BriaCell Therapeutics Announces Pricing of $15 million Public Offering

Rhea-AI Summary

BriaCell Therapeutics (NASDAQ: BCTX), a clinical-stage biotechnology company, has announced the pricing of a $15 million public offering. The offering consists of 12 million units priced at $1.25 per unit, with each unit comprising one common share (or pre-funded warrant) and one warrant.

The warrants are immediately exercisable at $1.50 per share with a five-year expiration term. ThinkEquity is serving as the sole placement agent, and the offering is expected to close on July 16, 2025. The company plans to use the proceeds for working capital, general corporate purposes, and advancing business objectives.

Positive

• None.

Negative

• Potential dilution for existing shareholders
• Offering price of $1.25 per unit may pressure current stock price
• Additional dilution possible if warrants are exercised

Insights

Biotechnology Financial Analyst

BriaCell's $15M offering provides runway but significantly dilutes shareholders at a substantial discount to recent trading prices.

BriaCell Therapeutics has priced a $15 million public offering consisting of 12 million units at $1.25 per unit. Each unit includes one common share (or pre-funded warrant) and one warrant exercisable at $1.50 per share with a five-year term. This capital raise appears necessary for the company's continued operations and development of its cancer immunotherapy pipeline.

The structure of this offering reveals important insights about BriaCell's current financial position. First, the inclusion of warrants suggests the company needed additional incentives to attract investors. Second, the $1.25 unit price likely represents a significant discount to recent trading prices, explaining why the company needs to sweeten the deal with warrants.

With 12 million new units being issued, this offering will cause substantial dilution for existing shareholders. The dilution impact is magnified by the additional 12 million shares that could potentially be issued through warrant exercises, effectively doubling the dilutive effect if all warrants are eventually exercised at $1.50 per share.

The company states the proceeds will fund working capital requirements and advance business objectives, indicating BriaCell may have been facing cash constraints. This financing should extend their operational runway, but investors should carefully consider both the immediate dilution and the potential future dilution from the warrant component when evaluating the company's value proposition.

PHILADELPHIA and VANCOUVER, British Columbia, July 15, 2025 (GLOBE NEWSWIRE) -- BriaCell Therapeutics Corp. (Nasdaq: BCTX, BCTXW, BCTXZ) (TSX: BCT) (“BriaCell” or the “Company”), a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care, today announced the pricing of a best-efforts public offering of 12,000,000 units. Each unit consists of one common share (or pre-funded warrant (“Pre-Funded Warrant”) in lieu thereof) and one warrant (the “Warrants”). Each unit is being sold to the public at a price of $1.25 per unit (inclusive of the Pre-Funded Warrant exercise price) for gross proceeds of $15 million, before deducting placement agent fees and offering expenses. Each Warrant is immediately exercisable, and entitles the holder to purchase one common share at an exercise price of $1.50 per share and will expire five years from the date of issuance. The common shares (or Pre-Funded Warrants) and Warrants can only be purchased together in the offering but will be issued separately.

The offering is expected to close on July 16, 2025, subject to satisfaction of customary closing conditions. No Canadian prospectus has been or will be filed in a province or territory of Canada to qualify the securities in connection with the offering. The Company is relying upon the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as Nasdaq.

The Company intends to use the net proceeds from the offering for working capital requirements, general corporate purposes, and the advancement of business objectives.

ThinkEquity is acting as the sole placement agent for the offering.

A registration statement on Form S-1 (File No. 333-288562) relating to the securities was filed with the Securities and Exchange Commission (“SEC”) and became effective on July 15, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BriaCell Therapeutics
BriaCell is a clinical-stage biotechnology company that develops novel immunotherapies to transform cancer care. More information is available at https://briacell.com/.

Forward Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the final prospectus related to the public offering that will be filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

Contact Information

Company Contact:
William V. Williams, MD
President & CEO
1-888-485-6340
info@briacell.com 

Investor Relations Contact:
investors@briacell.com

FAQ

How much did BriaCell (BCTX) raise in their July 2025 public offering?

BriaCell raised $15 million in gross proceeds through a public offering of 12 million units priced at $1.25 per unit.

What are the terms of BCTX's July 2025 public offering?

Each unit at $1.25 consists of one common share (or pre-funded warrant) and one warrant exercisable at $1.50 per share for five years.

How will BriaCell use the proceeds from the July 2025 offering?

BriaCell will use the proceeds for working capital requirements, general corporate purposes, and advancing business objectives.

When will BriaCell's July 2025 public offering close?

The offering is expected to close on July 16, 2025, subject to customary closing conditions.

Who is the placement agent for BriaCell's July 2025 offering?

ThinkEquity is acting as the sole placement agent for the offering.