BriaCell Therapeutics (BCT) Q4 2026 earnings summary

Executive summary

• Clinical-stage immunotherapy pipeline led by Bria-IMT plus retifanlimab in a pivotal Phase 3 metastatic breast cancer trial; Bria-IMT has FDA Fast Track designation.

• Phase 2 results for the Phase 3 formulation showed median OS of 16.6 months, with >55% surviving one year and >27% two years; results are from a small, heavily pretreated study.

• No product-sale revenue; consolidated net loss was $35.3M for FY2026 and substantial doubt about continuing as a going concern remains.

Financial highlights

• FY2026 R&D and clinical trial expenses, net, were $29.24M vs. $21.27M in FY2025; G&A was $6.82M vs. $5.93M.

• Consolidated net loss was $35.33M vs. $26.56M; loss attributable to BriaCell was $34.90M vs. $26.31M.

• Net loss per share was $6.97 vs. $62.19; weighted-average shares rose to 5.01M from 423,114.

• Financial income, net, increased to $601K from $115K, primarily on higher interest income; warrant revaluation gains were $299K vs. $758K.

• FY2026 net cash used in operations was $28.65M; cash and equivalents were $9.85M and short-term investments were $10.69M at July 31, 2026.

Outlook and guidance

• Phase 3 primary endpoint is OS versus physician's choice; the first interim efficacy analysis is planned at 144 deaths. HR ≤0.6 could trigger BLA submission; otherwise the study continues toward an HR target of 0.7.

• Phase 3 enrollment exceeded 230 patients by May 2026; the study added major U.S. and Canadian clinical sites and continued toward interim analysis.

• Bria-BRES+ and Bria-PROS+ received FDA clearance for clinical evaluation; BriaPro expected human studies of BP-80 in 1H2028 and PKC-delta inhibitors in 2H2028.

• Additional financing is expected to be needed to complete research and development programs; no assurance financing will be available on acceptable terms.