Bright Minds Biosciences Inc 20-F for FY2024

Bright Minds Biosciences Inc. (DRUG)

20-F 2024-12-31 For: 2024-09-30

Added on April 07, 2026

About this 20-F

Bright Minds Biosciences Inc filed this 20-F on December 31, 2024, covering the fiscal year ended September 30, 2024 (FY2024).

Headline figures

Fiscal year ended September 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: 2.8M CAD; compared with a net loss of 7.37M CAD a year earlier
Diluted EPS: -0.65 CAD; compared with -1.98 CAD a year earlier

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Title of Each Class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares		DRUG		The Nasdaq Stock Market LLC

Large Accelerated Filer ☐	Accelerated Filer ☐
Non Accelerated Filer ☒	Emerging Growth Company ☒

U.S. GAAP ☐	International Financial Reporting Standards as issued	Other ☐
	by the International Accounting Standards Board ☒

PART I	5

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	5
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE	5
ITEM 3. KEY INFORMATION	5
ITEM 4. INFORMATION ON THE COMPANY	21
ITEM 4A. UNRESOLVED STAFF COMMENTS	41
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS	41
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	49
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	66
ITEM 8. FINANCIAL INFORMATION	68
ITEM 9. THE OFFER AND LISTING	69
ITEM 10. ADDITIONAL INFORMATION	69
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	75
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	76

PART II	76

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	76
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	76
ITEM 15. CONTROLS AND PROCEDURES	76
ITEM 16.	77
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT	77
ITEM 16B. CODE OF ETHICS	78
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES	78
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	78
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	78
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT	78
ITEM 16G. CORPORATE GOVERNANCE	79
ITEM 16H. MINE SAFETY DISCLOSURE	82
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION	83
ITEM 16J. INSIDER TRADING POLICIES	83
ITEM 16K. CYBERSECURITY	83

PART III	85

ITEM 17. FINANCIAL STATEMENTS	85
ITEM 18. FINANCIAL STATEMENTS	85
ITEM 19. EXHIBITS	2

Program	Indications	Study	Major Objective	Study Outcome
5-HT_2C	-	ADMEPK (studies on absorption, distribution, metabolism, and excretion and pharmacokinetics) Mouse, rat, dog, monkey PK Brain binding and plasma protein binding Plasma stability, Hepatocyte stability, CYP (Cytochrome P450) inhibition, Permeability in CaCO2 cells Metabolites identification/profiling in cross-species hepatocyte/plasma, Kinetic solubility	Describe the ADMEPK profile of the test compounds. Ensure the drug-like properties and estimating human PK properties	Orally bioavailable Brain penetrant in mice, rats Low plasma protein binding Stable after incubation with rat, human and mouse microsomal enzymes Good IVIVC between IV CL and hepatocyte CL in vitro. Moderate to low inhibition of major liver CYPs. No hERG inhibition Not cytotoxic or genotoxic Favorable metabolite profile
	-	Formulation studies: Formulation stability and homogeneity Solubility at different pH solutions/solvents Preformulation studies API Characterization (ongoing work)	Perform preformulation study of test compound, evaluate stability and solubility	Test compound has a good solubility in aqueous media and organic solvents. The API (active pharmaceutical ingredient) solid was chemically stable
		CMC studies: Drug Substance and Drug Product manufacturing Drug Substance and Drug Product stability studies	Manufacturing of the drug substance and drug product Assess the stability of both drug substance and product	GMP batch manufacturing completed for both Drug substance and product Compound is stable at room temperature and 40C Stability studies ongoing to demonstrate 4year stability Drug product stability studies ongoing (currently 24 months)
	-	Toxicity assessment 28-day toxicity studies (mice and dogs) 90-day toxicity studies (mice and dogs) Chronic toxicity studies (6-months mice, 9-months dogs) - ongoing	To assess safety of the test compound in 2 animal models	28-day tox studies completed 90-day tox studies are completed Chronic tox studies ongoing
	Dravet Syndrome	Zebrafish and Mouse models of Dravet Syndrome (Belgium, confidential collaboration)	Define if test compound has an efficacy in animal models of Dravet Syndrome	Zebrafish treated with test compound experienced reduced locomotion and duration of epileptiform, and mice treated with test compound experienced reduced duration of seizures.

Product	Indications	Clinical Trial	Major Objective	Outcome
		Toxicology studies: 7-days dogs and rat studies (subcutaneous injection)	Assess potential toxicity Complete toxicokinetics	Drug was well tolerated at all doses, no significant adverse effects
5-Ht2a+2c	Depression Pain disorders	Lead optimization - BRET (Bioluminescence Resonance Energy Transfer) assays (John McCorvy)	Describe the 5-HT2 profile of the test compounds	Design, molecule modeling, and synthesis continue to identify highly selective/safe 2A/2C agonists
		PsychoGenics Inc. collaboration (SmartCube model)	To assess the potential of compounds to treat psychiatric disorders by comparing their complex behavioral profiles with those from a proprietary reference database at the drug class level	BMB compounds showed clear antidepressant class profile in SmartCube model
	Pain	Preclinical Screening Platform for Pain (PSPP) - NIH collaboration (plantar incision and L5/L6 nerve ligation rat models)	In vitro opioid & abuse liability, PK and protein binding studies Assess effects in animal pain models	The test compound has passed the Tier 1 and is in process of Tier 2 studies BMB-201 significantly reduced mechanical allodynia, but not guarding behavior, in a dose-dependent manner. In female rats, 30 mg/kg of A39a significantly reduced both mechanical allodynia and guarding behavior compared to vehicle-treated rats of the same sex. 10 mg/kg also had a modest effect on guarding behavior in females.
		Neuroplasticity in vitro	Assess potential neuroplasticity inducing effects	Test compound demonstrated neuroplasticity effects similar to BDNF in vitro
		Head Twitch Response trials (Halberstadt lab) (both 2A and 2A/2C programs)	Evaluate head twitch response in mice	16 BMB compounds screened with a range of activity in vivo. The most active compounds are selected for a further assessment in ADMEPK studies

Patent Application Number	Region	Title	Inventors	Applicant	Filing Date	Status
17/911,022	USA	3-(2-(AMINOETHYL)-INDOL-4-OL DERIVATIVES, METHODS OF PREPARATION THEREOF, AND THE USE AS 5-HT2 RECEPTOR MODULATORS	Alan KOZIKOWSKI; Gideon SHAPIRO; Werner TUECKMANTEL John McCORVY	Bright Minds Biosciences Inc.; The Medical College of Wisconsin Inc.	September 12, 2022 (national phase entry of PCT/CA2021/050336 having an international filing date of March 12, 2021, which claims priority to US 62/988,926 filed March 12, 2020)	Pending
21768153.5	European Union	3-(2-(AMINOETHYL)-INDOL-4-OL DERIVATIVES, METHODS OF PREPARATION THEREOF, AND THE USE AS 5-HT2 RECEPTOR MODULATORS	Alan KOZIKOWSKI; Gideon SHAPIRO; Werner TUECKMANTEL John McCORVY	Bright Minds Biosciences Inc.; The Medical College of Wisconsin Inc.	October 12, 2022 (national phase entry of PCT/CA2021/050336 having an international filing date of March 12, 2021, which claims priority to US 62/988,926 filed March 12, 2020)	Pending
PCT/CA2023/050003	PCT	Phenethylamines and Methods of Preparation Thereof	Alan KOZIKOWSKI; Werner TUECKMANTEL;	Bright Minds Biosciences Inc.	January 4, 2023 (claims priority to US63/296,430 filed January 4, 2022 and US63/422,730 filed November 4, 2022)	Pending
18/562,587	USA	Heterocyclic Compounds and Methods of Preparation Thereof	Alan KOZIKOWSKI; Werner TUECKMANTEL; John MCCORVY; Uros LABAN;	Bright Minds Biosciences Inc.; The Medical College of Wisconsin Inc.	November 20, 2023 (national phase entry of PCT/CA2022/050833 having an international filing date of May 25 2022, which claims priority to US 63/193,062 filed May 26, 2021 and US 63/309,735 filed February 14, 2022)	Pending

Trademark	Country	Application Number (Registration Number)	Filing Date (Registration Date)	Status
BRIGHT MINDS	Canada	2,016,213 (TMA1202388)	2020-03-06 (2023-10-11)	Registered
BRIGHT MINDS	United States of America	90/245,748 (7,424,235)	2020-10-09 (2024-06-25)	Registered

Drug Portfolio	For the year ended September 30, 2024	For the year ended September 30, 2023	For the year ended September 30, 2022
	$	$	$
5-HT_2A	410,140	832,621	2,165,206
5-HT_2C	494,013	3,485,285	8,412,193
5-HT_2C/A	275,857	682,038	1,603,539
TOTAL	1,180,010	4,999,944	12,180,938

Contractual Obligations	Total	Less than 1 year	1 - 3 years	3 - 5 years	More than 5 years
Long-Term Debt Obligations	Nil	Nil	Nil	Nil	Nil
Capital (Finance) Lease Obligations	Nil	Nil	Nil	Nil	Nil
Operating Lease Obligations	118,960	79,384	39,576	Nil	Nil
Purchase Obligations	Nil	Nil	Nil	Nil	Nil
Other Long-Term Liabilities Reflected on the Company's Balance Sheet under the GAAP of the primary financial statements	Nil	Nil	Nil	Nil	Nil
Total	118,960	79,384	39,576	Nil	Nil

Name, Province/State and Country of Residence	Age	Position	Director/Officer Since
Ian McDonald, Dubai, UAE	37	President, Chief Executive Officer and Director	May 31, 2019
Ryan Cheung, British Columbia, Canada	46	Chief Financial Officer	May 29, 2020
Dr. Mark Smith, Elkton, MD	69	Chief Medical Officer	December 1, 2022
Nils Christian Bottler^(1)(2)(3)(4), Berlin, Germany	37	Director	September 29, 2020
Jeremy Fryzuk^(1)(2)(3)(4), London, UK	39	Director	September 29, 2020
Dr. Jan Pedersen, Soborg, Denmark	60	Director and Chief Scientific Officer	April 27, 2022 (Director) June 26, 2022 (Interim Chief Scientific Officer) September 22, 2022 (Chief Scientific Officer)
David Weiner^(1)(2)(3)(4), New York, USA	60	Director	February 16, 2023

Named Executive Officer and Principal Position	Year	Salary (C$)	Share based awards (C$)⁽¹⁾	Equity incentive awards (C$)⁽¹⁾	Annual Incentive Plan (C$)	Long- term Incentive Plan (C$)	Pension Value (C$)	All Other Compen- sation (C$)	Total Compen- sation (C$)
Ian McDonald⁽²⁾ President and CEO	2024 2023 2022	Nil Nil Nil	213,239 626,178 Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	213,239 626,178 Nil
Ryan Cheung⁽³⁾ CFO	2024 2023 2022	120,000 120,000 144,000	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	120,000 120,000 144,000
Jan Pedersen⁽⁴⁾ Chief Science Officer	2024 2023 2022	243,300 243,550 174,215	205,283 556,174 46,529	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	448,583 799,724 220,744
Mark Smith⁽⁵⁾ Chief Medical Officer	2024 2023 2022	279,119 272,946 N/A	Nil Nil N/A	128,805 177,975 N/A	Nil Nil N/A	Nil Nil N/A	Nil Nil N/A	Nil Nil N/A	407,924 450,921 N/A
Revati Shreeniwas⁽⁶⁾ Former Chief Medical Officer	2024 2023 2022	N/A 58,900 383,850	N/A Nil 123,052	N/A Nil Nil	N/A Nil Nil	N/A Nil Nil	N/A Nil Nil	N/A Nil Nil	N/A 58,900 506,902

Plan Category	Number of securities to be issued upon exercise of outstanding options and settlement of outstanding RSUs (a)⁽¹⁾	Weighted-average exercise price of outstanding options ($) (b)	Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
Equity compensation plans approved by securityholders	340,400 (Options) 192,000 (RSUs)	$7.76 (Options/RSUs)	112,008 (Options) 260,408 (RSUs)
Equity compensation plans not approved by securityholders	N/A	N/A	N/A
Total	340,400 (Options) 192,000 (RSUs)		112,008 (Options) 260,408 (RSUs)

Name	Option-based Awards
Name	Number of securities underlying unexercised options (#)	Option exercise price ($)	Option expiration date m - d - y	Value of unexercised in-the- money options⁽¹⁾ ($)
Mark Smith Chief Medical Officer	45,000	$8.25	12-01-2027⁽³⁾	Nil

Name	Share-based Awards
Name	Number of shares or units of shares that have not vested (#)	Market or payout value of share-based awards that have not vested ($)	Market or payout value of vested share-based awards not paid out or distributed ($)
Ian McDonald	60,000	105,000	105,000
Jan Pedersen Chief Science Officer	85,000	148,750	148,750

Program	Indications	Study	Major Objective	Study Outcome
	Epilepsy	NIH ETSP program (collaboration on epilepsy). Series of studies. Mouse Maximal Electroshock (MES),6 Hz Seizure, and Rotarod Motor Impairment Assays	Test the compound in animal seizure models	Mice treated with test compound at higher dose experienced no seizures when induced at 0,25 and 1 hour. ¾ of Mice treated with middle dose experienced no seizures at 0,25 hours. Mice treated with lower dose experienced no difference in induced seizures.
	Opioid withdrawal (Opioid use disorder, OUD)	Substance use Disorder in rats (Dr. Cunningham lab)	Determine the efficacy of test compound to suppress drug intake in male rats trained to stably self-administer fentanyl	Rats treated with test compound (in higher doses) experienced 65% less fentanyl intake in an opioid use rat model
	Opioid withdrawal (Opioid use disorder, OUD)	Substance use Disorder in rats (Dr. Cunningham lab)	Determine the efficacy of lead compound to reduce fentanyl seeking behaviour New compound and additional dosages included in new study design	Lead compound showed efficacy in validated rat models for the treatment of opioid use disorder, 66% less fentanyl intake
	Binge Eating Disorder (BED)	BED trial in rats (Dr. Cunningham)	Determine the efficacy of test compound to suppress binge eating behavior in male rats	Rats treated with test compound experienced 47% fewer binge eating episodes in validated rat model to a similar extent as lorcaserin (reference)
	Alzheimer's Disease	Dave Morgan	Test the compound for behavioral changes in APP+PS1 mice (model of Alzheimer's Disease)	Test compound showed significant effect in agitation in open field without other effects on learning and memory performance
5-HT_2A	Depression and PTSD	Lead optimization - BRET (Bioluminescence Resonance Energy Transfer) assays (John McCorvy)	Describe the 5-HT2 profile of the test compounds Choose lead and backup compounds	More than 100 compounds screened and profiled Lead and backup compounds with minimal 2B agonism are selected

Product	Indications	Clinical Trial	Major Objective	Outcome
BMB-101	Undisclosed Seizure Disorder	Phase 1 SAD, MAD and Food Effects	Safety, PK/PD and Exploratory Effect markers	Based on safety results, BMB-101 was safe and well-tolerated by healthy subjects. The maximum tolerated dose of BMB-101 in this study was determined to be 180 mg/70 kg in the SAD study and 150 mg/ 70 kg. bid in the MAD study. Plasma pharmacokinetics indicated a plasma half-life of 5-7 hrs compatible with twice a day dosing. Prolactin and qEEG changes were indicative of central target engagement of central 5-HT2c receptors by BMB-101.
	Absence Epilepsy and DEE	BREAKTHROUGH Study: A Phase 2 Trial of BMB-101 in Absence Epilepsy and Developmental Epileptic Encephalopathy	Assess the safety, tolerability and efficacy of BMB-101	Ongoing study NCT06401538

Name of NEO	Option-based awards - Value vested during the year ($)	Share-based awards - Value vested during the year ($)	Non-equity incentive plan compensation - Value earned during the year ($)
Ian McDonald	Nil	Nil	Nil
Ryan Cheung	Nil	Nil	Nil
Jan Pedersen	Nil	Nil	Nil

Name	Year	Salary ($)	Share- based Awards⁽¹⁾ ($)	Equity Incentive Awards⁽¹⁾ ($)	All Other Compensation ($)	Total Compensation ($)
Ian McDonald	2024 2023 2022	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil
Nils Christian Bottler	2024 2023 2022	Nil Nil Nil	Nil Nil Nil	17,891 7,685 23,900	Nil Nil Nil	17,891 7,685 23,900
Jeremy Fryzuk	2024 2023 2022	Nil Nil Nil	Nil Nil Nil	17,891 7,685 23,900	Nil Nil Nil	17,891 7,685 23,900
Dr. Alan Kozikowski⁽²⁾	2024 2023 2022	N/A N/A 188,850	N/A N/A Nil	N/A N/A Nil	N/A N/A Nil	N/A N/A 188,850
Dr. Emer Leahy⁽³⁾	2024 2023 2022	N/A N/A Nil	N/A N/A Nil	N/A N/A (58,132)	N/A N/A Nil	N/A N/A (58,132)
Jan Pedersen⁽⁴⁾	2024 2023 2022	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil	Nil Nil Nil
Douglas Williamson⁽⁵⁾	2024 2023 2022	Nil Nil Nil	Nil (63,241) 63,241	Nil Nil Nil	Nil Nil Nil	Nil (63,241) 63,241
David Weiner⁽⁶⁾	2024 2023 2022	Nil Nil Nil	Nil Nil Nil	39,488 22,039 Nil	Nil Nil Nil	39,488 22,039 Nil

Name	Common Shares of the Company Beneficially Owned ⁽¹⁾	Percentage of Common Shares Beneficially Owned⁽²⁾
Directors and Executive Officers:
Ian McDonald⁽³⁾, Chief Executive Officer, President and Director	1,364,900	19.53%
Ryan Cheung, Chief Financial Officer	Nil	0%

	Year Ended September 30
	2024	2023
Audit Fees:	$59,250	$64,000
Audit Related Fees:	$-	$-
Tax Fees:	$2,500	$2,300
Total:	$61,750	$66,300

		September 30,		September 30,
As at	Notes	2024		2023
		$		$
ASSETS
Current Assets
Cash and cash equivalents	8	5,720,092		6,747,986
Sales tax receivable		50,224		36,981
Prepaids		216,628		27,692
		5,986,944		6,812,659
Non-Current Assets
Right-of-use asset	10	117,658		66,413
TOTAL ASSETS		6,104,602		6,879,072

LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities	4,6	449,299		207,307
Lease liability - current portion	10	79,384		73,549
		528,683		280,856
Non Current Liabilities				-
Lease liability - non current portion	10	39,576		-
TOTAL LIABILITIES		568,259		280,856

Shareholders' equity
Share capital	5	35,423,371		33,914,308
Pre-funded warrants	5	455,573		831,834
Reserves	5	4,006,368		3,399,097
Deficit		(34,348,969	)	(31,547,023	)
TOTAL SHAREHOLDERS' EQUITY		5,536,343		6,598,216
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		6,104,602		6,879,072

Approved on behalf of the Board of Directors:

"Ian McDonald"		"Nils Bottler"
Director		Director

For the years ended	Notes	September 30, 2024		September 30, 2023		September 30, 2022
		$		$		$
EXPENSES
Consulting fees	5	98,404		207,390		771,329
Directors' compensation	5,6	493,793		1,156,523		99,438
Foreign exchange		9,312		(14,189	)	(12,151	)
Marketing, advertising, and investor relations		41,600		119,418		551,864
Office and administrative	10	264,009		278,809		478,248
Professional fees	6	547,765		437,679		650,196
Regulatory and filing		197,186		186,651		243,079
Research and development	5,6,9	1,180,010		4,999,944		12,180,938
Loss before other items		(2,832,079	)	(7,372,225	)	(14,962,941	)
Other items
Impairment of intangible assets		-		-		(2,000	)
Interest income		30,133		-		-
Net and comprehensive loss		(2,801,946	)	(7,372,225	)	(14,964,941	)

Basic and diluted loss per share		(0.65	)	(1.98	)	(6.06	)

Weighted average number of common shares outstanding
-basic		4,310,168		3,719,775		2,470,383
-diluted		4,310,168		3,719,775		2,470,383

	Share Capital
	Number of shares *	Share capital		Subscriptions receivable		Pre-funded warrants		Reserves		Deficit		Total
		$		$		$		$		$		$
Balance as at September 30, 2021	2,366,872	27,080,281		(33,684	)	-		1,565,055		(9,209,857	)	19,401,795
Private placement	571,600	4,001,200		33,684		-		-		-		4,034,884
Finder's fees - cash	-	(539,329	)	-		-		-		-		(539,329	)
Finder's fees - compensation warrants	-	(531,000	)	-		-		531,000		-		-
Finder's fees - share options	-	(39,355	)	-		-		39,355		-		-
Share issue costs	-	(260,650	)	-		-		-		-		(260,650	)
Warrants exercised	529,960	1,653,170		-		-		-		-		1,653,170
Compensation warrants exercised	45,040	846,277		-		-		(531,000	)	-		315,277
Shares issued to a consultant	5,000	27,250		-		-		-		-		27,250
Share-based compensation	-	-		-		-		875,056		-		875,056
Net loss	-	-		-		-		-		(14,964,941	)	(14,964,941	)
Balance as at September 30, 2022	3,518,472	32,237,844		-		-		2,479,466		(24,174,798	)	10,542,512
Private placement - common shares	194,800	1,217,500		-		-		-		-		1,217,500
Private placement - pre-funded warrants	-	-		-		831,834		-		-		831,834
Share issue costs	-	(26,976	)	-		-		-		-		(26,976	)
Warrants exercised	28,800	253,440		-		-		-		-		253,440
RSUs exercised	30,000	232,500		-		-		(232,500	)	-		-
Share-based compensation	-	-		-		-		1,152,131		-		1,152,131
Net loss	-	-		-		-		-		(7,372,225	)	(7,372,225	)
Balance as at September 30, 2023	3,772,072	33,914,308		-		831,834		3,399,097		(31,547,023	)	6,598,216
Private placement - common shares	661,765	900,000		-		-		-		-		900,000
Pre funded warrant exercise	60,250	376,563		-		(376,261	)	-		-		302
RSUs exercised	30,000	232,500		-		-		(232,500	)	-		-
Share-based compensation (Note 5)	-	-		-		-		839,771		-		839,771
Net loss	-	-		-		-		-		(2,801,946	)	(2,801,946	)
Balance as at September 30, 2024	4,524,087	35,423,371		-		455,573		4,006,368		(34,348,969	)	5,536,343

For the years ended	Notes	September 30, 2024		September 30, 2023		September 30, 2022
		$		$		$
Operating activities
Net loss for the year		(2,801,946	)	(7,372,225	)	(14,964,941	)
Non-cash items:
Interest on lease liability	10	8,945		19,750		2,173
Depreciation - right-of-use asset	10	73,357		72,450		6,037
Foreign exchange		(10,126	)	45,348		(258,824	)
Share-based compensation	5	839,771		1,152,131		875,056
Shares recorded as consulting fees		-		-		27,250
Impairment of intangible assets		-		-		2,000

Changes in non-cash operating working capital items:
Sales tax receivable		(13,243	)	77,537		(4,372	)
Other receivable		-		41,261		(41,261	)
Prepaids		(188,936	)	136,737		3,778
Accounts payable and accrued liabilities		241,992		(1,197,254	)	765,988
Net cash used in operating activities		(1,850,186	)	(7,024,265	)	(13,587,116	)

Financing activities
Private placement proceeds	5	900,000		1,217,500		4,034,884
Finder's fees		-		-		(539,329	)
Share issue costs		-		(26,976	)	(260,650	)
Pre-funded warrant proceeds		-		831,834		-
Pre funded warrant exercise proceeds		302		-		-
Warrant exercise proceeds		-		253,440		1,653,170
Compensation warrant exercise proceeds		-		-		315,277
Principal portion of lease liability	10	(89,730	)	(86,112	)	(7,162	)
Net cash from financing activities		810,572		2,189,686		5,196,190

Change in cash and cash equivalents		(1,039,614	)	(4,834,579	)	(8,390,926	)
Effect of foreign exchange on cash		11,720		(45,348	)	258,824
Cash and cash equivalents, beginning of year		6,747,986		11,627,913		19,760,015

Cash and cash equivalents, end of year		5,720,092		6,747,986		11,627,913

SUPPLEMENTARY INFORMATION
Fair value of RSUs exercised		232,500		232,500		-
Fair value of options issued as a finder's fees		-		-		39,355

	•	The Company's business model for such financial assets is to hold the assets in order to collect contractual cash flows.
	•	The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the amount outstanding.

	September 30, 2024	September 30, 2023
	$	$
Accounts payable	407,548	182,307
Accrued liabilities	41,751	25,000
Total accounts payable and accrued liabilities	449,299	207,307

	Number of options			Weighted average exercise price

Balance at September 30, 2022	183,161		$	18.20
Granted	107,000		$	6.93
Cancelled^{(1), (2)}	(78,000	)	$	20.52
Balance at September 30, 2023	212,161		$	11.65
Granted	130,000		$	1.84
Expired	(1,761	)	$	38.20
Balance at September 30, 2024	340,400		$	7.76

Options Outstanding and Exercisable
Expiry Date	Number of options	Exercisable	Exercise price	Remaining life (Years)
November 17, 2025	71,400	71,400	$6.25	1.13
April 28, 2026 ⁽²⁾	16,000	12,000	$38.00	1.58
June 15, 2026	16,000	12,000	$38.00	1.71
December 1, 2027	60,000	15,000	$8.25	3.17
February 16, 2028	47,000	11,750	$5.25	3.38
March 22, 2029	130,000	32,500	$1.84	4.48

	Number of RSUs			Weighted average exercise price
Balance at September 30, 2022	108,000		$	13.15
Granted	220,000		$	7.75
Exercised	(30,000	)	$	7.75
Forfeited*	(76,000	)	$	6.25
Balance at September 30, 2023	222,000		$	10.89
Exercised	(30,000	)	$	7.75
Balance at September 30, 2024	192,000		$	11.38

RSUs Outstanding and Exercisable
Expiry Date	Number of RSUs	Exercisable	Exercise price	Remaining life (Years)
February 1, 2027	5,000	2,500	$15.25	2.34
February 1, 2027	7,000	3,500	$15.00	2.34
April 27, 2027	20,000	10,000	$38.20	2.57
December 1, 2027	160,000	50,000	$7.75	3.17

Exercise date	Exercise price	Number of RSUs exercised	Weighted average share price on exercise date
March 10, 2023	$7.75	30,000	$3.60
December 13, 2023	$7.75	30,000	$1.97

	For the year ended:
	September 30, 2024	September 30, 2023	September 30, 2022
	$	$	$
Stock options	386,975	50,350	643,911
Restricted share units - equity settled grants	452,796	1,101,781	231,145
Total equity settled share-based compensation expense	839,771	1,152,131	875,056
Restricted share units - cash settled grants	-	-	-
Total share-based compensation expense	839,771	1,152,131	875,056

	Number of warrants			Weighted average exercise price
Balance at September 30, 2022	881,520		$	23.89
Issued	194,800			6.75
Exercised	(28,800	)		8.80
Balance at September 30, 2023	1,047,520		$	21.12
Issued	722,015			2.12
Expired	(852,720	)		24.40
Balance at September 30, 2024	916,815		$	3.10

	Warrants Outstanding
Expiry Date	Number of warrants		Exercise price	Remaining life (Years)
December 2, 2024	194,800	$	6.75	0.17
December 2, 2024	60,250	$	6.75	0.17
December 22, 2028	661,765	$	1.70	4.23

	•	Signing Fee - a signing fee of $100,000 less $15,000 in option fees was paid (CDN$105,502) and 12,600 common shares of the Company were issued to the University;