Anixa Biosciences Inc

Previous wording

During the three months ended January 31, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $975,000 and $577,000, respectively. During the three months ended January 31, 2024 research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $720,000 and $629,000, respectively.

Current 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.

Previous wording

Research and development expenses increased by approximately $203,000 to approximately $1,552,000 in the three months ended January 31, 2025, from approximately $1,349,000 in the three months ended January 31, 2024. The increase in research and development expenses was primarily due to an increase in outside research and development expenses related to our breast cancer vaccine program of approximately $88,000, an increase in license fees related to our ovarian cancer CAR-T therapeutic of approximately $80,000, an increase in employee compensation and related costs, other than stock-based compensation expense, of approximately $69,000, and an increase in outside research and development expenses related to our new vaccine discovery program of approximately $56,000, offset by a decrease in employee stock-based compensation expense of approximately $59,000, and a decrease in consultant stock-based compensation expense of approximately $33,000.

Current 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.

Previous wording

General and administrative expenses decreased by approximately $426,000 to approximately $1,834,000 in the three months ended January 31, 2025, from approximately $2,260,000 in the three months ended January 31, 2024. The decrease in general and administrative expenses was primarily due to a decrease in investor and public relations expense of approximately $291,000, a decrease in employee compensation and related costs, other than stock-based compensation expense, of approximately $70,000, a decrease in director stock-based compensation of approximately $67,000, and a decrease in legal and other professional fees of approximately $57,000, offset by an increase in employee stock-based compensation expense of approximately $48,000.

Current 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.

Previous wording

Interest income decreased by approximately $146,000 to approximately $173,000 in the three months ended January 31, 2025, from approximately $319,000 in the three months ended January 31, 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 $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.

Previous wording

The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, decreased by approximately $6,000 to approximately $29,000 in the three months ended January 31, 2025 from approximately $35,000 in the three months ended January 31, 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 $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.

Previous wording

Based on currently available information as of March 11, 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 $18,686,000 of total current assets at January 31, 2025 compared to approximately $21,362,000 at October 31, 2024 which is a reduction of approximately $2,676,000 for the three months ended January 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 three months ended January 31, 2025, we did not issue any 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 January 31, 2025, we may sell approximately $97 million of common stock.

Current 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.

Previous wording

During the three months ended January 31, 2025, cash used in operating activities was approximately $2,904,000. Cash provided by investing activities was approximately $2,703,000, resulting from the maturities of short-term investments of approximately $15,700,000, offset by purchases of short-term investments totaling approximately $12,997,000. Cash used in financing activities was approximately $17,000, due to expenses related to maintaining our at-the-market equity offering program. As a result, our cash, cash equivalents, and short-term investments at January 31, 2025 decreased approximately $2,669,000 to approximately $17,255,000 from approximately $19,924,000 at the end of fiscal year 2024.

Current 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.