Anixa Biosciences Inc

Previous wording

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Current wording

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Previous wording

During the three months ended April 30, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $812,000 and $446,000, respectively. 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.

Current wording

During the three months ended July 31, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $921,000 and $405,000, respectively. 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.

Previous wording

Research and development expenses decreased by approximately $64,000 to approximately $1,258,000 in the three months ended April 30, 2026, from approximately $1,322,000 in the three months ended April 30, 2025. The decrease in research and development expenses was primarily due to a decrease in employee stock-based compensation expense of approximately $134,000 and a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $94,000, offset by an increase in research and development expenses related to our ovarian cancer CAR-T development program as a result of fluctuations in the timing of clinical trial patient enrollment of approximately $75,000 and an increase in research and development expenses related to our breast cancer vaccine program as a result of fluctuations in the timing of certain materials manufacturing activities of approximately $65,000.

Current wording

Research and development expenses increased by approximately $271,000 to approximately $1,326,000 in the three months ended July 31, 2026, from approximately $1,055,000 in the three months ended July 31, 2025. The increase in research and development expenses was primarily due to an increase in research and development expenses related to our breast cancer vaccine program as a result of fluctuations in the timing of certain materials manufacturing activities of approximately $376,000, offset by a decrease in employee stock-based compensation expense of approximately $75,000 and a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $24,000.

Previous wording

Interest income decreased by approximately $79,000 to approximately $111,000 in the three months ended April 30, 2026, from approximately $190,000 in the three months ended April 30, 2025, 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 $44,000 to approximately $112,000 in the three months ended July 31, 2026, from approximately $156,000 in the three months ended July 31, 2025, 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 $3,000 to approximately $20,000 in the three months ended April 30, 2026 from approximately $23,000 in the three months ended April 30, 2025, 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 $3,000 to approximately $19,000 in the three months ended July 31, 2026 from approximately $22,000 in the three months ended July 31, 2025, as Certainty’s net loss decreased.

Previous wording

Six months ended April 30, 2026 compared with six months ended April 30, 2025

Current wording

Nine months ended July 31, 2026 compared with nine months ended July 31, 2025

Previous wording

We had no revenue during the six-month periods ended April 30, 2026 and 2025.

Current wording

We had no revenue during the nine-month periods ended July 31, 2026 and 2025.

Previous wording

During the six months ended April 30, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $1,485,000 and $875,000, respectively. 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.

Current wording

During the nine months ended July 31, 2026, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $2,406,000 and $1,280,000, respectively. 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.

Previous wording

Research and development expenses decreased by approximately $514,000 to approximately $2,360,000 in the six months ended April 30, 2026, from approximately $2,874,000 in the six months ended April 30, 2025. The decrease in research and development expenses was primarily due to a decrease in employee stock-based compensation expense of approximately $195,000, a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $178,000, a decrease in research and development expenses related to our breast cancer vaccine of approximately $124,000, and a decrease in research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $59,000, offset by an increase in legal and other professional fees of approximately $53,000.

Current wording

Research and development expenses decreased by approximately $243,000 to approximately $3,686,000 in the nine months ended July 31, 2026, from approximately $3,929,000 in the nine months ended July 31, 2025. The decrease in research and development expenses was primarily due to a decrease in employee stock-based compensation expense of approximately $270,000, a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $202,000, and a decrease in research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $64,000, offset by an increase in research and development expenses related to our breast cancer vaccine of approximately $252,000, and an increase in legal and other professional fees of approximately $53,000.

Previous wording

General and administrative expenses decreased by approximately $512,000 to approximately $3,003,000 in the six months ended April 30, 2026, from approximately $3,515,000 in the six months ended April 30, 2025. The decrease in general and administrative expenses was primarily due to a decrease in employee stock-based compensation of approximately $316,000, a decrease in director stock-based compensation of approximately $77,000, a decrease in patent-related costs of approximately $59,000, and a decrease in director compensation, other than stock-based compensation expense, of approximately $44,000, offset by an increase in investor and public relations expense of approximately $43,000.

Current wording

General and administrative expenses decreased by approximately $482,000 to approximately $4,414,000 in the nine months ended July 31, 2026, from approximately $4,896,000 in the nine months ended July 31, 2025. The decrease in general and administrative expenses was primarily due to a decrease in employee stock-based compensation of approximately $443,000, a decrease in director stock-based compensation of approximately $68,000, a decrease in director compensation, other than stock-based compensation expense, of approximately $59,000, a decrease in other investor and public relations expenses of approximately $46,000, and a decrease in patent-related costs of approximately $44,000, offset by an increase in investor and public relations firm expenses as a result of changes in firms used during the period of approximately $251,000.

Previous wording

Interest income decreased by approximately $121,000 to approximately $242,000 in the six months ended April 30, 2026, from approximately $363,000 in the six months ended April 30, 2025, 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 $165,000 to approximately $354,000 in the nine months ended July 31, 2026, from approximately $519,000 in the nine months ended July 31, 2025, 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 $12,000 to approximately $40,000 in the six months ended April 30, 2026 from approximately $52,000 in the six months ended April 30, 2025, 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 $15,000 to approximately $59,000 in the nine months ended July 31, 2026 from approximately $74,000 in the nine months ended July 31, 2025, as Certainty’s net loss decreased.

Previous wording

Based on currently available information as of June 10, 2026, 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 $13,686,000 of cash, cash equivalents and short-term investments at April 30, 2026 compared to approximately $15,174,000 at October 31, 2025 which is a reduction of approximately $1,488,000 for the three months ended April 30, 2026. 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, 2026, we raised approximately $2,870,000, net of expenses, through an at-the-market equity offering of 887,134 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 April 30, 2026, we may sell approximately $97 million of common stock.

Current wording

Based on currently available information as of September 9, 2026, 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 $13,864,000 of cash, cash equivalents and short-term investments at July 31, 2026 compared to approximately $15,174,000 at October 31, 2025 which is a reduction of approximately $1,310,000 for the nine months ended July 31, 2026. 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, 2026, we raised approximately $4,806,000, net of expenses, through an at-the-market equity offering of 1,548,324 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, 2026, we may sell approximately $95 million of common stock.

Previous wording

During the six months ended April 30, 2026, cash used in operating activities was approximately $4,351,000. Cash provided by investing activities was approximately $1,650,000, resulting from the maturities of short-term investments of approximately $26,292,000, offset by purchases of short-term investments of approximately $24,642,000. Cash provided by financing activities was approximately $2,934,000, resulting from the sale of 887,134 shares of common stock in an at-the-market equity offering of approximately $2,870,000, net of expenses, proceeds from stock option exercises of approximately $60,000 and proceeds from the sale of common stock pursuant to an employee stock purchase plan of approximately $4,000. As a result, our cash, cash equivalents, and short-term investments at April 30, 2026 decreased approximately $1,488,000 to approximately $13,686,000 from approximately $15,174,000 at October 31, 2025.

Current wording

During the nine months ended July 31, 2026, cash used in operating activities was approximately $6,121,000. Cash provided by investing activities was approximately $1,405,000, resulting from the maturities of short-term investments of approximately $35,823,000, offset by purchases of short-term investments of approximately $34,418,000. Cash provided by financing activities was approximately $4,870,000, resulting from the sale of 1,548,324 shares of common stock in an at-the-market equity offering of approximately $4,806,000, net of expenses, proceeds from stock option exercises of approximately $60,000 and proceeds from the sale of common stock pursuant to an employee stock purchase plan of approximately $4,000. As a result, our cash, cash equivalents, and short-term investments at July 31, 2026 decreased approximately $1,310,000 to approximately $13,864,000 from approximately $15,174,000 at October 31, 2025.

Previous wording

We have expected future cash obligations related to the lease of our executive offices through 2029, inclusive of extension periods, estimated at approximately $225,000.

Current wording

We have expected future cash obligations related to the lease of our executive offices through 2029, inclusive of extension periods, estimated at approximately $209,000.