Financial Analysis

NOTE 4: CONTINGENT LIABILITIES AND COMMITMENTS a. BriaPro Warrants Upon the exercise of certain BriaCell warrants that were outstanding at the time of the Amalgamation Agreement with BriaPro (Briacell Legacy Warrants), BriaCell shall, as agent for BriaPro, collect and pay to BriaPro an amount based on an agreed formula. As of April 30, 2026, this amount totaled of up to $ 133,320 and is eliminated on consolidation. Pursuant to the Amalgamation Agreement, each BriaCell warrant in issuance at the time of the Amalgamation (Briacell Legacy Warrant) shall, in accordance with its terms, entitle the holder thereof to receive, upon the exercise thereof, one BriaCell Share (and post Reverse Splits, as defined below 150 Briacell Shares) and one BriaPro Share for the original exercise price. Warrants issued by the Company, subsequent to the Arrangement are not subject to the terms above. Upon the exercise of 150 BriaCell Legacy Warrants (post Reverse Splits), BriaCell shall, as agent for BriaPro, collect and pay to BriaPro an amount for each one (1) BriaPro Share so issued that is equal to the exercise price under the 150 BriaCell Legacy Warrants multiplied by the fair market value of one (1) BriaPro Share at the Effective Date divided by the total fair market value of one (1) BriaCell Share and one (1) BriaPro Share at the Effective Date (BriaPro Warrant Shares). On a Reverse Split basis, as of April 30, 2026, 27,984 Briacell Legacy Warrants are exercisable into 27,984 Briacell Shares …

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NOTE 7: SHARE-BASED COMPENSATION a. On August 2, 2022, the Company approved an omnibus equity incentive plan (Omnibus Plan), which will permit the Company to grant incentive stock options, preferred share units, restricted share units (RSUs), performance-based share units (PSUs), and deferred share units (collectively, the Awards) for the benefit of any employee, officer, director, or consultant of the Company or any subsidiary of the Company. The maximum number of shares available for issuance under the Omnibus Plan shall not exceed 15 % of the issued and outstanding Shares, from time to time, less the number of Shares reserved for issuance under all other security-based compensation arrangements of the Company, including the existing Stock Option Plan. On February 9, 2023, the Omnibus Plan was approved by the shareholders. b. The following table summarizes the number of options granted to directors, officers, employees and consultants under the option plan for nine-month period ended April 30, 2026 and related information: SUMMARY OF NUMBER OF OPTIONS GRANTED Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of July 31, 2025 13,251 $ 896.61 1.62 $ - Granted (i) 328,700 6.38 4.70 - Expired (4,477 ) 636 Balance as of April 30, 2026 337,474 33.06 4.61 - Exercisable as of April 30, 2026 22,912 $ 403.06 3.15 $ - (i) On August 1, 2025, the Company granted 37,700 stock options to employees …

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g. Recently issued and adopted accounting standards : As an emerging growth company, the Jumpstart Our Business Startups Act (JOBS Act) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election. The pronouncements below relate to standards that impact the Company. BriaCell Therapeutics Corp Notes to the Condensed Consolidated Financial Statements (Unaudited, expressed in US Dollars, except share and per share data and unless otherwise indicated) NOTE 2: SIGNIFICANT ACCOUNTING POLICIES (Cont.) 1. In January 2025, the FASB issued ASU 2025-01 - Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This standard amends the guidance issued in 2024 to confirm that all public business entities must present the required expense-disaggregation disclosures in annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. The ASU is effective for years beginning after those dates, but early adoption is permitted. This ASU should be applied on a prospective basis, although retrospective application is permitted. Because the amendment only affects disclosure timing, the Company does not expe …

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NOTE 2: SIGNIFICANT ACCOUNTING POLICIES a. Use of estimates : The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Companys management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates include the determination of the fair value of warrant liabilities, which are measured using valuation models that require assumptions such as share price volatility, expected term, and risk-free interest rates. Changes in these inputs could materially impact the valuation of the warrant liability and the amounts recognized in the condensed consolidated financial statements. b. Prepaid expenses The Company has prepaid certain expenses in respect of its pivotal phase III trial and estimates the period over which such expenses will be incurred. Amounts estimated to be expenses in more than 12 months have been classified to long-term prepaid expenses. c. The useful life of property and equipment Property and equipment are depre …

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NOTE 6: SHAREHOLDERS EQUITY a. Authorized share capital The authorized share capital consists of an unlimited number of common shares with no par value. b. Issued share capital (i) Reverse Stock Split: On January 3, 2025, the Companys board of directors approved a reverse stock split of the Companys common shares on a 1-for-15 basis, which became effective on January 24, 2025 and on August 25, 2025 (the Effective Date), the Company effected a reverse stock split of its common shares on a 1-for-10 basis (the Reverse Splits). As a result of the Reverse Splits, every one hundred and fifty (150) pre-split common shares issued and outstanding were automatically combined into one (1) new common share. No fractional common shares were issued in connection with the Reverse Splits. Instead, any fractional common shares resulting from the January 2025 Reverse Split were deemed to have been tendered to the Company for cancellation for no consideration. All share and per share amounts in the accompanying condensed consolidated financial statements and related notes have been retroactively adjusted to reflect both the January 2025 Reverse Split and the August 2025 Reverse Split for all periods presented. (ii) The Company issued the following shares during the nine-month period ended April 30, 2026: On January 15, 2026, the Company closed a public offering for the purchase and sale of 5,366,726 units of the Company for aggregate gross proceeds of approximately $ 30.0 million before deducti …

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NOTE 10: SUBSEQUENT EVENT The Company evaluated the possibility of subsequent events existing in the Companys unaudited condensed consolidated financial statements through June 9, 2026, the date that the condensed consolidated financial statements were available for issuance. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements, except as follows: a. On June 2, 2026, the Company closed a public offering for the purchase and sale of 1,449,300 common shares of the Company for aggregate gross proceeds of approximately $ 4.7 million before deducting placement agent fees and other offering expenses (the June 2026 Offering). Each common share was sold at a public offering price of $ 3.25 per share. In addition, the Company issued 72,465 agent warrants. The agent warrants are immediately exercisable for a period of five years from the closing date at an exercise price of $ 4.06 . …

SubsequentEventsTextBlock · excerpt; the full note is in the filing