Anixa Biosciences Inc
For the period ended Jul 31, 2025. Filed Sep 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Sep 10, 2025
ANIX$3.18+4.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-04-30; filed 2025-05-28.
0001641172-25-012701
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-09-10.
0001493152-25-013000
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 53 previous paragraphs and 53 current paragraphs.
39 unchanged; 14 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (14)
Previous wording
During the three months ended April 30, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $898,000 and $424,000, respectively. During the three months ended April 30, 2024 research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $848,000 and $798,000, respectively.
Current wording
During the three months ended July 31, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $615,000 and $440,000, respectively. During the three months ended July 31, 2024 research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $1,259,000 and $666,000, respectively.
Previous wording
Research and development expenses decreased by approximately $324,000 to approximately $1,322,000 in the three months ended April 30, 2025, from approximately $1,646,000 in the three months ended April 30, 2024. The decrease in research and development expenses was primarily due to a decrease in outside research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $204,000, a decrease in employee stock-based compensation expense of approximately $105,000, and a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $75,000, offset by and an increase in outside research and development expenses related to our new vaccine discovery program of approximately $56,000.
Current wording
Research and development expenses decreased by approximately $870,000 to approximately $1,055,000 in the three months ended July 31, 2025, from approximately $1,925,000 in the three months ended July 31, 2024. The decrease in research and development expenses was primarily due to a decrease in outside research and development expenses related to our breast cancer vaccine of approximately $631,000, a decrease in outside research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $170,000, a decrease in employee stock-based compensation expense of approximately $106,000, and a decrease in clinical consulting services of approximately $52,000, offset by an increase in employee compensation and related costs, other than stock-based compensation expense, of approximately $96,000.
Previous wording
General and administrative expenses decreased by approximately $566,000 to approximately $3,515,000 in the six months ended April 30, 2025, from approximately $4,081,000 in the six months ended April 30, 2024. The decrease in general and administrative expenses was primarily due to a decrease in investor and public relations expense of approximately $442,000, a decrease in director stock-based compensation of approximately $182,000, a decrease in consulting fees of approximately $62,000, and a decrease in legal and other professional fees of approximately $53,000, offset by an increase in employee compensation and related costs, other than stock-based compensation expense, of approximately $87,000, and an increase in patent-related costs of approximately $62,000.
Current wording
General and administrative expenses decreased by approximately $286,000 to approximately $1,381,000 in the three months ended July 31, 2025, from approximately $1,667,000 in the three months ended July 31, 2024. The decrease in general and administrative expenses was primarily due to a decrease in director stock-based compensation of approximately $98,000, a decrease in investor and public relations expense of approximately $94,000, a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $77,000 and a decrease in employee stock-based compensation of approximately $61,000.
Previous wording
Interest income decreased by approximately $96,000 to approximately $190,000 in the three months ended April 30, 2025, from approximately $287,000 in the three months ended April 30, 2024, primarily due to a decrease in the amount of short-term investments held and a decrease in interest rates.
Current wording
Interest income decreased by approximately $121,000 to approximately $156,000 in the three months ended July 31, 2025, from approximately $277,000 in the three months ended July 31, 2024, primarily due to a decrease in the amount of short-term investments held and a decrease in interest rates.
Previous wording
The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased by approximately $18,000 to approximately $23,000 in the three months ended April 30, 2025 from approximately $41,000 in the three months ended April 30, 2024, as Certainty’s net loss decreased.
Current wording
The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased by approximately $16,000 to approximately $22,000 in the three months ended July 31, 2025 from approximately $38,000 in the three months ended July 31, 2024, as Certainty’s net loss decreased.
Previous wording
Six months ended April 30, 2025 compared with six months ended April 30, 2024
Current wording
Nine months ended July 31, 2025 compared with nine months ended July 31, 2024
Previous wording
We had no revenue during the six-month periods ended April 30, 2025 and 2024.
Current wording
We had no revenue during the nine-month periods ended July 31, 2025 and 2024.
Previous wording
During the six months ended April 30, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $1,873,000 and $1,001,000, respectively. During the six months ended April 30, 2024 research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $1,568,000 and $1,427,000, respectively.
Current wording
During the nine months ended July 31, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $2,489,000 and $1,440,000, respectively. During the nine months ended July 31, 2024 research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $2,827,000 and $2,093,000, respectively.
Previous wording
Research and development expenses decreased by approximately $121,000 to approximately $2,874,000 in the six months ended April 30, 2025, from approximately $2,995,000 in the six months ended April 30, 2024. The decrease in research and development expenses was primarily due to a decrease in outside research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $232,000 and a decrease in employee stock-based compensation expense of approximately $165,000, offset by an increase in outside research and development expenses related to our new vaccine discovery program of approximately $113,000, an increase in outside research and development expenses related to our breast cancer vaccine of approximately $107,000, and an increase in clinical consulting fees of approximately $51,000.
Current wording
Research and development expenses decreased by approximately $991,000 to approximately $3,929,000 in the nine months ended July 31, 2025, from approximately $4,920,000 in the nine months ended July 31, 2024. The decrease in research and development expenses was primarily due to a decrease in outside research and development expenses related to our breast cancer vaccine of approximately $524,000, a decrease in outside research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $402,000, a decrease in employee stock-based compensation expense of approximately $271,000, offset by an increase in outside research and development expenses related to our new vaccine discovery program of approximately $113,000, and an increase in technology licensing fees of approximately $56,000.
Previous wording
General and administrative expenses decreased by approximately $140,000 to approximately $1,681,000 in the three months ended April 30, 2025, from approximately $1,821,000 in the three months ended April 30, 2024. The decrease in general and administrative expenses was primarily due to a decrease in investor and public relations expense of approximately $151,000, a decrease in director stock-based compensation of approximately $115,000, and a decrease in consulting fees of approximately $66,000, offset by an increase in employee compensation and related costs, other than stock-based compensation expense, of approximately $157,000, and an increase in patent-related costs of approximately $42,000.
Current wording
General and administrative expenses decreased by approximately $852,000 to approximately $4,896,000 in the nine months ended July 31, 2025, from approximately $5,748,000 in the nine months ended July 31, 2024. The decrease in general and administrative expenses was primarily due to a decrease in investor and public relations expense of approximately $478,000, a decrease in director stock-based compensation of approximately $280,000, a decrease in employee stock-based compensation of approximately $68,000, and a decrease in consulting fees of approximately $58,000, offset by an increase in patent-related costs of approximately $67,000.
Previous wording
Interest income decreased by approximately $243,000 to approximately $363,000 in the six months ended April 30, 2025, from approximately $606,000 in the six months ended April 30, 2024, primarily due to a decrease in the amount of short-term investments held and a decrease in interest rates.
Current wording
Interest income decreased by approximately $364,000 to approximately $519,000 in the nine months ended July 31, 2025, from approximately $883,000 in the nine months ended July 31, 2024, primarily due to a decrease in the amount of short-term investments held and a decrease in interest rates.
Previous wording
The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased by approximately $24,000 to approximately $52,000 in the six months ended April 30, 2025 from approximately $76,000 in the six months ended April 30, 2024, as Certainty’s net loss decreased.
Current wording
The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased by approximately $40,000 to approximately $74,000 in the nine months ended July 31, 2025 from approximately $114,000 in the nine months ended July 31, 2024, as Certainty’s net loss decreased.
Previous wording
Based on currently available information as of May 28, 2025, we believe that our existing cash, cash equivalents and short-term investments will be sufficient to fund our activities for at least the next twelve months. The Company had approximately $16,766,000 of total current assets at April 30, 2025 compared to approximately $21,362,000 at October 31, 2024 which is a reduction of approximately $4,596,000 for the six months ended April 30, 2025. Therefore, the Company believes that it has sufficient cash, cash equivalents and short-term investments to operate its business, as currently contemplated, for significantly longer than 12 months from the date of this Report. We have implemented a business model that conserves funds by collaborating with third parties to develop our technologies. During the six months ended April 30, 2025, we issued 14,712 shares under our at-the-market equity offering. Under our at-the-market equity program, which is currently effective and may remain available for us to use in the future, as of April 30, 2025, we may sell approximately $97 million of common stock.
Current wording
Based on currently available information as of September 10, 2025, we believe that our existing cash, cash equivalents and short-term investments will be sufficient to fund our activities for at least the next twelve months. The Company had approximately $16,029,000 of cash, cash equivalents and short-term investments at July 31, 2025 compared to approximately $19,924,000 at October 31, 2024 which is a reduction of approximately $3,895,000 for the nine months ended July 31, 2025. Therefore, the Company believes that it has sufficient cash, cash equivalents and short-term investments to operate its business, as currently contemplated, for significantly longer than 12 months from the date of this Report. We have implemented a business model that conserves funds by collaborating with third parties to develop our technologies. During the nine months ended July 31, 2025, we raised approximately $1,924,000, net of expenses, through an at-the-market equity offering of 611,686 shares of common stock. Under our at-the-market equity program, which is currently effective and may remain available for us to use in the future, as of July 31, 2025, we may sell approximately $95 million of common stock.
Previous wording
During the six months ended April 30, 2025, cash used in operating activities was approximately $4,407,000. Cash provided by investing activities was approximately $5,045,000, resulting from the maturities of short-term investments of approximately $29,974,000, offset by purchases of short-term investments totaling approximately $24,929,000. Cash provided by financing activities was approximately $1,000, resulting from proceeds from the sale of common stock pursuant to an employee stock purchase plan of approximately $4,000 offset by the net expense of approximately $3,000 resulting from the sale of 14,712 shares of common stock in an at-the-market equity offering. As a result, our cash, cash equivalents, and short-term investments at April 30, 2025 decreased approximately $4,327,000 to approximately $15,597,000 from approximately $19,924,000 at the end of fiscal year 2024.
Current wording
During the nine months ended July 31, 2025, cash used in operating activities was approximately $5,918,000. Cash provided by investing activities was approximately $4,212,000, resulting from the maturities of short-term investments of approximately $40,912,000, offset by purchases of short-term investments of approximately $36,700,000. Cash provided by financing activities was approximately $1,930,000, resulting from the sale of 611,686 shares of common stock in an at-the-market equity offering of approximately $1,924,000, net of expenses, proceeds from the sale of common stock pursuant to an employee stock purchase plan of approximately $4,000 and proceeds from stock option exercises of approximately $2,000. As a result, our cash, cash equivalents, and short-term investments at July 31, 2025 decreased approximately $3,895,000 to approximately $16,029,000 from approximately $19,924,000 at the end of fiscal year 2024.