SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Britannia Life Sciences Inc.",
      "reportingPeriodEnd": "2025-12-31",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "cash": 1818323,
      "marketableSecurities": 14067537,
      "contingentConsideration": 459160,
      "accountsReceivable": 554042,
      "option": 13,
      "prepaidExpenses": 67608,
      "totalCurrentAssets": 16966671,
      "propertyAndEquipment": 94996,
      "investment": 0,
      "investmentInDebenture": 5000000,
      "totalNonCurrentAssets": 5094995,
      "totalAssets": 22061666,
      "accountsPayableAndAccruedLiabilities": 4582555,
      "otherDebt": 86337,
      "currentPortionOfLeaseLiability": 83152,
      "directorsLoan": 29110,
      "totalCurrentLiabilities": 4781154,
      "leaseLiability": 49960,
      "convertibleDebentures": 0,
      "totalNonCurrentLiabilities": 49960,
      "totalLiabilities": 4831114,
      "shareCapital": 17107347,
      "contributedSurplus": 3409434,
      "warrantReserve": 49514,
      "accumulatedOtherComprehensiveLoss": -1072339,
      "accumulatedDeficit": -2263404,
      "totalShareholdersEquity": 17230552,
      "cashPerShare": 0.0112,
      "workingCapitalPerShare": 0.0751
    },
    "incomeStatement": {
      "sales": 757955,
      "costOfSales": 244247,
      "grossMargin": 513708,
      "sellingGeneralAndAdministration": 1542688,
      "finance": 19710,
      "totalExpenses": 1562398,
      "lossFromOperations": -1048690,
      "changeInFairValueOfContingentReceivable": -1277618,
      "shareOfNetLossOfPALS": -1919213,
      "gainOnDilutionInPALS": 1668717,
      "gainOnDisposalOfPALS": 14076846,
      "fairValueGainLossOnFinancialAssetsAtFVTPL": -469314,
      "fairValueGainLossOnFinancialAssetsAtFVTLPALS": 460005,
      "accretionExpense": -768,
      "fairValueAdjustmentOnOption": 66345,
      "foreignCurrencyTranslationGainLoss": -146420,
      "totalOtherIncomeExpense": 12458580,
      "incomeLossFromContinuingOperationsBeforeIncomeTaxes": 11409890,
      "currentIncomeTaxExpense": 1674111,
      "deferredIncomeTaxRecovery": 0,
      "totalIncomeTax": 1674111,
      "netIncomeLossFromContinuingOperations": 9735779,
      "netIncomeFromDiscontinuedOperations": 1289960,
      "netIncomeLoss": 11025739,
      "otherComprehensiveIncomeLoss": -95966,
      "comprehensiveIncomeLoss": 10929773,
      "basicAndDilutedWeightedAverageSharesOutstanding": 162254339
    },
    "cashFlowStatement": {
      "netIncomeLossFromContinuingOperations": 9735779,
      "adjustmentsForItemsNotInvolvingCash": -2891905,
      "changesInNonCashWorkingCapitalItems": 915298,
      "cashFlowsUsedInOperatingActivitiesFromContinuingOperations": -1976607,
      "cashFlowsUsedInOperatingActivitiesFromDiscontinuedOperations": 1289960,
      "netCashFlowsFromOperatingActivities": -686647,
      "investmentInPALS": -250040,
      "investmentInDebenture": -5000000,
      "cashFlowsProvidedByInvestingActivitiesFromContinuingOperations": -5250040,
      "cashFlowsProvidedByInvestingActivitiesFromDiscontinuedOperations": 0,
      "netCashFlowsFromInvestingActivities": -5250040,
      "leasePayments": -72279,
      "loanRepayment": -14011,
      "proceedsOnDebentureUnits": 0,
      "cashFlowsProvidedByUsedInFinancingActivitiesFromContinuingOperations": -86290,
      "cashFlowsProvidedByUsedInFinancingActivitiesFromDiscontinuedOperations": 0,
      "netCashFlowsFromFinancingActivities": -86290,
      "effectOfExchangeRateChangesOnCashAndCashEquivalents": -7456,
      "netDecreaseInCashForThePeriod": -6030433,
      "cashBeginningOfThePeriod": 7848756,
      "cashEndOfThePeriod": 1818323
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Marketable Securities",
        "description": "Retained interest in PALS and McEwan shares",
        "ownershipPercentage": null,
        "value": 14067537,
        "notes": "Classified as FVTPL, see note 4(b)"
      },
      {
        "type": "Investment in Debenture",
        "description": "Subordinated secured debenture bearing interest at 25% per annum, maturing July 1, 2027",
        "ownershipPercentage": null,
        "value": 5000000,
        "notes": "Held at amortized cost, see note 5"
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 162254339,
      "classesOfShares": ["common shares"],
      "warrants": [
        {
          "number": 15532712,
          "exercisePrice": 0.06,
          "expiryDate": null
        }
      ],
      "options": [],
      "rightsConvertibleInstruments": null
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025-12-31": {
          "salariesFeesAndShortTermBenefits": 759356
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Director",
          "description": "Loan to CosLab",
          "amount": 29110,
          "period": "2025-12-31"
        }
      ]
    },
    "subsequentEvents": []
  }
]