BriaCell Therapeutics Corp. closed the third fiscal quarter of FY2026 (the three months ended April 30, 2026) with a net loss attributable to common shareholders of $7.16 million, $1.04 million wider than the $6.13 million lost a year earlier, and a nine-month net loss of $22.58 million, 24% above the prior-year nine-month figure. The expansion is not an operational setback; it is the bill for running a pivotal Phase 3 metastatic breast cancer trial of Bria-IMT in combination with Incyte's retifanlimab, and the load-bearing number this quarter is not on the income statement at all. By the May 12 update, enrollment in that Phase 3 had crossed 230 patients against a 1H2026 topline-data readout, and management closed a $4.7 million follow-on offering on June 2 to keep the trial funded into that readout. With $22.80 million of cash and short-term investments at April 30 against an annualized $30.26 million operating cash use, plus the June raise, the runway of cash and short-term investments into the 1H2026 data event is roughly ten to eleven months, which is the most that matters for an equity whose value is the readout and not the line items. The open question is whether the company can fund the second half of 2026 without another round; the 9.0-month pre-raise runway, the explicit going-concern language management wrote in the Q3 FY2026 filing, and the audit's reference to material uncertainty together say the question is live, not theoretical.