Cover
Cover - shares | 6 Months Ended | |
Jan. 31, 2023 | Mar. 15, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --07-31 | |
Entity File Number | 001-40101 | |
Entity Registrant Name | BRIACELL THERAPEUTICS CORP. | |
Entity Central Index Key | 0001610820 | |
Entity Tax Identification Number | 47-1099599 | |
Entity Incorporation, State or Country Code | A1 | |
Entity Address, Address Line One | 235 15th Street | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | West Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Postal Zip Code | V7T 2X1 | |
City Area Code | 604 | |
Local Phone Number | 921-1810 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 15,518,018 | |
Common Shares No Par Value [Member] | ||
Title of 12(b) Security | Common shares, no par value | |
Trading Symbol | BCTX | |
Security Exchange Name | NASDAQ | |
Warrants To Purchase Common Shares No Par Value [Member] | ||
Title of 12(b) Security | Warrants to purchase common shares, no par value | |
Trading Symbol | BCTXW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2023 | Jul. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 33,500,236 | $ 41,041,652 |
Amounts receivable | 8,928 | 24,103 |
Prepaid expenses | 429,397 | 1,280,945 |
Total current assets | 33,938,561 | 42,346,700 |
NON-CURRENT ASSETS: | ||
Investments | 2 | 2 |
Intangible assets, net | 222,704 | 230,339 |
Total non-current assets | 222,706 | 230,341 |
Total assets | 34,161,267 | 42,577,041 |
CURRENT LIABILITIES: | ||
Trade payables | 582,451 | 463,280 |
Accrued expenses and other payables | 87,962 | 477,807 |
Total current liabilities | 670,413 | 941,087 |
NON-CURRENT LIABILITIES: | ||
Warrant liability | 34,771,440 | 31,307,022 |
Total non-current liabilities | 34,771,440 | 31,307,022 |
SHAREHOLDERS’ EQUITY: | ||
Share Capital of no par value - Authorized: unlimited at January 31, 2023 and July 31, 2022, Issued and outstanding: 15,518,018 shares January 31, 2023 and July 31, 2022, respectively | 65,589,293 | 65,589,293 |
Additional paid in capital | 6,606,945 | 5,228,160 |
Accumulated other comprehensive loss | (138,684) | (138,684) |
Accumulated deficit | (73,338,140) | (60,349,837) |
Total shareholders’ (deficit) equity | (1,280,586) | 10,328,932 |
Total liabilities and shareholders’ equity | $ 34,161,267 | $ 42,577,041 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Jul. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized, unlimited | Unlimited | Unlimited |
Common stock, shares issued | 15,518,018 | 15,518,018 |
Common stock, shares outstanding | 15,518,018 | 15,518,018 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Operating Expenses: | ||||
Research and development expenses | $ 3,053,357 | $ 1,708,179 | $ 6,308,572 | $ 2,583,815 |
General and administrative expenses | 1,432,966 | 1,938,630 | 3,580,902 | 3,347,803 |
Total operating expenses | 4,486,323 | 3,646,809 | 9,889,474 | 5,931,618 |
Operating loss | (4,486,323) | (3,646,809) | (9,889,474) | (5,931,618) |
Financial income (expenses), net | (7,395,439) | 14,807,316 | (3,098,829) | (10,441,360) |
Income (loss) and Comprehensive income (loss) for the period | $ (11,881,762) | $ 11,160,507 | $ (12,988,303) | $ (16,372,978) |
Net loss per share – basic | $ (0.77) | $ 0.71 | $ (0.84) | $ (1.05) |
Net income (loss) per share – diluted | $ (0.77) | $ 0.04 | $ (0.84) | $ (1.05) |
Weighted average number of shares used in computing net basic earnings per share of common stock | 15,518,018 | 15,788,827 | 15,518,018 | 15,547,497 |
Weighted average number of shares used in computing net diluted earnings per share of common stock | 15,518,018 | 18,405,614 | 15,518,018 | 15,547,497 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Jul. 31, 2021 | $ 54,774,172 | $ 2,178,130 | $ (138,684) | $ (29,141,897) | $ (27,671,721) |
Balance, shares at Jul. 31, 2021 | 15,269,583 | ||||
Issuance of options | 1,333,010 | 1,333,010 | |||
Income (loss) for the period | (16,372,978) | (16,372,978) | |||
Exercise of representation warrants | $ 1,304,239 | 1,304,239 | |||
Exercise of representation warrants, shares | 208,300 | ||||
Exercise of private placement warrants | $ 9,910,089 | 9,910,089 | |||
Exercise of private placement warrants, shares | 800,000 | ||||
Exercise of public offering warrants | $ 1,677,631 | 1,677,631 | |||
Exercise of public offering warrants, shares | 33,065 | ||||
Shares repurchased and canceled | $ (4,704,423) | (4,393,591) | (9,098,014) | ||
Shares repurchased and canceled, shares | (364,306) | ||||
Balance at Jan. 31, 2022 | $ 62,961,708 | 3,511,140 | (138,684) | (49,908,466) | 16,425,698 |
Balance, shares at Jan. 31, 2022 | 15,946,642 | ||||
Balance at Oct. 31, 2021 | $ 55,701,579 | 2,696,264 | (138,684) | (56,675,382) | 1,583,777 |
Balance, shares at Oct. 31, 2021 | 15,370,412 | ||||
Issuance of options | 814,876 | 814,876 | |||
Income (loss) for the period | 11,160,507 | 11,160,507 | |||
Exercise of representation warrants | $ 376,832 | 376,832 | |||
Exercise of representation warrants, shares | 107,471 | ||||
Exercise of private placement warrants | $ 9,910,089 | 9,910,089 | |||
Exercise of private placement warrants, shares | 800,000 | ||||
Exercise of public offering warrants | $ 1,677,631 | 1,677,631 | |||
Exercise of public offering warrants, shares | 33,065 | ||||
Shares repurchased and canceled | $ (4,704,423) | (4,393,591) | (9,098,014) | ||
Shares repurchased and canceled, shares | (364,306) | ||||
Balance at Jan. 31, 2022 | $ 62,961,708 | 3,511,140 | (138,684) | (49,908,466) | 16,425,698 |
Balance, shares at Jan. 31, 2022 | 15,946,642 | ||||
Balance at Jul. 31, 2022 | $ 65,589,293 | 5,228,160 | (138,684) | (60,349,837) | 10,328,932 |
Balance, shares at Jul. 31, 2022 | 15,518,018 | ||||
Issuance of options | 1,378,785 | 1,378,785 | |||
Income (loss) for the period | (12,988,303) | (12,988,303) | |||
Balance at Jan. 31, 2023 | $ 65,589,293 | 6,606,945 | (138,684) | (73,338,140) | (1,280,586) |
Balance, shares at Jan. 31, 2023 | 15,518,018 | ||||
Balance at Oct. 31, 2022 | $ 65,589,293 | 6,340,101 | (138,684) | (61,456,378) | 10,334,332 |
Balance, shares at Oct. 31, 2022 | 15,518,018 | ||||
Issuance of options | 266,844 | 266,844 | |||
Income (loss) for the period | (11,881,762) | (11,881,762) | |||
Balance at Jan. 31, 2023 | $ 65,589,293 | $ 6,606,945 | $ (138,684) | $ (73,338,140) | $ (1,280,586) |
Balance, shares at Jan. 31, 2023 | 15,518,018 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flow from operating activities | ||||
Net loss | $ (11,881,762) | $ 11,160,507 | $ (12,988,303) | $ (16,372,978) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 7,635 | 7,636 | ||
Share-based compensation | 266,844 | 814,876 | 1,378,785 | 1,333,010 |
Interest expense | 979 | |||
Gain from government grant | (3,388) | |||
Change in fair value of warrants | 7,629,502 | (14,797,888) | 3,511,712 | 10,456,148 |
Changes in assets and liabilities: | ||||
Increase in amounts receivable | 15,175 | (14,592) | ||
Decrease in prepaid expenses | 851,548 | 210,022 | ||
Increase in trade payable | 119,171 | 314,143 | ||
Decrease in accrued expenses and other payables | (389,845) | (265,788) | ||
Total cash flow from operating activities | (7,494,122) | (4,334,808) | ||
Cash flows from financing activities | ||||
Share and warrant buyback program | (47,294) | (10,056,273) | ||
Repayment government grant | (23,577) | |||
Proceeds from exercise of warrants | 5,127,658 | |||
Total cash flow from financing activities | (47,294) | (4,952,192) | ||
Decrease in cash and cash equivalents | (7,541,416) | (9,287,000) | ||
Cash and cash equivalents at beginning of the period | 41,041,652 | 57,268,685 | ||
Cash and cash equivalents at end of the period | $ 33,500,236 | $ 47,981,685 | $ 33,500,236 | $ 47,981,685 |
GENERAL
GENERAL | 6 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1: GENERAL a. BriaCell Therapeutics Corp. (“BriaCell” or the “Company”) was incorporated under the Business Corporations Act (British Columbia) on July 26, 2006 and is listed on the Toronto Stock Exchange (“TSX”) under the symbol “BCT” and on the Nasdaq Capital Market (“NASDAQ”) under the symbols “BCTX” and “BCTXW”. b. BriaCell is an immuno-oncology biotechnology company. BriaCell owns the US patent to Bria-IMT™, a whole-cell cancer vaccine (US Patent No.7674456) (the “Patent”). The Company is currently advancing its immunotherapy program, Bria-IMT™, to complete a 24-subject Phase I/IIa clinical trial and by research activities in the context of BriaDx™, a companion diagnostic test to identify patients likely benefitting from Bria-IMT™. c. Basis of presentation of the financial statements: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X promulgated by the U.S Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report for the year ended July 31, 2022 filed with the SEC on October 28 , 2022. The interim period results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. Prior to 2021, the Company prepared its financial statements, including its condensed financial statements, in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), as permitted in the United States based on the Company’s qualification as a “foreign private issuer” under the rules and regulations of the SEC. In connection with the loss of the Company’s status as a foreign private issuer effective on August 1, 2022, the Company, as a domestic filer, prepares its consolidated financial statements in accordance with U.S. GAAP, and restated its condensed consolidated financial statements as of January 31, 2022 to be prepared in accordance with U.S. GAAP. d. The Company continues to devote substantially all of its efforts toward research and development activities. In the course of such activities, the Company has sustained operating losses and expects such losses to continue in the foreseeable future. The Company’s accumulated deficit as of January 31, 2023 was $ 73,338,140 7,494,122 e. The Company has a wholly-owned U.S. subsidiary, BriaCell Therapeutics Corp. (“BTC”), which was incorporated in April 3, 2014, under the laws of the state of Delaware. BTC has a wholly-owned subsidiary, Sapientia Pharmaceuticals, Inc. (“Sapientia” and together with BTC the “Subsidiaries”), which was incorporated in September 20, 2012, under the laws of the state of Delaware. The Company has one operating segment and reporting unit. f. Since January 2020, the Coronavirus outbreak has dramatically expanded into a worldwide pandemic creating macro-economic uncertainty and disruption in the business and financial markets. Many countries around the world, including Canada and the United States have been taking measures designated to limit the continued spread of the Coronavirus, including the closure of workplaces, restricting travel, prohibiting assembling, closing international borders and quarantining populated areas. Such measures present concerns that may dramatically affect the Company’s ability to conduct its business effectively. The Company may face difficulties recruiting or retaining patients in our ongoing and planned clinical trials if patients are affected by the virus or are fearful of visiting or traveling to our clinical trial sites because of the outbreak of COVID-19. In the event that clinical trial sites are slowed down or closed to enrolment in our trials, this could have a material adverse impact on our clinical trial plans and timelines. The Company is continuing to assess its business plans and the impact COVID-19 is having on the Company’s clinical trial timelines and the Company’s ability to recruit candidates for clinical trials. The extent to which COVID-19 and global efforts to contain its spread will impact our operations will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the outbreak and the actions taken to contain or treat the coronavirus outbreak. The Company currently believes that the execution of our clinical trials and research programs are delayed by at least one quarter due to COVID-19. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 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 consolidated financial statements and accompanying notes. The Company’s 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 consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. b. 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 reflects this election. The pronouncements below relate to standards that impact the Company. 1. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. Effective August 1, 2021, the Company early adopted ASU 2016-13. Adoption of the new standard did not have a material impact on the financial statements. 2. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The final guidance issued by the FASB for convertible instruments eliminates two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. Separate accounting is still required in certain cases. Additionally, among other changes, the guidance eliminates some of the conditions for equity classification in ASC 815-40-25 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. ASU 2020-06 is effective for the company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. Effective August 1, 2021, the Company early adopted ASU 2020-06. Adoption of the new standard did not have a material impact on the financial statements. 3. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. Early adoption is permitted. Adoption of the new standard did not have a material impact on the financial statements. |
CONTINGENT LIABILITIES AND COMM
CONTINGENT LIABILITIES AND COMMITMENTS | 6 Months Ended |
Jan. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | NOTE 3: CONTINGENT LIABILITIES AND COMMITMENTS a. Legal proceedings: On May 19, 2021, Alpha Capital Anstalt (“Alpha”) filed a lawsuit in the New York State Supreme Court, Commercial Division, New York County against BriaCell Therapeutics Corp. (“BriaCell”), alleging that BriaCell breached a loan contract when it refused to reprice and extend the term of warrants purported held by Alpha in spring 2021, seeking monetary and injunctive relief for delivery of those amended warrants. Counterclaiming and defending against Alpha’s complaint, BriaCell alleges that Alpha’s loan to BriaCell is unenforceable both because the loan is criminally usurious under New York law and because Alpha acted as an unregistered securities dealer in violation of American securities law. BriaCell also has alleged that Canadian securities law, regulation, and rules prohibited it from amending the warrants to comply with Alpha’s spring 2021 demands. On May 11, 2022, Alpha moved to dismiss BriaCell’s operative Amended Counterclaim. At oral argument on January 19, 2023, Justice Cohen granted in part and denied in part Alpha’s partial motion to dismiss BriaCell’s Amended Counterclaim and Affirmative Defenses. In relevant part, Justice Cohen refused to dismiss any of BriaCell’s substantive counterclaims, allowing BriaCell to continue to prosecute its Unjust Enrichment, Money Had and Received, Recovery of Excess, and Implied Covenant of Good Faith and Fair Dealing claims against Alpha. At this time, the parties cannot estimate the value of their respective claims and damages. b. Lease The Company is currently on a month-to-month lease arrangement for office and lab space in Philadelphia, PA, in the amount of approximately $ 16,000 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4: FAIR VALUE MEASUREMENTS The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of January 31, 2023, and July 31, 2022: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at January 31, 2023 July 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents 33,500,236 - 33,500,236 41,041,652 - 41,041,652 Total assets measured at fair value $ 33,500,236 - 33,500,236 $ 41,041,652 $ - $ 41,041,652 Financial liabilities: Warrants liability 11,652,356 23,119,084 34,771,440 11,151,608 20,155,414 31,307,022 Total liabilities measured at fair value $ 11,652,356 23,119,084 34,771,440 $ 11,151,608 $ 20,155,414 $ 31,307,022 We classify our cash and cash equivalents and the liability in respect of publicly traded warrants within Level 1 because we use quoted market prices in active markets. The fair value of the warrant liability for non-public warrants is measured using inputs other than quoted prices included in Level 1 that are observable for the liability either directly or indirectly, and thus are classified as Level 2 financial instruments. |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Jan. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 5: SHAREHOLDERS’ EQUITY a. Authorized share capital The authorized share capital consists of an unlimited no b. Issued share capital No shares were issued during the six-month period ended January 31, 2023. c. Share buyback program On September 9, 2021, the Company approved a repurchase program whereby the Company may purchase through the facilities of the TSX Venture or NASDAQ (i) up to 1,341,515 411,962 10 13,415,154 10 4,119,622 1,031,672 9,098,014 259,059 1,121,011 1,130,808 15,736 NOTE 5: SHAREHOLDERS’ EQUITY (Cont.) d. Share Purchase Warrants A summary of changes in share purchase warrants for the six-month period ended January 31, 2023 is presented below: SUMMARY OF CHANGES IN WARRANTS Number of Weighted Balance, July 31, 2022 8,137,686 $ 5.76 Repurchased and cancelled (15,736 ) (5.31 ) Balance, January 31, 2023 8,121,950 5.76 d. Share Purchase Warrants (continued) As of January 31, 2023, warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Exercise Price Exercisable At Expiry Date 51,698 $ 4.06 51,698 November 16, 2025 3,897,109 $ 5.31 3,897,109 February 26, 2026 April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,121,950 8,121,950 e. Compensation Warrants (i) There were no changes to compensation warrants for the six-month period ended January 31, 2023. (ii) As at January 31, 2023, compensation warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Exercise Price Exercisable At Expiry Date 4,890 $ 4.06 4,890 November 16, 2025 17,074 $ 5.31 17,074 February 26, 2026 24,688 $ 6.19 24,688 June 7, 2026 46,652 46,652 f. Warrant liability continuity The following table presents the summary of the changes in the fair value of the warrants: SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of August 1, 2022 $ 31,307,022 Warrant buyback program $ (47,294 ) Change in fair value during the period $ 3,511,712 Balance as of January 31, 2023 $ 34,771,440 The key inputs used in the valuation of the non-public warrants as of January 31, 2023 and at July 31, 2022 were as follows: NOTE 5: SHAREHOLDERS’ EQUITY (Cont.) SCHEDULE OF VALUATION OF NON PUBLIC WARRANTS January 31, 2023 July 31, 2022 Share price $ 7.48 $ 6.50 Exercise price $ 3.07 6.19 $ 4.23 6.19 Expected life (years) 2.79 3.85 3.58 4.35 Volatility 100 % 100 % Dividend yield 0 % 0 % Risk free rate 3.62 % 2.68 % |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 6: 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 (“RSU’s”), 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 b. The following table summarizes the number of options granted to directors, officers, employees and consultants under the option plan for six-month period ended January 31, 2023 and related information: SCHEDULE OF NUMBER OF OPTIONS GRANTED Number of options Weighted Weighted (in years) Aggregate Balance as of July 31, 2022 1,490,300 $ 6.20 3.59 $ 447,090 Granted (i) 180,100 6.28 4.51 - Balance as of January 31, 2023 1,670,400 6.21 3.69 $ 2,121,408 Exercisable as of January 31, 2023 1,424,010 $ 6.13 3.58 $ 1,922,414 (i) On August 2, 2022, the Company granted 180,100 8.38 two August 2, 2027 180,100 887,362 142,100 700,134 The weighted-average grant date per-share fair value of stock options granted during six-month period ended January 31, 2023 was $ 4.93 1,269,878 1.5 NOTE 6: SHARE-BASED COMPENSATION (Cont.) c. The following table lists the inputs to the Black-Scholes option-pricing model used for the fair value measurement of equity-settled share options for the above options plans for the three and six month period ended January 31, 2023 and 2022: SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS Three months ended Six months ended 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Dividend yield 0 % 0 0 % 0 Expected volatility of the share prices 100 % 100 % 100 % 100 Risk-free interest rate 4.23 % 1.47 % 4.23 % 0.80 1.47 % Expected term (in years) 5 5 5 5 d. The following table summarizes information about the Company’s outstanding and exercisable options granted to employees as of January 31, 2023. SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise Options Weighted Options Weighted Expiry Date $ 6.28 180,100 4.51 45,025 4.51 August 02, 2027 $ 4.71 31,000 4.31 11,625 4.31 May 20, 2027 $ 7.51 150,000 4.04 75,000 4.04 February 16, 2027 $ 8.47 524,700 3.95 508,800 3.95 January 13, 2027 $ 7.74 12,600 3.75 11,560 3.75 November 01, 2027 $ 5.74 100,000 3.59 100,000 3.59 September 01, 2026 $ 4.24 60,000 3.22 60,000 3.22 April 19, 2026 $ 4.24 612,000 3.16 612,000 3.16 March 29, 2026 1,670,400 1,424,010 e. Restricted Share Unit Plan The following table summarizes the number of RSU’s granted to directors under the Omnibus plan for six-month period ended January 31, 2023: SCHEDULE OF RESTRICTED STOCK UNITS GRANTED Number of Aggregate Balance, July 31, 2022 - $ - Granted (i) 19,200 123,072 Balance, January 31, 2023 19,200 $ 143,616 (i) On August 2, 2022, the Company issued 19,200 f. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the three and six-month period ended January 31, 2023 and 2022 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2023 2022 2023 2022 Three months ended Six months ended 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Research and development expenses $ 225,091 109,453 $ 575,347 109,453 General and administrative expenses 41,753 705,423 803,438 1,223,557 Total share-based compensation $ 266,844 814,876 $ 1,378,785 1,333,010 |
FINANCIAL INCOME (EXPENSES), NE
FINANCIAL INCOME (EXPENSES), NET | 6 Months Ended |
Jan. 31, 2023 | |
Financial Income Expenses Net | |
FINANCIAL INCOME (EXPENSES), NET | NOTE 7: FINANCIAL INCOME (EXPENSES), NET SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET 2023 2022 2023 2022 Three months ended January 31, Six months ended 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income $ 240,595 12,081 $ 428,948 18,386 Interest expense - - - (979 ) Change in fair value of warrant liability (7,629,502 ) 14,797,888 (3,511,712 ) (10,456,148 ) Gain on government grant - 3,388 - 3,388 Foreign exchange loss (6,532 ) (6,041 ) (16,065 ) (6,007 ) Loss on extinguishment of debt - - - - Financial income (expenses), net $ (7,395,439 ) $ 14,807,316 $ (3,098,829 ) $ (10,441,360 |
BASIC AND DILUTED NET LOSS PER
BASIC AND DILUTED NET LOSS PER SHARE | 6 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED NET LOSS PER SHARE | NOTE8: BASIC AND DILUTED NET LOSS PER SHARE Basic net income (loss) per ordinary share is computed by dividing net income (loss) for each reporting period by the weighted-average number of ordinary shares outstanding during each year. Diluted net income (loss) per ordinary share is computed by dividing net income (loss) for each reporting period by the weighted average number of ordinary shares outstanding during the period, plus dilutive potential ordinary shares considered outstanding during the period, in accordance with ASC No. 260-10 “Earnings Per Share”. The Company experienced a loss in three and six month ended January 31, 2023 and for the six months ended January 31, 2022; hence all potentially dilutive ordinary shares were excluded during those periods due to their anti-dilutive effect. SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2023 2022 2023 2022 Three months ended January 31, Six months ended January 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic EPS Numerator: Net income (loss) $ (11,881,762 ) $ 11,160,507 $ (12,988,303 ) $ (16,372,978 ) Denominator: Shares used in computation of basic earnings per share 15,518,018 15,788,827 15,518,018 15,547,497 Basic EPS $ (0.77 ) $ 0.71 $ (0.84 ) $ (1.05 ) Diluted EPS Numerator: Net income (loss) attributable to common stock, basic and diluted $ (11,881,762 ) $ 704,359 $ (12,988,303 ) $ (16,372,978 ) Denominator: Shares used in computing net EPS of common stock, basic 15,518,018 15,788,827 15,518,018 15,547,497 Stock Options - 337,644 - - Warrants - 2,279,143 - - Shares used in computation of diluted earnings per share 15,518,018 18,405,614 15,518,018 15,547,497 Diluted EPS $ (0.77 $ 0.04 $ (0.84 ) $ (1.05 ) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of estimates | 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 consolidated financial statements and accompanying notes. The Company’s 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 consolidated financial statements, and the reported amount of expenses during the reporting periods. Actual results could differ from those estimates. |
Recently issued and adopted accounting standards | b. 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 reflects this election. The pronouncements below relate to standards that impact the Company. 1. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. Effective August 1, 2021, the Company early adopted ASU 2016-13. Adoption of the new standard did not have a material impact on the financial statements. 2. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The final guidance issued by the FASB for convertible instruments eliminates two of the three models in ASC 470-20 that require separate accounting for embedded conversion features. Separate accounting is still required in certain cases. Additionally, among other changes, the guidance eliminates some of the conditions for equity classification in ASC 815-40-25 for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. ASU 2020-06 is effective for the company for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. Effective August 1, 2021, the Company early adopted ASU 2020-06. Adoption of the new standard did not have a material impact on the financial statements. 3. In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance (ASU 2021-10), which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. Early adoption is permitted. Adoption of the new standard did not have a material impact on the financial statements. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS | The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of January 31, 2023, and July 31, 2022: SCHEDULE OF FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at January 31, 2023 July 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Financial Assets: Cash and cash equivalents 33,500,236 - 33,500,236 41,041,652 - 41,041,652 Total assets measured at fair value $ 33,500,236 - 33,500,236 $ 41,041,652 $ - $ 41,041,652 Financial liabilities: Warrants liability 11,652,356 23,119,084 34,771,440 11,151,608 20,155,414 31,307,022 Total liabilities measured at fair value $ 11,652,356 23,119,084 34,771,440 $ 11,151,608 $ 20,155,414 $ 31,307,022 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS | The following table presents the summary of the changes in the fair value of the warrants: SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS Warrants liability Balance as of August 1, 2022 $ 31,307,022 Warrant buyback program $ (47,294 ) Change in fair value during the period $ 3,511,712 Balance as of January 31, 2023 $ 34,771,440 |
SCHEDULE OF VALUATION OF NON PUBLIC WARRANTS | SCHEDULE OF VALUATION OF NON PUBLIC WARRANTS January 31, 2023 July 31, 2022 Share price $ 7.48 $ 6.50 Exercise price $ 3.07 6.19 $ 4.23 6.19 Expected life (years) 2.79 3.85 3.58 4.35 Volatility 100 % 100 % Dividend yield 0 % 0 % Risk free rate 3.62 % 2.68 % |
Share Purchase Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SUMMARY OF CHANGES IN WARRANTS | A summary of changes in share purchase warrants for the six-month period ended January 31, 2023 is presented below: SUMMARY OF CHANGES IN WARRANTS Number of Weighted Balance, July 31, 2022 8,137,686 $ 5.76 Repurchased and cancelled (15,736 ) (5.31 ) Balance, January 31, 2023 8,121,950 5.76 |
SCHEDULE OF WARRANTS OUTSTANDING | As of January 31, 2023, warrants outstanding were as follows: SCHEDULE OF WARRANTS OUTSTANDING Number of Exercise Price Exercisable At Expiry Date 51,698 $ 4.06 51,698 November 16, 2025 3,897,109 $ 5.31 3,897,109 February 26, 2026 April 26, 2026 4,173,143 $ 6.19 4,173,143 December 7, 2026 8,121,950 8,121,950 |
Compensation Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF WARRANTS OUTSTANDING | SCHEDULE OF WARRANTS OUTSTANDING Number of Exercise Price Exercisable At Expiry Date 4,890 $ 4.06 4,890 November 16, 2025 17,074 $ 5.31 17,074 February 26, 2026 24,688 $ 6.19 24,688 June 7, 2026 46,652 46,652 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF NUMBER OF OPTIONS GRANTED | SCHEDULE OF NUMBER OF OPTIONS GRANTED Number of options Weighted Weighted (in years) Aggregate Balance as of July 31, 2022 1,490,300 $ 6.20 3.59 $ 447,090 Granted (i) 180,100 6.28 4.51 - Balance as of January 31, 2023 1,670,400 6.21 3.69 $ 2,121,408 Exercisable as of January 31, 2023 1,424,010 $ 6.13 3.58 $ 1,922,414 (i) On August 2, 2022, the Company granted 180,100 8.38 two August 2, 2027 180,100 887,362 142,100 700,134 |
SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS | SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS Three months ended Six months ended 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Dividend yield 0 % 0 0 % 0 Expected volatility of the share prices 100 % 100 % 100 % 100 Risk-free interest rate 4.23 % 1.47 % 4.23 % 0.80 1.47 % Expected term (in years) 5 5 5 5 |
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS | SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Exercise Options Weighted Options Weighted Expiry Date $ 6.28 180,100 4.51 45,025 4.51 August 02, 2027 $ 4.71 31,000 4.31 11,625 4.31 May 20, 2027 $ 7.51 150,000 4.04 75,000 4.04 February 16, 2027 $ 8.47 524,700 3.95 508,800 3.95 January 13, 2027 $ 7.74 12,600 3.75 11,560 3.75 November 01, 2027 $ 5.74 100,000 3.59 100,000 3.59 September 01, 2026 $ 4.24 60,000 3.22 60,000 3.22 April 19, 2026 $ 4.24 612,000 3.16 612,000 3.16 March 29, 2026 1,670,400 1,424,010 |
SCHEDULE OF RESTRICTED STOCK UNITS GRANTED | The following table summarizes the number of RSU’s granted to directors under the Omnibus plan for six-month period ended January 31, 2023: SCHEDULE OF RESTRICTED STOCK UNITS GRANTED Number of Aggregate Balance, July 31, 2022 - $ - Granted (i) 19,200 123,072 Balance, January 31, 2023 19,200 $ 143,616 (i) On August 2, 2022, the Company issued 19,200 |
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES | f. The total share-based compensation expense related to all of the Company’s equity-based awards, recognized for the three and six-month period ended January 31, 2023 and 2022 is comprised as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES 2023 2022 2023 2022 Three months ended Six months ended 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Research and development expenses $ 225,091 109,453 $ 575,347 109,453 General and administrative expenses 41,753 705,423 803,438 1,223,557 Total share-based compensation $ 266,844 814,876 $ 1,378,785 1,333,010 |
FINANCIAL INCOME (EXPENSES), _2
FINANCIAL INCOME (EXPENSES), NET (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Financial Income Expenses Net | |
SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET | SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET 2023 2022 2023 2022 Three months ended January 31, Six months ended 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Interest income $ 240,595 12,081 $ 428,948 18,386 Interest expense - - - (979 ) Change in fair value of warrant liability (7,629,502 ) 14,797,888 (3,511,712 ) (10,456,148 ) Gain on government grant - 3,388 - 3,388 Foreign exchange loss (6,532 ) (6,041 ) (16,065 ) (6,007 ) Loss on extinguishment of debt - - - - Financial income (expenses), net $ (7,395,439 ) $ 14,807,316 $ (3,098,829 ) $ (10,441,360 |
BASIC AND DILUTED NET LOSS PE_2
BASIC AND DILUTED NET LOSS PER SHARE (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE | SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE 2023 2022 2023 2022 Three months ended January 31, Six months ended January 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Basic EPS Numerator: Net income (loss) $ (11,881,762 ) $ 11,160,507 $ (12,988,303 ) $ (16,372,978 ) Denominator: Shares used in computation of basic earnings per share 15,518,018 15,788,827 15,518,018 15,547,497 Basic EPS $ (0.77 ) $ 0.71 $ (0.84 ) $ (1.05 ) Diluted EPS Numerator: Net income (loss) attributable to common stock, basic and diluted $ (11,881,762 ) $ 704,359 $ (12,988,303 ) $ (16,372,978 ) Denominator: Shares used in computing net EPS of common stock, basic 15,518,018 15,788,827 15,518,018 15,547,497 Stock Options - 337,644 - - Warrants - 2,279,143 - - Shares used in computation of diluted earnings per share 15,518,018 18,405,614 15,518,018 15,547,497 Diluted EPS $ (0.77 $ 0.04 $ (0.84 ) $ (1.05 ) |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 73,338,140 | $ 60,349,837 | |
Cash flows from operating activities | $ 7,494,122 | $ 4,334,808 |
CONTINGENT LIABILITIES AND CO_2
CONTINGENT LIABILITIES AND COMMITMENTS (Details Narrative) | 6 Months Ended |
Jan. 31, 2023 USD ($) | |
Office and Lab Space [Member] | |
Property, Plant and Equipment [Line Items] | |
Operating lease payments | $ 16,000 |
SCHEDULE OF FAIR VALUE ON A REC
SCHEDULE OF FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) | Jan. 31, 2023 | Jul. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 33,500,236 | $ 41,041,652 |
Total liabilities measured at fair value | 34,771,440 | 31,307,022 |
Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 34,771,440 | 31,307,022 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 33,500,236 | 41,041,652 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 33,500,236 | 41,041,652 |
Total liabilities measured at fair value | 11,652,356 | 11,151,608 |
Fair Value, Inputs, Level 1 [Member] | Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 11,652,356 | 11,151,608 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 33,500,236 | 41,041,652 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Total liabilities measured at fair value | 23,119,084 | 20,155,414 |
Fair Value, Inputs, Level 2 [Member] | Warrants Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 23,119,084 | 20,155,414 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value |
SUMMARY OF CHANGES IN WARRANTS
SUMMARY OF CHANGES IN WARRANTS (Details) - Share Purchase Warrants [Member] | 6 Months Ended |
Jan. 31, 2023 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding, beginning balance | shares | 8,137,686 |
Weighted average exercise price, beginning balance | $ / shares | $ 5.76 |
Number of warrants outstanding, repurchased and cancelled | shares | (15,736) |
Weighted average exercise price, repurchased and cancelled | $ / shares | $ (5.31) |
Number of warrants outstanding, ending balance | shares | 8,121,950 |
Weighted average exercise price, ending balance | $ / shares | $ 5.76 |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) | 6 Months Ended |
Jan. 31, 2023 $ / shares shares | |
Share Purchase Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 8,121,950 |
Number of warrants exercisable | 8,121,950 |
Share Purchase Warrants [Member] | Warrant One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 51,698 |
Exercise price | $ / shares | $ 4.06 |
Number of warrants exercisable | 51,698 |
Expiry date | Nov. 16, 2025 |
Share Purchase Warrants [Member] | Warrant Two [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 3,897,109 |
Exercise price | $ / shares | $ 5.31 |
Number of warrants exercisable | 3,897,109 |
Share Purchase Warrants [Member] | Warrant Two [Member] | Minimum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Feb. 26, 2026 |
Share Purchase Warrants [Member] | Warrant Two [Member] | Maximum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Expiry date | Apr. 26, 2026 |
Share Purchase Warrants [Member] | Warrant Three [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 4,173,143 |
Exercise price | $ / shares | $ 6.19 |
Number of warrants exercisable | 4,173,143 |
Expiry date | Dec. 07, 2026 |
Compensation Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 46,652 |
Number of warrants exercisable | 46,652 |
Compensation Warrants [Member] | Warrant One [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 4,890 |
Exercise price | $ / shares | $ 4.06 |
Number of warrants exercisable | 4,890 |
Expiry date | Nov. 16, 2025 |
Compensation Warrants [Member] | Warrant Two [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 17,074 |
Exercise price | $ / shares | $ 5.31 |
Number of warrants exercisable | 17,074 |
Expiry date | Feb. 26, 2026 |
Compensation Warrants [Member] | Warrant Three [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding | 24,688 |
Exercise price | $ / shares | $ 6.19 |
Number of warrants exercisable | 24,688 |
Expiry date | Jun. 07, 2026 |
SCHEDULE OF CHANGE IN FAIR VALU
SCHEDULE OF CHANGE IN FAIR VALUE OF WARRANTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant liability, beginning balance | $ 31,307,022 | |||
Change in fair value during the period | $ 7,629,502 | $ (14,797,888) | 3,511,712 | $ 10,456,148 |
Warrant liability, ending balance | 34,771,440 | 34,771,440 | ||
Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant liability, beginning balance | 31,307,022 | |||
Warrant buyback program | (47,294) | |||
Change in fair value during the period | 3,511,712 | |||
Warrant liability, ending balance | $ 34,771,440 | $ 34,771,440 |
SCHEDULE OF VALUATION OF NON PU
SCHEDULE OF VALUATION OF NON PUBLIC WARRANTS (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Jul. 31, 2022 | |
Share price | $ 7.48 | $ 6.50 |
Volatility | 100% | 100% |
Dividend yield | 0% | 0% |
Risk free rate | 3.62% | 2.68% |
Minimum [Member] | ||
Exercise price | $ 3.07 | $ 4.23 |
Expected life | 2 years 9 months 14 days | 3 years 6 months 29 days |
Maximum [Member] | ||
Exercise price | $ 6.19 | $ 6.19 |
Expected life | 3 years 10 months 6 days | 4 years 4 months 6 days |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Sep. 27, 2022 | Sep. 09, 2021 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock, shares authorized | Unlimited | Unlimited | Unlimited | |||
Common stock, no par value per share | $ 0 | $ 0 | ||||
Shares repurchased, value | $ 9,098,014 | $ 9,098,014 | ||||
Share Buyback Program [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased, shares | 1,031,672 | |||||
Shares repurchased, value | $ 9,098,014 | |||||
Share Buyback Program [Member] | Warrant [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased, shares | 4,119,622 | 259,059 | ||||
Purchase price percentage | 10% | |||||
Shares repurchased, value | $ 1,121,011 | |||||
Fair value of warrants, value | $ 1,130,808 | |||||
Fair value of warrants, shares | 15,736 | |||||
Share Buyback Program [Member] | Maximum [Member] | Warrant [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased, shares | 411,962 | |||||
Share Buyback Program [Member] | TSX Venture [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased, shares | 13,415,154 | |||||
Purchase price percentage | 10% | |||||
Share Buyback Program [Member] | TSX Venture [Member] | Maximum [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased, shares | 1,341,515 |
SCHEDULE OF NUMBER OF OPTIONS G
SCHEDULE OF NUMBER OF OPTIONS GRANTED (Details) - Stock Option Plan [Member] | 6 Months Ended | |
Jan. 31, 2023 USD ($) $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of options, beginning balance | shares | 1,490,300 | |
Weighted average exercise price, beginning balance | $ 6.20 | |
Weighted average remaining contractual term (in years), beginning balance | 3 years 7 months 2 days | |
Aggregate intrinsic value, beginning balance | $ | $ 447,090 | |
Number of options, granted | shares | 180,100 | [1] |
Weighted average exercise price, granted | $ 6.28 | [1] |
Weighted average remaining contractual term (in years), granted | 4 years 6 months 3 days | [1] |
Aggregate intrinsic value, granted | [1] | |
Number of options, ending balance | shares | 1,670,400 | |
Weighted average exercise price, ending balance | $ 6.21 | |
Weighted average remaining contractual term (in years), ending balance | 3 years 8 months 8 days | |
Aggregate intrinsic value, ending balance | $ | $ 2,121,408 | |
Number of options, exercisable | shares | 1,424,010 | |
Weighted average exercise price, exercisable | $ 6.13 | |
Weighted average remaining contractual term (in years), exercisable | 3 years 6 months 29 days | |
Aggregate intrinsic value, exercisable | $ | $ 1,922,414 | |
[1]On August 2, 2022, the Company granted 180,100 8.38 two August 2, 2027 180,100 887,362 142,100 700,134 |
SCHEDULE OF NUMBER OF OPTIONS_2
SCHEDULE OF NUMBER OF OPTIONS GRANTED (Details) (Parenthetical) - Stock Option Plan [Member] | 6 Months Ended | |||
Aug. 02, 2022 USD ($) shares | Aug. 02, 2022 $ / shares | Jan. 31, 2023 $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of options, granted | [1] | 180,100 | ||
Exercise price | $ / shares | [1] | $ 6.28 | ||
Directors, Officers and Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of options, granted | 180,100 | |||
Exercise price | $ / shares | $ 8.38 | |||
Vesting period | 2 years | |||
Expiration date | Aug. 02, 2027 | |||
Fair value of stock option issued | $ | $ 887,362 | |||
Officer [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of options, granted | 142,100 | |||
Fair value of stock option issued | $ | $ 700,134 | |||
[1]On August 2, 2022, the Company granted 180,100 8.38 two August 2, 2027 180,100 887,362 142,100 700,134 |
SCHEDULE OF FAIR VALUE MEASUREM
SCHEDULE OF FAIR VALUE MEASUREMENT OF EQUITY-SETTLED SHARE OPTIONS (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Dividend yield | 0% | 0% | |||
Expected volatility of the share prices | 100% | 100% | |||
Risk-free interest rate | 3.62% | 2.68% | |||
Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Expected term (in years) | 2 years 9 months 14 days | 3 years 6 months 29 days | |||
Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Expected term (in years) | 3 years 10 months 6 days | 4 years 4 months 6 days | |||
Stock Option Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Dividend yield | 0% | 0% | 0% | 0% | |
Expected volatility of the share prices | 100% | 100% | 100% | 100% | |
Risk-free interest rate | 4.23% | 1.47% | 4.23% | ||
Expected term (in years) | 5 years | 5 years | 5 years | 5 years | |
Stock Option Plan [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Risk-free interest rate, minimum | 0.80% | ||||
Stock Option Plan [Member] | Maximum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Risk-free interest rate, maximum | 1.47% |
SCHEDULE OF OUTSTANDING AND EXE
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details) | 6 Months Ended |
Jan. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options outstanding | 1,670,400 |
Options exercisable | 1,424,010 |
Exercise Price 6.14 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 6.28 |
Options outstanding | 180,100 |
Weighted average remaining contractual term (years) | 4 years 6 months 3 days |
Options exercisable | 45,025 |
Weighted average remaining contractual term (years), exercisable | 4 years 6 months 3 days |
Expiry date | Aug. 02, 2027 |
Exercise Price 4.71 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 4.71 |
Options outstanding | 31,000 |
Weighted average remaining contractual term (years) | 4 years 3 months 21 days |
Options exercisable | 11,625 |
Weighted average remaining contractual term (years), exercisable | 4 years 3 months 21 days |
Expiry date | May 20, 2027 |
Exercise Price 7.51 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.51 |
Options outstanding | 150,000 |
Weighted average remaining contractual term (years) | 4 years 14 days |
Options exercisable | 75,000 |
Weighted average remaining contractual term (years), exercisable | 4 years 14 days |
Expiry date | Feb. 16, 2027 |
Exercise Price 8.47 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 8.47 |
Options outstanding | 524,700 |
Weighted average remaining contractual term (years) | 3 years 11 months 12 days |
Options exercisable | 508,800 |
Weighted average remaining contractual term (years), exercisable | 3 years 11 months 12 days |
Expiry date | Jan. 13, 2027 |
Exercise Price 7.74 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 7.74 |
Options outstanding | 12,600 |
Weighted average remaining contractual term (years) | 3 years 9 months |
Options exercisable | 11,560 |
Weighted average remaining contractual term (years), exercisable | 3 years 9 months |
Expiry date | Nov. 01, 2027 |
Exercise Price 5.74 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 5.74 |
Options outstanding | 100,000 |
Weighted average remaining contractual term (years) | 3 months 17 days |
Options exercisable | 100,000 |
Weighted average remaining contractual term (years), exercisable | 3 years 7 months 2 days |
Expiry date | Sep. 01, 2026 |
Exercise Price 4.24 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 4.24 |
Options outstanding | 60,000 |
Weighted average remaining contractual term (years) | 3 years 2 months 19 days |
Options exercisable | 60,000 |
Weighted average remaining contractual term (years), exercisable | 3 years 2 months 19 days |
Expiry date | Apr. 19, 2026 |
Exercise Price 4.24 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price | $ / shares | $ 4.24 |
Options outstanding | 612,000 |
Weighted average remaining contractual term (years) | 3 years 1 month 28 days |
Options exercisable | 612,000 |
Weighted average remaining contractual term (years), exercisable | 3 years 1 month 28 days |
Expiry date | Mar. 29, 2026 |
SCHEDULE OF RESTRICTED STOCK UN
SCHEDULE OF RESTRICTED STOCK UNITS GRANTED (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jan. 31, 2023 USD ($) $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of options, beginning balance | |
Aggregate intrinsic value, beginning balance | $ | |
Number of RSU's outstanding, Granted | 19,200 |
Aggregate intrinsic value, Granted | $ / shares | $ 123,072 |
Number of options, ending balance | 19,200 |
Aggregate intrinsic value, ending balance | $ | $ 143,616 |
SCHEDULE OF RESTRICTED STOCK _2
SCHEDULE OF RESTRICTED STOCK UNITS GRANTED (Details) (Parenthetical) | Aug. 02, 2022 shares |
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Issuance of restricted stock units, shares | 19,200 |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation | $ 266,844 | $ 814,876 | $ 1,378,785 | $ 1,333,010 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation | 225,091 | 109,453 | 575,347 | 109,453 |
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total share-based compensation | $ 41,753 | $ 705,423 | $ 803,438 | $ 1,223,557 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Aug. 02, 2022 | Jan. 31, 2023 | Jul. 31, 2022 | |
Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted-average grant date per share | $ 6.19 | $ 6.19 | |
Stock Option Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Weighted-average grant date per share | $ 4.93 | ||
Unrecognized costs | $ 1,269,878 | ||
Expected period | 1 year 6 months | ||
Stock Option Plan [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Acquiring percentage of issued and outstanding of common stock | 15% |
SCHEDULE OF FINANCIAL INCOME (E
SCHEDULE OF FINANCIAL INCOME (EXPENSE), NET (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Financial Income Expenses Net | ||||
Interest income | $ 240,595 | $ 12,081 | $ 428,948 | $ 18,386 |
Interest expense | (979) | |||
Change in fair value of warrant liability | (7,629,502) | 14,797,888 | (3,511,712) | (10,456,148) |
Gain on government grant | 3,388 | 3,388 | ||
Foreign exchange loss | (6,532) | (6,041) | (16,065) | (6,007) |
Loss on extinguishment of debt | ||||
Financial income (expenses), net | $ (7,395,439) | $ 14,807,316 | $ (3,098,829) | $ (10,441,360) |
SCHEDULE OF BASIC AND DILUTED N
SCHEDULE OF BASIC AND DILUTED NET LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (11,881,762) | $ 11,160,507 | $ (12,988,303) | $ (16,372,978) |
Shares used in computing net EPS of common stock, basic | 15,518,018 | 15,788,827 | 15,518,018 | 15,547,497 |
Basic EPS | $ (0.77) | $ 0.71 | $ (0.84) | $ (1.05) |
Net income (loss) attributable to common stock, basic and diluted | $ (11,881,762) | $ 704,359 | $ (12,988,303) | $ (16,372,978) |
Stock Options | 337,644 | |||
Warrants | 2,279,143 | |||
Shares used in computation of diluted earnings per share | 15,518,018 | 18,405,614 | 15,518,018 | 15,547,497 |
Diluted EPS | $ (0.77) | $ 0.04 | $ (0.84) | $ (1.05) |