 | 215,068 |
Total non-current assets | 211,252 | 215,070 |
Total assets | 18,619,235 | 27,163,577 |
CURRENT LIABILITIES: | ||
Trade payables | 433,915 | 1,123,739 |
Accrued expenses and other payables | 612,590 | 677,718 |
Total current liabilities | 1,046,505 | 1,801,457 |
NON-CURRENT LIABILITIES: | ||
Warrant liability | 15,056,430 | 29,139,301 |
Total non-current liabilities | 15,056,430 | 29,139,301 |
SHAREHOLDERS’ EQUITY (DEFICIT): | ||
Share capital of no par value - Authorized: unlimited at October 31, 2023 and July 31, 2023, Issued and outstanding: 15,981,726 shares October 31, 2023 and July 31, 2023, respectively | 69,591,784 | 69,591,784 |
Additional paid in capital | 7,918,999 | 7,421,950 |
Accumulated other comprehensive loss | (138,684) | (138,684) |
Non-controlling interest | (205,111) | |
Accumulated deficit | (74,650,688) | (80,652,231) |
Total shareholders’ equity (deficit) | 2,516,300 | (3,777,181) |
Total liabilities and shareholders’ equity (deficit) | $ 18,619,235 | $ 27,163,577 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Jul. 31, 2023 | |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized, unlimited | Unlimited | Unlimited |
Common stock, shares issued | 15,981,726 | 15,981,726 |
Common stock, shares outstanding | 15,981,726 | 15,981,726 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Operating Expenses: | ||
Research and development expenses | $ 6,857,257 | $ 3,255,215 |
General and administrative expenses | 1,645,771 | 2,147,936 |
Total operating expenses | 8,503,028 | 5,403,151 |
Operating loss | (8,503,028) | (5,403,151) |
Financial income, net | 14,461,900 | 4,296,610 |
Net income (loss) for the period | 5,958,872 | (1,106,541) |
Net loss attributable to non-controlling interest | (42,671) | |
Net income (loss) for the period attributable to BriaCell | $ 6,001,543 | $ (1,106,541) |
Net income (loss) per share attributable to BriaCell – basic | $ 0.38 | $ (0.07) |
Net income (loss) per share attributable to BriaCell – diluted | $ (0.50) | $ (0.07) |
Weighted average number of shares used in computing net basic earnings per share of common stock | 15,981,726 | 15,518,018 |
Weighted average number of shares used in computing net diluted earnings per share of common stock | 16,674,891 | 15,518,018 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance at Jul. 31, 2022 | $ 65,589,293 | $ 5,228,160 | $ (138,684) | $ (60,349,837) | $ 10,328,932 | |
Balance, shares at Jul. 31, 2022 | 15,518,018 | |||||
Issuance of options | 1,111,941 | 1,111,941 | ||||
Income (loss) for the period | (1,106,541) | (1,106,541) | ||||
Balance at Oct. 31, 2022 | $ 65,589,293 | 6,340,101 | (138,684) | (61,456,378) | 10,334,332 | |
Balance, shares at Oct. 31, 2022 | 15,518,018 | |||||
Balance at Jul. 31, 2023 | $ 69,591,784 | 7,421,950 | (138,684) | (80,652,231) | (3,777,181) | |
Balance, shares at Jul. 31, 2023 | 15,981,726 | |||||
Issuance of options | 533,816 | 533,816 | ||||
Income (loss) for the period | 6,001,543 | (42,671) | 5,958,872 | |||
Instruments issued to minority shareholders at the Arrangement Date | (36,767) | (162,440) | (199,207) | |||
Balance at Oct. 31, 2023 | $ 69,591,784 | $ 7,918,999 | $ (138,684) | $ (74,650,688) | $ (205,111) | $ 2,516,300 |
Balance, shares at Oct. 31, 2023 | 15,981,726 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flow from operating activities | ||
Net income (loss) for the period | $ 5,958,872 | $ (1,106,541) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,818 | 3,818 |
Share-based compensation | 533,816 | 1,111,941 |
Interest expense | ||
Change in fair value of warrants | (14,282,078) | (4,117,790) |
Changes in assets and liabilities: | ||
Increase in amounts receivable | (2,537) | (5,595) |
Decrease in prepaid expenses | 937,816 | 538,822 |
(Decrease) increase in accounts payable | (689,824) | 328,468 |
Decrease in accrued expenses and other payables | (65,128) | (295,505) |
Total cash flow from operating activities | (7,605,245) | (3,542,382) |
Cash flows from financing activities | ||
Share and warrant buyback program | (47,294) | |
Total cash flow from financing activities | (47,294) | |
Decrease in cash and cash equivalents | (7,605,245) | (3,589,676) |
Cash and cash equivalents at beginning of the period | 21,251,092 | 41,041,652 |
Cash and cash equivalents at end of the period | $ 13,645,847 | $ 37,451,976 |
GENERAL
GENERAL | 3 Months Ended |
Oct. 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 start before end of 2023. BriaCell is also developing a personalized off-the-shelf immunotherapy, Bria-OTS™, and a soluble CD80 protein therapeutic which acts both as a stimulator of the immune system as well as an immune checkpoint inhibitor. c. Basis of presentation of the financial statements: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X promulgated by the U.S Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments consisting of a normal recurring nature which are necessary for a fair presentation of the financial position, operating results, and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report for the year ended July 31, 2023, filed with the SEC on October 25, 2023. The interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. d. 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 October 31, 2023 was $ 74,650,688 7,605,245 e. 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 subsidiary. f. 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 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 (“BriaPro Warrant Shares”). Pursuant to the Arrangement, all Briacell option holders received the same amount of BriaPro options (“BriaPro Option”) and under the BriaPro incentive plan. The exercise price of the BriaCell options was apportioned between the BriaCell options and the BriaPro options, as follows: Each one (1) BriaPro Option to acquire one (1) Share shall have an exercise price equal to the product obtained by multiplying the original exercise price of the BriaCell Option by the quotient obtained by dividing (A) the fair market value of a BriaPro Share at the Effective Date by (B) the aggregate fair market value of a BriaCell Share and a BriaPro Share at the Effective Date. Pursuant to the Arrangement, all BriaCell RSU holders received the same amount of BriaPro RSU’s under the BriaPro incentive plan. 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. In accordance with US GAAP’s Accounting Standards Codification 505 “Equity”, the Arrangement was determined to be a spinoff of nonmonetary assets which did not constitute a business. However, since the assets were transferred to an entity under the Company’s control, the assets is being recorded on the Company’s basis (carry value) and not at fair market value. BriaCell Therapeutics Corp Notes to the Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SIGNIFICANT ACCOUNTING POLICIES a. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. b. 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. The pronouncements below relate to standards that impact the Company. 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 Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) |
CONTINGENT LIABILITIES AND COMM
CONTINGENT LIABILITIES AND COMMITMENTS | 3 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | NOTE 3: CONTINGENT LIABILITIES AND COMMITMENTS a. BriaPro Warrants As detailed in note 1(f), upon the exercise of BriaCell Warrants, BriaCell shall, as agent for BriaPro, collect and pay to BriaPro an amount of up to $ 241,164 b. Lease The Company was 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 | 3 Months Ended |
Oct. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4: FAIR VALUE MEASUREMENTS The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of October 31, 2023 and July 31, 2023: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at October 31, 2023 July 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents 13,645,847 - 13,645,847 21,251,092 - 21,251,092 Total assets measured at fair value $ 13,645,847 $ - $ 13,645,847 $ 21,251,092 $ - $ 21,251,092 Financial liabilities: Warrants liability 4,394,042 10,662,388 15,056,430 9,742,023 19,397,278 29,139,301 Total liabilities measured at fair value $ 4,394,042 $ 10,662,388 $ 15,056,430 $ 9,742,023 $ 19,397,278 $ 29,139,301 We classify our cash and 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 Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 3 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 5: SHAREHOLDERS’ EQUITY a. Authorized share capital The authorized share capital consists of an unlimited no b. Issued share capital No c. Share Purchase Warrants SUMMARY OF CHANGES IN WARRANTS (i) There were no changes in share purchase warrants for the three-month period ended October 31, 2023 as presented below: Number of warrants outstanding Weighted average exercise price Balance, July 31, 2023 and October 31, 2023 8,121,650 $ 5.76 SCHEDULE OF WARRANTS OUTSTANDING (ii) As of October 31, 2023, warrants outstanding were as follows: Number of Warrants Exercise Price(*) Exercisable At October 31, 2023 Expiry Date 51,698 $ 3.91 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 (*) See note 3(a). d. Compensation Warrants (i) There were no changes to compensation warrants for the three-month period ended October 31, 2023. (ii) As of October 31, 2023, compensation warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Warrants Exercise Price(*) Exercisable At October 31, 2023 Expiry Date 4,890 $ 3.91 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 (*) See note 3(a). BriaCell Therapeutics Corp Notes to the Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 5: SHAREHOLDERS’ EQUITY (Cont.) e. Warrant liability continuity The following table presents the summary of the changes in the fair value of the warrants: SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of August 1, 2023 $ 29,139,301 Fair value of BriaPro Warrant Shares at Effective Date 199,207 Change in fair value during the period $ (14,282,078 ) Balance as of October 31, 2023 $ 15,056,430 The key inputs used in the valuation of the non-public warrants as of October 31, 2023 and at July 31, 2023 were as follows: SCHEDULE OF VALUATION OF WARRANTS October 31, 2023 July 31, 2023 Share price $ 4.25 $ 6.69 Exercise price $ 5.31 6.19 $ 5.31 6.19 Expected life (years) 2.32 3.10 2.58 3.35 Volatility 100 % 100 % Dividend yield 0 % 0 % Risk free rate 4.92 % 4.51 % The key inputs used in the valuation of the of the BriaPro Warrant Shares as of October 31, 2023 were as follows: SCHEDULE OF VALUATION OF WARRANTS August 31, 2023 (Effective Date) October 31, 2023 Share price $ 0.0365 $ 0.0365 Exercise price $ 0.0206 0.0308 $ 0.0206 0.0308 Expected life (years) 2.21 3.27 2.05 3.10 Volatility 100 % 100 % Dividend yield 0 % 0 % Risk free rate 4.40 % 4.50 % |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 6: SHARE-BASED COMPENSATION a. 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 b. The following table summarizes the number of options granted to directors, officers, employees and consultants under the option plan for three-month period ended October 31, 2023 and related information: SUMMARY 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, 2023 2,131,400 $ 6.19 3.55 $ 1,065,700 Balance as of October 31, 2023 2,131,400 6.16 3.30 - Exercisable as of October 31, 2023 1,693,718 $ 6.17 3.02 $ - As of October 31, 2023, there are $ 2,056,830 1.50 BriaCell Therapeutics Corp Notes to the Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 6: SHARE-BASED COMPENSATION (Cont.) c. The following table summarizes information about the Company’s outstanding and exercisable options granted to employees as of October 31, 2023. SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise price Options outstanding as of October 31, 2023 Weighted average remaining contractual term (years) Options exercisable as of October 31, 2023 Weighted average remaining contractual term (years) Expiry Date $ 6.03 440,000 4.64 110,000 4.64 June 20, 2028 $ 7.16 21,000 4.33 7,875 4.33 February 27, 2028 $ 6.04 180,100 3.76 112,563 3.76 August 02, 2027 $ 4.71 31,000 3.56 23,250 3.56 May 20, 2027 $ 7.51 150,000 3.29 131,250 3.29 February 16, 2027 $ 8.47 524,700 3.20 524,700 3.20 January 13, 2027 $ 7.15 12,600 3.00 12,080 3.00 November 01, 2026 $ 5.74 100,000 2.84 100,000 2.84 September 01, 2026 $ 4.24 60,000 2.47 60,000 2.47 April 19, 2026 $ 4.24 612,000 2.41 612,000 2.41 March 29, 2026 2,131,400 1,693,718 d. As result of the Arrangement, 2,131,400 SCHEDULE OF OPTION ISSUED AND OUTSTANDING Exercise Price Options outstanding as of October 31, 2023 Options exercisable as of October 31, 2023 Expiry Date $ 0.0933 440,000 110,000 June 20, 2028 $ 0.1108 21,000 7,875 February 27, 2028 $ 0.0984 180,100 112,563 August 02, 2027 $ 0.0729 31,000 23,250 May 20, 2027 $ 0.1162 150,000 131,250 February 16, 2027 $ 0.1310 524,700 524,700 January 13, 2027 $ 0.1165 12,600 12,080 November 01, 2026 $ 0.0888 100,000 100,000 September 01, 2026 $ 0.0656 60,000 60,000 April 19, 2026 $ 0.0656 612,000 612,000 March 29, 2026 2,131,400 1,693,718 e. Restricted Share Unit Plan The following table summarizes the number of RSU’s granted to directors under the Omnibus plan as of October 31, 2023: SUMMARY OF RESTRICTED STOCK UNITS GRANTED Number of RSU’s outstanding Aggregate intrinsic value Balance, July 31, 2023 19,200 $ 123,072 Balance, October 31, 2023 19,200 $ 81,600 f. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the three-month period ended October 31, 2023 and 2022 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2023 2022 Three months ended October 31, 2023 2022 Research and development expenses $ 257,809 350,256 General and administrative expenses 276,007 761,685 Total share-based compensation $ 533,816 1,111,941 BriaCell Therapeutics Corp Notes to the Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER SHARE | 3 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET LOSS PER SHARE | NOTE 7: BASIC AND DILUTED NET LOSS PER SHARE Basic net income (loss) per ordinary share is computed by dividing net income (loss) for each reporting period by the weighted-average number of ordinary shares outstanding during each year. Diluted net income (loss) per ordinary share is computed by dividing net income (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 reported a loss for the three-month period ending October 31, 2022, leading to the exclusion of potentially dilutive ordinary shares. Conversely, a gain was recorded for the three-month period ending October 31, 2023, resulting in the inclusion of all potentially dilutive ordinary shares. SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2023 2022 Three months ended October 31, 2023 2022 (Unaudited) (Unaudited) Basic EPS Numerator: Net income (loss) $ 6,001,543 $ (1,106,541 ) Denominator: Shares used in computation of basic earnings per share 15,981,726 15,518,018 Basic EPS $ 0.38 $ (0.07 ) Diluted EPS Numerator: Net income (loss) attributable to common stock, basic $ 6,001,543 $ (1,106,541 ) Adjustment: Change in fair value of warrant liability (14,282,078 ) - Net (loss) attributable to common stock, diluted $ (8,280,535 ) $ (1,106,541 ) Denominator: Shares used in computing net EPS of common stock, basic 15,981,726 15,518,018 Stock Options 211,434 - Warrants 481,731 - Shares used in computation of diluted earnings per share 16,674,891 15,518,018 Diluted EPS $ (0.50 ) $ (0.07 ) |
FINANCIAL INCOME (EXPENSES), NE
FINANCIAL INCOME (EXPENSES), NET | 3 Months Ended |
Oct. 31, 2023 | |
Other Income and Expenses [Abstract] | |
FINANCIAL INCOME (EXPENSES), NET | NOTE 8: FINANCIAL INCOME (EXPENSES), NET SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET 2023 2022 Three months ended October 31, 2023 2022 Interest income $ 190,815 $ 188,353 Change in fair value of warrant liability 14,282,078 4,117,790 Foreign exchange loss (10,993 ) (9,533 ) Financial income, net $ 14,461,900 $ 4,296,610 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Oct. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9: SUBSEQUENT EVENTS The Company evaluated the possibility of subsequent events existing in the Company’s unaudited condensed consolidated financial statements through December 14, 2023, the date that the condensed consolidated financial statements were available for issuance. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of estimates | a. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. |
Recently issued and adopted accounting standards | b. 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. The pronouncements below relate to standards that impact the Company. 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. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Oct. 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 October 31, 2023 and July 31, 2023: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at October 31, 2023 July 31, 2023 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents 13,645,847 - 13,645,847 21,251,092 - 21,251,092 Total assets measured at fair value $ 13,645,847 $ - $ 13,645,847 $ 21,251,092 $ - $ 21,251,092 Financial liabilities: Warrants liability 4,394,042 10,662,388 15,056,430 9,742,023 19,397,278 29,139,301 Total liabilities measured at fair value $ 4,394,042 $ 10,662,388 $ 15,056,430 $ 9,742,023 $ 19,397,278 $ 29,139,301 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS | The following table presents the summary of the changes in the fair value of the warrants: SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of August 1, 2023 $ 29,139,301 Fair value of BriaPro Warrant Shares at Effective Date 199,207 Change in fair value during the period $ (14,282,078 ) Balance as of October 31, 2023 $ 15,056,430 |
SCHEDULE OF VALUATION OF WARRANTS | The key inputs used in the valuation of the non-public warrants as of October 31, 2023 and at July 31, 2023 were as follows: SCHEDULE OF VALUATION OF WARRANTS October 31, 2023 July 31, 2023 Share price $ 4.25 $ 6.69 Exercise price $ 5.31 6.19 $ 5.31 6.19 Expected life (years) 2.32 3.10 2.58 3.35 Volatility 100 % 100 % Dividend yield 0 % 0 % Risk free rate 4.92 % 4.51 % |
Bria Pro Therapeutics Corp [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF VALUATION OF WARRANTS | The key inputs used in the valuation of the of the BriaPro Warrant Shares as of October 31, 2023 were as follows: SCHEDULE OF VALUATION OF WARRANTS August 31, 2023 (Effective Date) October 31, 2023 Share price $ 0.0365 $ 0.0365 Exercise price $ 0.0206 0.0308 $ 0.0206 0.0308 Expected life (years) 2.21 3.27 2.05 3.10 Volatility 100 % 100 % Dividend yield 0 % 0 % Risk free rate 4.40 % 4.50 % |
Share Purchase Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SUMMARY OF CHANGES IN WARRANTS | SUMMARY OF CHANGES IN WARRANTS (i) There were no changes in share purchase warrants for the three-month period ended October 31, 2023 as presented below: Number of warrants outstanding Weighted average exercise price Balance, July 31, 2023 and October 31, 2023 8,121,650 $ 5.76 |
SCHEDULE OF WARRANTS OUTSTANDING | SCHEDULE OF WARRANTS OUTSTANDING (ii) As of October 31, 2023, warrants outstanding were as follows: Number of Warrants Exercise Price(*) Exercisable At October 31, 2023 Expiry Date 51,698 $ 3.91 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 (*) See note 3(a). |
Compensation Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF WARRANTS OUTSTANDING | SCHEDULE OF WARRANTS OUTSTANDING Number of Warrants Exercise Price(*) Exercisable At October 31, 2023 Expiry Date 4,890 $ 3.91 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 (*) See note 3(a). |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SUMMARY OF NUMBER OF OPTIONS GRANTED | SUMMARY 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, 2023 2,131,400 $ 6.19 3.55 $ 1,065,700 Balance as of October 31, 2023 2,131,400 6.16 3.30 - Exercisable as of October 31, 2023 1,693,718 $ 6.17 3.02 $ - |
SCHEDULE OF OPTION ISSUED AND OUTSTANDING | SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise price Options outstanding as of October 31, 2023 Weighted average remaining contractual term (years) Options exercisable as of October 31, 2023 Weighted average remaining contractual term (years) Expiry Date $ 6.03 440,000 4.64 110,000 4.64 June 20, 2028 $ 7.16 21,000 4.33 7,875 4.33 February 27, 2028 $ 6.04 180,100 3.76 112,563 3.76 August 02, 2027 $ 4.71 31,000 3.56 23,250 3.56 May 20, 2027 $ 7.51 150,000 3.29 131,250 3.29 February 16, 2027 $ 8.47 524,700 3.20 524,700 3.20 January 13, 2027 $ 7.15 12,600 3.00 12,080 3.00 November 01, 2026 $ 5.74 100,000 2.84 100,000 2.84 September 01, 2026 $ 4.24 60,000 2.47 60,000 2.47 April 19, 2026 $ 4.24 612,000 2.41 612,000 2.41 March 29, 2026 2,131,400 1,693,718 |
SUMMARY OF RESTRICTED STOCK UNITS GRANTED | The following table summarizes the number of RSU’s granted to directors under the Omnibus plan as of October 31, 2023: SUMMARY OF RESTRICTED STOCK UNITS GRANTED Number of RSU’s outstanding Aggregate intrinsic value Balance, July 31, 2023 19,200 $ 123,072 Balance, October 31, 2023 19,200 $ 81,600 |
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES | The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the three-month period ended October 31, 2023 and 2022 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2023 2022 Three months ended October 31, 2023 2022 Research and development expenses $ 257,809 350,256 General and administrative expenses 276,007 761,685 Total share-based compensation $ 533,816 1,111,941 |
Option Issued And Outstanding [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
SCHEDULE OF OPTION ISSUED AND OUTSTANDING | SCHEDULE OF OPTION ISSUED AND OUTSTANDING Exercise Price Options outstanding as of October 31, 2023 Options exercisable as of October 31, 2023 Expiry Date $ 0.0933 440,000 110,000 June 20, 2028 $ 0.1108 21,000 7,875 February 27, 2028 $ 0.0984 180,100 112,563 August 02, 2027 $ 0.0729 31,000 23,250 May 20, 2027 $ 0.1162 150,000 131,250 February 16, 2027 $ 0.1310 524,700 524,700 January 13, 2027 $ 0.1165 12,600 12,080 November 01, 2026 $ 0.0888 100,000 100,000 September 01, 2026 $ 0.0656 60,000 60,000 April 19, 2026 $ 0.0656 612,000 612,000 March 29, 2026 2,131,400 1,693,718 |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER SHARE (Tables) | 3 Months Ended |
Oct. 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 Three months ended October 31, 2023 2022 (Unaudited) (Unaudited) Basic EPS Numerator: Net income (loss) $ 6,001,543 $ (1,106,541 ) Denominator: Shares used in computation of basic earnings per share 15,981,726 15,518,018 Basic EPS $ 0.38 $ (0.07 ) Diluted EPS Numerator: Net income (loss) attributable to common stock, basic $ 6,001,543 $ (1,106,541 ) Adjustment: Change in fair value of warrant liability (14,282,078 ) - Net (loss) attributable to common stock, diluted $ (8,280,535 ) $ (1,106,541 ) Denominator: Shares used in computing net EPS of common stock, basic 15,981,726 15,518,018 Stock Options 211,434 - Warrants 481,731 - Shares used in computation of diluted earnings per share 16,674,891 15,518,018 Diluted EPS $ (0.50 ) $ (0.07 ) |
FINANCIAL INCOME (EXPENSES), _2
FINANCIAL INCOME (EXPENSES), NET (Tables) | 3 Months Ended |
Oct. 31, 2023 | |
Other Income and Expenses [Abstract] | |
SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET | SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET 2023 2022 Three months ended October 31, 2023 2022 Interest income $ 190,815 $ 188,353 Change in fair value of warrant liability 14,282,078 4,117,790 Foreign exchange loss (10,993 ) (9,533 ) Financial income, net $ 14,461,900 $ 4,296,610 |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | 3 Months Ended | ||||
Aug. 31, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Accumulated deficit | $ 74,650,688 | $ 80,652,231 | |||
Cash flows from operating activities | $ 7,605,245 | $ 3,542,382 | |||
Common stock, shares issued | 15,981,726 | 15,981,726 | |||
Common stock, shares outstanding | 15,981,726 | 15,981,726 | |||
Services Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Monthly fees | $ 20,000 | ||||
Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Shares outstanding | 15,981,726 | 15,518,018 | 15,981,726 | 15,518,018 | |
Bria Pro Therapeutics Corp [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Percentage of shares issued and outstanding | 6,660% | ||||
Common stock, shares issued | 47,945,178 | ||||
Common stock, shares outstanding | 47,945,178 | ||||
Bria Pro Therapeutics Corp [Member] | Common Stock [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Shares outstanding | 31,963,452 |
CONTINGENT LIABILITIES AND CO_2
CONTINGENT LIABILITIES AND COMMITMENTS (Details Narrative) | 3 Months Ended |
Oct. 31, 2023 USD ($) | |
Office And Lab Space [Member] | |
Operating lease payments | $ 16,500 |
Office And Lab Space [Member] | Month To Month Lease Arrangement [Member] | |
Operating lease payments | 36,000 |
Warrants [Member] | |
Number of shares issued, value | $ 241,164 |
SCHEDULE OF FAIR VALUE ON A REC
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Oct. 31, 2023 | Jul. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 13,645,847 | $ 21,251,092 |
Total liabilities measured at fair value | 15,056,430 | 29,139,301 |
Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 15,056,430 | 29,139,301 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 13,645,847 | 21,251,092 |
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 | 13,645,847 | 21,251,092 |
Total liabilities measured at fair value | 4,394,042 | 9,742,023 |
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 | 4,394,042 | 9,742,023 |
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 | 13,645,847 | 21,251,092 |
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 | 10,662,388 | 19,397,278 |
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 | 10,662,388 | 19,397,278 |
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) - Share Purchase Warrants [Member] | Oct. 31, 2023 $ / shares shares |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding Beginning balance | shares | 8,121,650 |
Number of warrants outstanding Ending balance | shares | 8,121,650 |
Weighted average exercise price Beginning balance | $ / shares | $ 5.76 |
Weighted average exercise price Ending balance | $ / shares | $ 5.76 |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) - $ / shares | 3 Months Ended | ||
Oct. 31, 2023 | Jul. 31, 2023 | ||
Minimum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Exercise price | $ 5.31 | $ 5.31 | |
Maximum [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Exercise price | $ 6.19 | $ 6.19 | |
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 | [1] | $ 3.91 | |
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 | [1] | $ 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 | [1] | $ 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 | [2] | $ 3.91 | |
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 | [2] | $ 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 | [2] | $ 6.19 | |
Number of warrants exercisable | 24,688 | ||
Expiry date | Jun. 07, 2026 | ||
[1]See note 3(a).[2]See note 3(a). |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS (Details) - Warrant [Member] | 3 Months Ended |
Oct. 31, 2023 USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Warrant liability, beginning balance | $ 29,139,301 |
Fair value of BriaPro Warrant Shares at Effective Date | 199,207 |
Change in fair value during the period | (14,282,078) |
Warrant liability, ending balance | $ 15,056,430 |
SCHEDULE OF VALUATION OF WARRAN
SCHEDULE OF VALUATION OF WARRANTS (Details) | Oct. 31, 2023 $ / shares | Aug. 31, 2023 $ / shares | Jul. 31, 2023 $ / shares |
Subsidiary or Equity Method Investee [Line Items] | |||
Share price | $ 4.25 | $ 6.69 | |
Bria Pro Therapeutics Corp [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Share price | $ 0.0365 | $ 0.0365 | |
Measurement Input, Price Volatility [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Risk free rate | 100 | 100 | |
Measurement Input, Price Volatility [Member] | Bria Pro Therapeutics Corp [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Risk free rate | 100 | 100 | |
Measurement Input, Expected Dividend Rate [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Risk free rate | 0 | 0 | |
Measurement Input, Expected Dividend Rate [Member] | Bria Pro Therapeutics Corp [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Risk free rate | 0 | 0 | |
Measurement Input, Risk Free Interest Rate [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Risk free rate | 4.92 | 4.51 | |
Measurement Input, Risk Free Interest Rate [Member] | Bria Pro Therapeutics Corp [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Risk free rate | 4.50 | 4.40 | |
Minimum [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Exercise price | $ 5.31 | $ 5.31 | |
Expected life | 2 years 3 months 25 days | 2 years 6 months 29 days | |
Minimum [Member] | Bria Pro Therapeutics Corp [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Exercise price | $ 0.0206 | $ 0.0206 | |
Expected life | 2 years 18 days | 2 years 2 months 15 days | |
Maximum [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Exercise price | $ 6.19 | $ 6.19 | |
Expected life | 3 years 1 month 6 days | 3 years 4 months 6 days | |
Maximum [Member] | Bria Pro Therapeutics Corp [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | |||
Exercise price | $ 0.0308 | $ 0.0308 | |
Expected life | 3 years 1 month 6 days | 3 years 3 months 7 days |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Jul. 31, 2023 | |
Equity [Abstract] | ||
Common stock, shares authorized | Unlimited | Unlimited |
Common stock, no par value | $ 0 | $ 0 |
Number of shares issued during period | 0 |
SUMMARY OF NUMBER OF OPTIONS GR
SUMMARY OF NUMBER OF OPTIONS GRANTED (Details) - Stock Option Plan [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2023 | Jul. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of options, beginning balance | 2,131,400 | |
Weighted average exercise price, beginning balance | $ 6.19 | |
Weighted average remaining contractual term (in years), beginning balance | 3 years 6 months 18 days | |
Aggregate intrinsic value, beginning balance | $ 1,065,700 | |
Number of options, ending balance | 2,131,400 | 2,131,400 |
Weighted average exercise price, ending balance | $ 6.16 | $ 6.19 |
Weighted average remaining contractual term (in years), ending balance | 3 years 3 months 18 days | |
Number of options, exercisable | 1,693,718 | |
Weighted average exercise price, exercisable | $ 6.17 | |
Weighted average remaining contractual term (in years), exercisable | 3 years 7 days | |
Aggregate intrinsic value, exercisable |
SUMMARY OF OUTSTANDING AND EXER
SUMMARY OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) | 3 Months Ended |
Oct. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options outstanding | 2,131,400 |
Options exercisable | 1,693,718 |
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 7 months 20 days |
Options exercisable | 110,000 |
Options exercisable | 4 years 7 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 3 months 29 days |
Options exercisable | 7,875 |
Options exercisable | 4 years 3 months 29 days |
Expiry date | Feb. 27, 2028 |
Exercise Price 6.04 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 6.04 |
Options outstanding | 180,100 |
Weighted average remaining contractual term (years) | 3 years 9 months 3 days |
Options exercisable | 112,563 |
Options exercisable | 3 years 9 months 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 6 months 21 days |
Options exercisable | 23,250 |
Options exercisable | 3 years 6 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 3 months 14 days |
Options exercisable | 131,250 |
Options exercisable | 3 years 3 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 2 months 12 days |
Options exercisable | 524,700 |
Options exercisable | 3 years 2 months 12 days |
Expiry date | Jan. 13, 2027 |
Exercise Price 7.15 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.15 |
Options outstanding | 12,600 |
Weighted average remaining contractual term (years) | 3 years |
Options exercisable | 12,080 |
Options exercisable | 3 years |
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) | 2 years 10 months 2 days |
Options exercisable | 100,000 |
Options exercisable | 2 years 10 months 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 5 months 19 days |
Options exercisable | 60,000 |
Options exercisable | 2 years 5 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 4 months 28 days |
Options exercisable | 612,000 |
Options exercisable | 2 years 4 months 28 days |
Expiry date | Mar. 29, 2026 |
SCHEDULE OF OPTION ISSUED AND O
SCHEDULE OF OPTION ISSUED AND OUTSTANDING (Details) | 3 Months Ended |
Oct. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options outstanding | 2,131,400 |
Options exercisable | 1,693,718 |
Exercise Price 0.0933 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.0933 |
Options outstanding | 440,000 |
Options exercisable | 110,000 |
Expiry date | Jun. 20, 2028 |
Exercise Price 0.1108 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.1108 |
Options outstanding | 21,000 |
Options exercisable | 7,875 |
Expiry date | Feb. 27, 2028 |
Exercise Price 0.0984 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.0984 |
Options outstanding | 180,100 |
Options exercisable | 112,563 |
Expiry date | Aug. 02, 2027 |
Exercise Price 0.0729 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.0729 |
Options outstanding | 31,000 |
Options exercisable | 23,250 |
Expiry date | May 20, 2027 |
Exercise Price 0.1162 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.1162 |
Options outstanding | 150,000 |
Options exercisable | 131,250 |
Expiry date | Feb. 16, 2027 |
Exercise Price 0.1310 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.1310 |
Options outstanding | 524,700 |
Options exercisable | 524,700 |
Expiry date | Jan. 13, 2027 |
Exercise Price 0.1165 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.1165 |
Options outstanding | 12,600 |
Options exercisable | 12,080 |
Expiry date | Nov. 01, 2026 |
Exercise Price 0.0888 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.0888 |
Options outstanding | 100,000 |
Options exercisable | 100,000 |
Expiry date | Sep. 01, 2026 |
Exercise Price 0.0656 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.0656 |
Options outstanding | 60,000 |
Options exercisable | 60,000 |
Expiry date | Apr. 19, 2026 |
Exercise Price 0.066 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 0.0656 |
Options outstanding | 612,000 |
Options exercisable | 612,000 |
Expiry date | Mar. 29, 2026 |
SUMMARY OF RESTRICTED STOCK UNI
SUMMARY OF RESTRICTED STOCK UNITS GRANTED (Details) - Restricted Stock Units (RSUs) [Member] | Oct. 31, 2023 USD ($) shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of RSU's outstanding, Beginning balance | shares | 19,200 |
Aggregate intrinsic value, beginning balance | $ | $ 123,072 |
Number of RSU's outstanding, Ending balance | shares | 19,200 |
Aggregate intrinsic value, ending balance | $ | $ 81,600 |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation | $ 533,816 | $ 1,111,941 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation | 257,809 | 350,256 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation | $ 276,007 | $ 761,685 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | |
Aug. 02, 2022 | Oct. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options issued and outstanding | 2,131,400 | |
Stock Option Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unrecognized costs | $ 2,056,830 | |
Expected period | 1 year 6 months | |
Stock Option Plan [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Acquiring percentage of issued and outstanding of common stock | 15% |
SCHEDULE OF BASIC AND DILUTED N
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 6,001,543 | $ (1,106,541) |
Shares used in computing net EPS of common stock, basic | 15,981,726 | 15,518,018 |
Basic EPS | $ 0.38 | $ (0.07) |
Net income (loss) attributable to common stock, basic | $ 6,001,543 | $ (1,106,541) |
Adjustment: Change in fair value of warrant liability | (14,282,078) | |
Net (loss) attributable to common stock, diluted | $ (8,280,535) | $ (1,106,541) |
Stock Options | 211,434 | |
Warrants | 481,731 | |
Shares used in computation of diluted earnings per share | 16,674,891 | 15,518,018 |
Diluted EPS | $ (0.50) | $ (0.07) |
SCHEDULE OF FINANCIAL INCOME (E
SCHEDULE OF FINANCIAL INCOME (EXPENSES), NET (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 190,815 | $ 188,353 |
Change in fair value of warrant liability | 14,282,078 | 4,117,790 |
Foreign exchange loss | (10,993) | (9,533) |
Financial income, net | $ 14,461,900 | $ 4,296,610 |