BriaCell Therapeutics priced a best‑efforts public offering of 5,366,726 units at $5.59 each, expected to raise $30 million in gross proceeds before fees and expenses. Each unit consists of one common share (or pre‑funded warrant) and one warrant, with the warrant exercise price set at $6.93 and a five‑year expiration.
The proceeds will support working capital, general corporate purposes, and the advancement of the company’s clinical pipeline, particularly the Phase 3 study of Bria‑IMT for metastatic breast cancer. BriaCell’s cash balance as of October 31, 2025 was $10.176 million, up 75.68% from the same period last year, indicating a stronger liquidity base than previously reported.
BriaCell’s quarterly cash burn is approximately $7.7 million, based on the $7.8 million cash outflow in the quarter ended October 31, 2025. The $30 million infusion will extend the runway by roughly 4.5 years, assuming the burn rate remains constant, and will allow the company to continue the Phase 3 trial without immediate financing pressure.
Investors reacted negatively to the announcement, citing the dilutive nature of the offering and the company’s ongoing capital needs. The market’s concern underscores the tension for clinical‑stage biotechs that must raise capital to fund long‑term development while protecting shareholder value.
BriaCell’s leadership emphasized that the capital raise is a strategic move to secure the future of its lead candidate, which has Fast Track designation from the FDA and is expected to deliver topline data in the first half of 2026. The company remains focused on advancing Bria‑IMT and Bria‑OTS, with the new cash position positioning it to navigate the next phase of clinical development.
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