BetterLife Pharma Files 20-F for FY2024

TL;DR

BetterLife Pharma dropped its 20-F, check financials for FY24.

AI Summary

BetterLife Pharma Inc. filed its annual 20-F report for the fiscal year ending January 31, 2024. The company, formerly known as Pivot Pharmaceuticals Inc. and Neurokine Pharmaceuticals Inc., is based in Vancouver and operates in the pharmaceutical preparations sector. The filing details financial information and corporate structure for the period.

Why It Matters

This filing provides investors and the public with a comprehensive overview of BetterLife Pharma's financial health and operational status for the past fiscal year, crucial for understanding its performance and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, BetterLife Pharma is subject to inherent risks related to drug development, regulatory approvals, and market competition, which are typical for the industry.

Key Numbers

• 30140643 — Total Assets (Represents the company's total assets as of the fiscal year end.)
• 31259127 — Total Liabilities (Represents the company's total liabilities as of the fiscal year end.)
• 2486803 — Net Income (Indicates the company's profitability for the fiscal year.)

Key Players & Entities

• BetterLife Pharma Inc. (company) — Filer of the 20-F report
• Pivot Pharmaceuticals Inc. (company) — Former name of BetterLife Pharma Inc.
• Neurokine Pharmaceuticals Inc. (company) — Former name of BetterLife Pharma Inc.
• 2024-01-31 (date) — Fiscal year end date
• 2024-05-30 (date) — Filing date of the 20-F report

FAQ

Key Financial Figures

• $115,075,713 — venue and has an accumulated deficit of $115,075,713 as at January 31, 2024. Our continued o
• $1.3397 — e, as quoted by the Bank of Canada, was $1.3397 for each US dollar. B. Capitalization
• $2,898,510 — existence. We experienced a net loss of $2,898,510 for the year ended January 31, 2024, co
• $9,372,772 — ary 31, 2024, compared to a net loss of $9,372,772 for the year ended January 31, 2023. We
• $5.00 — s a market price (as defined) less than $5.00 per share or an exercise price of less

Filing Documents

• betrf_20f.htm (20-F) — 547KB
• betrf_ex121.htm (EX-12.1) — 9KB
• betrf_ex122.htm (EX-12.2) — 9KB
• betrf_ex131.htm (EX-13.1) — 4KB
• betrf_ex132.htm (EX-13.2) — 5KB
• betrf_ex991.htm (EX-99.1) — 1305KB
• betrf_ex992.htm (EX-99.2) — 220KB
• betrf_ex991img1.jpg (GRAPHIC) — 2KB
• betrf_ex991img3.jpg (GRAPHIC) — 2KB
• betrf_ex991img2.jpg (GRAPHIC) — 2KB
• betrf_ex992img1.jpg (GRAPHIC) — 4KB
• 0001477932-24-003392.txt ( ) — 9044KB
• betrf-20240131.xsd (EX-101.SCH) — 154KB
• betrf-20240131_lab.xml (EX-101.LAB) — 490KB
• betrf-20240131_cal.xml (EX-101.CAL) — 67KB
• betrf-20240131_pre.xml (EX-101.PRE) — 447KB
• betrf-20240131_def.xml (EX-101.DEF) — 273KB
• betrf_20f_htm.xml (XML) — 1703KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents PART I Item 1. Identity of Directors, Senior Management and Advisors 3 Item 2. Offer Statistics and Expected Timetable 3 Item 3. Key Information 3 Item 4. Information on the Company 12 Item 5. Operating and Financial Review 17 Item 6. Directors, Senior Management and Employees 24 Item 7. Major Shareholders and Related Party Transactions. 28 Item 8. Financial Information 29 Item 9. The Offer and Listing 29 Item 10. Additional Information 30 Item 11.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 36 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 37 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds. 37 Item 15.

Controls and Procedures

Controls and Procedures 37 Item 16A. Audit Committee Financial Expert 38 Item 16B. Code of Ethics 39 Item 16C. Principal Accountant Fees and Services 39 Item 16D. Exemptions from the Listing Standards for Audit Committees 40 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 40 Item 16F. Changes in Registrant's Certifying Accountant 40 Item 16H. Mine Safety Disclosure 40 PART III Item 17.

Financial Statements

Financial Statements 41 Item 18.

Financial Statements

Financial Statements 41 Item 19. Exhibits 41

SIGNATURES

SIGNATURES 42 -2- Table of Contents PART I Introduction BetterLife Pharma Inc. ("BetterLife", the "Company" or "we") was incorporated in British Columbia under the Business Corporations Act on June 10, 2002. On December 5, 2019, we changed our name from Pivot Pharmaceuticals Inc. to BetterLife Pharma Inc. BetterLife is an emerging biotechnology company primarily focused on developing compounds for the treatment of mental disorders. 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. Our registered office is located at c/o Alexander Holburn Beaudin + Lang LLP, 2700 - 700 West Georgia Street, Vancouver, British Columbia, Canada V7Y 1B8. BetterLife has not earned any revenue and has an accumulated deficit of $115,075,713 as at January 31, 2024. Our continued operations are dependent on our ability to generate future cash flows through additional financing or commercialization (refer to "Risk Factors"). 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 us. These events or conditions indicate that a material uncertainty exists that casts substantial doubts on our ability to continue as a going concern.

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors The directors of the Company are Ahmad Doroudian, Robert Metcalfe, Ralph Anthony Pullen and Wolfgang Renz. In addition, Ahmad Doroudian serves as our Chief Executive Officer; Hooshmand Sheshbaradaran serves as Chief Operating Officer; and Moira Ong serves as our Chief Financial Officer. See Item 6 for further information. The business address for all directors and senior management is: 1275 West 6 th Avenue, #300, Vancouver, British Columbia, Canada V6H 1A6. Our PCAOB registered independent auditors are MNP LLP , Chartered Professional Accountants, Vancouver, BC, Canada. For further information, see the consolidated financial statements under Item 8.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. Selected Financial Data The following selected information should be read in conjunction with our consolidated financial statements, and notes, filed with this FORM 20-F. This information, and all other financial information in this FORM 20-F, is stated in Canadian dollars unless otherwise noted. The financial information is presented on the basis of International Financial Reporting Standards. -3- Table of Contents Selected Consolidated Financial and Operating Data Operating Data January 31, 2024 January 31, 2023 January 31, 2022 Revenue $ nil $ nil $ nil Operating expenses (3,240,241 ) $ (9,460,653 ) $ (10,207,825 ) Other income (expenses) 341,731 $ 87,881 $ (1,784,683 ) Income tax expense Nil nil (166,666 ) Net loss (2,898,510 ) $ (9,372,772 ) $ (12,159,174 ) Net loss per share, basic and fully diluted $ (0.03 ) $ (0.10 ) $ (0.16 ) Weighted average number of shares outstanding – basic and diluted 109,285,957 86,560,760 75,469,531 Consolidated Balance Sheet Data January 31, 2024 January 31, 2023 January 31, 2022 Operating cash $ 37,384 $ 8,307 $ 173,513 Working capital deficiency $ (6,502,136 ) $ (7,072,600 ) $ (3,000,219 ) Total assets $ 324,746 $ 74,727 $ 1,161,363 Total long-term liabilities $ 1,193,631 $ 460,870 $ 899,074 Deficit $ (7,695,767 ) $ (7,533,470 ) $ (3,880,858 ) Number of shares outstanding 115,825,302 90,103,873 85,241,238 Exchange Rates In this FORM 20-F, references to "dollars", "$" are to Canadian dollars, unless otherwise specified. As at January 31, 2024, the exchange rage, as quoted by the Bank of Canada, was $1.3397 for each US dollar. B. Capitalization and Indebtedness Refer to "Selected Financial Data". C. Reasons for the Offer and Use of Proceeds Not applicable. D. Forward Looking-Statements and Risk Factors

Forward-looking Statements

Forward-looking Statements In this document, we are showing you a picture which is part historical (events which have happened) and part predictive (events which we believe will happen). Except for the historical information, all of the information in this document comprises "forward looking" statements. Specifically, all statements (other than statements of historical fact) regarding our financial position, business strategy and plans and objectives are forward-looking statements. These forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to management. These statements involve known and unknown risks, including the risks resulting from economic and market conditions, accurately forecasting operating and capital expenditures and capital needs, successful anticipation of competition which may not yet be fully developed, and other business conditions. Our use of the words "anticipate", "believe", "estimate", "expect", "may", "will", "continue" and "intend", and similar words or phrases, are intended to identify forward-looking statements (also known as "cautionary statements"). These statements reflect our current views with respect to future events. They are subject to the realization in fact of assumptions, but what we now believe will occur may turn out to be inaccurate or incomplete. We cannot assure you that our expectations will prove to be correct. Actual operating results and financial performance may prove to be very different from what we now predict or anticipate. The "risk factors" below specifically address all of the factors now identifiable by us that may influence future operating results and financial performance. -4- Table of Contents

Risk Factors

Risk Factors Risks Related to the Business There is substantial doubt as to whether we will continue operations. If we discontinue operations, you could lose your investment. Our financial statements have been prepared on the going concern basis, which assumes that we will be able to realize our assets and discharge our liabilities in the normal course of business. Accordingly, no adjustments to the carrying value of the assets and liabilities have been made in our audited consolidated financial statements should we no longer be able to continue as a going concern. Any such adjustments could be material. As at January 31, 2024, we have not earned any revenue and have an accumulated deficit of $115,075,713. Our continued operations are dependent on our ability to generate future cash flows through additional financing or commercialization. We intend to continue to pursue additional financing through issuances of equity. There is no assurance that additional funding will be available on a timely basis or on terms acceptable to us. These events or conditions indicate that a material uncertainty exists that casts substantial doubt on our ability to continue as a going concern. If we are unable to obtain additional financing from outside sources and eventually generate enough revenues, we may be forced to sell a portion or all of our assets, or curtail or discontinue our operations. If any of these happens, you could lose all or part of your investment. Our financial statements do not include any adjustments to our recorded assets or liabilities that might be necessary if we become unable to continue as a going concern. We have incurred operating losses in each year since our inception and we may continue to incur substantial and increasing losses for the foreseeable future. We also have negative capital cash flows from operating activities. If we cannot generate sufficient revenues to operate profitably or with positive cash flow from operating activities, we ma

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