BriaCell Therapeutics Corp. (NASDAQ: BCTX), a biotechnology firm focused on developing cancer immunotherapy treatments, witnessed dramatic stock price volatility over the past two trading sessions. The company’s shares soared on Tuesday after releasing promising data from its ongoing breast cancer clinical trial. However, this momentum was reversed on Wednesday, as the stock plummeted more than 50%, ultimately setting a fresh 52-week low.
BriaCell, which currently holds a market capitalization near $20.57 million, centers its research efforts on personalized immunotherapy approaches for cancer patients. The recent clinical update reported the complete and durable disappearance of a lung metastasis in a patient battling metastatic breast cancer (MBC). This achieved response was observed in a subject with hormone receptor-positive (HR+), HER2-negative disease, treated with the company's off-the-shelf personalized immunotherapy candidate, Bria-OTS.
Bria-OTS is derived from BriaCell's lead candidate, Bria-IMT, currently under evaluation in a Phase 1/2a clinical investigation targeting recurrent metastatic breast cancer. This trial is structured to assess both single-agent dose escalation and combination regimens involving checkpoint inhibitors during the dose expansion phase, which the company has recently initiated.
The patient featured in the data release, a 78-year-old woman with advanced metastatic breast cancer who had exhausted multiple prior therapies, reportedly attained full lung metastasis resolution after receiving four cycles of Bria-OTS as monotherapy. This complete response was first confirmed at the two-month mark and subsequently verified at four, six, and eleven months, indicating sustained efficacy. She underwent seventeen treatment cycles in total, completing the twelve-month study period, and is currently in survival follow-up.
In parallel with the clinical update, BriaCell announced a significant capital raise through a public offering conducted during after-hours trading on Tuesday. The company priced 5.37 million units at $5.59 each, resulting in gross proceeds totaling $30 million. Each unit comprises one common share—although investors may receive a pre-funded warrant in lieu—and one warrant with an exercise price set at $6.93 per share.
Despite the encouraging clinical data and the bolstered financial position, the stock faced heavy selling pressure on Wednesday. Shares traded down approximately 53.75% in premarket activity to a price of $5.05, marking a new low for the year. Market participants appeared to weigh the dilution risk from the freshly issued equity and warrants alongside the nascent clinical findings.
The Phase 1 portion of the ongoing breast cancer study—focused on dose escalation—has now concluded. The company has moved into the Phase 2a dose expansion phase, exploring the therapeutic potential of Bria-OTS when combined with immune checkpoint inhibitors. This expansion phase will provide further data on safety and efficacy in a combinatorial setting, potentially informing future development strategies.
The volatility surrounding BriaCell’s stock underscores the challenges biotech firms face in aligning clinical progress, funding needs, and investor sentiment. While the complete resolution of metastasis in a heavily pretreated patient represents a notable clinical milestone, the overall development program is at an early stage. Data from additional patients and combination therapy cohorts will be critical to assess broader applicability and confirm long-term benefits.