What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-06-09 compared with 2026-03-10 · 213 added, 199 removed, 327 unchanged (56% of the section changed)

16 unchanged sentences

2 - Results of Operations .

This section provides an analysis of our results of operations for the first half and second quarter

of fiscal 2026 in comparison to the first half and second quarter of fiscal 2025.

This section provides an analysis of our results of operations for the nine months and third quarter

of fiscal 2026 in comparison to the nine months and third quarter of fiscal 2025.

3 - Financial Liquidity and Capital Resources.

3 unchanged sentences

Our unaudited Condensed Consolidated

Financial Statements, and the financial information contained herein, are reported in U.S Dollars.

Financial Statements, and the financial information contained herein, are reported in U.S.

Note Regarding Forward-Looking Statements

48 unchanged sentences

commencing trading on the Toronto Stock Exchange and Nasdaq on that date.

Throughout this time period, there

were several important updated on the ongoing pivotal Phase 3 study of Bria-IMT™ in patients with advanced metastatic breast cancer,

including accelerating enrollment, adding additional clinical sites, and several positive Data Safety Monitoring Board meetings.

of these are detailed below.

this time period, there were several important updates on the ongoing pivotal Phase 3 study of Bria-IMT™ in patients with

advanced metastatic breast cancer, including accelerating enrollment, adding additional clinical sites, and several positive Data

Safety Monitoring Board meetings.

Some of these are detailed below.

also strengthened our non-dilutive funding and external collaborations.

9 unchanged sentences

November 25, 2025, BriaCell highlighted positive Phase 2 & Phase 3 clinical data at SABCS® 2025 with poster presentations at

the San Antonio Breast Cancer Symposium (December 10, 2025) will highlight positive Phase 2 safety and efficacy signals and positive

biomarker findings in both the Phase 2 and the pivotal Phase 3 studies.On December 9 , 2025, BriaCell announced that patient

enrollment is on track for 1H2026 topline data readout with over 230 patients screened and over 160 patients enrolled in BriaCell’s

pivotal Phase 3 study in metastatic breast cancer (MBC).

Survival Results of Phase II Bria-IMT Allogenic Whole Cell-Based Cancer Vaccine

positive Phase 2 data continue to support the potentially meaningful clinical benefit of the Bria-IMT regimen and the ongoing pivotal

Phase 3 study is further evaluating this immunotherapy and the role of biomarkers in predicting patient response.

the San Antonio Breast Cancer Symposium (December 10, 2025) which highlighted positive Phase 2 safety and efficacy signals and

positive biomarker findings in both the Phase 2 and the pivotal Phase 3 studies.

On December 9 , 2025, BriaCell announced

that patient enrollment is on track for 1H2026 topline data readout with over 230 patients screened and over 160 patients enrolled

in BriaCell’s pivotal Phase 3 study in metastatic breast cancer (MBC).

Survival Results of Phase II Bria-IMT Allogenic Whole Cell-Based Cancer Vaccine Maturing positive Phase 2 data continue to

support the potentially meaningful clinical benefit of the Bria-IMT regimen and the ongoing pivotal Phase 3 study is further

evaluating this immunotherapy and the role of biomarkers in predicting patient response.

Th1-biased cytokine signatures as biomarkers of clinical benefit following SV-BR-1-GM cancer vaccination in breast cancer.

133 unchanged sentences

Bria-IMT regimen continues under Fast Track Designation from US FDA.

On February 17, 2026, BriaCell received its fifth

positive recommendation from Data Safety Monitoring Board (DSMB) for Phase 3 study in metastatic breast cancer.

Independent DSMB has identified

no safety concerns, and recommended continuation of BriaCell’s pivotal Phase 3 study of Bria-IMT™ plus immune check point

This fifth consecutive positive DSMB recommendation supports the favorable safety profile observed to date.

On April 20, 2026, BriaCell presented positive Phase

3 quality of life (QOL) data in heavily pretreated metastatic breast cancer patients with prior failed ADC, CPI, and CDK4/6 inhibitor

treatments at the 2026 American Association for Cancer Research (AACR) annual meeting.

The data showed preservation of quality QOL in

patients who had been on multiple prior failed therapy attempts.

Additionally, we showed identification of potential prognostic biomarkers

upon further analyses of Phase 2 Bria-IMT™ study data.

On April 27, 2026, BriaCell announced that it has

six clinical data presentations at the American Society of Clinical Oncology (ASCO 2026) meeting.

On May 7, 2026, and May 13, 2026, BriaCell

announced the addition of NYU Langone Health’s Perlmutter Cancer Center and Penn Medicine’s Abramson Cancer Center, respectively, as clinical

sites in the Bria-ABC pivotal breast cancer study.

On May 12, 2026, BriaCell announced that enrollment in that the Bria-ABC pivotal

breast cancer study had surpassed 230 patients.

and Bria-OTS+

18 unchanged sentences

following 2 months of therapy and confirmed at 4, 6, and 11 months of therapy 1 (axial and coronal views)

18, 2026, the Company and BriaPro Therapeutics Corp.

(“ BriaPro ”), a announced that we have entered into a definitive

purchase agreement (the “ Purchase Agreement ”) pursuant to which BriaPro has agreed to purchase BriaCell’s exclusive

license to develop and commercialize Soluble CD80 (“ sCD80 ”) as a biologic agent for the treatment of cancer and other

associated assets (the “ Transaction ”).

BriaCell originally secured

the exclusive license from the University of Maryland, Baltimore County (“ UMBC ”) on August 2, 2022.

technology, originally developed by Suzanne Ostrand-Rosenberg, Ph.D., Emeritus Faculty at UMBC, and member of BriaCell’s scientific

advisory board, is titled “Soluble CD80 as a Therapeutic to Reverse Immune Suppression in Cancer Patients” and is covered

under USPN 8,956,619 B2, USPN 9,650,429 B2, and USPN 10,377,810 B2.

On April 21, 2026, BriaCell presented positive data

from its preclinical Bria-OTS+ platform at the 2026 AACR meeting showing that Bria-OTS+ platform provided early, potent and durable activation

of innate and adaptive immunity in in-vitro cancer cell line models.

Additionally, our data showed immune cells activated by Bria-OTS+

exhibited serial killing activity across multiple rounds of tumor cell challenge.

On May 6, 2026, BriaCell announced that it has received

FDA clearance initiate clinical evaluation of Bria-BRES+™ in advanced metastatic breast cancer.

The IND application opens the path

to commence Phase 1/2a clinical study for Bria-BRES+ in metastatic breast cancer.

Bria-BRES+ is BriaCell’s next generation personalized

immunotherapy for breast cancer, and features additional immune activating components designed to enhance clinical efficacy.

has prepared clinical supplies of Bria-BRES+ and plans to initiate a Phase 1/2a clinical study in metastatic breast cancer in the coming

On May 14, 2026, BriaCell announced that it has completed

manufacturing clinical supplies of Bria-PROS+, its next generation, personalized, off-the-shelf, cell-based immunotherapy candidate for

prostate cancer.

On May 15 th , 2026, BriaCell announced that it is making progress in developing Bria-OVA+, its next generation,

personalized, off-the-shelf, cell-based immunotherapy for ovarian cancer.

February 18, 2026, the Company and BriaPro Therapeutics Corp.

(“ BriaPro ”), a announced that we have entered into a

definitive purchase agreement (the “ Purchase Agreement ”) pursuant to which BriaPro has agreed to purchase BriaCell’s

exclusive license to develop and commercialize Soluble CD80 (“ sCD80 ”) as a biologic agent for the treatment of cancer

and other associated assets (the “ Transaction ”).

originally secured the exclusive license from the University of Maryland, Baltimore County (“ UMBC ”) on August 2, 2022.

The novel technology, originally developed by Suzanne Ostrand-Rosenberg, Ph.D., Emeritus Faculty at UMBC, and member of BriaCell’s

scientific advisory board, is titled “Soluble CD80 as a Therapeutic to Reverse Immune Suppression in Cancer Patients” and

is covered under USPN 8,956,619 B2, USPN 9,650,429 B2, and USPN 10,377,810 B2.

In animal models, sCD80 was well-tolerated and stopped

1 unchanged sentence

and Samuel T Haile et al.

collaboration with Dr.

in collaboration

Ostrand-Rosenberg).

Additionally, strong anti-tumor activity of sCD80 has been reported in multiple tumor types

(see Lucas A Horn, et al.).

Importantly, as demonstrated in the same studies, sCD80’s unique actions may involve both awakening

and boosting the immune system to recognize and destroy tumor cells.

The Transaction

terms of the Purchase Agreement, BriaPro gains the worldwide rights to develop and commercialize sCD80 as a therapeutic agent for the

treatment of cancer, while UMBC holds all rights, title and interest in the inventions and the patent, except for certain rights retained

by the United States Government.

BriaPro will pay 2% royalties to UMBC upon the commercialization of the product plus other development

As part of the Transaction,

BriaCell will make available to BriaPro up to $3 million to fund research and development efforts (the “ Credit Facility ”).

Additionally, strong anti-tumor activity of sCD80 has been reported in multiple tumor types (see Lucas A

Horn, et al.).

Importantly, as demonstrated in the same studies, sCD80’s unique actions may involve both awakening and boosting

the immune system to recognize and destroy tumor cells.

the terms of the Purchase Agreement, BriaPro gains the worldwide rights to develop and commercialize sCD80 as a therapeutic agent for

the treatment of cancer, while UMBC holds all rights, title and interest in the inventions and the patent, except for certain rights

retained by the United States Government.

BriaPro will pay 2% royalties to UMBC upon the commercialization of the product plus other

development costs.

part of the Transaction, BriaCell will make available to BriaPro up to $3 million to fund research and development efforts (the “ Credit

Each drawdown under the Credit Facility will be subject to BriaCell’s approval regarding the use of funds.

As consideration

for the transfer of the exclusive license and the Credit Facility, BriaPro will issue to BriaCell 23,972,589 Common Shares at an aggregate

value of approximately C$1.18M, increasing BriaCell’s interest in BriaPro to approximately 78% post-transaction.

The Transaction

is expected to close by the end of March 2026, subject to certain conditions including (i) approval of the disinterested

shareholders of BriaPro, and (ii) receipt of a third-party valuation confirming that the Transaction is occurring at fair market

Shareholder Approval

In accordance

with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“ MI

61-101 ”), the resolution approving the Purchase Agreement must be approved by a simple majority of votes cast by shareholders,

present in person or represented by proxy and entitled to vote at the Meeting, excluding the votes cast by any “interested party”

(as defined in MI 61-101).

As a 10% shareholder with an interest in the Transaction, BriaCell's shareholdings in BriaPro will be excluded

Formal Valuation Requirements

of the formal valuation requirement of MI 61-101, BriaPro intends to rely on the specified markets exemptions set forth in subsection

5.5(b) of MI 61-101, as none of its securities are listed or quoted on a specified senior exchange.

formal valuation is not required under applicable securities laws, as a matter of good governance and best corporate practice, BriaPro

intends to obtain a valuation from an independent third-party valuator as a condition to closing, verifying and validating that Transaction

is occurring at fair market value.

On March 5, 2026, the disinterested shareholders of BriaPro approved the Transaction.

of Operations for the Three and Six Months Ended January 31, 2026, and 2025

Three months ended January 31,

consideration for the transfer of the exclusive license and the Credit Facility, BriaPro will issue to BriaCell 23,972,589 Common Shares

at an aggregate value of approximately C$1.18M, increasing BriaCell’s interest in BriaPro to approximately 78% post-transaction.

On March 5, 2026, the disinterested shareholders of BriaPro approved the Transaction and the Transaction closed on March 31, 2026.

of Operations for the Three and Nine Months Ended April 30, 2026, and 2025

Three months ended April 30,

Operating expenses:

3 unchanged sentences

Operating loss

Financial income, net

Financial income (expense), net

Change in fair value of the warrant liability

Unrealized gain on investment

Share of loss on equity investment

Net loss for the period

$ (7,237,055 )

$ (6,224,929 )

Net loss attributable to non-controlling interest

6 unchanged sentences

following is a breakdown of our research and development costs by nature of expenses:

months ended January 31,

Clinical trial

sites and investigational drug costs

Three months ended April 30,

Clinical trial sites and investigational drug costs

Wages and salaries

1 unchanged sentence

Professional fees

the three-month period ended January 31, 2026, total research and development expenses were $6,053,689, compared to $5,684,777 for

the three-month period ended January 31, 2025.

Clinical trial sites and investigational drug costs decreased modestly year over

year, primarily reflecting decreased reliance of third-party vendors in our trials as we expand our in-house headcount to advance

our trials, which also explains the increase in wages and salaries as detailed below.

The increase in total research and development

expenses was primarily driven by wages and salaries, which rose from $1,292,021 in 2025 to $1,881,893 in 2026, reflecting higher

headcount and additional personnel required to support clinical operations and ongoing development programs.

Laboratory rent

increased to $130,500 in 2026, compared to $114,330 in 2025, due to expanded utilization of laboratory space and related facility

Supplies increased from $85,264 in 2025 to $134,974 in 2026, reflecting increased consumable usage driven by greater

clinical and laboratory activity during the current period.

Depreciation expense was consistent year over year at $22,839 for both

Professional fees increased from $1,908 in 2025 to $4,944 in 2026, primarily due to higher consulting, regulatory, and

scientific support related to advancing clinical development.

Share-based compensation increased from $50,839 in 2025 to $79,016 in

2026, reflecting a higher level of equity-based awards outstanding during the period.

Share-based compensation

the three-month period ended April 30, 2026, total research and development expenses were $5, 966,673 ,

compared to $4,810,196 for the three-month period ended April 30, 2025.

The increase was primarily driven by higher clinical trial

sites and investigational drug costs, which increased to $3, 980,115 in

2026 from $3,175,543 in 2025, reflecting expanded clinical development activities.

Wages and salaries also increased to $1, 492,067

from $1,303,157, due to higher personnel costs supporting ongoing research programs.

Laboratory rent increased to $130,500 from

$114,330, while depreciation expense increased to $29,193 from $22,839.

Share-based compensation increased significantly to $175,999

in 2026 from $36,493 in 2025, reflecting a higher level of equity-based awards granted during the period.

clinical trial expenses are broken down as follows:

months ended January 31,

Pivotal Phase 3 study

Three months ended April 30,

Bria-IMT™ Pivotal Phase 3 study

Bria-IMT™ Phase 1/2a

trial expenses for the three months ended January 31, 2026, were $5,008,171, compared to $3,923,559 during the same period in 2025.

Bria-OTS™ Phase 1/2a

trial expenses for the three months ended April 30, 2026, were $4,349,651, compared to $3,190,751 during the same period in 2025.

increase reflects continued investment in the Bria-IMT™ pivotal Phase 3 program and ongoing advancement of the Bria-OTS™

2 unchanged sentences

increase in clinical trial expenses.

For the three-month

period ended January 31, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $3,874,242, compared to $3,642,650 in 2025.

reflects the study’s continued progression through an advanced, cost-intensive stage, including expanded patient enrollment, increased

clinical site activity, CRO services, central laboratory work, and clinical supply management.

The level of spending is consistent with

maintaining study momentum as the program advances toward planned interim analyses.

the three-month period ended January 31, 2026, Bria-IMT™ Phase 1/2a expenses were $197,203, compared to $215,301 in 2025.

the three-month period ended April 30, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $3,149,348, compared to $2,708,394 in 2025.

The increase reflects the study’s continued progression through an advanced, cost-intensive stage, including expanded patient enrollment,

increased clinical site activity, CRO services, central laboratory work, and clinical supply management.

The level of spending is consistent

with maintaining study momentum as the program advances toward planned interim analyses.

the three-month period ended April 30, 2026, Bria-IMT™ Phase 1/2a expenses were $159,579, compared to $300,013 in 2025.

reflects the continued wind-down of the program following completion of primary activities in fiscal 2024, with current-period costs

2 unchanged sentences

modest as final wrap-up items are completed.

the three-month period ended January 31, 2026, Bria-OTS™ Phase 1/2a expenses were $936,726, compared to $65,608 in 2025.

the three-month period ended April 30, 2026, Bria-OTS™ Phase 1/2a expenses were $1,040,724, compared to $182,344 in 2025.

The substantial

6 unchanged sentences

and Administrative Expenses

the three-month period ended January 31, 2026, general and administrative expenses were $1,477,577, compared to $1,484,666 for the same

period in 2025.

The decrease was primarily driven by lower share-based compensation, professional fees, consulting, shareholder communications,

and travel expenses, partially offset by higher wages and salaries, regulatory, filing and transfer agent fees, insurance, and other

general administrative costs.

For the three-month period ended January 31, 2026, the Company recorded

net financial income of $84,589, compared to $67,358 in the same period of 2025.

The increase is mainly attributable to higher foreign

exchange losses offset by higher interest income.

For the three-month period ended January 31, 2026, financial income was comprised of

$105,638 of interest income, and a $21,049 foreign exchange loss.

the three-month period ended April 30, 2026, general and administrative expenses were $1,654,121, compared to $1,518,059 for the three-month

period ended April 30, 2025.

The increase was primarily attributable to higher shareholder communications expense, which increased from

$146,616 in 2025 to $307,058 in 2026, higher share-based compensation of $256,208 in 2026 compared to $188,322 in 2025, increased consulting

expenses from $44,222 in 2025 to $98,621 in 2026, and higher wages and salaries, which increased from $325,926 in 2025 to $359,873 in

These increases were partially offset by lower professional fees, insurance expense, regulatory, filing and transfer agent fees,

and travel expenses.

the three-month period ended April 30, 2026, the Company recorded net financial income of $186,970, compared to net financial expense

of $9,762 in the same period of 2025.

The increase is mainly attributable to higher interest income and lower interest expense.

three-month period ended April 30, 2026, financial income was comprised of $219,220 of interest income, $29,631 of interest expense and

$2,619 foreign exchange loss.

(loss) for the period

For the three-month period ended January 31, 2026, the Company reported

a net loss of $7,296,893, compared to $6,337,828 for the same period in 2025.

The higher loss primarily reflects higher operating expenses,

including increased research and development spending as the Company continued to advance its pivotal Phase 3 trial, including higher

clinical-site activity, investigational product costs, and supporting operational infrastructure.

of Operations for the Six Months Ended January 31, 2026 and 2025

Six months ended January 31,

the three-month period ended April 30, 2026, the Company reported a net loss of $7,237,055, compared to $6,224,929 for the same period

The higher loss primarily reflects higher operating expenses, including increased research and development spending as the Company

continued to advance its pivotal Phase 3 trial, including higher clinical-site activity, investigational product costs, and supporting

operational infrastructure.

of Operations for the Nine Months Ended April 30, 2026 and 2025

Nine months ended April 30,

Operating Expenses:

3 unchanged sentences

Operating loss

(23,475,003 )

(18,650,530 )

Financial income, net

Change in fair value of the warrant liability

Unrealized gain on investment

Share of loss on equity investments

Net loss for the period

$ (22,812,276 )

(18,392,033 )

Net loss attributable to non-controlling interest

Net loss for the period attributable to BriaCell

(22,583,892 )

(18,220,497 )

Net loss per share attributable to BriaCell – basic and diluted

Weighted average number of shares used in computing net basic earnings per share of common stock

Weighted average number of shares used in computing net diluted earnings per share of common stock

Weighted average number of shares used in computing net basic and diluted earnings per share of common stock

Development, and Clinical Trial Costs

3 unchanged sentences

following is a breakdown of our research, development, and clinical trial costs by nature of expenses:

months ended January 31,

Clinical trial

sites and Investigational drug costs

Nine months ended April 30,

Clinical trial sites and Investigational drug costs

Wages and salaries

1 unchanged sentence

Professional fees

the six-month period ended January 31, 2026, research, development, and clinical trial expenses were $12,737,332, compared to $9,350,118

Share-based compensation

the nine-month period ended April 30, 2026, research, development, and clinical trial expenses were $18,704,005, compared to $14,160,314

for the same period in 2025.

The increase was primarily driven by higher clinical trial site and investigational drug costs, which rose

from $6,557,243 in 2025 to $8,662,722 in 2026 as the Company advanced its clinical programs.

Wages and salaries increased from $2,241,110

in 2025 to $3,185,595 in 2026, reflecting increased headcount and personnel supporting clinical and development activities.

rent increased to $255,110 in 2026 from $228,660 in 2025 due to expanded use of facilities.

Supplies increased to $411,631 in 2026 from

$184,694 in 2025, reflecting higher clinical and laboratory activity.

Depreciation expense remained consistent year over year at $45,678.

Professional fees increased to $14,149 in 2026 from $9,176 in 2025 due to increased consulting and support for clinical operations.

compensation increased to $162,447 in 2026 from $83,557 in 2025, reflecting a higher level of equity-based awards outstanding during

The increase was primarily driven by higher clinical trial sites and investigational drug costs, which increased

from $9,732,786 in 2025 to $12,642,837 in 2026, reflecting the advancement of the Company’s clinical development programs.

and salaries increased from $3,544,267 in 2025 to $4,677,662 in 2026, due to increased headcount and personnel supporting clinical and

development activities.

Laboratory rent increased from $342,990 in 2025 to $385,610 in 2026, while supplies increased from $341,878 in

2025 to $568,727 in 2026, reflecting higher clinical and laboratory activity.

Share-based compensation increased from $120,050 in 2025

to $338,446 in 2026, reflecting a higher level of equity-based awards outstanding during the period.

trial expenses for the period are as follows:

months ended January 31,

Pivotal Phase 3 study

Nine months ended April 30,

Bria-IMT™ Pivotal Phase 3 study

Bria-IMT™ Phase 1/2a

trial expenses for the six months ended January 31, 2026, were $9,952,363, compared to $6,631,649 during the same period in 2025.

Bria-OTS™ Phase 1/2a

trial expenses for the nine months ended April 30, 2026, were $14,302,014, compared to $9,822,400 during the same period in 2025.

increase reflects sustained investment in the Bria-IMT™ pivotal Phase 3 program and significant advancement of the Bria-OTS™

2 unchanged sentences

increase in clinical trial expenses.

the six-month period ended January 31, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $7,667,192, compared to $6,089,111 in 2025.

the nine-month period ended April 30, 2026, Bria-IMT™ Pivotal Phase 3 Study costs were $10,816,541, compared to $8,797,505 in 2025.

The increase reflects continued patient enrollment, expansion of clinical sites, increased clinical site activity, CRO services, central

2 unchanged sentences

the period are consistent with maintaining operational momentum as the trial advances toward planned interim analyses.

For the six-month period ended

January 31, 2026, Bria-IMT™ Phase 1/2a expenses were $360,407, compared to $399,343 in 2025.

The decrease reflects the continued

wind-down of the program following completion of primary activities in fiscal 2024.

Current-period costs primarily relate to residual

close-out procedures, data management, and limited follow-up activities.

Expenses are expected to decline further as final wrap-up activities

For the six-month

period ended January 31, 2026, Bria-OTS™ Phase 1/2a expenses were $1,924,764, compared to $143,195 in 2025.

The substantial increase

reflects continued advancement of the OTS program into early clinical development.

Costs incurred during the period include expanded

development and manufacturing activities, GMP production of Bria-BRES+ and Bria-PROS+, regulatory and analytical support, and operational

activities necessary to support ongoing evaluation of the next-generation Bria-OTS+ platform.

The increased investment aligns with the

program’s progression and expansion across multiple solid tumor indications.

the nine-month period ended April 30, 2026, Bria-IMT™ Phase 1/2a expenses were $519,986, compared to $699,356 in 2025.

reflects the continued wind-down of the program following completion of primary activities in fiscal 2024.

Current-period costs primarily

relate to residual close-out procedures, data management, and limited follow-up activities.

Expenses are expected to decline further

as final wrap-up activities conclude.

the nine-month period ended April 30, 2026, Bria-OTS™ Phase 1/2a expenses were $2,965,488, compared to $325,539 in 2025.

The substantial

increase reflects continued advancement of the OTS program into early clinical development.

Costs incurred during the period include

expanded development and manufacturing activities, GMP production of Bria-BRES+ and Bria-PROS+, regulatory and analytical support, and

operational activities necessary to support ongoing evaluation of the next-generation Bria-OTS+ platform.

The increased investment aligns

with the program’s progression and expansion across multiple solid tumor indications.

and Administrative Expenses

For the six-month period ended January 31, 2026, general and administrative expenses amounted to $3,116,877, compared

to $2,972,157 for the same period in 2025.

The increase was primarily driven by higher wages and salaries, regulatory and filing fees,

insurance, and other administrative costs, partially offset by lower consulting, professional fees, and travel expenses.

For the six-month period ended January 31, 2026, financial income amounted

to $243,235, compared to $79,072 for the six-month period ended January 31, 2025.

Financial income for the 2026 period consisted of $243,607

in interest income and a $372 foreign exchange loss.

In comparison, financial income for the 2025 period included $59,882 in interest

income and a $19,190 foreign exchange gain.

The increase in financial income from 2025 to 2026 was primarily due to higher interest income,

reflecting increased cash and cash equivalents available for investment in interest-bearing funds.

for the period

The Company reported a loss of $15,575,221 for the six-month period

ended January 31, 2026, compared to $12,167,104 for the same period in 2025.

The increase in loss was primarily driven by higher research,

development and clinical trial expenses, which rose to $12,737,332 in 2026 from $9,350,118 in 2025 as the Company advanced its clinical

This was partially offset by higher financial income in the current period, including increased interest income and a lower

the nine-month period ended April 30, 2026, general and administrative expenses amounted to $4,770,998, compared to $4,490,216 for the

same period in 2025.

The increase was primarily driven by higher shareholder communications expenses, which increased from $425,804 in

2025 to $860,951 in 2026, as well as higher wages and salaries, which increased from $951,371 in 2025 to $1,228,753 in 2026.

These increases

were partially offset by lower professional fees, which decreased from $875,632 in 2025 to $667,463 in 2026, and lower travel expenses,

which decreased from $265,617 in 2025 to $106,439 in 2026.

the nine-month period ended April 30, 2026, financial income amounted to $430,205, compared to $69,310 for the nine-month period ended

April 30, 2025.

Financial income for the 2026 period consisted of $462,827 in interest income, an interest expense of $29,631 and a $2,991

foreign exchange loss.

In comparison, financial income for the 2025 period included $86,514 in interest income, an interest expense of

$36,979 and a $19,775 foreign exchange gain.

The increase in financial income from 2025 to 2026 was primarily due to higher interest

income, reflecting increased cash and cash equivalents available for investment in interest-bearing funds.

for the period

Company reported a loss of $22,812,276 for the nine-month period ended April 30, 2026, compared to $18,392,033 for the same period in

The increase in loss was primarily driven by higher research, development and clinical trial expenses, which rose to $18,704,005

in 2026 from $14,160,314 in 2025 as the Company advanced its clinical programs.

Capital Resources and Going Concern Uncertainty

financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and

discharge its liabilities in the normal course of business for the foreseeable future.

The continuing operations of the Company are dependent

upon its ability to continue to raise adequate financing and to commence profitable operations in the future.

As of January 31, 2026, the company had a positive working capital

balance of $28,993,334 (July 31, 2025 positive balance of $15,948,588).

As of January 31, 2026, the Company has total assets of $33,594,454

(July 31, 2025 - $ 21,649,706), a positive working capital of $28,993,334 (July 31, 2025 – positive balance of $15,948,588) and

an accumulated deficit of $127,174,949 (July 31, 2025 - negative balance of $ 111,755,564).

of January 31, 2026, the Company’s capital resources consist primarily of cash and cash equivalents, comprising mostly

of April 30, 2026, the company had a positive working capital balance of $21,802,678 (July 31, 2025 positive balance of $15,948,588).

of April 30, 2026, the Company has total assets of $27,071,310 (July 31, 2025 - $ 21,649,706), working capital of $21,802,678

(July 31, 2025 – positive balance of $15,948,588) and an accumulated deficit of $134,339,456 (July 31, 2025 - $111,755,564).

of April 30, 2026, the Company’s capital resources consist primarily of cash and cash equivalents, comprising mostly

of cash on deposit with banks, investments in money market funds, investments in U.S.

4 unchanged sentences

on preservation of capital and supporting our liquidity requirements.

Historically,

the Company has financed its operation through private and public placement of equity securities, as well as debt financing.

The Company’s

ability to fund its longer-term cash requirements is subject to multiple risks, many of which are beyond its control.

The Company intends

to raise additional capital, either through debt or equity financings in order to achieve its business plan objectives.

Management believes

that it can be successful in obtaining additional capital;

however, there can be no assurance that the Company will be able to do so.

There is no assurance that any funds raised will be sufficient to enable the Company to attain profitable operations or continue as a

going concern.

To the extent that the Company is unsuccessful, the Company may need to curtail or cease its operations and implement

a plan to extend payables or reduce overhead until sufficient additional capital is raised to support further operations.

no assurance that such a plan will be successful.

To this end, for several months during calendar year 2025, certain directors and officers

agreed to defer payment of their directors’ fees/compensation until we completed a financing, after which, these fees were paid

Further, certain officers have indicated their willingness to receive a portion of their compensation in equity of the Company,

subject to applicable Nasdaq rules.

In addition, we continue to reduce expenditure on certain non-core activities whilst maintaining

our focus on our Phase 3 Bria-IMT™ pivotal study in advanced metastatic breast cancer.

During the period ended January 31, 2026, the Company’s overall

position of cash and cash equivalents increased by $19,409,820 from the period ended July 31, 2025 (including effects of foreign exchange).

This increase in cash can be attributed to the following:

The Company’s net cash used in operating activities during the

period ended January 31, 2026, was $15,672,094 as compared to $12,875,298 for the period ended January 31, 2025.

gained in financing activities for the period ended January 31, 2026, was 27,874,441 as compared to 17,176,863 for the period ended January

The Company continues to devote substantially all of its efforts toward research and development activities.

course of such activities, the Company has sustained operating losses and expects such losses to continue in the foreseeable future.

Company’s accumulated deficit as of April 30, 2026 was $134,339,456 and negative cash flows from operating activities during the

nine-month period ended April 30, 2026 was $22,692,452.

The Company is planning to finance its operations by exploring additional sources

of capital and financing, while managing its existing working capital resources.

During the year ended July 31, 2025, the Company raised

$50.9 million in gross proceeds from equity financings and, in January 2026, completed a public offering generating approximately $30

million in gross proceeds.

However, the Company’s ability to continue as a going concern is dependent upon its ability to attain

future profitable operations and to continue to obtain the necessary financing to meet its obligations arising from normal business operations

when they come due.

The uncertainty of the Company’s ability to raise such financial capital casts substantial doubt on the Company’s

ability to continue as a going concern.

These condensed consolidated financial statements do not include any adjustments to the amounts

and classification of assets and liabilities that might be necessary should the Company not be able to continue as a going concern.

the period ended April 30, 2026, the Company’s overall position of cash and cash equivalents decreased by $3,613,587 from the

period ended July 31, 2025 (including effects of foreign exchange).

This decrease in cash can

be attributed to the following:

Company’s net cash used in operating activities during the nine-month period ended April 30, 2026, was $22,692,452 as compared

to $20,038,075 for the nine-month period ended April 30, 2025.

Net cash used in investing activities

during the nine-month period ended April 30, 2026, was $8,795,576 as compared to $225,000 for the nine-month period ended April 30, 2025.

During 2026, this was primarily from the net purchase of short-term investments.

gained in financing activities for the nine-month period ended April 30, 2026, was 27,874,441 as compared to 31,891,239 for the

nine-month period ended April 30, 2025.

During both periods, this was primarily from the proceeds of the issuance of shares in various financings.

Sheet Arrangements

4 unchanged sentences

Accounting Policies Adopted

Company did not adopt any new accounting policies during the period ended January 31, 2026.

Company did not adopt any new accounting policies during the period ended April 30, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis