BETRF 0001477932-26-004038 6-K Filing: Jun 26, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2026.

Commission File Number 333-161157

BETTERLIFE PHARMA INC.

| (Translation of registrant’s name into English) |

1275 WEST 6^TH^ AVENUE, #300

VANCOUVER, BC CANADA V6H 1A6

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)( 1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6‑K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6‑K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6‑K submission or other Commission filing on EDGAR.

Exhibits:

99.1		Management’s discussion and analysis

| 99.2 | | Financial statements |

| 99.3 | | CEO certification |

| 99.4 | | CFO certification |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BETTERLIFE PHARMA INC.
Date: June 26, 2026	By:	/s/ Moira Ong

| | Name: | Moira Ong |

| | Title: | Chief Financial Officer |

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betrf_ex991.htm EXHIBIT 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS

Three Months Ended April 30, 2026

This following Management’s Discussion and Analysis (“MD&A”) is prepared as of June 26, 2026 and provides a review of the financial condition and results of operations for BetterLife Pharma Inc. (the “Company” or “BetterLife”) for the three months ended April 30, 2026. This MD&A should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and notes thereto for the three months ended April 30, 2026, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee. The financial information presented in this MD&A is derived from the unaudited condensed consolidated interim financial statements.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This MD&A contains forward-looking information including the Company’s future plans. The use of any of the words “target”, “plans”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Such forward looking information, including but not limited to statements pertaining to Company’s future plans and management’s belief as to the Company’s potential involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements. Forward looking information is based on management’s expectations regarding future growth, results of operations, future capital and other expenditures (including the amount, nature and sources of funding for such expenditures), business prospects and opportunities. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the commercial viability of any products the Company is in the process of developing, delays or changes in plans with respect to any products, costs and expenses, the risk of foreign exchange rate fluctuations, risks associated with securing the necessary regulatory approvals and financing to proceed with any planned business venture, product development, and risks and uncertainties regarding the potential to economically scale and bring to profitability any of the Company’s current or planned endeavors. Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause the results of the Company’s business to not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. See the “Risks and Uncertainties” section of this MD&A for a further description of these risks. The forward-looking information included in this MD&A is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information.

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BUSINESS OVERVIEW

BetterLife is a publicly traded corporation incorporated on June 10, 2002 in the Province of British Columbia, Canada under the name “649186 B.C. Ltd.”. On September 9, 2003, the Company changed its name to “Xerxes Health Corp.”. On June 26, 2007, it changed its name to “Neurokine Pharmaceuticals Inc.”. On April 7, 2015, the Company changed its name to “Pivot Pharmaceuticals Inc.” and on December 5, 2019, it changed its name to “BetterLife Pharma Inc.”. The Company’s principal executive office is located at 1275 West 6^th^ Avenue, #300, Vancouver, B.C. Canada V6H 1A6. BetterLife’s common shares are traded on the Canadian Securities Exchange under the symbol “BETR” and on the OTCQB under the symbol “BETRF”.

BetterLife is an emerging biotechnology company primarily focused on developing compounds for the treatment of neurological pain indications. BetterLife is also refining and developing drug candidates from a broad set of complementary interferon-based technologies which have the potential to engage the immune system to fight viral infections.

The Company’s management team has implemented a business-minded and cost-conscious approach to product research and development and will use contract development and manufacturing organizations on a fee for service basis to perform any research, development or production that is required.

Business Developments

On December 18, 2020, the Company acquired 100% of the assets in Nutraneeds LLC (“Nutraneeds”) in an all-stock transaction. The assets acquired address unmet mental health needs through the development of patented next generation psychedelic therapeutics, including the lysergic acid diethylamide (“LSD”) derivative 2-Bromo-LSD.

Product Description and Target Disease

BETR-001’s active chemical is 2-bromo-lysergic acid diethylamide (“2-bromo-LSD”). BETR-001 is a non-hallucinogenic neuroplastogen that is believed to mimic the projected therapeutic potential of LSD without the burden of its hallucinogenic effects. Human clinical trials were conducted several decades ago with 2-bromo-LSD synthesized from LSD. These trials showed that 2-bromo-LSD did not cause hallucinations. There has been accumulating evidence that LSD may be effective in treating neuropsychiatric disorders. LSD’s hallucinogenic properties are believed to arise from its pharmacological effects on the serotonin 5HT2A receptor. The 2-bromo modification on the LSD structure is proposed to alter the pharmacological effect of the compound on the 5HT2A receptor, and lead to 2-bromo-LSD’s non-hallucinogenic properties compared to LSD, while maintaining its therapeutic potential. Previously, 2-bromo-LSD has been tested in studies in humans, mainly in healthy subjects. Most of these studies were conducted in the 1950s. In 2010, a case series study in cluster headaches was reported showing that treatment with 2-bromo-LSD was effective against cluster headaches. The Company plans to develop BETR-001 to treat neurological pain indications, with an initial emphasis on cluster headache and migraine. BETR-001 is orally administered. The Company’s intended goal is to develop BETR-001 as a patient self-administered medication prescribed by a psychiatrist. In terms of regulations, 2-bromo-LSD per se is not usually classified as a controlled substance, but if its synthesis uses LSD as starting material, the synthesis falls under Schedule 1 controlled substance regulations. The Company has developed and uses a manufacturing process pathway that does not use LSD as starting material to make 2-bromo-LSD, a manufacturing process that is protected by the Company’s issued and provisional patents. This manufacturing is therefore not subject to Schedule 1 controlled substance restrictions, and the Company can move ahead with BETR-001 large scale synthesis without these restrictions.

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BetterLife also owns the following drug candidates for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.

MM-001 is a topical formulation of recombinant human interferon alpha-2b (“IFNa2b”) based on the patented Biphasix™ drug formulation technology. The Biphasix formulation allows stable cream formulation of IFNa2b and its delivery across the dermis/mucosa, with minimal systemic exposure.

MM-003 is a patent pending proprietary recombinant human IFNa2b inhalation formulation. IFNa2b is a known broad acting anti-viral protein that is normally naturally synthesized by the body’s cells as the first line of defense against viral infections.

Product Current Stage of Development

2-bromo-LSD, the active ingredient in BETR-001, as synthesized by others, has been tested in human studies previously, mainly in healthy subjects. Most of these human studies were conducted at the end of the 1950’s and early 1960’s. The CMC (chemistry, manufacturing, controls) specifications of the 2-bromo-LSD in these studies is not known. Therefore, for purposes of US Food and Drug Administration (“FDA”) or other health regulatory authority purposes to start human clinical trials, BETR-001 is classified as a new molecular entity and is currently at the preclinical stage of development.

Product Current Regulatory Status, Development Strategy and Projected Timelines

BetterLife is currently completing GMP manufacturing of BETR-001 oral capsules. Simultaneously, BetterLife has started and plans to complete all the necessary preclinical and investigational new drug (“IND”) enabling toxicology studies. Upon clearance of the IND, BetterLife currently plans to conduct a randomized placebo-controlled Phase 1A clinical trial in healthy volunteers, which will then be followed with a Phase 1B trial in patients with headache disorders.

DISCUSSION OF OPERATIONS

Following is a discussion of the Company’s financial results for the three months ended April 30, 2026, compared to the comparative period in the prior fiscal year.

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		THREE MONTHS<br> <br>ENDED

| Revenue | | $ | nil | | | $ | nil | |

| Operating expenses | | | (585,119 | ) | | | (310,683 | ) |

| Accretion expense | | | (6,555 | ) | | | (29,894 | ) |

| Change in financial guarantee liability | | | (6,486 | ) | | nil | | |

| Changes in fair values of warrant liabilities | | | (20,268 | ) | | | 31,312 | |

| Gains from extinguishment/forgiveness of debts | | | 35,820 | | | | 149,993 | |

| Loss from modification of loan | | | (6,500 | ) | | nil | | |

| Interest expense | | | (23,240 | ) | | | (47,208 | ) |

| Other | | | (274 | ) | | | (574 | ) |

| Net loss | | $ | (612,622 | ) | | $ | (207,054 | ) |

Net loss for the three months ended April 30, 2026 increased by approximately $405,000 from the three months ended April 30, 2025. An increase in operating expenses by approximately $274,000 contributed to this increase in net loss (discussed below). In the prior period, the Company recorded a gain from extinguishment of debts of approximately $150,000 pursuant to settlement of accounts payable and amounts due to related parties through issuance of 14,999,303 common shares. The gain on extinguishments of debts in the current reporting period was approximately $36,000.

Expenses

		THREE MONTHS<br> <br>ENDED

| Consulting fees | | $ | 51,320 | | | $ | 59,392 | |

| Foreign exchange loss (gain) | | | 23,724 | | | | (160,064 | ) |

| General and administrative | | | 24,238 | | | | 53,243 | |

| Professional fees | | | 86,207 | | | | 50,696 | |

| Research and development | | | 21,502 | | | | 13,623 | |

| Wages, salaries and employment expenses | | | 378,128 | | | | 293,793 | |

| Operating expenses | | $ | 585,119 | | | $ | 310,683 | |

Operating expenses increased by approximately $274,000 as a result of the following:

	·	During the three months ended April 30, 2026, the Company recorded a foreign exchange loss of $24,000 compared to a foreign exchange gain of $160,000 in the prior period. During the 2025 period, strengthening of the Canadian dollar relative to the US dollar and reduction of US dollar-denominated liabilities as a result of debt settlements (discussed above) resulted in a foreign exchange gain being reported.

| | · | Wages, salaries and employment expenses increased from $294,000 to $378,000. During the three months ended April 30, 2026, 6.05 million stock options were granted, resulting in approximately $100,500 in share-based payment expenses being recorded in wages, salaries and employment expenses (three months ended April 30, 2025 - $nil). |

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The table below presents material components of general and administrative expense:

		THREE MONTHS<br> <br>ENDED

| Business fees and licenses | | $ | 1,414 | | | $ | nil | |

| Information technology | | | 260 | | | | 2,812 | |

| Investor relations | | nil | | | | | 24,000 | |

| Office | | | 3,089 | | | | 5,073 | |

| Press release | | nil | | | | | 6,309 | |

| Public listing expense | | | 13,781 | | | | 11,675 | |

| Telecommunications | | | 391 | | | | 892 | |

| Travel, meals and entertainment | | nil | | | | | 735 | |

| Website costs | | | 5,303 | | | | 1,747 | |

| | | $ | 24,238 | | | $ | 53,243 | |

General and administrative expenses decreased by approximately $29,000 due primarily to a decrease in investor relations expense of $24,000. In October 2025, the Company terminated its investor relations position. The Company also terminated its press release service provider and will be utilizing a more cost-effective pay-on-use press release service, resulting in a decrease in press release expense.

SUMMARY OF QUARTERLY RESULTS AND FOURTH QUARTER

The following table presents a summary of unaudited quarterly financial information for the last eight consecutive quarters:

		QUARTERS ENDED

| Total revenue | | $ | nil | | | $ | nil | | | $ | nil | | | $ | nil | |

| Net loss | | $ | (612,622 | ) | | $ | (381,623 | ) | | $ | (420,130 | ) | | $ | (504,111 | ) |

| Net loss per share – basic | | $ | (0.004 | ) | | $ | (0.002 | ) | | $ | (0.003 | ) | | $ | (0.003 | ) |

| Net loss per share - diluted | | $ | (0.004 | ) | | $ | (0.002 | ) | | $ | (0.003 | ) | | $ | (0.003 | ) |

| | | | | | | | | | | | | | | | | |

| Total revenue | | $ | nil | | | $ | nil | | | $ | nil | | | $ | nil | |

| Net (loss) income | | $ | (207,054 | ) | | $ | (767,058 | ) | | $ | 642,771 | | | $ | (1,448,284 | ) |

| Net (loss) income per share – basic | | $ | (0.002 | ) | | $ | (0.006 | ) | | $ | 0.005 | | | $ | (0.012 | ) |

| Net (loss) income per share - diluted | | $ | (0.002 | ) | | $ | (0.006 | ) | | $ | 0.005 | | | $ | (0.012 | ) |

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Net loss for the quarter ended July 31, 2024 was higher than other quarters due mainly to the increase in share-based payment expense related to 2.2 million share purchase options, valued at approximately $1.7 million and granted by MedMelior to officers, directors and consultants.

The Company recorded a net income during the quarter ended October 31, 2024. During this quarter, approximately $759,000 was recorded as a financial guarantee recovery to reflect financial guarantee liability at the amount issued as judgement against the Company by the Superior Court of Quebec (discussed below under “Commitments and Contingencies”). The amount issued as judgement was lower than what the Company had previously estimated. In addition, the Company recorded a gain from legal claim of approximately $557,000 pursuant to the conclusion of claims against the Company and MedMelior Inc. in the State and Federal Courts.

Net loss during the quarters ended April 30, 2025 through January 31, 2026 decreased from the quarter ended January 31, 2025 as the Company did not record any significant share-based payment expenses and continued its efforts at minimizing expenditures. Other factors, such as gains from extinguishment of debts, fair values of warrant liabilities and foreign exchange effects, also contributed to the decreases in net loss.

Net loss for the quarter ended April 30, 2026 increased from four prior quarters due mainly to increased share-based payment expense recorded within wages, salaries and employment expenses as discussed above under “Expenses”.

LIQUIDITY AND CAPITAL RESOURCES

The Company manages its liquidity risk by reviewing, on an ongoing basis, its capital requirements and capital structure. The Company makes adjustments to its capital structure in light of changes in economic conditions and the risk characteristics of its assets. To maintain or adjust its capital structure, BetterLife may issue new common shares or debentures, acquire or dispose of assets or adjust the amount of cash. While the Company has incurred losses to date, with an accumulated deficit of $120,700,750 at April 30, 2026, management expects to continue to fund its development efforts through its access to public capital markets. On June 21, 2026, the Company closed on a private placement of convertible debenture for gross proceeds of $2,000,000 from a director, which will fund remaining IND-enabling work on BETR-001 as the Company focuses its business plans on neurological pain indications. The Company will require additional funds from equity/debt financings or strategic business alliances to support its future clinical efforts. There can be no assurance that the Company will gain adequate market acceptance for its projects or be able to generate sufficient positive cash flow to achieve its business plans. Therefore, the Company is subject to risks including, but not limited to, its inability to raise additional funds through equity and/or debt financing to support ongoing operations. See “Risks and Uncertainties”.

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Working Capital

The following table presents the Company’s working capital at April 30 and January 31, 2026:

		April 30,<br> <br>2026				January 31,<br> <br>2026

| Current assets | | $ | 242,428 | | | $ | 219,903 | |

| Current liabilities | | | 6,649,119 | | | | 6,679,109 | |

| Working capital deficiency | | $ | 6,406,691 | | | $ | 6,459,206 | |

There was a small decrease in working capital deficiency as at April 30, 2026. On April 15, 2026, the Company closed on a private placement for proceeds of $499,600, of which $258,000 in subscription proceeds were received during the three months ended April 30, 2026. This contributed to the improvement in working capital deficiency. In addition, carrying amounts of convertible debentures and related accrued interest totaling approximately $214,000 were converted to 2,153,206 units, resulting in a decrease in convertible debentures included within current liabilities.

Statements of Cash Flows

The following table presents the Company’s cash flows for the three months ended April 30, 2026 and 2025:

		THREE MONTHS ENDED

| Operating activities | | $ | (239,233 | ) | | $ | (14,245 | ) |

| Financing activities | | | 255,059 | | | | 25,000 | |

| Effect of foreign exchange rate changes on cash | | | 180 | | | | 63 | |

| Increase in cash for the period | | $ | 16,006 | | | $ | 10,818 | |

On April 15, 2026, the Company closed on a private placement for proceeds of $499,600, of which $258,000 in subscription proceeds were received during the three months ended April 30, 2026. These subscription proceeds allowed the Company to fund its working capital and operating activities.

Commitments and Contingencies

In March 2021, Olymbec Development Inc. (“Olymbec”) filed a judicial demand before the Superior Court (Civil Division) of Quebec and a judgement for a safeguard order was obtained by Olymbec against Pivot Pharmaceuticals Manufacturing Corp. (“Pivot”), a former subsidiary, and the Company, as guarantor of the lease at 285-295 Kesmark Street, Quebec (the “Lease”), ordering Pivot and the Company to jointly pay the full amount of the Lease on the first day of each month. In May 2021, a judgement for a safeguard order was issued ordering Pivot and the Company to provide post-dated cheques for monthly lease payments for the months of June through November 2021. In June 2021, a judgement granted Pivot and the Company until June 30, 2021 to pay the outstanding lease totaling $124,223 and to deliver post-dated cheques each in the amount of $49,410.51 for monthly lease payments for the months of July through November 2021, which were completed. On October 25, 2023, due to non-payment of rent by Pivot, Olymbec terminated the Lease. An order for Pivot’s bankruptcy was granted on December 11, 2023 by the Superior Court (Commercial Division) of Quebec. On December 16, 2024, the Superior Court (Civil Division) of Quebec issued a judgment ordering the Company to pay Olymbec $367,428, representing lease unpaid by Pivot and administrative charges, plus $15,000 as punitive damages. On March 17, 2025, this judgment was registered with the Supreme Court of British Columbia.

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The Company is a guarantor on the Lease, which was assigned together with the sale of Pivot in October 2020 pursuant to which the Company has recorded a financial guarantee liability of $419,341 (January 31, 2026 - $412,854).

At April 30, 2026, certain of the Company’s research and development programs, with a total contracted amount of approximately $679,200, were in progress of which the Company has paid approximately $380,200 and a further $299,000 remains to be paid in future periods.

At April 30, 2026, there may be a contingent liability related to potential interest or penalties that vendors may charge on the Company’s aged accounts payables. Due to the absence of reliable estimates for this amount, no provisions have been recorded by the Company.

Events After the Reporting Date

The following are events that have occurred subsequent to April 30, 2026:

	(a)	The Company extended the maturity dates of promissory notes to December 31, 2027.

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| | (b) | On May 11, 2026, the Company granted 3,500,000 stock options, with exercise price of US$0.045, expiry date of May 11, 2036 and monthly vesting over 24 months, to a director (“Executive Director”) appointed in May 2026. |

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| | | On June 15, 2026, the Company granted 3,250,000 stock options, with exercise price of $0.07, expiry date of June 15, 2036 and quarterly vesting over 24 months, to officers and a director. |

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| | (c) | On June 15, 2026, maturity dates of the following share purchase warrants were extended as follows: |

Number of Warrants				Exercise Price				Original Maturity Date		Extended Maturity Date

| | 1,750,000 | | | | 0.13 | | July 1, 2026 | | July 1, 2027 |

| | 350,000 | | | | 0.10 | | August 31, 2026 | | August 31, 2027 |

| | 7,743,342 | | | | 0.10 | | September 27, 2026 | | September 27, 2027 |

| | 4,090,904 | | | | 0.10 | | October 1, 2026 | | October 1, 2027 |

| | 416,712 | | | | 0.10 | | October 29, 2026 | | October 29, 2027 |

All values are in US Dollars.

	(d)	On June 19, 2026, the Company issued 100,000 common shares to its Executive Director for corporate advisory services performed prior to his appointment as Executive Director.

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| | (e) | On June 21, 2026, the Company closed on a non-brokered private placement of convertible debenture (“Debenture”) for gross proceeds of $2,000,000 issued to a director. The Debenture has an interest rate of 10% per annum, matures on June 1, 2027 and is convertible at $0.10 per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one common share at an exercise price of $0.10 until June 1, 2029. |

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RISKS AND UNCERTAINTIES

Financial Risks

Credit Risk

Credit risk is the risk of loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company’s cash is held through reputable financial institutions in Canada and Australia. The carrying amounts of cash represent the maximum exposure to credit risk. As at April 30, 2026, this amounted to $28,576.

Interest Rate Risk

Interest rate risk is the risk that fair values of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to significant interest rate risk.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages liquidity risk through the management of its capital structure. Accounts payable and accrued liabilities, due to related parties, financial guarantee liability, convertible debentures, current portion of loans payable and promissory notes are due within the current operating period.

Currency Risk

Currency risk is the risk of loss due to fluctuation of foreign exchange rates and the effects of these fluctuations on foreign currency denominated monetary assets and liabilities. A 5% change in exchange rates will increase or decrease the Company’s loss by approximately $155,000. The Company does not invest in derivatives to mitigate these risks.

Business Risks

The Company is exposed to a number of “Risk Factors”, which are summarized below:

	·	There is substantial doubt as to whether the Company will continue operations. If the Company discontinues operations, shareholders could lose their investment.

| | · | The Company has incurred operating losses in each year since inception and may continue to incur substantial and increasing losses for the foreseeable future. The Company also has negative capital cash flows from operating activities. If the Company cannot generate sufficient revenues to operate profitably or with positive cash flow from operating activities, it may suspend or cease its operations. |

| | · | The Company will require substantial additional funds to complete its development and commercialization activities, and if such funds are not available, the Company may need to significantly curtail or cease operations. |

| | · | The Company’s inability to complete its development projects in a timely manner could have a material adverse effect of the results of operations, financial condition and cash flows. |

| | · | The Company may not commence or complete clinical testing for any of its prospective pharmaceutical products and the commercial value of any clinical study will depend significantly upon the Company’s choice of indication and patient population selection. If BetterLife is unable to commence or complete clinical testing or if it makes a poor choice in terms of clinical strategy, the Company may never achieve revenues. |

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	·	The Company will rely on third parties to conduct its research, development and manufacturing activities. If these third parties do not perform as contractually required, fail to meet the Company’s manufacturing requirements and applicable regulatory requirements or otherwise expected, the Company may not be able to commercialize its products, which may prevent the Company from becoming profitable.

| | · | If the Company is unable to establish a sales, marketing and distribution infrastructure or enter into collaborations with partners to perform these functions, it may not be successful in commercializing its product candidates. |

| | · | The Company’s product candidates may never gain market acceptance, which could prevent the Company from generating revenues. |

| | · | The Company faces potential product liability exposure, and any claim brought against the Company may cause it to divert resources from normal operations or terminate selling, distributing and marketing any of its products. This may cause BetterLife to cease its operations as it relates to that product. |

| | · | The manufacturing of all of the Company’s products will be subject to ongoing regulatory requirements, and may therefore be the subject of regulatory or enforcement action. The associated costs could prevent the Company from achieving its goals or becoming profitable. |

| | · | Since certain of the Company’s directors are located outside of Canada, shareholders may be limited in their ability to enforce Canadian civil actions against the Company’s directors for damages to the value of their investment. |

| | · | The Company plans to indemnify its directors and officers against liability to the Company and its security holders, and such indemnification could increase its operating costs. |

| | · | The Company has no sources of product revenue and it will not be able to maintain operations and research and development without sufficient funding. |

| | · | The Company is highly dependent upon certain key personnel and their loss could adversely affect the Company’s ability to achieve its business objectives. |

| | · | If the Company breaches any of the agreements under which it licenses rights to product candidates or technology from third parties, it can lose license rights that are important to its business. The Company’s current license agreements may not provide an adequate remedy for breach by the licensor. |

| | · | Preclinical and clinical drug development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results and the Company’s product candidates may not have favorable results in later trials or in the commercial setting. |

| | · | If the Company is unable to enroll subjects in clinical trials, it will be unable to complete these trials on a timely basis. |

| | · | If the Company’s competitors develop and market products that are more effective than the Company’s existing product candidates or any products that it may develop, or obtain marketing approval before the Company does, the Company’s products may be rendered obsolete or uncompetitive. |

| | · | The Company relies on contract manufacturers over whom it has limited control. If the Company is subject to quality, cost or delivery issues with the preclinical and clinical grade materials supplied by contract manufacturers, its business operations could suffer significant harm. |

| | · | The Company’s future success is dependent primarily on the regulatory approval of a single product. |

| | · | The Company will be subject to extensive government regulation that will increase the cost and uncertainty associated with gaining final regulatory approval of its product candidates. |

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	·	The Company’s products may become subject to unfavorable pricing regulations, third-party coverage and reimbursement practices or healthcare reform initiatives, thereby having an adverse effect on its business.

| | · | Negative results from clinical trials or studies of others and adverse safety events involving the targets of the Company’s products may have an adverse impact on future commercialization efforts. |

| | · | The Company faces the risk of product liability claims, which could exceed its insurance coverage and produce recalls, each of which could deplete cash resources. |

| | · | Changes in government regulations, although beyond the Company’s control, could have an adverse effect on its business. |

| | · | The Company’s discovery and development processes may involve the use of companion diagnostics or biomarkers. |

| | · | Significant disruption in availability of key components for ongoing preclinical and clinical studies could considerably delay completion of potential clinical trials, product testing and regulatory approval of potential product candidates. |

| | · | The Company’s products or technologies may need to be used in connection with third-party technologies or products. |

| | · | The Company may pursue other business opportunities in order to develop its business and/or products. |

| | · | Generally, a litigation risk exists for any company that may compromise its ability to conduct the Company’s business. |

| | · | The Company’s success depends on its ability to effectively manage its growth. |

| | · | It may be difficult for non-Canadian investors to obtain and enforce judgments against the Company because of its Canadian incorporation and presence. |

| | · | Significant disruptions of information technology systems or security breaches could adversely affect the Company’s business. |

Risks Related to the Company’s Intellectual Property

	·	If the Company is unable to maintain and enforce its proprietary intellectual property rights, it may not be able to operate profitably.

| | · | If the Company is the subject of an intellectual property infringement claim, the cost of participating in any litigation could cause the Company to go out of business. |

| | · | The Company may, in the future, be required to license patent rights from third-party owners in order to develop its products candidates. If the Company cannot obtain those licenses or if third party owners do not properly maintain or enforce the patents underlying such licenses, the Company may not be able to market or sell its planned products. |

| | · | The Company’s reliance on third parties requires it to share its trade secrets, which increases the possibility that a competitor will discover them. |

Risks Associated with BetterLife’s Securities

	·	Trading on the OTC Bulletin Board and the Canadian Securities Exchange (the “CSE”) may be volatile and sporadic, which could depress the market price of the Company’s common shares and make it difficult for its shareholders to resell their shares.

| | · | The Company’s common share is or may be considered a penny stock. Trading of BetterLife’s common shares may be restricted by the SEC’s penny stock regulations and FINRA’s sales practice requirements, which may limit a shareholder’s ability to buy and sell their shares. |

| | · | Shareholders will experience dilution or subordinated stockholder rights, privileges and preferences as a result of the Company’s financing efforts. |

| | · | The Company does not intend to pay dividends and there will thus be fewer ways in which shareholders are able to make a gain on their investment, if at all. |

| | · | The price of the Company’s shares may be subject to fluctuation in the future based on market conditions. |

11

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The Company has sought to identify what it believes to be the most significant risks to its business, but it cannot predict whether, or to what extent, any of such risks may be realized nor can it guarantee that it has identified all possible risks that might arise. Investors should carefully consider all of such risk factors before making an investment decision with respect to BetterLife’s common shares.

OFF BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements that have, or are reasonably likely to have, a material current or future effect on the Company’s financial condition, results of operations or cash flows.

TRANSACTIONS BETWEEN RELATED PARTIES

During the three months ended April 30, 2026, BetterLife entered into transactions and had outstanding balances with various related parties. The transactions with related parties are in the normal course of business.

Key Management Compensation

Key management includes those persons having authority and responsibility for planning, directing and controlling the activities, directly or indirectly, of the Company and includes the chief executive officer, chief operating officer and chief financial officer. During the three months ended April 30, 2026, compensation of key management, directors and former directors of the Company, consisting of salaries, director fees and share-based payments, totaled $389,687 (three months ended April 30, 2025 - $313,091), of which $146,169 were share-based payments related to long-term incentive plans (three months ended April 30, 2025 - $54,133). Key management compensation for the three months ended April 30, 2026 was accrued in the Company’s condensed consolidated interim financial statements and remain unpaid. During the three months ended April 30, 2026:

	·	5,600,000 share purchase options were granted to directors and officers (three months ended April 30, 2025 – nil).

| | · | 300,000 share purchase options for former directors were forfeited (three months ended April 30, 2025 – nil). |

| | · | No share purchase options for directors and officers expired (three months ended April 30, 2025 – 1,900,000) |

Other Related Party Transactions

At April 30, 2026, the Company owed $1,578,784 to key management and directors (January 31, 2026 - $1,415,082), of which $341,890 bear interest at 8% per annum (January 31, 2026 - $258,484). Promissory notes include accrued interest of $20,431 owed to directors and the Chief Executive Officer (January 30, 2026 - $14,418).

12

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During the three months ended April 30, 2026:

	·	The Company recorded $6,013 in interest expense on promissory owed to directors and the Chief Executive Officer.

| | · | The Company issued 10,308,039 common shares pursuant to the settlement of amounts due to directors and officers totaling $1,030,804. |

During the three months ended April 30, 2025, the Company issued 10,308,039 common shares pursuant to the settlement of amounts due to directors and officers totaling $1,030,804.

PROPOSED TRANSACTIONS

There are none.

CRITICAL ACCOUNTING ESTIMATES

Critical accounting estimates are estimates and assumptions made by management that may result in material adjustments to the carrying amount of assets and liabilities within the next financial year. Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments.

The following are the critical judgments and estimates that management have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the condensed consolidated interim financial statements:

	·	Expense or capitalization of research and development expenditures;

| | · | Impairment of non-financial assets; |

| | · | Estimation of interest and penalties on aged accounts payables and estimation of provisions and contingent liabilities; |

| | · | Fair value of convertible debentures; |

| | · | Assessment of functional currency; |

| | · | Determination of share-based payment expenses; |

| | · | Allocation of proceeds from issuance of units between common shares and warrants; and |

| | · | Assessment of going concern. |

CHANGES IN ACCOUNTING POLICIES

New Accounting Standards and Interpretations

The following new accounting standard and interpretation will be adopted by the Company subsequent to April 30, 2026.

13

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IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. IFRS 18 will establish a revised structure for the consolidated statements of comprehensive income and improve comparability across entities and reporting periods. IFRS 18 is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted. The new standard is required to be adopted retroactively, with certain transition provisions. The Company is evaluating the impact of adopting IFRS 18 on the condensed consolidated interim financial statements.

The following new accounting standard and interpretation has been adopted by the Company effective February 1, 2026.

IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, to provide further guidance on the timing of recognition and derecognition of financial instruments at settlement date, except for regular way purchases or sales of financial assets, and certain financial liabilities meeting conditions for a new exception which permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the settlement date. Additional guidance was also provided on assessing whether a financial asset meets the solely payments of principal and interest criterion, and issued new disclosure requirements. This amendment is effective for annual periods beginning on or after January 1, 2026. The Company has determined that there is no material impact to its condensed consolidated interim financial statements on adoption.

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

In accordance with IFRS, financial assets are classified into one of the following categories: amortized cost, fair value through other comprehensive income or fair value through profit or loss. Accounts receivable, excluding tax receivables, are classified as amortized cost. Their carrying values approximate fair value due to their limited time to maturity and ability to convert them to cash in the normal course. Financial liabilities are measured at amortized cost, unless they are required to be measured at fair value through profit or loss. The Company’s accounts payable and accrued liabilities, due to related parties, financial guarantee liability, convertible debentures, loans payable and promissory notes are measured at amortized cost. The Company’s warrant liabilities are measured at FVTPL. The carrying values of accounts receivable excluding tax receivables, due to related parties, amounts payable and accrued liabilities, financial guarantee liability and promissory notes approximate the fair values due to the short-term nature of these items. The fair values of convertible debentures and loans payable are partially derived from market interest rates. The risk of material change in fair value is not considered to be significant due to a relatively short-term nature.

BetterLife recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At the end of each reporting period, the Company reviews the carrying amounts of long-lived assets to determine whether there is an indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment charge (if any). The recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is determined to be less than its recorded amount, the recorded amount of the asset is reduced to its recoverable amount. An impairment charge is recognized immediately in the condensed consolidated interim statement of loss and comprehensive loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to a maximum amount equal to the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years.

14

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The Company classifies and discloses fair value measurements based on a three-level hierarchy:

a.	Level 1 – inputs are unadjusted quoted prices in active markets for identical assets or liabilities;

| b. | Level 2 – inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly; and |

| c. | Level 3 – inputs for the asset or liability are not based on observable market data. |

The Company has determined the estimated fair values of its financial instruments based upon appropriate valuation methodologies. At April 30 and January 31, 2026, cash was measured and recognized in the condensed consolidated interim statements of financial position using Level 1 inputs in the fair value hierarchy and warrant liabilities were measured and recognized in the condensed consolidated interim statements of financial position at fair values that are categorized as Level 3 in the fair value hierarchy.

SHARE DATA

The following table sets forth the outstanding common share, warrants, special warrants, compensation options, stock options and performance share units data for the Company as at June 26, 2026:

	Authorized		Issued

| Warrants | | | 45,209,530 |

| Stock options | | | 15,800,000 |

| Performance share units | | | 5,225,000 |

ADDITIONAL INFORMATION

Additional information relating to the Company, including the Company’s audited year-end financial results and unaudited quarterly financial results, can be accessed on SEDAR (www.sedarplus.ca) and in the United States on EDGAR (www.sec.gov/edgar).

15

betrf_ex992.htm EXHIBIT 99.2

BETTERLIFE PHARMA INC.

Condensed Consolidated Interim Financial Statements

Three months ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

1

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NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Institute of Chartered Professional Accountants for a review of interim financial statements by an entity’s auditor.

2

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BETTERLIFE PHARMA INC.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian dollars)

(Unaudited)

		April 30, 2026	****	****	January 31, 2026

| | | | | | | | | |

| Cash | | | 28,576 | | | | 12,570 | |

| Accounts receivable | | | 7,974 | | | | 2,856 | |

| Prepaids and other current assets | | | 205,878 | | | | 204,477 | |

| Total assets | | | 242,428 | | | | 219,903 | |

| | | | | | | | | |

| | | | | | | | | |

| Accounts payable and accrued liabilities | | | 3,925,880 | | | | 3,951,133 | |

| Due to related parties (Note 13) | | | 1,578,784 | | | | 1,415,082 | |

| Financial guarantee liability (Note 14(b)) | | | 419,341 | | | | 412,854 | |

| Convertible debentures (Note 5) | | | 85,176 | | | | 285,311 | |

| Loans payable (Note 6) | | | 73,226 | | | | 74,298 | |

| Promissory notes (Note 7) | | | 431,431 | | | | 425,418 | |

| Warrant liabilities (Notes 9(a) and 9(b)) | | | 135,281 | | | | 115,013 | |

| Total current liabilities | | | 6,649,119 | | | | 6,679,109 | |

| | | | | | | | | |

| Loans payable (Note 6) | | | 27,677 | | | | 27,174 | |

| Total liabilities | | | 6,676,796 | | | | 6,706,283 | |

| Common shares (Note 8) | | | 82,584,287 | | | | 81,962,334 | |

| Subscriptions received | | | – | | | | 241,291 | |

| Reserves (Note 10) | | | 28,183,641 | | | | 27,902,617 | |

| Accumulated other comprehensive income | | | 204,411 | | | | 201,193 | |

| Accumulated deficit | | | (120,700,750 | ) | | | (120,091,493 | ) |

| Deficit attributable to shareholders | | | (9,728,411 | ) | | | (9,784,058 | ) |

| Non-controlling interests | | | 3,294,043 | | | | 3,297,678 | |

| Total deficit | | | (6,434,368 | ) | | | (6,486,380 | ) |

| Total liabilities and deficit | | | 242,428 | | | | 219,903 | |

All values are in US Dollars.

Nature of operations and going concern (Note 1) and commitments and contingencies (Note 14)

Approved on behalf of the Board of Directors

“Steven Sangha”		Director

| | | | |

(The accompanying notes are an integral part of these condensed consolidated interim financial statements)

3

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BETTERLIFE PHARMA INC.

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

(Expressed in Canadian dollars)

(Unaudited)

		Three Months Ended					****

| **** | **** | April 30, 2026 | **** | **** | April 30, 2025 | |

| | | | | | | | | |

| Consulting fees | | | 51,320 | | | | 59,392 | |

| Foreign exchange loss (gain) | | | 23,724 | | | | (160,064 | ) |

| General and administrative | | | 24,238 | | | | 53,243 | |

| Professional fees | | | 86,207 | | | | 50,696 | |

| Research and development | | | 21,502 | | | | 13,623 | |

| Wages, salaries and employment expenses | | | 378,128 | | | | 293,793 | |

| Total expenses | | | 585,119 | | | | 310,683 | |

| Loss from operations | | | (585,119 | ) | | | (310,683 | ) |

| | | | | | | | | |

| Accretion expense (Notes 5 and 6) | | | (6,555 | ) | | | (29,894 | ) |

| Change in financial guarantee liability (Note 14(b)) | | | (6,486 | ) | | | – | |

| Changes in fair values of warrant liabilities (Notes 9(a) and 9(b)) | | | (20,268 | ) | | | 31,312 | |

| Gains from extinguishment/forgiveness of debts (Note 8(d)) | | | 35,820 | | | | 149,993 | |

| Loss from modification of loan (Note 6) | | | (6,500 | ) | | | – | |

| Interest expense | | | (23,240 | ) | | | (47,208 | ) |

| Other | | | (274 | ) | | | (574 | ) |

| Total other (loss) income | | | (27,503 | ) | | | 103,629 | |

| Net loss for the period | | | (612,622 | ) | | | (207,054 | ) |

| Other comprehensive income (loss) to be reclassified to profit and loss subsequently | | | | | | | | |

| Foreign currency translation adjustment of foreign operations | | | 2,948 | | | | (1,210 | ) |

| Comprehensive loss for the period | | | (609,674 | ) | | | (208,264 | ) |

| | | | | | | | | |

| Shareholders | | | (609,257 | ) | | | (211,454 | ) |

| Non-controlling interests (Note 11) | | | (3,365 | ) | | | 4,400 | |

| | | | (612,622 | ) | | | (207,054 | ) |

| | | | | | | | | |

| Comprehensive (loss) income attributable to: | | | | | | | | |

| Shareholders | | | (606,578 | ) | | | (212,554 | ) |

| Non-controlling interests (Note 11) | | | (3,096 | ) | | | 4,290 | |

| | | | (609,674 | ) | | | (208,264 | ) |

| Net loss per share, basic and diluted | | | (0.00 | ) | | | (0.00 | ) |

| Weighted average shares outstanding, basic and diluted | | | 154,429,951 | | | | 130,106,211 | |

All values are in US Dollars.

(The accompanying notes are an integral part of these condensed consolidated interim financial statements)

4

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BETTERLIFE PHARMA INC.

Condensed Consolidated Interim Statements of Changes in Deficit

(Expressed in Canadian dollars)

(Unaudited)

		Common Shares						****	****	Subscriptions	****	****	****		****	****	Accumulated Other Comprehensive Income - Foreign Currency	****	****	****		****	****	****		****	****	Non-controlling	****	****	Total	****

| **** | **** | Shares # | | **** | **** | Amount | **** | **** | Received | **** | **** | Reserves | **** | **** | Translation | **** | **** | Deficit | **** | **** | Total | **** | **** | Interests | **** | **** | Deficit | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance – January 31, 2025 | | | 129,573,385 | | | | 79,965,358 | | | | 43,100 | | | | 27,714,189 | | | | 195,825 | | | | (118,596,001 | ) | | | (10,677,529 | ) | | | 3,315,380 | | | | (7,362,149 | ) |

| Settlement of accounts payable and due to related parties (Notes 8(d) and 13) | | | 14,999,303 | | | | 1,349,937 | | | | – | | | | – | | | | – | | | | – | | | | 1,349,937 | | | | – | | | | 1,349,937 | |

| Exercise of warrants (Note 8(e)) | | | 250,000 | | | | 27,348 | | | | – | | | | (2,348 | ) | | | – | | | | – | | | | 25,000 | | | – – | | | | 25,000 | |

| Common shares issued on conversion of debentures (Notes 5(c) and 8(f)) | | | 542,329 | | | | 54,233 | | | | – | | | | (6,623 | ) | | | – | | | | – | | | | 47,610 | | | – – | | | | 47,610 | |

| Share-based payments (Note 10) | | | – | | | | – | | | | – | | | | 64,144 | | | | – | | | | – | | | | 64,144 | | | | – | | | | 64,144 | |

| Foreign currency translation adjustment of foreign operations | | | – | | | | – | | | | – | | | | – | | | | (1,101 | ) | | | – | | | | (1,101 | ) | | | (110 | ) | | | (1,211 | ) |

| Net loss | | | – | | | | – | | | | – | | | | – | | | | – | | | | (211,454 | ) | | | (211,454 | ) | | | 4,400 | | | | (207,054 | ) |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance – April 30, 2025 | | | 145,365,017 | | | | 81,396,876 | | | | 43,100 | | | | 27,769,362 | | | | 194,724 | | | | (118,807,455 | ) | | | (9,403,393 | ) | | | 3,319,670 | | | | (6,083,723 | ) |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance – January 31, 2026 | | | 151,896,675 | | | | 81,962,334 | | | | 241,291 | | | | 27,902,617 | | | | 201,193 | | | | (120,091,493 | ) | | | (9,784,058 | ) | | | 3,297,678 | | | | (6,486,380 | ) |

| Common shares issued for services (Note 8(a)) | | | 600,000 | | | | 36,000 | | | | – | | | | – | | | | – | | | | – | | | | 36,000 | | | | – | | | | 36,000 | |

| Common shares and warrants issued for cash (Note 8(b)) | | | 7,137,144 | | | | 435,229 | | | | (241,291 | ) | | | 64,371 | | | | – | | | | – | | | | 258,309 | | | | – | | | | 258,309 | |

| Common shares issued on conversion of debentures (Notes 5(c), 5(e) and 8(c)) | | | 2,153,206 | | | | 150,724 | | | | – | | | | 63,721 | | | | – | | | | – | | | | 214,446 | | | – – | | | | 214,446 | |

| Share-based payments (Note 10) | | | – | | | | – | | | | – | | | | 152,932 | | | | – | | | | – | | | | 152,932 | | | | – | | | | 152,931 | |

| Foreign currency translation adjustment of foreign operations | | | – | | | | – | | | | – | | | | – | | | | 3,218 | | | | – | | | | 3,218 | | | | (270 | ) | | | 2,948 | |

| Net loss | | | – | | | | – | | | | – | | | | – | | | | – | | | | (609,257 | ) | | | (609,257 | ) | | | (3,365 | ) | | | (612,622 | ) |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance – April 30, 2026 | | | 161,787,025 | | | | 82,584,287 | | | | – | | | | 28,183,641 | | | | 204,411 | | | | (120,700,750 | ) | | | (9,728,411 | ) | | | 3,294,043 | | | | (6,434,368 | ) |

All values are in US Dollars.

(The accompanying notes are an integral part of these condensed consolidated interim financial statements)

5

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BETTERLIFE PHARMA INC.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in Canadian dollars)

(Unaudited)

****	****	Three Months Ended					****

| **** | **** | April 30, 2026 | **** | **** | April 30, 2025 | |

| | | | | | | | | |

| Net loss | | | (612,622 | ) | | | (207,054 | ) |

| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |

| Accretion | | | 6,555 | | | | 29,894 | |

| Change in financial guarantee liability | | | 6,486 | | | | – | |

| Changes in fair values of warrant liabilities | | | 20,268 | | | | (31,312 | ) |

| Common shares issued for services | | | 36,000 | | | | – | |

| Foreign exchange loss (gain) | | | 23,724 | | | | (160,064 | ) |

| Gain from extinguishment/forgiveness of debts | | | (35,820 | ) | | | (149,993 | ) |

| Interest expense | | | (11,379 | ) | | | 16,079 | |

| Loss on modification of loan | | | 6,500 | | | | – | |

| Share-based payments | | | 152,932 | | | | 64,144 | |

| Accounts receivable | | | (5,109 | ) | | | 2,817 | |

| Prepaids and other current assets | | | (1,400 | ) | | | 1,078 | |

| Accounts payable and accrued liabilities | | | 3,232 | | | | 48,306 | |

| Due to related parties | | | 171,400 | | | | 371,860 | |

| Net cash used in operating activities | | | (239,233 | ) | | | (14,245 | ) |

| | | | | | | | | |

| Proceeds from issuance of units, net | | | 258,308 | | | | – | |

| Proceeds from exercise of warrants | | | – | | | | 25,000 | |

| Repayment of loan payable | | | (3,249 | ) | | | – | |

| Net cash provided by financing activities | | | 255,059 | | | | 25,000 | |

| | | | | | | | | |

| Effects of exchange rate changes on cash | | | 180 | | | | 63 | |

| | | | | | | | | |

| Net change in cash | | | 16,006 | | | | 10,818 | |

| Cash – beginning of period | | | 12,570 | | | | 8,180 | |

| Cash – end of period | | | 28,576 | | | | 18,998 | |

All values are in US Dollars.

Supplemental cash flow disclosures (Note 12)

(The accompanying notes are an integral part of these condensed consolidated interim financial statements)

6

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

1. Nature of Operations and Going Concern

BetterLife Pharma Inc. (the “Company”) was incorporated in British Columbia under the Business Corporations Act on June 10, 2002 whose common shares are publicly traded on the Canadian Securities Exchange under the symbol “BETR” and on the OTCQB under the symbol “BETRF”. The Company is a biopharmaceutical company engaged in the development of patented pharmaceuticals.

These condensed consolidated interim financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due.

As at April 30, 2026, the Company has not earned any revenue and has an accumulated deficit of $120,700,750 (January 31, 2026 - $120,091,493). During the three months ended April 30, 2026, the Company incurred a net loss of $612,622 (three months ended April 30, 2025 – $207,054). During the three months ended April 30, 2026, the Company also incurred negative cash flows from operating activities of $239,233 (three months ended April 30, 2025 - $14,245). As at April 30, 2026, the Company’s current liabilities exceeded its current assets by $6,406,691 (January 31, 2026 - $6,459,206).

To date, the Company has funded operations through equity offerings and debt financings. As the Company is pre-commercialization and has limited liquidity, it is exploring alternatives to address its limited liquidity, including potential merger or business combinations in addition to equity and debt financings. There can be no assurances that any of the explored alternatives would be successful.

The continued operations and future viability of the Company are dependent on the ability:

	·	To raise cash flows from financing activities to cover operating losses and liabilities as they come due;

| | · | To negotiate flexible payment terms with suppliers; and |

| | · | To cut costs to achieve its plans. |

Management intends to continue to pursue additional financing through issuances of equity or debentures. There is no assurance that additional funding will be available on a timely basis or on terms acceptable to the Company. These events or conditions indicate that a material uncertainty exists that casts substantial doubt on the Company’s ability to continue as a going concern and ultimately on the appropriateness of the use of accounting policies applicable to a going concern. These condensed consolidated interim financial statements do not reflect the adjustments or reclassifications of assets and liabilities which would be necessary if the Company were unable to continue its operations. Such adjustments could be material.

The head office and principal address of the Company is located at 1275 West 6^th^ Avenue, #300, Vancouver, BC, Canada, V6H 1A6.

7

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

2. Material Accounting Policies

	(a)	Basis of Compliance

| | | |

| | | These condensed consolidated interim financial statements have been prepared in accordance with IFRS® Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”). These condensed consolidated interim financial statements are unaudited and have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting, using accounting policies which are consistent with IFRS as issued by the IASB. They do not include all of the information required for full annual consolidated financial statements in compliance with IAS 1, Presentation of Financial Statements. These condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited consolidated financial statements for the year ended January 31, 2026 and should be read in conjunction with those audited consolidated financial statements. These condensed consolidated interim financial statements were approved by the Board of Directors and authorized for issue on June 26, 2026. |

	(b)	Basis of Measurement and Presentation

| | | |

| | | These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value and are presented in Canadian dollars. |

	(c)	Basis of Consolidation

| | | |

| | | Subsidiaries The condensed consolidated interim financial statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which the Company obtains control and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same period as the parent company, using consistent accounting policies. The Company has consolidated the assets, liabilities, revenues and expenses of its subsidiaries after the elimination of inter-company transactions and balances. The consolidating entities include: |

	% of ownership	****	Jurisdiction

| | | | |

(1) Wholly-owned subsidiaries of MedMelior Inc.

8

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

2. Material Accounting Policies (continued)

		Non-controlling interests<br> <br>Non-controlling interests (“NCI”) represents the non-controlling shareholders’ portion of the net assets and net loss of MedMelior Inc. (“MedMelior”) and its wholly-owned subsidiaries. Changes to the Company’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

| | | |

| | (d) | Use of Estimates and Judgments |

| | | |

| | | The preparation of the condensed consolidated interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. For critical judgments used by management, refer to the Company’s most recent annual consolidated financial statements for the year ended January 31, 2026. |

	(e)	Foreign Currency

| | | |

| | | The Company’s presentation currency is the Canadian dollar. The functional currency of the parent entity, BetterLife Pharma Inc., and its subsidiaries, MedMelior and Blife Therapeutics Inc., is the Canadian dollar. The functional currency of the Hong Kong subsidiary, Altum Pharmaceuticals (HK) Limited, is the Hong Kong dollar. The functional currency of the Australian subsidiary, Altum Pharma (Australia) Pty Ltd., is the Australian dollar. Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Company and its subsidiaries at the exchange rate in effect at the transaction date. Monetary assets and liabilities denominated in other than the functional currency are translated at the exchange rates in effect at the financial position date. The resulting exchange gains and losses are recognized in the condensed consolidated interim statements of loss and comprehensive loss. Non-monetary assets and liabilities denominated in other than the functional currency that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value is determined. Non-monetary items that are measured in terms of historical cost in other than the functional currency are translated using the exchange rate at the date of transaction. Foreign operations For consolidation purposes, the assets and liabilities of foreign operations are translated to the presentation currency using the exchange rate prevailing at the financial position date. The income and expenses of foreign operations are translated to the presentation currency using the average rates of exchange during the period. All resulting exchange differences are recorded as other comprehensive income or loss and accumulated in a separate component of shareholders’ equity or deficit, described as foreign currency translation adjustment. |

9

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

2. Material Accounting Policies (continued)

	(f)	Comprehensive Income (Loss)

| | | |

| | | Comprehensive income or loss is the change in net assets arising from transactions and other events and circumstances from non-owner sources. Financial assets that are measured at fair value through other comprehensive income will have revaluation gains and losses included in other comprehensive income or loss until the asset is removed from the condensed consolidated interim statement of financial position. Certain gains and losses on the translation of amounts between the functional and presentation currency of the Company are included in other comprehensive income or loss. Gains and losses on translation of foreign subsidiaries are initially recognized in other comprehensive income or loss. Accumulated other comprehensive income or loss on translation of foreign subsidiaries are reclassified from equity to deficit on disposal of the subsidiary. |

	(g)	Income (Loss) Per Share

| | | |

| | | The Company presents the basic and diluted earnings or loss per share data for its common shares, calculated by dividing the earnings or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted earnings or loss per share is determined by adjusting the earnings or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. For the three months ended April 30, 2026 and 2025, basic net loss per share equals diluted net loss per share as the Company incurred net losses during these years and the Company’s stock options and warrants were anti-dilutive. |

3. New Accounting Pronouncements

The following new accounting standard and interpretation will be adopted by the Company subsequent to April 30, 2026.

IFRS 18 – Presentation and Disclosure in Financial Statements

The following new accounting standard and interpretation has been adopted by the Company effective February 1, 2026.

10

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

3. New Accounting Pronouncements (continued)

IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments: Disclosures

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, to provide further guidance on the timing of recognition and derecognition of financial instruments at settlement date, except for regular way purchases or sales of financial assets, and certain financial liabilities meeting conditions for a new exception which permits companies to elect to derecognize certain financial liabilities settled via electronic payment systems earlier than the settlement date. Additional guidance was also provided on assessing whether a financial asset meets the solely payments of principal and interest criterion, and issued new disclosure requirements. This amendment was effective for annual periods beginning on or after January 1, 2026. The Company has determined that there is no material impact to its condensed consolidated interim financial statements on adoption.

4. Intangible Assets

The Company is currently developing several drug candidates and holds a portfolio of patents related to them. The relevant intangible assets have been fully impaired in prior years and currently are recorded at carrying values of $nil.

5. Convertible Debentures

		Convertible Debentures

| | | | | |

| Balance, January 31, 2025 | | | 820,553 | |

| Accretion and interest | | | 105,473 | |

| Conversion (Notes 5(a), 5(c), 5(d), 8(f) and 13) | | | (640,715 | ) |

| | | | | |

| Balance, January 31, 2026 | | | 285,311 | |

| Loss on modification (Notes 5(b) and 5(c)) | | | 6,500 | |

| Accretion and interest | | | 7,810 | |

| Conversion (Notes 5(c), 5(e), 8(c) and 13) | | | (214,445 | ) |

| | | | | |

| Balance, April 30, 2026 | | | 85,176 | |

All values are in US Dollars.

	(a)	On December 31, 2023, the Company issued unsecured convertible debentures for $300,000. The debentures bear interest at 10% per annum, have a maturity date of June 30, 2025 and are convertible into units, with each unit consisting of one common share and one share purchase warrant, at a conversion price equal to $0.10 per unit. Each share purchase warrant received on conversion will have an exercise price of $0.10 per warrant and will expire on December 31, 2025. The effective interest rate had been determined to be 15.1% per annum.

| | | |

| | | In May and July 2024, principal and accrued interest of $300,000 and $3,534, respectively, were converted into a total of 3,035,342 common shares and 3,035,342 share purchase warrants of the Company. Carrying value of $263,498 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $nil allocated to the warrants. |

11

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

5. Convertible Debentures (continued)

		In May 2025, accrued interest totaling $993 was converted into a total of 9,932 common shares and 9,932 share purchase warrants of the Company. Carrying value of $844 of accrued interest was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $149 allocated to the warrants.

| | | |

| | (b) | On February 29, 2024, the Company issued unsecured convertible debentures for $65,000. The debentures bear interest at 10% per annum, have maturity date of February 28, 2026 and are convertible into units, with each unit consisting of one common share and one share purchase warrant, at a conversion price equal to $0.10 per unit. Each share purchase warrant received on conversion will have an exercise price of $0.10 per warrant and will expire on August 31, 2026. The effective interest rate had been determined to be 13.6% per annum. |

| | | |

| | | Transaction costs totaling $8,955 consisted of the following: 78,000 brokers’ warrants with fair value of $3,755 and brokers’ fee of $5,200. Brokers’ warrants entitle the holder to purchase one common share at an exercise price of $0.10 and expire on February 28, 2026. The fair values of brokers’ warrants were determined using the fair values of the common shares issued as values of services provided could not be estimated reliably. The Company used the Black-Scholes option pricing model to value the brokers’ warrants. In July 2024, principal of $35,000 was converted into 350,000 common shares and 350,000 share purchase warrants of the Company. Carrying value of $28,077 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $nil allocated to the warrants. In April 2026, maturity date for the remaining $30,000 in principal amount of convertible debentures was extended to February 28, 2027. During the three months ended April 30, 2026, the Company recorded a loss on modification of debts of $2,895 in its condensed consolidated interim statements of loss and comprehensive loss (three months ended April 30, 2026 - $nil). |

	(c)	On March 28, 2024, the Company issued unsecured convertible debentures for $780,000. The debentures bear interest at 10% per annum, have maturity date of March 27, 2026 and are convertible into units, with each unit consisting of one common share and one share purchase warrant, at a conversion price equal to $0.10 per unit. Each share purchase warrant received on conversion will have an exercise price of $0.10 per warrant and will expire on September 27, 2026. The effective interest rate has been determined to be 13.4% per annum.

| | | |

| | | Transaction costs totaling $19,906 consisted of the following: 168,000 brokers’ warrants with fair value of $8,706 and brokers’ fee of $11,200. Brokers’ warrants entitle the holder to purchase one common share at an exercise price of $0.10 and expire on March 27, 2026. The fair values of brokers’ warrants were determined using the fair values of the common shares issued as values of services provided could not be estimated reliably. The Company used the Black-Scholes option pricing model to value the brokers’ warrants. In July 2024, principal and accrued interest of $295,000 and $3,370, respectively, were converted into a total of 2,983,699 common shares and 2,983,699 share purchase warrants of the Company. Carrying value of $241,174 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $nil allocated to the warrants. |

12

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

5. Convertible Debentures (continued)

		In March 2025, principal and accrued interest of $50,000 and $4,233, respectively, were converted into a total of 542,329 common shares and 542,329 share purchase warrants of the Company. Carrying value of $54,233 of convertible debentures was allocated to common shares (Note 8(f)). The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $5,093 allocated to the warrants (Note 9(c)).<br> <br><br> <br>In May and October 2025, principal and accrued interest of $200,000 and $43,082, respectively, were converted into a total of 2,430,822 common shares and 2,430,822 share purchase warrants of the Company. Carrying value of $205,751 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $63,384 allocated to the warrants.<br> <br><br> <br>In March 2026, principal and accrued interest of $200,000 and $15,104, respectively, were converted into a total of 2,151,042 common shares and 2,151,042 share purchase warrants of the Company. Carrying value of $199,125 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $110,519 allocated to the warrants (Note 9(c)).<br> <br><br> <br>In April 2026, maturity date for the remaining $35,000 in principal amount of convertible debentures was extended to March 27, 2027. During the three months ended April 30, 2026, the Company recorded a loss on modification of debts of $3,605 in its condensed consolidated interim statements of loss and comprehensive loss (three months ended April 30, 2026 - $nil).

| | | |

| | (d) | On April 2, 2024, the Company issued unsecured convertible debentures for $368,000. The debentures bear interest at 10% per annum, have maturity date of April 1, 2026 and are convertible into units, with each unit consisting of one common share and one share purchase warrant, at a conversion price equal to $0.10 per unit. Each share purchase warrant received on conversion will have an exercise price of $0.10 per warrant and will expire on October 1, 2026. The effective interest rate has been determined to be 13.6% per annum. |

| | | |

| | | In May 2025, principal and accrued interest of $368,000 and $41,090, respectively, were converted into a total of 4,090,904 common shares and 4,090,904 share purchase warrants of the Company. Carrying value of $358,863 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $97,935 allocated to the warrants. |

| | | |

| | (e) | On April 30, 2024, the Company issued unsecured convertible debentures for $30,000. The debentures bear interest at 10% per annum, have maturity date of April 29, 2026 and are convertible into units, with each unit consisting of one common share and one share purchase warrant, at a conversion price equal to $0.10 per unit. Each share purchase warrant received on conversion will have an exercise price of $0.10 per warrant and will expire on October 29, 2026. The effective interest rate has been determined to be 13.5% per annum. |

| | | |

| | | Transaction costs totaling $4,545 consisted of the following: 36,000 brokers’ warrants with fair value of $2,145 and brokers’ fee of $2,400. Brokers’ warrants entitle the holder to purchase one common share at an exercise price of $0.10 and expire on April 29, 2026. The fair values of brokers’ warrants were determined using the fair values of the common shares issued as values of services provided could not be estimated reliably. The Company used the Black-Scholes option pricing model to value the brokers’ warrants. |

13

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

5. Convertible Debentures (continued)

In October and December 2024, principal totaling $30,000 was converted into 300,000 common shares and 300,000 share purchase warrants of the Company. Carrying value of $31,426 of convertible debentures was allocated to common shares. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $nil allocated to the warrants.

In March 2026, accrued interest of $216 were converted into a total of 2,164 common shares and 2,164 share purchase warrants of the Company. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $65 allocated to the warrants (Note 9(c)).

The convertible debentures contained no financial covenants. The liability components of the convertible debentures were determined by using discounted cash flows to measure the fair values of similar liabilities that exclude convertibility features. Accretion expense on convertible debentures for the three months ended April 30, 2026 was $3,971 (three months ended April 30, 2025 - $25,569). As at April 30, 2026, accrued interest of $14,632 (January 31, 2026 - $26,011) was included in convertible debentures.

6. Loans Payable

		BetterLife	****	****	MedMelior	****	****	Loans Payable

| | | | | | | | | | | | | |

| Balance, January 31, 2025 | | | 49,206 | | | | 49,962 | | | | 99,168 | |

| Loan extinguishment | | | – | | | | (9,949 | ) | | | (9,949 | ) |

| Interest payment | | | (3,000 | ) | | | (3,660 | ) | | | (6,660 | ) |

| Principal payment | | | – | | | | (4,928 | ) | | | (4,928 | ) |

| Accretion and interest | | | 12,492 | | | | 11,349 | | | | 23,841 | |

| | | | | | | | | | | | | |

| Balance, January 31, 2026 | | | 58,698 | | | | 42,774 | | | | 101,472 | |

| Interest payment | | | (740 | ) | | | (651 | ) | | | (1,391 | ) |

| Principal payment | | | – | | | | (3,249 | ) | | | (3,249 | ) |

| Accretion and interest | | | 1,828 | | | | 2,243 | | | | 4,071 | |

| | | | | | | | | | | | | |

| Balance, April 30, 2026 | | | 59,786 | | | | 41,117 | | | | 100,903 | |

All values are in US Dollars.

Current, April 30, 2026			59,786				13,440				73,226

| Non-current, April 30, 2026 | | | – | | | | 27,677 | | | | 27,677 | |

| | | | | | | | | | | | | |

| Balance, April 30, 2026 | | | 59,786 | | | | 41,117 | | | | 100,903 | |

In February 2021, the Company and its subsidiary, MedMelior, each entered into Canada Emergency Business Account (“CEBA”) term loan agreements for $60,000 with an initial expiry date of December 31, 2022 (amended to January 18, 2024) and interest rate of nil% per annum during this initial term.

The Company’s CEBA term loan matures on December 31, 2026 and has an interest rate of 5% per annum. MedMelior’s CEBA term loan has an interest rate of 5% per annum. In September 2025, MedMelior’s CEBA term loan was modified with the following new terms: Repayment of $1,300 per month through September 2027 and repayment of $28,658 on October 15, 2027.

Accretion expense for the three months ended April 30, 2026 was $2,584 (three months ended April 30, 2025 - $4,325). As at April 30, 2026, accrued interest of $321 (January 31, 2026 - $90) was included in loans payable.

14

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

7. Promissory Notes

		Promissory Notes

| Balance, January 31, 2025 | | | – | |

| Proceeds from issuances of promissory notes (Notes 7(a) and 7(b)) | | | 411,000 | |

| Interest | | | 14,418 | |

| Balance, January 31, 2026 | | | 425,418 | |

| Interest | | | 6,013 | |

| Balance, April 30, 2026 | | | 431,431 | |

All values are in US Dollars.

	(a)	On June 5, 2025, the Company issued unsecured promissory notes for $275,000. The promissory notes bear interest at 6% per annum and have an original maturity date of May 31, 2026 (extended to December 31, 2026 (Note 19(a)).

| | | |

| | (b) | On October 31, 2025, the Company issued an unsecured promissory note of $136,000. The promissory note bear interest at 6% per annum and have an original maturity date of May 31, 2026 (extended to December 31, 2026 (Note 19(a)). |

As at April 30, 2026, accrued interest of $20,431 (January 31, 2026 - $14,418) was included in promissory notes (Note 13).

8. Common Shares

Authorized: Unlimited number of common shares without par value

During the three months ended April 30, 2026:

	(a)	The Company issued 600,000 common shares valued at $36,000 to a third party for services provided.

| | | |

| | (b) | On April 15, 2026, the Company closed on a non-brokered private placement and issued 7,137,143 units at price of $0.07 per unit for gross proceeds of $499,600 (Note 13). Each unit consisted of one common share and one share purchase warrant entitling the holder to purchase one common share at an exercise price of $0.10 or US$0.075 and expiring on April 15, 2028. The residual method was used to allocate the proceeds between the common shares and the warrants which resulted in a value of $nil allocated to 700,000 liability-classified warrants (Note 9(a)) and $64,371 allocated to 6,437,143 equity-classified warrants (Note 9(c)). |

| | | |

| | (c) | The Company issued units pursuant to conversion of convertible debentures at conversion price of $0.10 as follows (Notes 5(c) and 5(e)): |

		Allocated To							Number of

| Issuance Date of Convertible Debentures | **** | Common Shares | **** | **** | Warrants | **** | **** | Common Shares Issued | | **** | **** | Warrants Granted | | |

| | | | | | | | | | | | | | | | | |

| March 28, 2024 | | | 150,573 | | | | 110,519 | | | | 2,151,042 | | | | 2,151,042 | |

| April 30, 2024 | | | 152 | | | | 65 | | | | 2,164 | | | | 2,164 | |

| | | | 150,725 | | | | 110,584 | | | | 2,153,206 | | | | 2,153,206 | |

All values are in US Dollars.

15

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

8. Common Shares (continued)

During the three months ended April 30, 2025:

	(d)	On April 30, 2025, the Company issued 14,999,303 common shares with a fair value of $1,349,937 pursuant to the settlement of accounts payable and amounts due to related parties totaling $1,499,930 (Note 13). A gain on settlement of debts of $149,993 was recorded within gains from extinguishment/forgiveness of debts on the condensed consolidated interim statements of loss and comprehensive loss.

| | | |

| | (e) | The Company issued 250,000 common shares pursuant to the exercise of 250,000 share purchase warrants for proceeds of $25,000. $2,348 previously recorded as fair value of share purchase warrants were reclassified to common shares during the three months ended April 30, 2025. |

| | | |

| | (f) | The Company issued units pursuant to conversion of convertible debentures at conversion price of $0.10 as follows (Notes 5(c)): |

		Allocated To					****	****	Number of						****

| Issuance Date of Convertible Debentures | **** | Common Shares | **** | **** | Warrants | **** | **** | Common Shares Issued | | **** | **** | Warrants | | |

| | | | | | | | | | | | | | | | | |

| March 28, 2024 | | | 54,233 | | | | 5,093 | | | | 542,329 | | | | 542,329 | |

All values are in US Dollars.

9. Share Purchase Warrants

	(a)	Warrant liabilities

| | | |

| | | At April 30, 2026, the Company has 4,271,429 share purchase warrants with exercise prices denominated in U.S. dollars (January 31, 2026 – 3,571,429). When non-compensatory warrants have an exercise price denominated in a currency which is different from the functional currency of the Company (Canadian dollar), the warrants are treated as financial liabilities. These warrants are therefore classified as financial liabilities with changes in fair value recognized in the condensed consolidated interim statements of loss and comprehensive loss. The warrant liabilities are measured using Level 3 inputs within the fair value hierarchy. The following table summarizes the continuity of liability-classified warrants: |

		Number of Warrants		****	****	Weighted Average Exercise Price US	****	****	Weighted Average Remaining Contractual Life (Years)		****	****	Liability Amount

| Balance, January 31, 2025 | | | 3,571,429 | | | | 0.11 | | | | 3.12 | | | | 304,438 | |

| Change in fair value | | | – | | | | – | | | | – | | | | (189,425 | ) |

| Balance, January 31, 2026 | | | 3,571,429 | | | | 0.11 | | | | 2.12 | | | | 115,013 | |

| Granted (Note 8(b)) | | | 700,000 | | | | 0.075 | | | | 2.00 | | | | – | |

| Change in fair value | | | – | | | | – | | | | – | | | | 20,268 | |

| Balance, April 30, 2026 | | | 4,271,429 | | | | 0.10 | | | | 1.89 | | | | 135,281 | |

All values are in US Dollars.

16

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

9. Share Purchase Warrants (continued)

At April 30, 2026, the following liability-classified warrants were outstanding:

Number of Warrants		****	****	Exercise Price US	****	****	Expiry Date

| | 3,571,429 | | | | 0.11 | | | March 14, 2028 |

| | 700,000 | | | | 0.075 | | | April 15, 2028 |

| | 4,271,429 | | | | | | | |

All values are in US Dollars.

The fair values of warrant liabilities at April 30 and January 31, 2026 were estimated using the Black-Scholes option pricing model with the following assumptions:

		April 30, 2026	****	****	January 31, 2026

| Risk free interest rates | | | 2.96 | % | | | 2.56 | % |

| Volatilities | | 120% to 122 | % | | | 121 | % |

| Expected dividends | | Nil | % | | Nil | % |

All values are in US Dollars.

	(b)	Warrant liabilities of MedMelior

| | | |

| | | When non-compensatory warrants have an exercise price denominated in a currency which is different from the functional currency of MedMelior (Canadian dollar), the warrants are treated as financial liabilities. These warrants were therefore classified as financial liabilities with changes in fair value recognized in the condensed consolidated interim statements of loss and comprehensive loss. The warrant liabilities were measured using Level 3 inputs within the fair value hierarchy. The following table summarizes the continuity of liability-classified warrants of MedMelior: |

		Number of Warrants		****	****	Weighted Average Exercise Price US	****	****	Weighted Average Remaining Contractual Life (Years)		****	****	Liability Amount

| Balance, January 31, 2025 | | | 221,333 | | | | 1.25 | | | | 0.31 | | | | 8,498 | |

| Expired | | | (221,333 | ) | | | (1.25 | ) | | | – | | | | – | |

| Change in fair value | | | – | | | | – | | | | – | | | | (8,498 | ) |

| Balance, April 30 and January 31, 2026 | | | – | | | | – | | | | – | | | | – | |

All values are in US Dollars.

At April 30, 2026, there were no liability-classified warrants of MedMelior outstanding (January 31, 2026 – nil).

17

| |

BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

9. Share Purchase Warrants (continued)

	(c)	Equity-classified warrants

| | | |

| | | The following table summarizes the continuity of equity-classified share purchase warrants: |

		Number of<br> <br>Warrants		****	****	Weighted Average Exercise Price	****	****	Weighted Average Remaining Contractual Life (years)

| | | | | | | | | | | | | |

| Balance, January 31, 2025 | | | 43,491,339 | | | | 0.20 | | | | 1.89 | |

| Granted (Notes 5(a), 5(c), 5(d) and 8(f)) | | | 7,073,987 | | | | 0.10 | | | | 1.33 | |

| Expired | | | (12,385,573 | ) | | | (0.36 | ) | | | – | |

| Exercised | | | (250,000 | ) | | | (0.10 | ) | | | – | |

| | | | | | | | | | | | | |

| Balance, January 31, 2026 | | | 37,929,753 | | | | 0.13 | | | | 1.28 | |

| Granted (Notes 5(c), 5(e), 8(b) and 8(c)) | | | 8,590,348 | | | | 0.10 | | | | 1.63 | |

| Expired | | | (282,000 | ) | | | (0.10 | ) | | | – | |

| Balance, April 30, 2026 | | | 46,238,101 | | | | 0.12 | | | | 1.14 | |

All values are in US Dollars.

At April 30, 2026, the following equity-classified warrants were outstanding:

Number of Warrants		****	****	Exercise Price	****	****	Expiry Date

| | | | | | | | | |

| | 5,300,000 | | | | 0.13 | | | June 13, 2026 |

| | 1,750,000 | | | | 0.13 | | | July 1, 2026^1^ |

| | 2,950,000 | | | | 0.10 | | | August 30, 2026 |

| | 350,000 | | | | 0.10 | | | August 31, 2026^1^ |

| | 7,743,342 | | | | 0.10 | | | September 27, 2026^1^ |

| | 4,090,904 | | | | 0.10 | | | October 1, 2026^1^ |

| | 416,712 | | | | 0.10 | | | October 29, 2026^1^ |

| | 15,000,000 | | | | 0.15 | | | March 14, 2028 |

| | 6,437,143 | | | | 0.10 | | | April 15, 2028 |

| | 2,200,000 | | | | 0.15 | | | July 9, 2028 |

| | 46,238,101 | | | | | | | |

All values are in US Dollars.

	1.	Maturity dates were extended for a further one-year period from original expiry dates in June 2026.

| | | |

The fair values of equity-classified warrants issued pursuant to conversion of convertible debentures (Notes 5(a), 5(c), 5(d), 5(e), 8(c) and 8(f)) and private placement (Note 8(f)) were estimated using the residual method.

During the three months ended April 30, 2026 and 2025, there were no equity-classified warrants issued pursuant to which fair values were required to be estimated using the Black-Scholes option pricing model. ****

18

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

10. Long-term Incentive Plans

Effective October 1, 2019, the Company adopted a long-term incentive plan. Under this plan, the Company may grant share purchase options, RSUs, PSUs or deferred share units to its directors, officers, employees and consultants up to an amount as determined by the Company and will be no more than 10% of its outstanding common shares on a fully-diluted basis. RSUs, PSUs and deferred share units are settled in common shares. The exercise price of the share purchase options will be determined by the Company and will be no less than market price on grant date.

Effective June 29, 2018, the Company’s subsidiary, MedMelior, adopted a stock option plan. Under this plan, MedMelior may grant options to its directors, officers, employees and consultants up to an amount as determined by MedMelior. The exercise price of the stock options will be determined by MedMelior.

	(a)	Performance Stock Units

| | | |

| | | The following table summarizes the continuity of the Company’s PSUs: |

		Number<br> <br>of PSUs

| | | | | |

| Outstanding, January 31, 2025 | | | 6,025,000 | |

| Forfeited | | | 800,000 | |

| | | | | |

| Outstanding, April 30 and January 31, 2026 | | | 5,225,000 | |

At April 30, 2026, the following PSUs were outstanding:

Number of PSUs		****	****	Vesting Provisions

| | | | | |

| | 25,000 | | | Vested on March 31, 2021 |

| | 5,200,000 | | | Volume weighted average common share price for five consecutive dates: $0.30 – 33.33%; $0.50 – 33.33%; $1.00 – 33.34% |

| | 5,225,000 | | | |

For the three months ended April 30, 2026, share-based payments related to PSUs totaled $35,190 (three months ended April 30, 2025 - $61,276) and have been recorded in the Company’s condensed consolidated interim statements of loss and comprehensive loss.

PSUs are settled by delivery of a notice of settlement by the PSU holder. At April 30, 2026, 25,000 PSUs were vested but not yet settled (January 31, 2026 – 25,000).

The fair value of share-based payment expense was estimated using the Black-Scholes option pricing model and the following assumptions:

19

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

10. Long-term Incentive Plans (continued)

		April 30,<br> <br>2026		****	****	January 31,<br> <br>2026

| Risk free interest rate | | | 1.96 | % | | | 2.56 | % |

| Volatilities | | | 116 | % | | | 119 | % |

| Fair value of common shares on grant date | | $ | 0.05 | | | $ | 0.05 | |

| Expected dividends | | Nil | | % | | Nil | | % |

| Fair value of PSUs on grant date | | $ | 0.02 | | | $ | 0.05 | |

	(b)	Share Purchase Options

| | | |

| | | The following table summarizes the continuity of the Company’s share purchase options: |

		Number<br> <br>of Options				Weighted<br> <br>Average<br> <br>Exercise Price				Weighted Average<br> <br>Remaining Contractual Life (years)

| Outstanding, January 31, 2025 | | | 12,345,000 | | | | 0.15 | | | | 1.24 | |

| Granted | | | 900,000 | | | | 0.09 | | | | 4.33 | |

| Forfeited/expired (Note 13) | | | (4,150,000 | ) | | | (0.27 | ) | | | – | |

| Outstanding, January 31, 2026 | | | 9,095,000 | | | | 0.09 | | | | 0.94 | |

| Granted (Note 13) | | | 6,050,000 | | | | 0.06 | | | | 5.00 | |

| Forfeited/expired (Note 13) | | | (300,000 | ) | | | (0.10 | ) | | | – | |

| Outstanding, April 30, 2026 | | | 14,845,000 | | | | 0.08 | | | | 2.36 | |

Additional information regarding share purchase options as of April 30, 2026 is as follows:

Options Outstanding		****	****	Options<br> <br>Exercisable		****	****	Exercise Price	****	****	Expiry Date	****	Vesting Terms

| | | | | | | | | | | | | | | |

| | 5,595,000 | | | | 5,595,000 | | | | 0.075 | | | May 1, 2026 | | 25% every six months |

| | 200,000 | | | | 200,000 | | | | 0.07 | | | June 19, 2026 | | 25% every six months |

| | 250,000 | | | | 250,000 | | | | 0.07 | | | July 31, 2026 | | 40% on grant date; 20% every two months thereafter |

| | 2,050,000 | | | | 2,050,000 | | | | 0.14 | | | October 7, 2027 | | 100% on grant date |

| | 700,000 | | | | 350,000 | | | | 0.09 | | | July 1, 2030 | | 25% every six months |

| | 6,050,000 | | | | 1,512,500 | | | | 0.055 | | | February 18, 2031 | | 25% every six months |

| | 14,845,000 | | | | 9,957,500 | | | | | | | | | |

All values are in US Dollars.

The fair value of share-based payment expense was estimated using the Black-Scholes option pricing model and the following assumptions:

20

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

10. Long-term Incentive Plans (continued)

		April 30,<br> <br>2026		****	****	April 30, 2025

| Risk free interest rates | | | 2.78 | % | | 2.45% and 2.47 | % |

| Volatilities | | | 114 | % | | 110% and 107 | % |

| Market prices of common shares on grant or valuation dates | | $ | 0.055 | | | 0.08 and 0.09 | |

| Expected dividends | | Nil | | % | | Nil | % |

| Exercise prices | | $ | 0.055 | | | $ | 0.08 | |

| Fair values of options on grant or valuation dates | | $ | 0.04 | | | $ | 0.05 | |

All values are in US Dollars.

For the three months ended April 30, 2026, share-based payment expense related to share purchase options totaled $117,742 and have been recorded in the Company’s condensed consolidated interim statements of loss and comprehensive loss (three months ended April 30, 2025 - $2,868). $165,297 of share-based payment expense has yet to be recognized and will be recognized in future periods.

	(c)	Share Purchase Options of MedMelior

| | | |

| | | The following table summarizes the continuity of MedMelior’s share purchase options: |

		Number<br> <br>of Options		****	****	Weighted<br> <br>Average<br> <br>Exercise Price		****	****	Weighted Average Remaining Contractual Life (years)

| | | | | | | | | | | | | |

| Outstanding, January 31, 2025 | | | 2,200,000 | | | | 0.10 | | | | 0.73 | |

| Expired | | | (2,200,000 | ) | | | (0.10 | ) | | | – | |

| | | | | | | | | | | | | |

| Outstanding, April 30 and January 31, 2026 | | | – | | | | – | | | | – | |

At April 30, 2026, there were no share purchase options of MedMelior outstanding (January 31, 2026 – nil).

11. Non-controlling Interests

At April 30, 2026, 9.14% of MedMelior’s ownership interest is held by NCI (January 31, 2026 – 9.14%).

During the three months ended April 30, 2026, net loss allocated to NCI totaled $3,365 (three months ended April 30, 2025 – $4,400 (net income)) and net comprehensive loss allocated to NCI totaled $3,096 (three months ended April 30, 2025 – $4,290 (net comprehensive income)).

21

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

12. Supplemental Cash Flow Disclosures

		April 30, 2025	****	****	April 30, 2025

| Interest paid | | | 1,391 | | | | 2,072 | |

| Non-cash investing and financing activities: | | | | | | | | |

| Common shares issued for settlement of debts (Notes 8(d) and 13) | | | – | | | | 1,349,937 | |

| Common shares and share purchase warrants issued for conversion of convertible debentures (Notes 8(c) and 8(f)) | | | 214,446 | | | | 54,233 | |

All values are in US Dollars.

13. Related Party Transactions

Key Management Compensation

	·	5,600,000 share purchase options were granted to directors and officers (three months ended April 30, 2025 – nil).

| | · | 300,000 share purchase options for former directors were forfeited (three months ended April 30, 2025 – nil). |

| | · | No share purchase options for directors and officers expired (three months ended April 30, 2025 – 1,900,000) |

Other Related Party Transactions

During the three months ended April 30, 2026:

	·	The Company recorded $6,013 in interest expense on promissory owed to directors and the Chief Executive Officer (Note 7).

| | · | The Company issued 10,308,039 common shares pursuant to the settlement of amounts due to directors and officers totaling $1,030,804 (Note 8(c)). |

During the three months ended April 30, 2025, the Company issued 10,308,039 common shares pursuant to the settlement of amounts due to directors and officers totaling $1,030,804 (Note 8(d)).

22

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

14. Commitments and Contingencies

	(a)	In March 2021, Olymbec Development Inc. (“Olymbec”) filed a judicial demand before the Superior Court (Civil Division) of Quebec and a judgement for a safeguard order was obtained by Olymbec against Pivot Pharmaceuticals Manufacturing Corp. (“Pivot”), a former subsidiary, and the Company, as guarantor of the lease at 285-295 Kesmark Street, Quebec (the “Lease”), ordering Pivot and the Company to jointly pay the full amount of the Lease on the first day of each month. In May 2021, a judgement for a safeguard order was issued ordering Pivot and the Company to provide post-dated cheques for monthly lease payments for the months of June through November 2021. In June 2021, a judgement granted Pivot and the Company until June 30, 2021 to pay the outstanding lease totaling $124,223 and to deliver post-dated cheques each in the amount of $49,410.51 for monthly lease payments for the months of July through November 2021, which were completed. On October 25, 2023, due to non-payment of rent by Pivot, Olymbec terminated the Lease. An order for Pivot’s bankruptcy was granted on December 11, 2023 by the Superior Court (Commercial Division) of Quebec. On December 16, 2024, the Superior Court (Civil Division) of Quebec issued a judgment ordering the Company to pay Olymbec $367,428, representing lease unpaid by Pivot and administrative charges, plus $15,000 as punitive damages (Note 14(b)). On March 17, 2025, this judgment was registered with the Supreme Court of British Columbia.

| | | |

| | (b) | The Company is a guarantor on the Lease (Note 14(a)), which was assigned together with the sale of Pivot in October 2020 pursuant to which the Company has recorded a financial guarantee liability of $419,341 (January 31, 2026 - $412,854). |

| | | |

| | | The following table summarizes the continuity of financial guarantee liability: |

		Financial Guarantee Liability

| Balance, January 31, 2025 | | | 382,428 | |

| Change in carrying value | | | 30,426 | |

| Balance, January 31, 2026 | | | 412,854 | |

| Change in carrying value | | | 6,487 | |

| Balance, April 30, 2026 | | | 419,341 | |

All values are in US Dollars.

Current, April 30, 2026			419,341

| Non-current, April 30, 2026 | | | – | |

| Balance, April 30, 2026 | | | 419,341 | |

(c)	At April 30, 2026, certain of the Company’s research and development programs, with a total contracted amount of approximately $679,200, were in progress of which the Company has paid approximately $380,200 and a further $299,000 remains to be paid in future periods.
(d)	At April 30, 2026, there may be a contingent liability related to potential interest or penalties that vendors may charge on the Company’s aged accounts payables. Due to the absence of reliable estimates for this amount, no provisions have been recorded by the Company.

15. Operating Segment

The Company operates in one industry segment, development of patented pharmaceuticals within one geographical area. All of the Company’s long-lived assets are located in Canada.

23

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

16. Fair Value Measurements

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Financial assets and liabilities measured at fair value in the condensed consolidated interim statements of financial position are grouped into three levels of fair value hierarchy. Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy level.

The carrying values of accounts receivable excluding tax receivables, due to related parties, amounts payable and accrued liabilities and promissory notes approximate the fair values due to the short-term nature of these items. The fair value of the convertible debentures and loans payable is partially derived from market interest rates. The risk of material change in fair value is not considered to be significant due to a relatively short-term nature. The Company does not use derivative financial instruments to manage this risk.

The following is an analysis of the Company’s financial assets and liabilities at fair value as at April 30 and January 31, 2026:

		As at April 30, 2026									****

| **** | **** | Level 1 | **** | **** | Level 2 | **** | **** | Level 3 | |

| | | | | | | | | | | | | |

| Cash | | | 28,576 | | | | – | | | | – | |

| Warrant liabilities | | | – | | | | – | | | | 135,281 | |

All values are in US Dollars.

		As at January 31, 2026									****

| **** | **** | Level 1 | **** | **** | Level 2 | **** | **** | Level 3 | |

| | | | | | | | | | | | | |

| Cash | | | 12,570 | | | | – | | | | – | |

| Warrant liabilities | | | – | | | | – | | | | 115,013 | |

All values are in US Dollars.

There were no transfers between level 1, 2 and 3 inputs during the year.

17. Management of Financial Risk

The Company’s financial instruments are exposed to certain risks as summarized below:

	(a)	Credit risk

| | | |

| | | Credit risk is the risk of loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company’s cash is held through reputable financial institutions in Canada and Australia. The carrying amounts of cash represent the maximum exposure to credit risk. As at April 30, 2026, this amounted to $28,576. |

24

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

17. Management of Financial Risk (continued)

	(b)	Interest rate risk

| | | |

| | | Interest rate risk is the risk that fair values of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to significant interest rate risk. |

| | | |

| | (c) | Liquidity risk |

| | | |

| | | Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages liquidity risk through the management of its capital structure (Note 18). Accounts payable and accrued liabilities, due to related parties, financial guarantee liability, convertible debentures, current portion of loans payable and promissory notes are due within the current operating period. The table below summarizes the maturity profile of the Company’s financial liabilities at April 30, 2026 based on contractual undiscounted payments: |

	****	0 – 12 Months	****	****	Over 12 Months

| Accounts payable and accrued liabilities | | | 4,276,061 | | | | – | |

| Due to related parties | | | 1,237,603 | | | | – | |

| Financial guarantee liability | | | 419,341 | | | | – | |

| Convertible debentures | | | 85,176 | | | | – | |

| Loans payable | | | 73,226 | | | | 27,677 | |

| Promissory notes | | | 431,431 | | | | – | |

| Warrant liabilities | | | 135,281 | | | | – | |

All values are in US Dollars.

	(d)	Currency risk

| | | |

| | | Currency risk is the risk of loss due to fluctuation of foreign exchange rates and the effects of these fluctuations on foreign currency denominated monetary assets and liabilities. A 5% change in exchange rates will increase or decrease the Company’s loss by approximately $155,000. The Company does not invest in derivatives to mitigate these risks. |

18. Management of Capital

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the development and commercialization of patented pharmaceuticals and to maintain a flexible capital structure. The Company considers its capital to be its shareholders’ equity.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its assets. To maintain or adjust its capital structure, the Company may issue new common shares or debentures, acquire or dispose of assets or adjust the amount of cash.

25

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BETTERLIFE PHARMA INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

18. Management of Capital (continued)

In order to facilitate the management of its capital requirements, the Company prepares expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. In order to maximize ongoing development efforts, the Company does not pay out dividends. There are no external restrictions on the Company’s capital.

19. Events After the Reporting Date

	(a)	Subsequent to April 30, 2026, the Company extended the maturity dates of promissory notes (Note 7) to December 31, 2027.

| | | |

| | | On June 15, 2026, the Company granted 3,250,000 stock options, with exercise price of $0.07, expiry date of June 15, 2036 and quarterly vesting over 24 months, to officers and a director. |

| | | |

| | (c) | On June 15, 2026, maturity dates of the following share purchase warrants were extended as follows: |

Number of Warrants		****	****	Exercise Price		****	****	Original Maturity Date	****	Extended Maturity Date

| | 1,750,000 | | | $ | 0.13 | | | July 1, 2026 | | July 1, 2027 |

| | 350,000 | | | $ | 0.10 | | | August 31, 2026 | | August 31, 2027 |

| | 7,743,342 | | | $ | 0.10 | | | September 27, 2026 | | September 27, 2027 |

| | 4,090,904 | | | $ | 0.10 | | | October 1, 2026 | | October 1, 2027 |

| | 416,712 | | | $ | 0.10 | | | October 29, 2026 | | October 29, 2027 |

	(d)	On June 19, 2026, the Company issued 100,000 common shares to its Executive Director for corporate advisory services performed prior to his appointment as Executive Director.

| | | |

26

betrf_ex993.htm EXHIBIT 99.3

Form 52-109FV2

Certification of Interim Filings

Venture Issuer Basic Certificate

I, AHMAD DOROUDIAN, Chief Executive Officer of BETTERLIFE PHARMA INC., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of BetterLife Pharma Inc. (the “issuer”) for the interim period ended April 30, 2026.

| | |

| 2. | No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings. |

| | |

| 3. | Fair presentation: **** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings. |

Date: June 26, 2026

“Ahmad Doroudian”

_______________________

Ahmad Doroudian

Chief Executive Officer

NOTE TO READER In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

| | |

| i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and |

| | |

| ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP. |

| | |

| The issuer’s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | |

betrf_ex994.htm EXHIBIT 99.4

Form 52-109FV2

Certification of Interim Filings

Venture Issuer Basic Certificate

I, MOIRA ONG, Chief Financial Officer of BETTERLIFE PHARMA INC., certify the following:

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of BetterLife Pharma Inc. (the “issuer”) for the interim period ended April 30, 2026.

| | |

Date: June 26, 2026

“Moira Ong”

_______________________

Moira Ong

Chief Financial Officer

| | |

BETRF 6-K