BriaCell Therapeutics (BCT) Q4 2025 earnings summary

Executive summary

• Advanced pivotal Phase 3 trial of Bria-IMT™ immunotherapy plus checkpoint inhibitor in metastatic breast cancer, with Fast Track FDA designation and positive interim safety reviews; top-line data expected H1-2026.

• Bria-IMT™ demonstrated median overall survival of 13.4–16.5 months in late-stage patients, outperforming standard therapies and showing strong intracranial response rates.

• Bria-OTS™, a personalized off-the-shelf immunotherapy, showed complete and sustained resolution of lung metastasis in first treated patient; Phase 1/2 trial ongoing.

• Raised $50.9 million in gross proceeds during FY2025, improving working capital and supporting clinical programs.

Financial highlights

• Net loss for FY2025 was $26.3 million, compared to $4.8 million in FY2024, mainly due to a smaller gain on warrant liability revaluation.

• Research and development expenses decreased to $21.3 million from $27.2 million year-over-year, reflecting lower clinical trial costs as Phase 1/2a concluded and focus shifted to Phase 3.

• General and administrative expenses were $5.9 million, slightly down from $6.2 million in FY2024.

• Cash and cash equivalents at year-end were $10.5 million, with positive working capital of $15.9 million.

• Accumulated deficit reached $111.8 million as of July 31, 2025.

Outlook and guidance

• Top-line data from pivotal Phase 3 Bria-IMT™ trial expected as early as H1-2026.

• IND filings for next-generation immunotherapy cell lines anticipated in late 2025 or early 2026.

• Ongoing expansion of pipeline with Bria-OTS+™ for prostate, lung, and melanoma cancers.