BriaCell Therapeutics Corp. (NASDAQ:BCTX) saw its shares plunge 55% in pre-market trading on Wednesday after the clinical-stage biotech company unveiled the pricing of a $30 million public offering.
The cancer immunotherapy developer’s stock traded at $4.97 before the open, sharply lower than Tuesday’s closing price of $10.92. The offering was priced at $5.59 per unit, marking a steep discount to the prior close.
Each unit includes one common share, or a pre-funded warrant in place of a share, along with one warrant. The warrants carry an exercise price of $6.93 per share, are immediately exercisable, and will expire five years after issuance. The warrants are expected to begin trading on Nasdaq under the symbol “BCTXL” on January 14, 2026.
The transaction is expected to close on January 15, 2026, subject to customary closing conditions. BriaCell said the proceeds will be used to support working capital needs, general corporate purposes, and the continued advancement of its strategic and operational objectives.