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• Imagine a clinical-stage **Moderna** or **BioNTech**, but instead of mRNA technology, they're developing cell-based immunotherapies and vaccines specifically for cancer.
• Think of it as a focused, early-stage **Gilead Sciences** (which acquired CAR T-cell therapy pioneer Kite Pharma), entirely dedicated to developing cell-based immunotherapies for solid tumor cancers.

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• Bria-IMT™: A lead immunotherapy product candidate for advanced breast cancer, designed to stimulate the patient's immune system against cancer cells.
• Bria-OTS™ (Off-the-Shelf Personalized Immunotherapy): A novel, personalized cellular immunotherapy program in pre-clinical development targeting a wide range of solid tumors.

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BriaCell Therapeutics (NASDAQ: BCTX) is a clinical-stage biotechnology company focused on developing novel immunotherapies for cancer. As a company primarily engaged in research, development, and clinical trials of its drug candidates (such as Bria-IMT™), BriaCell does not currently have commercial products or services available for sale.

Therefore, BriaCell Therapeutics does not have "major customers" in the traditional sense of companies or individuals purchasing its offerings.

Its operations and progress are primarily supported by:

• Investors: Funding from equity offerings, venture capital, and other investment sources to finance its research and development efforts.
• Potential Future Collaborators/Partners: While not current customers for a commercial product, larger pharmaceutical or biotechnology companies could become partners through licensing agreements, co-development deals, or acquisitions if BriaCell's drug candidates successfully advance through clinical development and receive regulatory approval. These types of agreements often involve upfront payments and milestone payments, which would represent a significant revenue stream for BriaCell. However, these are strategic partnerships for future commercialization rather than current customer purchases.
• Grants: Occasionally, companies like BriaCell may receive funding from governmental or non-profit organizations for specific research projects, though these are typically not the primary funding source for a publicly traded clinical-stage biotech.

If BriaCell's therapies were to achieve regulatory approval and become commercially available in the future, its eventual "customers" would likely be healthcare providers (such as hospitals and oncology clinics) and, indirectly, payers (like insurance companies) within the healthcare system, serving individual patients with cancer.

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• Bio-Techne Corporation (Symbol: TECH)
• AGC Biologics

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Dr. William V. Williams, President & Chief Executive Officer

Dr. Williams has over 35 years of extensive industry and academic expertise, including significant clinical management experience with multinational pharmaceutical companies. He has served as Vice President of Exploratory Development at Incyte Corporation from 2005 to 2016, where he was instrumental in advancing over 20 compounds into clinical trials, leading to approvals for drugs such as ruxolitinib (Jakafi) and baricitinib (Olumiant). Prior to that, Dr. Williams was the Vice President of Clinical Pharmacology and Experimental Medicine at GlaxoSmithKline, contributing to new or supplemental drug authorizations for several oncology treatments, including Bexxar, Hycamtin, and Navelbine. He also served as the Head of Rheumatology Research at the University of Pennsylvania. Dr. Williams holds a BSc in Chemistry and Biotechnology from MIT and a Medical Doctorate from Tufts University School of Medicine. He is the named author of over 130 peer-reviewed publications and over 15 patents.

Gadi Levin, Chief Financial Officer & Corporate Secretary

Mr. Levin was appointed as BriaCell Therapeutics Corp.'s Chief Financial Officer in February 2016. He possesses over 20 years of experience in finance, encompassing executive positions and directorships with several publicly listed companies across Canadian, USA, and London stock exchanges. Mr. Levin has served as CFO for various public companies and as Vice President of Finance for a large hedge fund. Notably, he previously held the position of Chief Financial Officer for two Israeli investment houses specializing in private equity, hedge funds, and real estate during 2008-2009 and 2010. He also served as Chief Financial Officer of Labstyle Innovations Ltd., a biotechnology company focused on diabetes. Mr. Levin's prior roles include Chairman & Chief Executive Officer of Vaxil Bio Ltd. (from 2023) and Chairman & Chief Executive Officer of Clearmind Medicine, Inc. (2020-2021). He was also CFO and Director of Adira Geo Global Ltd., and Adira Energy Corp., which was acquired by AMG Oil Ltd. in 2009. He began his career at Arthur Andersen, focusing on NYSE/NASDAQ listed companies, IPOs, startups, US GAAP, and IFRS. Mr. Levin holds a B.Com Honours in Accounting and Auditing, an MBA, and is a qualified CPA.

Dr. Miguel A. Lopez-Lago, Chief Scientific Officer

Dr. Lopez-Lago has served as a cancer scientist at Memorial Sloan-Kettering Cancer Center (MSKCC) since 2000, where his research focused on tumor biology, the development of targeted therapies for Mesothelioma, cancer metastasis, and immunotherapies utilizing CAR T cell technologies. He was a Senior Research Scientist at MSKCC from 2013. Dr. Lopez-Lago earned his Bachelor of Science and doctorate in Molecular Biology from Santiago of Compostela University, Spain.

Dr. Giuseppe Del Priore, Chief Medical Officer

Dr. Del Priore is an experienced healthcare executive with over 25 years of expertise in research, drug development, and the management of clinical trials.

Dr. Charles L. Wiseman, Founder and Principal Research Advisor

Dr. Wiseman is a Co-Founder of BriaCell Therapeutics Corp. and brings more than 40 years of academic and clinical experience to the company. He is the inventor behind much of BriaCell's intellectual property and actively contributes to its ongoing technology development. Dr. Wiseman has managed numerous clinical development teams and programs, with a particular focus on oncology, tumor immunology, vaccine development, and genetics. He previously served as the principal investigator for immunotherapy treatment protocols at the St. Vincent Cancer Treatment Center and the Los Angeles Oncologic Institute. In the 1970s, as the former Director of the Breast Cancer Basic Research Laboratory at the University of Texas M.D. Anderson Hospital, Dr. Wiseman was a pioneer in the field of cancer vaccine therapeutics. He is also a Clinical Professor of Medicine at the Division of Medical Oncology, Keck-USC School of Medicine.

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The key risks to BriaCell Therapeutics (NASDAQ: BCTX) primarily stem from its status as a clinical-stage biotechnology company with no commercialized products.

1. Financial Runway and Need for Future Financing: BriaCell Therapeutics is a pre-revenue company that has reported significant net losses, including approximately $26.31 million for the fiscal year ended July 31, 2025, with a substantial cash burn rate. The company anticipates needing around $120 million in financing through 2037, with further capital requirements projected for fiscal year 2026, to fund its ongoing and future clinical trials, particularly the pivotal Phase 3 study for Bria-IMT™. This reliance on external financing raises concerns about potential future equity dilution for existing shareholders, which has already occurred and impacted the stock price in the past. Securing such financing can be challenging due to volatile capital market conditions.
2. Clinical Trial Outcomes and Regulatory Approval: As a clinical-stage biotechnology firm, BriaCell's success is entirely contingent on the positive outcomes of its clinical trials for drug candidates like Bria-IMT™ and Bria-OTS™, followed by regulatory approvals. There is an inherent risk that clinical trials may not meet their endpoints, demonstrate lower-than-expected efficacy, or reveal unforeseen safety signals, which could lead to delays or a more difficult path to approval. While positive safety endorsements have been received for its Phase 3 study, the ultimate success still hinges on efficacy data.
3. High Stock Volatility: BriaCell's stock exhibits significant price volatility, characterized as a "high-beta, high-risk name". The stock experienced an almost 89.82% decrease over the 52 weeks ending November 2025, which included a 1-for-10 reverse stock split in August 2025. This volatility is typical for development-stage biotech companies whose valuation is heavily tied to binary clinical trial outcomes rather than current profitability, making returns purely dependent on capital appreciation.

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The rapid emergence and widespread adoption of highly effective antibody-drug conjugates (ADCs) for various forms of advanced breast cancer, such as Enhertu (trastuzumab deruxtecan) and Trodelvy (sacituzumab govitecan), pose a clear emerging threat. These drugs are establishing new, higher standards of care in patient populations that BriaCell's investigational therapies aim to address, potentially making it more challenging for BriaCell's candidates to demonstrate superior efficacy or gain market share upon potential approval.

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Here are 3-5 expected drivers of future revenue growth for BriaCell Therapeutics (BCTX) over the next 2-3 years:

1. Commercialization of Bria-IMT for Metastatic Breast Cancer: The most significant driver of future revenue growth is the potential approval and launch of Bria-IMT for advanced metastatic breast cancer. BriaCell is currently conducting a pivotal Phase 3 clinical trial for Bria-IMT in combination with an immune checkpoint inhibitor. Positive Phase 2 data has shown competitive efficacy against approved therapies, and accelerated enrollment in the Phase 3 study is expected to be completed by late 2025 or early 2026, with top-line results potentially available in the first half of 2026. Successful completion of this trial and subsequent regulatory approval could lead to significant revenue generation.
2. Advancement and Potential Commercialization of Other Pipeline Candidates: BriaCell's future growth also hinges on the progression and potential commercialization of other novel immunotherapies in its pipeline. Notably, the company received a $2 million non-dilutive grant from the U.S. National Cancer Institute (NCI) to further the development of its Bria-PROS+ program for metastatic prostate cancer. This funding is intended to facilitate the manufacturing of clinical supply and support Phase 1/2a trials, potentially accelerating its pathway toward commercialization and offering another potential revenue stream.
3. Strategic Partnerships and Collaborations: The establishment of key partnerships is identified as a crucial growth factor for BriaCell. Collaborations with larger pharmaceutical companies could provide financial resources, expertise in late-stage clinical development, and established commercialization infrastructure, thereby accelerating market access and revenue generation for BriaCell's immunotherapy programs.

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Share Repurchases

• On September 9, 2021, BriaCell Therapeutics authorized a repurchase program to buy back up to 1,341,515 common shares and 411,962 publicly traded BCTXW warrants, representing 10% of the public float for both, over 12 months.
• As of December 16, 2021, the company had repurchased 501,703 common shares and 143,236 BCTXW warrants under this program.

Share Issuance

• In June 2021, BriaCell raised $27.2 million in a Post IPO funding round.
• On April 24, 2025, the company priced a public offering of 3,066,666 units for approximately $13.8 million, with each unit including one common share (or pre-funded warrant) and one warrant.
• On July 16, 2025, BriaCell closed a public offering of 12,000,000 units, generating gross proceeds of $15 million.
• The company completed a 1-for-15 share consolidation on January 24, 2025, reducing outstanding common shares from 44,204,061 to 2,946,940 to maintain Nasdaq listing compliance. Another 1-for-10 share consolidation was announced on August 21, 2025, effective August 25, 2025, also for Nasdaq compliance.

Inbound Investments

• BriaCell has received grant funding, including an investment from the National Cancer Institute on August 17, 2023, and from HHS on September 1, 2023.
• Prevail Partners made an investment in a Post IPO round on May 12, 2023.
• The company secured a $2.05 million non-dilutive grant from the National Cancer Institute to advance Bria-PROS+™ for prostate cancer, with funding supporting manufacturing and an upcoming Phase 1/2a clinical trial.

Capital Expenditures

• Research and development (R&D) expenses were approximately $15.1 million for the fiscal year ended July 31, 2024, representing the bulk of the company's spending.
• For the fiscal year ended July 31, 2025, R&D expenses were $21,150,628.
• Capital expenditures are primarily focused on advancing its clinical-stage immunotherapy programs, including the lead candidate Bria-IMT™ for metastatic breast cancer and next-generation off-the-shelf immunotherapies like Bria-OTS™.