Bright Minds Biosciences reports C$307,828,515 cash after public offering

The cash build came from share sales

Bright Minds Biosciences Inc. filed unaudited interim financial statements on Form 6-K on August 17, 2026, covering the nine months ended June 30, 2026. The statements are in Canadian dollars. Cash and cash equivalents stood at CAD 307,828,515 on June 30, 2026, up from CAD 82,908,589 on September 30, 2025. Net cash from financing activities was CAD 241,940,806 for the nine months. Most of that money came from a public offering. On January 9, 2026, the company issued 1,945,000 common shares at US$90 per share, for gross proceeds of CAD 243,249,480 (US$175,050,000). It paid an underwriters' fee of CAD 14,594,968 (US$10,503,000) and other issuance costs of CAD 209,477. The filing does not name the underwriters for that offering. It names only the fee. Before that, the company sold 149,972 shares under an at-the-market program for CAD 13,944,237 (US$9,629,061), with cash commissions of CAD 418,327 (US$297,809). The program was run with Piper Sandler & Co. and Cantor Fitzgerald & Co., which the filing calls the Agents. The company and the Agents agreed to terminate it on January 7, 2026, two days before the offering.

Spending, the loss and the offsets

The company used CAD 23,402,489 in operating activities over the nine months, against CAD 7,423,611 a year earlier. The net and comprehensive loss was CAD 20,423,200, compared with CAD 8,143,745. Research and development expense was CAD 27,959,810, against CAD 6,300,304. In the three months ended June 30, 2026, research and development alone was CAD 9,251,462, against CAD 2,691,854. Two items reduced the reported loss. Interest income was CAD 6,301,274 for the nine months, against CAD 989,930, and a foreign exchange gain of CAD 6,933,308 appears among the expenses. The loss per share was CAD 2.26, compared with CAD 1.20. The company says it has not generated revenues from operations, and its deficit since inception reached CAD 67,001,517.

Dilution and the going-concern basis

The statements are prepared on a going concern basis. The note says the company's continuing operations depend on its ability to attain profitable operations and generate funds from them. It adds that management intends to finance operating costs with equity financings, loans from directors and companies controlled by directors, and private placements of common shares. The balance sheet shows no loan balances, so those director loans are a plan, not reported debt. The share count moved sharply. The company had 7,635,789 shares outstanding on September 30, 2025 and 9,864,061 on June 30, 2026, with new shares issued for cash the main cause. Costs beyond research also rose. Share-based compensation was CAD 4,039,054 in the period, directors' compensation was CAD 817,870 for the nine months, against CAD 330,105 a year earlier, and consulting fees reached CAD 1,570,249, against CAD 70,486.

Legal settlement

A contingent liability note covers a case that Revati Inc., the consulting company of the company's former Chief Medical Officer, Dr. Revati Shreeniwas, brought on April 14, 2023 over the termination of its consulting services. The company disputed the claims. In June 2026 it signed a Mutual Release and Settlement Agreement with Revati Inc. and Dr. Shreeniwas, paying US$200,000 in exchange for mutual releases and dismissal of the proceedings. The payment was made on June 22, 2026. The balance sheet shows total liabilities of CAD 2,543,873 against shareholders' equity of CAD 307,792,660. The company reports no revenue, so its research spending is paid from this cash.

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