MeritValue

BriaCell Therapeutics Corp.

BCTXdata completeness 63%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

BriaCell Therapeutics Corp. earns about -154% on equity, and has bought back 91% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$13.8M1−$26.8M2−$20.3M3−$4.79M4−$26.3M4
Operating cash flow−$7.75M5−$12.5M6−$23.7M7−$24.1M8−$28.2M8
Capital expenditure———$456,8019—
Free cash flow (derived)———−$24.6M8—
Total debt—————
Cash & equivalents$57.3M10$41M11$21.3M12$862,08913$10.5M13
Diluted shares4.5M15.5M15.6M109,699423,114

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$409.68
your share of equity
Profit it earned you last year
−$621.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $409.68 of net worth that earned you −$621.86 last year.

iii. Is this a good business?
Moat signal · return on equity
-154% avg · 5y
FY21 -50%FY22 -260%FY23 —FY24 —FY25 -152%

It earned an average -154% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−91% shares · 5y

Share count is down 91% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-07-31 · accession 0001493152-22-029742 (NetIncomeLoss)
  2. 10-K · period ending 2022-07-31 · accession 0001493152-23-038298 (NetIncomeLoss)
  3. 10-K · period ending 2023-07-31 · accession 0001493152-24-042743 (NetIncomeLoss)
  4. 10-K · period ending 2024-07-31 · accession 0001493152-25-018212 (NetIncomeLoss)
  5. 10-K · period ending 2021-07-31 · accession 0001493152-22-029742 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-07-31 · accession 0001493152-23-038298 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-07-31 · accession 0001493152-24-042743 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-07-31 · accession 0001493152-25-018212 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-07-31 · accession 0001493152-25-018212 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-07-31 · accession 0001493152-22-029742 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-07-31 · accession 0001493152-23-038298 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-07-31 · accession 0001493152-24-042743 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-07-31 · accession 0001493152-25-018212 (CashAndCashEquivalentsAtCarryingValue)