Detailed financial statements for BriaCell Therapeutics Corp. (BCTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BriaCell Therapeutics Corp. is an immuno-oncology biotechnology company primarily focused on developing innovative immunotherapies to combat cancer. The firm's leading experimental drug, Bria-IMT, is currently undergoing Phase I/IIa clinical investigation. This crucial study evaluates its effectiveness when utilized in conjunction with immune checkpoint inhibitors for treating breast cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $4.22, BCTX has negative trailing earnings (P/E not meaningful) and an ROE of -147.92%. Market capitalisation stands at $37M.
Balance sheet quality for BCTX: current ratio of 5.0. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $1803 | $290 | $16877 | $18833 | $18735 | $15580 | $15139 | $15529 | $82573 | $147888 |
| Gross Profit | -$1803 | -$289 | -$16877 | -$18833 | -$18735 | -$15580 | -$15139 | -$15529 | -$82573 | -$147888 |
| Research & Development | $952150 | $2.1M | $3.1M | $4.9M | $3.0M | $2.5M | $10.3M | $20.5M | $27.2M | $29.5M |
| Selling, General & Admin | $1.2M | $1.1M | $1.8M | $1.3M | $1.8M | $6.2M | $9.3M | $10.6M | $6.2M | $8.1M |
| Operating Expenses | $2.2M | $3.2M | $5.0M | $6.2M | $4.8M | $8.7M | $19.6M | $31.1M | $33.3M | $37.6M |
| Operating Income | -$2.2M | -$3.2M | -$5.0M | -$6.3M | -$5.3M | -$8.7M | -$19.6M | -$31.1M | -$33.3M | -$37.7M |
| EBITDA | -$2.2M | -$3.2M | -$5.4M | -$5.8M | -$4.8M | -$17.1M | -$34.4M | -$31.1M | -$4.8M | -$37.6M |
| Interest Expense | 0 | 0 | $20344 | $31467 | $36204 | $100217 | $1244 | 0 | 0 | $51288 |
| Pre-tax Income | -$2.2M | -$3.2M | -$5.4M | -$5.8M | -$5.4M | -$17.3M | -$34.4M | -$27.1M | -$4.9M | -$36.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.2M | -$3.2M | -$5.4M | -$5.8M | -$4.9M | -$17.3M | -$34.4M | -$27.1M | -$4.8M | -$36.5M |
| EPS | $-1360.30 | $-1348.63 | $-1798.34 | $-1505.30 | $-5.64 | $-13.50 | $-257.58 | $-192.55 | $-43.01 | $-62.60 |
| EPS (Diluted) | $-1360.30 | $-1348.63 | $-1798.34 | $-1505.30 | $-5.64 | $-13.50 | $-259.50 | $-195.00 | $-43.01 | $-62.60 |
| Shares Outstanding (Diluted) | $19231 | $22647 | $28520 | $38644 | $47592 | $301305 | $1.0M | $1.0M | $1.1M | $1.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$36427 | -$26389 | -$27140 | 0 |
| Operating Income | -$11.7M | -$11.7M | -$7.7M | -$7.6M |
| EBITDA | -$11.7M | -$11.6M | -$7.6M | -$7.2M |
| Net Income | -$11.1M | -$11.5M | -$7.4M | -$7.2M |
| EPS | $-5.87 | $-4.35 | $-2.62 | $-1.00 |
| EPS (Diluted) | $-5.87 | $-4.35 | $-2.62 | $-1.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $131576 | $1.0M | $720259 | $157034 | $21249 | $71.6M | $52.6M | $28.4M | $1.2M | $14.4M |
| Short-term Investments | $689021 | $601757 | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 | $10.1M |
| Receivables | $2669 | $5601 | $14563 | $2816 | $22515 | $15714 | $30911 | $958562 | $1.9M | $776542 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $833345 | $1.6M | $1.9M | $168533 | $261463 | $72.2M | $54.3M | $36.0M | $5.1M | $27.4M |
| Property, Plant & Equipment | $449 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $538872 | $408099 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | $274733 | $276121 | $260866 | $306954 | $295404 | $287228 | $277360 | $253705 |
| Total Assets | $835696 | $1.6M | $2.3M | $444656 | $522331 | $72.5M | $54.6M | $36.3M | $8.2M | $29.8M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | $267594 | $594145 | $1.5M | $10.0M | $4.5M |
| Short-term Debt | 0 | 0 | $1.1M | $322526 | $249799 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $48591 | $885904 | $1.3M | $1.1M | $4.0M | $695862 | $1.2M | $2.4M | $10.4M | $5.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $32476 | 0 | 0 | 0 | 0 |
| Total Liabilities | $48591 | $885904 | $1.3M | $1.1M | $4.1M | $38.0M | $41.4M | $41.3M | $11.9M | $5.9M |
| Retained Earnings | -$4.3M | -$6.7M | -$9.7M | -$14.7M | -$18.2M | -$36.4M | -$77.4M | -$107.7M | -$118.6M | -$153.7M |
| Total Equity | $787105 | $750232 | $945016 | -$688665 | -$3.6M | $34.6M | $13.2M | -$5.0M | -$3.3M | $24.6M |
| Total Debt | 0 | 0 | $1.1M | $322526 | $249799 | $32476 | 0 | 0 | 0 | 0 |
| Net Debt | -$820597 | -$1.6M | -$628854 | $165492 | $228550 | -$71.5M | -$52.6M | -$28.4M | -$1.2M | -$24.6M |
| Working Capital | $784754 | $748327 | $537519 | -$964788 | -$3.7M | $71.5M | $53.1M | $33.6M | -$5.3M | $21.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $14.4M | $2.7M | $29.9M | $6.9M |
| Total Assets | $29.8M | $13.1M | $33.6M | $27.1M |
| Total Liabilities | $5.9M | $3.7M | $3.4M | $3.7M |
| Total Equity | $24.6M | $10.0M | $30.7M | $24.1M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.2M | -$3.2M | -$5.4M | -$5.8M | -$4.9M | -$17.6M | -$34.1M | -$27.3M | -$6.5M | -$36.5M |
| Depreciation & Amortization | $1803 | $290 | $16877 | $18833 | $18735 | $19462 | $19417 | $20508 | $114643 | $147893 |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$28993 | $1.0M | -$466675 | $1.0M | $3.3M | -$2.9M | -$497542 | -$4.7M | $9.6M | -$2.6M |
| Operating Cash Flow | -$1.6M | -$1.9M | -$5.0M | -$5.1M | -$1.6M | -$9.9M | -$15.9M | -$31.9M | -$33.0M | -$39.1M |
| Capital Expenditure | $3 | $4 | $3 | -$5 | 0 | -$4 | 0 | $4 | -$624208 | $3 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$12.9M | -$63518 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.6M | -$1.9M | -$5.0M | -$5.1M | -$1.6M | -$9.9M | -$15.9M | -$31.9M | -$33.6M | -$39.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$11.2M | -$10.7M | -$8.0M | -$7.1M |
| Capital Expenditure | -$3 | $4 | 0 | -$129176 |
| Free Cash Flow | -$11.2M | -$10.7M | -$8.0M | -$7.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $285856 | $432207 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -44.2% | -68.1% | -7.6% | +15.0% | -249.3% | -99.3% | +21.2% | +82.3% | -661.4% |
| EPS Growth (YoY) | | +0.9% | -33.3% | +16.3% | +99.6% | -139.4% | -1808.0% | +25.2% | +77.7% | -45.5% |
| Shares Change (YoY) | | +17.8% | +25.9% | +35.5% | +23.2% | +533.1% | +242.8% | +0.8% | +5.3% | +71.7% |
| FCF Growth (YoY) | | -21.1% | -159.2% | -3.3% | +69.6% | -536.0% | -60.5% | -100.9% | -5.3% | -16.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-82.07 | $-84.41 | $-173.70 | $-132.48 | $-32.67 | $-32.82 | $-15.37 | $-30.63 | $-30.62 | $-20.74 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $19231 | $22647 | $28520 | $38644 | $47592 | $301305 | $1.0M | $1.0M | $1.1M | $1.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -147.92% |
| Return on Invested Capital | -136.31% |
| Return on Assets | -113.23% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 7.07 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.34 | -5.66 | -3.28 | -1.89 | -256.55 | -56.44 | -3.73 | -5.21 | -2.62 | -0.12 |
| P/B | 244.07 | 230.54 | 178.23 | -159.88 | -19.14 | 6.64 | 74.98 | -207.15 | -37.44 | 0.57 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |