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ANIX:Numbers ANIX:Days xbrli:pure
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the quarterly period ended
April 30, 2022 |
or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 For the transition period from ______ to
______ |
Commission
file number
001-37492
ANIXA BIOSCIENCES, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
11-2622630 |
(State or
other jurisdiction of |
|
(I.R.S.
Employer |
incorporation or
organization) |
|
Identification
No.) |
3150 Almaden Expressway,
Suite 250 |
|
|
San Jose,
CA |
|
95118 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(408)
708-9808
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
symbol |
|
Name
of exchange on which registered |
Common Stock, par value $.01 per share |
|
ANIX |
|
NASDAQ Capital
Market |
Indicate
by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days.
Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically
every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of
“large accelerated filer,” “accelerated filer,” “smaller reporting
company,” and “emerging growth company” in Rule 12b-2 of the
Exchange Act.
Large
accelerated filer ☐ |
|
|
|
Accelerated
filer ☐ |
Non-accelerated filer ☒ |
|
Smaller
reporting company
☒ |
|
Emerging
growth company
☐ |
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Exchange Act).
Yes ☐
No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of
common stock, as of the latest practicable date.
On
June 10, 2022 the registrant had outstanding
30,471,001 shares
of Common Stock, par value $.01 per share, which is the
registrant’s only class of common stock.
TABLE OF CONTENTS
PART I. FINANCIAL
INFORMATION
Item
1. Financial
Statements.
ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in
thousands, except share and per share data)
The
accompanying notes are an integral part of these condensed
consolidated financial statements.
ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
(in
thousands, except per share data)
The
accompanying notes are an integral part of these condensed
consolidated financial statements.
ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(in
thousands, except share data)
FOR THE THREE MONTHS ENDED APRIL 30, 2022
FOR THE THREE MONTHS ENDED APRIL 30, 2021
|
|
Shares |
|
|
Par
Value |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Total |
|
|
Non- |
|
|
|
|
|
|
Common
Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Shareholders’ |
|
|
controlling |
|
|
Total |
|
|
|
Shares |
|
|
Par Value |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 31,
2021 |
|
|
26,179,122 |
|
|
$ |
262 |
|
|
$ |
207,382 |
|
|
$ |
(194,044 |
) |
|
$ |
13,600 |
|
|
$ |
(521 |
) |
|
$ |
13,079 |
|
Stock option
compensation to employees and directors |
|
|
- |
|
|
|
- |
|
|
|
881 |
|
|
|
- |
|
|
|
881 |
|
|
|
- |
|
|
|
881 |
|
Stock options and
warrants issued to consultants |
|
|
- |
|
|
|
- |
|
|
|
170 |
|
|
|
- |
|
|
|
170 |
|
|
|
- |
|
|
|
170 |
|
Common stock issued
upon exercise of stock options |
|
|
77,571 |
|
|
|
1 |
|
|
|
189 |
|
|
|
- |
|
|
|
190 |
|
|
|
- |
|
|
|
190 |
|
Common stock issued
pursuant to employee stock purchase plan |
|
|
1,634 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
3 |
|
Common stock issued in
a public offering, net of offering expenses of $2,208 |
|
|
4,285,715 |
|
|
|
43 |
|
|
|
20,249 |
|
|
|
- |
|
|
|
20,292 |
|
|
|
- |
|
|
|
20,292 |
|
Common stock issued in
at-the-market offering, net of offering expenses of $156 |
|
|
905,863 |
|
|
|
9 |
|
|
|
4,868 |
|
|
|
- |
|
|
|
4,877 |
|
|
|
- |
|
|
|
4,877 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,399 |
) |
|
|
(2,399 |
) |
|
|
(38 |
) |
|
|
(2,437 |
) |
Balance, April 30,
2021 |
|
|
31,449,905 |
|
|
$ |
315 |
|
|
$ |
233,742 |
|
|
$ |
(196,443 |
) |
|
$ |
37,614 |
|
|
$ |
(559 |
) |
|
$ |
37,055 |
|
The
accompanying notes are an integral part of these condensed
consolidated financial statements.
ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(UNAUDITED)
(in
thousands, except share data)
FOR THE SIX MONTHS ENDED APRIL 30, 2022
|
|
Shares |
|
|
Par
Value |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Total |
|
|
Non- |
|
|
|
|
|
|
Common
Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Shareholders’ |
|
|
controlling |
|
|
Total |
|
|
|
Shares |
|
|
Par Value |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31,
2021 |
|
|
30,050,894 |
|
|
$ |
301 |
|
|
$ |
239,927 |
|
|
$ |
(204,790 |
) |
|
$ |
35,438 |
|
|
$ |
(671 |
) |
|
$ |
34,767 |
|
Stock option
compensation to employees and directors |
|
|
- |
|
|
|
- |
|
|
|
3,598 |
|
|
|
- |
|
|
|
3,598 |
|
|
|
- |
|
|
|
3,598 |
|
Stock options and
warrants issued to consultants |
|
|
- |
|
|
|
- |
|
|
|
437 |
|
|
|
- |
|
|
|
437 |
|
|
|
- |
|
|
|
437 |
|
Common stock issued
upon exercise of stock options and warrants |
|
|
81,425 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Common stock issued to
consultants |
|
|
20,000 |
|
|
|
1 |
|
|
|
63 |
|
|
|
- |
|
|
|
64 |
|
|
|
- |
|
|
|
64 |
|
Common stock issued
pursuant to employee stock purchase plan |
|
|
2,389 |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
7 |
|
|
|
- |
|
|
|
7 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,373 |
) |
|
|
(7,373 |
) |
|
|
(94 |
) |
|
|
(7,467 |
) |
Balance, April 30,
2022 |
|
|
30,154,708 |
|
|
$ |
302 |
|
|
$ |
244,032 |
|
|
$ |
(212,163 |
) |
|
$ |
32,171 |
|
|
$ |
(765 |
) |
|
$ |
31,406 |
|
FOR THE SIX MONTHS ENDED APRIL 30, 2021
|
|
Shares |
|
|
Par
Value |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
Total |
|
|
Non- |
|
|
|
|
|
|
Common
Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Shareholders’ |
|
|
controlling |
|
|
Total |
|
|
|
Shares |
|
|
Par Value |
|
|
Capital |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, October 31,
2020 |
|
|
24,248,695 |
|
|
$ |
242 |
|
|
$ |
200,355 |
|
|
$ |
(191,836 |
) |
|
$ |
8,761 |
|
|
$ |
(497 |
) |
|
$ |
8,264 |
|
Stock option
compensation to employees and directors |
|
|
- |
|
|
|
- |
|
|
|
1,756 |
|
|
|
- |
|
|
|
1,756 |
|
|
|
- |
|
|
|
1,756 |
|
Stock options and
warrants issued to consultants |
|
|
- |
|
|
|
- |
|
|
|
282 |
|
|
|
- |
|
|
|
282 |
|
|
|
- |
|
|
|
282 |
|
Common stock issued
upon exercise of stock options |
|
|
107,451 |
|
|
|
1 |
|
|
|
292 |
|
|
|
- |
|
|
|
293 |
|
|
|
- |
|
|
|
293 |
|
Common stock issued
pursuant to employee stock purchase plan |
|
|
1,634 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
3 |
|
Common stock issued in
a public offering, net of offering expenses of $2,208 |
|
|
4,285,715 |
|
|
|
44 |
|
|
|
20,248 |
|
|
|
- |
|
|
|
20,292 |
|
|
|
- |
|
|
|
20,292 |
|
Common stock issued in
at-the-market offering, net of offering expenses of $341 |
|
|
2,806,410 |
|
|
|
28 |
|
|
|
10,806 |
|
|
|
- |
|
|
|
10,834 |
|
|
|
- |
|
|
|
10,834 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,607 |
) |
|
|
(4,607 |
) |
|
|
(62 |
) |
|
|
(4,669 |
) |
Balance, April 30,
2021 |
|
|
31,449,905 |
|
|
$ |
315 |
|
|
$ |
233,742 |
|
|
$ |
(196,443 |
) |
|
$ |
37,614 |
|
|
$ |
(559 |
) |
|
$ |
37,055 |
|
The
accompanying notes are an integral part of these condensed
consolidated financial statements.
ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
The
accompanying notes are an integral part of these condensed
consolidated financial statements.
ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
(UNAUDITED)
1.
BUSINESS AND
FUNDING
Description of Business
As
used herein, “we,” “us,” “our,” the “Company” or “Anixa” means
Anixa Biosciences, Inc. and its consolidated subsidiaries. Our
primary operations involve developing therapies and vaccines that
are focused on critical unmet needs in oncology and infectious
disease. Our therapeutics programs include (i) the development of a
chimeric endocrine receptor T-cell therapy, a novel form of
chimeric antigen receptor T-cell (“CAR-T”) technology, initially
focused on treating ovarian cancer, which is being developed at our
subsidiary, Certainty Therapeutics, Inc. (“Certainty”), and (ii)
the discovery and ultimately development of anti-viral drug
candidates for the treatment of COVID-19 focused on inhibiting
certain protein functions of the virus. Our vaccine programs
include (i) the development of a preventative vaccine against
triple negative breast cancer (“TNBC”), the most lethal form of
breast cancer, as well other forms of breast cancer and (ii) a
preventative vaccine against ovarian cancer.
Our
subsidiary, Certainty, is developing immuno-therapy drugs against
cancer. Certainty holds an exclusive worldwide, royalty-bearing
license to use certain intellectual property owned or controlled by
The Wistar Institute (“Wistar”), the nation’s first independent
biomedical research institute and a leading National Cancer
Institute designated cancer research center, relating to Wistar’s
chimeric endocrine receptor targeted therapy technology. We have
initially focused on the development of a treatment for ovarian
cancer, but we also may pursue applications of the technology for
the development of treatments for additional solid tumors. The
license agreement requires Certainty to make certain cash and
equity payments to Wistar upon achievement of specific development
milestones. With respect to Certainty’s equity obligations to
Wistar, Certainty issued to Wistar shares of its common stock equal
to five percent (5%) of the common stock of
Certainty.
Certainty,
in collaboration with the H. Lee Moffitt Cancer Center and Research
Institute, Inc. (“Moffitt”), is advancing toward human clinical
testing of the CAR-T technology licensed by Certainty from Wistar
aimed initially at treating ovarian cancer. We received
authorization from the U.S. Food and Drug Administration (“FDA”) in
August 2021, to commence enrollment and treatment of patients in a
Phase 1 clinical trial. We began patient recruitment for the trial
in March 2022, and that process is ongoing. This study is a
dose-escalation trial with two arms based on injection
method—intraperitoneal or intravenous—to determine the maximum
tolerated dose in patients with recurrent epithelial ovarian cancer
and to assess persistence, expansion and efficacy of the modified
T-cells. The study is being conducted at Moffitt and will consist
of 24 to 48 patients who have received at least two prior lines of
chemotherapy. The study is estimated to be completed in two to four
years depending on multiple factors including when maximum
tolerated dose is reached and the rate of patient
recruitment.
In
April 2020, we entered into a collaboration with OntoChem GmbH
(“OntoChem”) to discover and ultimately develop anti-viral drug
candidates against COVID-19. Through this collaboration, we
utilized advanced computational methods, machine learning, and
molecular modeling techniques to perform in silico screening
of over 1.2 billion compounds in chemical libraries (including
publicly available compounds and OntoChem’s proprietary libraries)
to evaluate if any of these compounds could disrupt one of two key
enzymes of SARS-CoV-2, the virus that causes the disease
COVID-19.
The
screening process resulted in the identification of multiple
compounds that could potentially disrupt critical enzymes of the
virus, including the virus’ main protease, Mpro. Several
of these compounds were synthesized and tested in in vitro
biological assays. Upon completion of these biological assays, we
identified two of the most promising compounds and tested them in
animal models. In these animal studies, the two compounds were
compared to Remdesivir, which at the time the assays were performed
was the only anti-viral drug authorized by the FDA for COVID-19.
The data showed that administration of the drugs to infected
hamsters did not cause any noticeable adverse effects, and
monitoring of weight and general animal behavior demonstrated
comparable efficacy between each of our compounds and Remdesivir.
Based on this promising data in the animal study, we directed our
team to proceed to the next stage of drug development and we
selected one of the compounds around which our team is performing
combinatorial synthetic medicinal chemistry to evaluate whether
potency can be increased and pharmacokinetics optimized.
In
May 2021, after completion of the aforementioned animal studies,
OntoChem assigned its rights and obligations related to this
collaboration to MolGenie GmbH (“MolGenie”), a company spun-out
from OntoChem focused on drug discovery and development. As a
result of the MolGenie spin-out, there was no change in the
personnel working on our project, and the assignment caused no
interruptions to the program’s development.
While
use of preventative vaccines is widespread throughout much of the
developed world, we believe that there is and will continue to be a
need for effective treatments for COVID-19. We believe that there
are a number of factors that have limited the effectiveness, both
in the near and long term, of the vaccines currently in use,
including, but not limited to, vaccine persistence, viral escape
and perceptions of long-term safety resulting in vaccine
resistance. Furthermore, there are currently two new anti-viral
treatments, Pfizer’s Paxlovid, which is a combination therapy
consisting of the protease-inhibitor nirmatrelvir and the
antiretroviral ritonavir and Merck’s polymerase-inhibitor
molnupiravir, that have recently been authorized for emergency use
in the U.S. These treatments use oral formulations, while all other
currently authorized or approved treatments require intravenous
administration. As the main component of Pfizer’s treatment is a
protease-inhibitor targeting Mpro, it is most similar to
our compounds, and we therefore conducted a head-to-head analysis
via a Fluorescence Resonance Energy Transfer (FRET) assay that
tested the ability of the compounds to inhibit the function of
Mpro. The results of this head-to-head in vitro
analysis suggest that our compounds may be five times more
effective at inhibiting Mpro than Pfizer’s
nirmatrelvir.
We
hold an exclusive worldwide, royalty-bearing license to use certain
intellectual property owned or controlled by The Cleveland Clinic
Foundation (“Cleveland Clinic”) relating to certain breast cancer
vaccine technology developed at Cleveland Clinic. Utilizing this
technology, we are working in collaboration with Cleveland Clinic
to develop a method to vaccinate women against contracting breast
cancer, focused specifically on TNBC. The focus of this vaccine is
a specific protein, α-lactalbumin, that is only expressed during
lactation in a healthy mother’s mammary tissue. This protein
disappears when the mother is no longer lactating, but reappears in
many forms of breast cancer, especially TNBC. Studies have shown
that vaccinating against this protein prevents breast cancer in
mice.
Following
the FDA’s authorization to proceed with clinical trials in December
2020, in October 2021, we commenced dosing patients in a Phase 1
clinical trial of our breast cancer vaccine. Funded by a U.S.
Department of Defense grant, this study is a multiple-ascending
dose Phase 1 trial to determine the maximum tolerated dose of the
vaccine in patients with early-stage, triple-negative breast cancer
as well as monitor immune response. The study is being conducted at
Cleveland Clinic and will consist of 18 to 24 patients who have
completed treatment for early-stage, triple-negative breast cancer
within the past three years and are currently tumor-free but at
high risk for recurrence. During the course of the study,
participants will receive three vaccinations, each two weeks apart,
and will be closely monitored for side effects and immune response.
The study is roughly one-fourth of the way complete and is
estimated to be completed by the end of calendar year 2022. Initial
indications suggest that an immune response is being
observed.
In
November 2020, we executed a license agreement with Cleveland
Clinic pursuant to which the Company was granted an exclusive
worldwide, royalty-bearing license to use certain intellectual
property owned or controlled by Cleveland Clinic relating to
certain ovarian cancer vaccine technology. This technology pertains
to among other things, the use of vaccines for the treatment or
prevention of ovarian cancers which express the anti-Mullerian
hormone receptor 2 protein containing an extracellular domain
(“AMHR2-ED”). In healthy tissue, this protein regulates growth and
development of egg-containing follicles in the ovary. While
expression of AMHR2-ED naturally and markedly declines after
menopause, this protein is expressed at high levels in the ovaries
of postmenopausal women with ovarian cancer. Researchers at
Cleveland Clinic believe that a vaccine targeting AMHR2-ED could
prevent the occurrence of ovarian cancer. We entered into a joint
development agreement with Cleveland Clinic to advance this vaccine
toward human clinical testing.
In
May 2021, Cleveland Clinic was granted an award for our ovarian
cancer vaccine technology by the National Cancer Institute’s
(“NCI”) PREVENT program. The NCI is a part of the National
Institutes of Health. The PREVENT program is a peer-reviewed agent
development program designed to support preclinical development of
innovative interventions and biomarkers for cancer prevention and
interception towards clinical trials. The scientific and financial
resources of the PREVENT program will be used for our ovarian
cancer vaccine technology to perform virtually all pre-clinical
research and development, manufacturing and IND-enabling studies.
This work will be performed at NCI facilities, by NCI scientific
staff and with NCI financial resources and will require no material
financial expenditures by the Company, nor the transfer of any
rights to the Company’s assets.
Over
the next several quarters, we expect the development of our breast
and ovarian cancer vaccines, our COVID-19 therapeutic discovery
program and Certainty’s CAR-T technology to be the primary focus of
the Company. As part of our legacy operations, the Company remains
engaged in limited patent licensing activities regarding its liquid
biopsy platform and in the area of encrypted audio/video conference
calling. We do not expect these activities to be a significant part
of the Company’s ongoing operations nor do we expect these
activities to require material financial resources or attention of
senior management.
Over
the past several years, our revenue was derived from technology
licensing and the sale of patented technologies, including revenue
from the settlement of litigation. We have not generated any
revenue to date from our therapeutics or vaccine programs. In
addition, while we pursue our therapeutics and vaccine programs, we
may also make investments in and form new companies to develop
additional emerging technologies. We do not expect to begin
generating revenue with respect to any of our current therapy or
vaccine programs in the near term. Our strategy is to achieve a
profitable outcome by eventually licensing our technologies to
large pharmaceutical companies that have the resources and
infrastructure in place to manufacture, market and sell our
technologies as therapeutics or vaccines. The eventual licensing of
any of our technologies may take several years, if it is to occur
at all, and may depend on positive results from human clinical
trials.
Funding and Management’s Plans
Based
on currently available information as of June 10, 2022, we believe
that our existing cash, cash equivalents, short-term investments
and expected cash flows will be sufficient to fund our activities
for at least the next twelve months. We have implemented a business
model that conserves funds by collaborating with third parties to
develop our technologies. However, our projections of future cash
needs and cash flows may differ from actual results. If current
cash on hand, cash equivalents, short-term investments and cash
that may be generated from our business operations are insufficient
to continue to operate our business, or if we elect to invest in or
acquire a company or companies or new technology or technologies
that are synergistic with or complementary to our technologies, we
may be required to obtain more working capital. We may seek to
obtain working capital during our fiscal year 2022 or thereafter
through sales of our equity securities or through bank credit
facilities or public or private debt from various financial
institutions where possible. We cannot be certain that additional
funding will be available on acceptable terms, or at all. If we do
identify sources for additional funding, the sale of additional
equity securities or convertible debt will result in dilution to
our stockholders. We can give no assurance that we will generate
sufficient cash flows in the future to satisfy our liquidity
requirements or sustain future operations, or that other sources of
funding, such as sales of equity or debt, would be available or
would be approved by our security holders, if needed, on favorable
terms or at all. If we fail to obtain additional working capital as
and when needed, such failure could have a material adverse impact
on our business, results of operations and financial condition.
Furthermore, such lack of funds may inhibit our ability to respond
to competitive pressures or unanticipated capital needs, or may
force us to reduce operating expenses, which would significantly
harm the business and development of operations.
Basis of
Presentation
The
accompanying unaudited condensed consolidated financial statements
have been prepared in accordance with generally accepted accounting
principles in the United States of America (“US GAAP”) for interim
financial information and with the instructions to Form 10-Q and
Rule 8-03 of Regulation S-X. Accordingly, certain information and
disclosures required by generally accepted accounting principles in
annual financial statements have been omitted or condensed. These
interim condensed consolidated financial statements should be read
in conjunction with the audited consolidated financial statements
and related disclosures included in our Annual Report on Form 10-K
for the year ended October 31, 2021. The accompanying October 31,
2021 condensed consolidated balance sheet data was derived from the
audited financial statements but does not include all disclosures
required by US GAAP. The condensed consolidated financial
statements include all adjustments of a normal recurring nature
which, in the opinion of management, are necessary for a fair
statement of our financial position as of April 30, 2022, and
results of operations and cash flows for the interim periods
represented. The results of operations for the three and six months
ended April 30, 2022 are not necessarily indicative of the results
to be expected for the entire year.
Noncontrolling
Interest
Noncontrolling
interest represents Wistar’s equity ownership in Certainty and is
presented as a component of equity. The following table sets forth
the changes in noncontrolling interest for the six months ended
April 30, 2022 (in thousands):
SCHEDULE OF NONCONTROLLING INTEREST AS A
COMPONENT OF EQUITY
Balance, October 31,
2021 |
|
$ |
(671 |
) |
Net loss attributable
to noncontrolling interest |
|
|
(94 |
) |
Balance, April 30,
2022 |
|
$ |
(765 |
) |
Revenue
Recognition
Our
revenue has been derived solely from technology licensing and the
sale of patented technologies. Revenue is recognized upon transfer
of control of intellectual property rights and satisfaction of
other contractual performance obligations to licensees in an amount
that reflects the consideration we expect to receive.
Our
revenue recognition policy requires us to make certain judgments
and estimates in connection with the accounting for revenue. Such
areas may include determining the existence of a contract and
identifying each party’s rights and obligations to transfer goods
and services, identifying the performance obligations in the
contract, determining the transaction price and allocating the
transaction price to separate performance obligations, estimating
the timing of satisfaction of performance obligations, determining
whether a promise to grant a license is distinct from other
promised goods or services and evaluating whether a license
transfers to a customer at a point in time or over time.
Our
revenue arrangements provide for the payment, within 30 days of
execution of the agreement, of contractually determined, one-time,
paid-up license fees in settlement of litigation and in
consideration for the grant of certain intellectual property rights
for patented technologies owned or controlled by the Company. These
arrangements typically include some combination of the following:
(i) the grant of a non-exclusive, retroactive and future license to
manufacture and/or sell products covered by patented technologies
owned or controlled by the Company, (ii) a covenant-not-to-sue,
(iii) the release of the licensee from certain claims, and (iv) the
dismissal of any pending litigation. In such instances, the
intellectual property rights granted have been perpetual in nature,
extending until the expiration of the related patents. Pursuant to
the terms of these agreements, we have no further obligations with
respect to the granted intellectual property rights, including no
obligation to maintain or upgrade the technology, or provide future
support or services. Licensees obtained control of the intellectual
property rights they have acquired upon execution of the agreement.
Accordingly, the performance obligations from these agreements were
satisfied and 100% of the revenue was
recognized upon the execution of the agreements.
Cost of
Revenues
Cost
of revenues include the costs and expenses incurred in connection
with our patent licensing and enforcement activities, including
inventor royalties paid to original patent owners, contingent legal
fees paid to external counsel, other patent-related legal expenses
paid to external counsel and licensing and enforcement related
research, consulting and other expenses paid to third-parties.
These costs are included under the caption “Operating costs and
expenses” in the accompanying condensed consolidated statements of
operations.
Research and
Development Expenses
Research
and development expenses, consisting primarily of employee
compensation, payments to third parties for research and
development activities and other direct costs associated with
developing immuno-therapy drugs against cancer, developing
anti-viral drug candidates for COVID-19, developing our breast
cancer vaccine, and developing our ovarian cancer vaccine, are
expensed in the consolidated financial statements in the period
incurred.
2.
STOCK BASED
COMPENSATION
The
Company maintains stock equity incentive plans under which the
Company grants incentive stock options, non-qualified stock
options, stock appreciation rights, stock awards, performance
awards, or stock units to employees, directors and
consultants.
Stock Option Compensation Expense
The
compensation cost for service-based stock options granted to
employees and directors is measured at the grant date, based on the
fair value of the award using the Black-Scholes pricing model, and
is expensed on a straight-line basis over the requisite service
period (the vesting period of the stock option) which is one to four years. We recorded stock-based
compensation expense related to service-based stock options granted
to employees and directors of approximately $875,000 and $881,000 during the three
months ended April 30, 2022 and 2021, respectively, and
approximately $1,605,000 and $1,756,000 during the six
months ended April 30, 2022 and 2021, respectively.
For
stock options granted to employees and directors that vest based on
market conditions, such as the trading price of the Company’s
common stock exceeding certain price targets, we use a Monte Carlo
Simulation in estimating the fair value at grant date and recognize
compensation cost over the implied service period (median time to
vest). On June 1, 2021, our Chairman and Chief Executive Officer
and our President, Chief Operating Officer and Chief Financial
Officer were awarded market condition stock options for 2,000,000 shares and
100,000 shares of common
stock, respectively, that vest in four equal installments upon the
Company’s share price achieving targets ranging from $5.00
to $8.00
per share, with implied service periods of three to fifteen months.
We recorded market condition stock-based compensation expense
during the three months ended April 30, 2022 and 2021 of
approximately $587,000 and $0, respectively, and
approximately $1,993,000 and $0 during the six months
ended April 30, 2022 and 2021, respectively.
The
compensation cost for service-based stock options granted to
consultants is measured at the grant date, based on the fair value
of the award using the Black-Scholes pricing model, and is expensed
on a straight-line basis over the requisite service period (the
vesting period of the stock option) which is one to three years. We
recorded stock-based consulting expense related to stock options
granted to consultants of approximately $109,000 and $132,000 during the three months
ended April 30, 2022 and 2021, respectively, and approximately
$218,000 and $186,000 during the six months ended
April 30, 2022 and 2021, respectively.
Stock Option Plans
During
the three months ended April 30, 2022, we had two stock option
plans: the Anixa Biosciences, Inc. 2010 Share Incentive Plan (the
“2010 Share Plan”) and the Anixa Biosciences, Inc. 2018 Share
Incentive Plan (the “2018 Share Plan”), which were adopted by our
Board of Directors on July 14, 2010 and January 25, 2018,
respectively. The 2018 Share Plan was approved by our shareholders
on March 29, 2018.
Stock Option Activity
During
the three months ended April 30, 2022 and 2021, we granted options
to purchase
1,400,000 shares
and
250,000 shares
of common stock, respectively, and during the six months ended
April 30, 2022 and 2021, we granted options to purchase
1,430,000 shares
and
1,380,000 shares
of common stock, respectively, to employees and consultants, with
exercise prices ranging from $2.62
to
$5.30
per
share, pursuant to the 2018 Share Plan. During the three months
ended April 30, 2022 and 2021, stock options to purchase 0
shares of common stock and 77,571
shares
of common stock, net of
7,937 shares
withheld on a cashless exercise, respectively, were exercised with
aggregate proceeds of $0
and
$0,
respectively. During the six months ended April 30, 2022 and 2021,
stock options to purchase
46,909 shares
of common stock, net of
53,091 shares
withheld on a cashless exercise and
107,451 shares
of common stock, net of
7,937 shares
withheld on a cashless exercise, respectively, were exercised with
aggregate proceeds of $0
and
$0,
respectively.
2010 Share Plan
The
2010 Share Plan provided for the grant of nonqualified stock
options, stock appreciation rights, stock awards, performance
awards and stock units to employees, directors and consultants. In
accordance with the provisions of the 2010 Share Plan, the plan
terminated with respect to the ability to grant future awards on
July 14, 2020. Information regarding the 2010 Share Plan for the
six months ended April 30, 2022 is as follows:
SCHEDULE OF OPTION ACTIVITY
|
|
Shares |
|
|
Weighted
Average Exercise
Price Per Share |
|
|
Aggregate
Intrinsic Value
(in thousands) |
|
Options outstanding at
October 31, 2021 |
|
|
1,1,718,634 |
|
|
$ |
2.82 |
|
|
|
|
|
Exercised |
|
|
(100,000 |
) |
|
$ |
2.92 |
|
|
|
|
|
Options outstanding
and exercisable at
April 30, 2022 |
|
|
1,618,634 |
|
|
$ |
2.81 |
|
|
$ |
1,182 |
|
The
following table summarizes information about stock options
outstanding and exercisable under the 2010 Share Plan as of April
30, 2022:
SCHEDULE OF OUTSTANDING AND
EXERCISABLE
Range of
Exercise Prices |
|
|
Number
Outstanding and
Exercisable
|
|
|
Weighted
Average
Remaining
Contractual Life
(in
years)
|
|
|
Weighted
Average
Exercise Price |
|
$ |
0.67 -
$2.30 |
|
|
|
527,500 |
|
|
|
4.0 |
|
|
$ |
1.54 |
|
$ |
2.58 -
$3.13 |
|
|
|
577,000 |
|
|
|
2.7 |
|
|
$ |
2.76 |
|
$ |
3.46 -
$5.30 |
|
|
|
514,134 |
|
|
|
6.0 |
|
|
$ |
4.16 |
|
2018 Share Plan
The
2018 Share Plan provides for the grant of incentive stock options,
nonqualified stock options, stock appreciation rights, stock
awards, performance awards and stock units to employees, directors
and consultants. As of April 30, 2022, the 2018 Share Plan had
600,000
shares available for future grants. Information regarding the 2018
Share Plan for the six months ended April 30, 2022 is as
follows:
SCHEDULE OF OPTION ACTIVITY
|
|
Shares |
|
|
Weighted
Average Exercise
Price Per Share |
|
|
Aggregate Intrinsic
Value
(in thousands) |
|
Options outstanding at
October 31, 2021 |
|
|
7,409,992 |
|
|
$ |
3.76 |
|
|
|
|
|
Granted |
|
|
1,430,000 |
|
|
$ |
2.74 |
|
|
|
|
|
Options outstanding at
April 30, 2022 |
|
|
8,839,992 |
|
|
$ |
3.60 |
|
|
$ |
1,371 |
|
Options exercisable at
April 30, 2022 |
|
|
4,364,161 |
|
|
$ |
3.63 |
|
|
$ |
426 |
|
The
following table summarizes information about stock options
outstanding and exercisable under the 2018 Share Plan as of April
30, 2022:
SCHEDULE OF OUTSTANDING AND
EXERCISABLE
|
|
|
Options
Outstanding |
|
|
Options
Exercisable |
|
Range of
Exercise Prices |
|
|
Number
Outstanding |
|
|
Weighted
Average
Remaining
Contractual Life
(in
years)
|
|
|
Weighted
Average
Exercise Price |
|
|
Number
Exercisable |
|
|
Weighted
Average
Remaining
Contractual Life
(in
years)
|
|
|
Weighted
Average
Exercise Price |
|
$ |
2.09 -
$3.87 |
|
|
|
5,369,992 |
|
|
|
7.9 |
|
|
$ |
3.24 |
|
|
|
3,298,050 |
|
|
|
7.0 |
|
|
$ |
3.49 |
|
$ |
3.96 -
$5.30 |
|
|
|
3,470,000 |
|
|
|
8.5 |
|
|
$ |
4.16 |
|
|
|
1,066,111 |
|
|
|
7.6 |
|
|
$ |
4.07 |
|
Non-Plan Options
In
addition to options granted under stock option plans, during the
years ended October 31, 2012 and 2013, the Board of Directors
approved the grant of stock options to certain employees and
directors. Information regarding stock options that were granted
outside of share plans for the six months ended April 30, 2022 is
as follows:
SCHEDULE OF OPTION ACTIVITY
|
|
Shares |
|
|
Weighted
Average Exercise
Price Per Share |
|
|
Aggregate Intrinsic
Value
(in thousands) |
|
Options outstanding at
October 31, 2021 |
|
|
1,642,000 |
|
|
$ |
2.58 |
|
|
|
|
|
Options outstanding
and exercisable at
April 30, 2022 |
|
|
1,642,000 |
|
|
$ |
2.58 |
|
|
$ |
1,108 |
|
The
following table summarizes information about stock options
outstanding and exercisable that were granted outside of share
plans as of April 30, 2022:
SCHEDULE OF OUTSTANDING AND
EXERCISABLE
Range
of
Exercise
Prices
|
|
|
Number
Outstanding
and
Exercisable
|
|
|
Weighted
Average Remaining Contractual Life
(in
years)
|
|
|
Weighted
Average
Exercise Price |
|
$ |
2.58 |
|
|
|
1,642,000 |
|
|
|
0.3 |
|
|
$ |
2.58 |
|
Stock Awards
For
stock awards granted to employees, directors and consultants that
vest upon grant, we recognize expense at the date of grant based on
the grant date closing price of the underlying common stock. We did
not grant any stock awards that vested upon grant during the six
months ended April 30, 2022 or 2021.
Employee Stock Purchase Plan
The
Company maintains the Anixa Biosciences, Inc. Employee Stock
Purchase Plan (the “ESPP”) which permits eligible employees to
purchase shares at not less than 85% of the
market value of the Company’s common stock on the offering date or
the purchase date of the applicable offering period, whichever is
lower. The plan was adopted by our Board of Directors on August 13,
2018 and approved by our shareholders on September 27, 2018. During
the six months ended April 30, 2022 and 2021, employees purchased
2,389 and 1,634 shares,
respectively, with aggregate proceeds of approximately $7,000 and $3,000,
respectively.
Warrants
On
October 30, 2020, we issued a warrant, expiring on
October 30, 2025, to purchase 60,000 shares of
common stock at $2.06 per share, vesting over
five months, to a consultant for investor relations
services. We recorded consulting expense of approximately
$38,000 and $96,000, respectively, during the
three and six months ended April 30, 2021, based on the fair value
of the warrant on the date of grant recognized on a straight-line
basis over the vesting period. On November 16, 2021, the warrant
was exercised on a cashless basis and 25,484 shares were withheld as
payment.
On
November 1, 2021 we issued a warrant, expiring on
October 30, 2026, to purchase 60,000 shares of
common stock at $4.77 per share, vesting over
five months, to a consultant for
investor relations services. We recorded consulting expense of
approximately $110,000 and $220,000, respectively, during the
three and six months ended April 30, 2022, based on the fair value
of the warrant on the date of grant recognized on a straight-line
basis over the vesting period.
As of
April 30, 2022, we also had warrants outstanding to purchase
300,000 shares of
common stock at $6.56 per share, issued during
fiscal year 2021 and expiring on March 22, 2026.
3.
FAIR VALUE
MEASUREMENTS
US
GAAP defines fair value and establishes a framework for measuring
fair value. We have categorized our financial assets and
liabilities, based on the priority of the inputs to the valuation
technique, into a three-level fair value hierarchy as set forth
below. If the inputs used to measure the financial instruments fall
within different levels of the hierarchy, the categorization is
based on the lowest level input that is significant to the fair
value measurement of the instrument.
Financial assets and liabilities recorded in the accompanying
condensed consolidated balance sheets are categorized based on the
inputs to the valuation techniques as follows:
Level
1 – Financial assets and liabilities whose values are based on
unadjusted quoted prices for identical assets or liabilities in an
active market which we have the ability to access at the
measurement date.
Level
2 – Financial assets and liabilities whose values are based on
quoted market prices in markets where trading occurs infrequently
or whose values are based on quoted prices of instruments with
similar attributes in active markets.
Level
3 – Financial assets and liabilities whose values are based on
prices or valuation techniques that require inputs that are both
unobservable and significant to the overall fair value measurement.
These inputs reflect management’s own assumptions about the
assumptions a market participant would use in pricing the asset and
liabilities.
The
following table presents the hierarchy for our financial assets
measured at fair value on a recurring basis as of April 30,
2022:
SCHEDULE OF FAIR VALUE
MEASUREMENTS
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
Money market
funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
$ |
25,294 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
25,294 |
|
Certificates of
deposit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
|
2,250 |
|
|
|
- |
|
|
|
- |
|
|
|
2,250 |
|
Short-term
investments |
|
|
- |
|
|
|
1,200 |
|
|
|
|
|
|
|
1,200 |
|
U. S. treasury
bills |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
investments |
|
|
- |
|
|
|
3,299 |
|
|
|
- |
|
|
|
3,299 |
|
Total financial
assets |
|
$ |
27,544 |
|
|
$ |
4,499 |
|
|
$ |
- |
|
|
$ |
32,043 |
|
The
following table presents the hierarchy for our financial assets
measured at fair value on a recurring basis as of October 31,
2021:
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
|
|
|
(in
thousands) |
|
|
|
|
Money market
funds: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
equivalents |
|
$ |
28,949 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
28,949 |
|
Certificates of
deposit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term
investments |
|
|
- |
|
|
|
2,000 |
|
|
|
- |
|
|
|
2,000 |
|
U. S. treasury
bills |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
Short-term
investments |
|
|
- |
|
|
|
4,599 |
|
|
|
- |
|
|
|
4,599 |
|
Total financial
assets |
|
$ |
28,949 |
|
|
$ |
6,599 |
|
|
$ |
- |
|
|
$ |
35,548 |
|
The
estimated fair value of prepaid expenses and other current assets
and accounts payable approximates their individual carrying amounts
due to the short-term nature of these instruments. Cash balances
are stated at carrying value which approximates fair
value.
4.
ACCRUED
EXPENSES
Accrued
expenses consist of the following as of:
SCHEDULE OF ACCRUED
EXPENSES
|
|
April 30, |
|
|
October
31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in
thousands) |
|
Payroll and related
expenses |
|
$ |
477 |
|
|
$ |
492 |
|
Accrued royalty and
contingent legal fees |
|
|
577 |
|
|
|
577 |
|
Accrued
other |
|
|
3 |
|
|
|
26 |
|
Accrued expenses |
|
$ |
1,057 |
|
|
$ |
1,095 |
|
5.
NET LOSS PER SHARE OF COMMON
STOCK
Basic
net loss per common share (“Basic EPS”) is computed by dividing net
loss by the weighted average number of common shares outstanding.
Diluted net loss per common share (“Diluted EPS”) is computed by
dividing net loss by the weighted average number of common shares
and dilutive common share equivalents and convertible securities
then outstanding. Diluted EPS for all periods presented is the same
as Basic EPS, as the inclusion of the effect of common share
equivalents then outstanding would be anti-dilutive. For this
reason, excluded from the calculation of Diluted EPS for the six
months ended April 30, 2022 and 2021, were stock options to
purchase 12,100,626 and 8,813,626 shares, respectively,
and warrants to purchase 360,000 and 860,000 shares,
respectively.
6.
EFFECT OF RECENTLY ADOPTED AND
ISSUED PRONOUNCEMENTS
In
January 2020, the FASB issued Accounting Standards Update 2020-01
(“ASU 2020-01”) Investments-Equity Securities (Topic 321),
Investments-Equity Method and Joint Ventures (Topic 323), and
Derivatives and Hedging (Topic 815). The amendments in ASU 2020-01
clarify certain interactions between the guidance to account for
certain equity securities under Topic 321, the guidance to account
for investments under the equity method of accounting in Topic 323,
and the guidance in Topic 815, which could change how an entity
accounts for an equity security under the measurement alternative
or a forward contract or purchased option to purchase securities
that, upon settlement of the forward contract or exercise of the
purchased option, would be accounted for under the equity method of
accounting or the fair value option in accordance with Topic 825,
Financial Instruments. These amendments improve current GAAP by
reducing diversity in practice and increasing comparability of the
accounting for these interactions. The amendments in this update
are effective for fiscal years beginning after December 15, 2020,
and interim periods within those fiscal years. The adoption of this
standard did not have a material impact on our condensed
consolidated financial statements and related
disclosures.
In
August 2020, the FASB issued Accounting Standards Update 2020-06
(“ASU 2020-06”), Accounting for Convertible Instruments and
Contracts in an Entity’s Own Equity. The amendments in ASU 2020-06
include guidance on convertible instruments and the derivative
scope exception for contracts in an entity’s own equity and
simplifies the accounting for convertible instruments which include
beneficial conversion features or cash conversion features by
removing certain separation models in Subtopic 470-20.
Additionally, ASU 2020-06 will require entities to use the
“if-converted” method when calculating diluted earnings per share
for convertible instruments. The amendments in this update are
effective for fiscal years beginning after December 15, 2021,
including interim periods within those fiscal years. We do not
expect the adoption of this standard to have a material impact on
our condensed consolidated financial statements and related
disclosures.
In
May 2021, the FASB issued Accounting Standards Update 2021-04 (“ASU
No. 2021-04”), Issuer’s Accounting for Certain Modifications or
Exchanges of Freestanding Equity-Classified Written Call Options.
The guidance in ASU 2021-04 requires the issuer to treat a
modification of an equity-classified written call option (the
“option”) that does not cause the option to become
liability-classified as an exchange of the original option for a
new option. This guidance applies whether the modification is
structured as an amendment to the terms and conditions of the
option or as termination of the original option and issuance of a
new option. The amendments in this update are effective for fiscal
years beginning after December 15, 2021, including interim periods
within those fiscal years. We do not expect the adoption of this
standard to have a material impact on our condensed consolidated
financial statements and related disclosures.
In
October 2021, the FASB issued Accounting Standards Update 2021-08
(“ASU No. 2021-08”), Business Combinations (Topic 805): Accounting
for Contract Assets and Contract Liabilities from Contracts with
Customers, to require that an acquirer recognize and measure
contract assets and contract liabilities acquired in a business
combination in accordance with Topic 606, Revenue from Contracts
with Customers. At the acquisition date, an acquirer should account
for the related revenue contracts in accordance with Topic 606 as
if it had originated the contracts. The amendments in this update
should be applied prospectively and are effective for fiscal years
beginning after December 15, 2022, including interim periods within
those fiscal years. We do not expect the adoption of this standard
to have a material impact on our condensed consolidated financial
statements and related disclosures.
7.
INCOME
TAXES
We
recognize deferred tax assets and liabilities for the estimated
future tax effects of events that have been recognized in our
financial statements or tax returns. Under this method, deferred
tax assets and liabilities are determined based on the difference
between the financial statement and tax bases of assets and
liabilities using enacted tax rates in effect in the years in which
the differences are expected to reverse. A valuation allowance is
established, when necessary, to reduce deferred tax assets to the
amount expected to be realized. We have provided a full valuation
allowance against our deferred tax asset due to our historical
pre-tax losses and the uncertainty regarding the realizability of
these deferred tax assets.
We
have substantial net operating loss carryforwards for Federal and
California income tax returns. These net operating loss
carryforwards could be subject to limitations under Internal
Revenue Code section 382. We have
no
unrecognized income tax benefits as of April 30, 2022 and October
31, 2021 and we account for interest and penalties related to
income tax matters, if any, in general and administrative
expenses.
8.
LEASES
We
lease approximately 2,000 square feet of office space at
3150 Almaden Expressway, San Jose, California (our principal
executive offices) from an unrelated party pursuant to an operating
lease that was to expire on September 30, 2021. Effective
August 17, 2021, the lease was amended to extend the expiration
date to September 30, 2024, with an option to extend the lease an
additional two years. Our base rent is approximately $5,000 per month and the lease
provides for annual increases of approximately 3% and an escalation clause for
increases in certain operating costs. The amendment to the lease
resulted in a right-of-use asset and lease liability of
approximately $260,000
with a discount rate of 10%.
Rent expense was approximately $17,000 and $16,000, respectively, for the
three months ended April 30, 2022 and 2021, and approximately
$33,000 and $32,000, respectively, for the six
months ended April 30, 2022 and 2021.
For
operating leases, the lease liability is initially measured at the
present value of the unpaid lease payments. The remaining 53-month
lease term as of April 30, 2022 for the Company’s lease includes
the noncancelable period of the lease and the additional two-year
option period that the Company expects to exercise. All
right-of-use assets are reviewed for impairment when indications of
impairment are present.
As of
April 30, 2022, the annual minimum future lease payments of our
operating lease liabilities were as follows:
SCHEDULE of MINIMUM LEASE
PAYMENTS
For
Periods Ended October 31, |
|
Operating
Leases |
|
|
|
(in
thousands) |
|
2022 |
|
$ |
32 |
|
2023 |
|
|
66 |
|
2024 |
|
|
67 |
|
2025 |
|
|
70 |
|
2026 |
|
|
65 |
|
Total future minimum
lease payments, undiscounted |
|
|
300 |
|
Less: Imputed
interest |
|
|
59 |
|
Present
value of future minimum lease payments |
|
$ |
241 |
|
9.
COMMITMENTS AND
CONTINGENCES
Litigation Matters
Other
than lawsuits related to the enforcement of our patent rights, we
are not a party to any material pending legal proceedings, nor are
we aware of any pending litigation or legal proceeding against us
that would have a material adverse effect upon our results of
operations or financial condition.
Impact of Coronavirus Pandemic
The
ongoing global outbreak of COVID-19 has resulted in significant
governmental measures being implemented to control the spread of
the virus, and while the breadth of these measures has been reduced
recently, the Company cannot predict their scope or the severity of
the outbreak in the future, and these developments and measures
could materially and adversely affect the Company’s business, the
operations of the Company’s collaboration partners, and the
Company’s results of operations and financial condition. The
Company is closely monitoring the impact of the COVID-19 pandemic
on all aspects of its business and has taken steps to minimize its
impact on the Company’s business. Although COVID-19 has not had a
material adverse impact on the Company’s operations and its
clinical and preclinical programs, the extent to which COVID-19
ultimately impacts the Company’s business, results of operations or
financial condition will depend on future developments which are
highly uncertain and cannot be predicted with confidence, such as
the duration of the outbreak, the occurrence of new mutations of
the SARS-CoV-2 virus, new information that may emerge concerning
the severity of COVID-19 or the effectiveness of actions taken to
contain the pandemic or mitigate its impact, among others. Certain
of the Company’s collaboration partners have experienced shutdowns
or other business disruptions. As a result, the Company’s ability
to conduct its business in the manner and on the timelines
presently planned could be materially or negatively affected, which
could have a material adverse impact on the Company’s business,
results of operations and financial condition.
10.
SEGMENT
INFORMATION
We
follow the accounting guidance of ASC 280 “Segment Reporting” (“ASC
280”). Reportable operating segments are determined based on the
management approach. The management approach, as defined by ASC
280, is based on the way that the chief operating decision-maker
organizes the segments within an enterprise for making operating
decisions and assessing performance. While our results of
operations are primarily reviewed on a consolidated basis, the
chief operating decision-maker manages the enterprise in four reportable
segments, each with different operating and potential revenue
generating characteristics: (i) CAR-T Therapeutics, (ii) Cancer
Vaccines, (iii) Anti-Viral Therapeutics and (iv) Other. The
following represents selected financial information for our
segments for the three and six months ended April 30, 2022 and 2021
and as of April 30, 2022 and October 31, 2021, in
thousands:
SCHEDULE of SEGMENT INFORMATION
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
For the Three Months
Ended April 30, |
|
|
For the Six Months
Ended April 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAR-T
Therapeutics |
|
$ |
(1,399 |
) |
|
$ |
(1,446 |
) |
|
$ |
(3,010 |
) |
|
$ |
(2,406 |
) |
Cancer
Vaccines |
|
|
(1,423 |
) |
|
|
(662 |
) |
|
|
(2,780 |
) |
|
|
(1,569 |
) |
Anti-Viral
Therapeutics |
|
|
(757 |
) |
|
|
(310 |
) |
|
|
(1,661 |
) |
|
|
(791 |
) |
Other |
|
|
(9 |
) |
|
|
(19 |
) |
|
|
(16 |
) |
|
|
97 |
|
Total |
|
$ |
(3,588 |
) |
|
$ |
(2,437 |
) |
|
$ |
(7,467 |
) |
|
$ |
(4,669 |
) |
Net loss |
|
$ |
(3,588 |
) |
|
$ |
(2,437 |
) |
|
$ |
(7,467 |
) |
|
$ |
(4,669 |
) |
Total operating costs
and expenses |
|
$ |
3,589 |
|
|
$ |
2,437 |
|
|
$ |
7,469 |
|
|
$ |
5,183 |
|
Less non-cash
share-based compensation |
|
|
(1,681 |
) |
|
|
(1,051 |
) |
|
|
(4,036 |
) |
|
|
(2,037 |
) |
Operating
costs and expenses excluding non-cash share-based
compensation |
|
$ |
1,908 |
|
|
$ |
1,386 |
|
|
$ |
3,433 |
|
|
$ |
3,146 |
|
Operating costs and
expenses excluding non-cash share based compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAR-T
Therapeutics |
|
$ |
759 |
|
|
$ |
935 |
|
|
$ |
1,427 |
|
|
$ |
1,492 |
|
Cancer
Vaccines |
|
|
740 |
|
|
|
299 |
|
|
|
1,220 |
|
|
|
837 |
|
Anti-Viral
Therapeutics |
|
|
402 |
|
|
|
138 |
|
|
|
774 |
|
|
|
409 |
|
Other |
|
|
7 |
|
|
|
14 |
|
|
|
12 |
|
|
|
408 |
|
Total |
|
$ |
1,908 |
|
|
$ |
1,386 |
|
|
$ |
3,433 |
|
|
$ |
3,146 |
|
Operating
costs and expenses excluding non-cash share based compensation
expense |
|
$ |
1,908 |
|
|
$ |
1,386 |
|
|
$ |
3,433 |
|
|
$ |
3,146 |
|
|
|
April
30,
2022 |
|
|
October
31,
2021 |
|
Total
assets: |
|
|
|
|
|
|
|
|
CAR-T
Therapeutics |
|
$ |
13,014 |
|
|
$ |
15,068 |
|
Cancer
Vaccines |
|
|
12,680 |
|
|
|
13,276 |
|
Anti-Viral
Therapeutics |
|
|
6,883 |
|
|
|
7,368 |
|
Other |
|
|
220 |
|
|
|
545 |
|
Total |
|
$ |
32,797 |
|
|
$ |
36,257 |
|
Total
Asset |
|
$ |
32,797 |
|
|
$ |
36,257 |
|
Operating
costs and expenses excluding non-cash share-based compensation is
the measurement the chief operating decision-maker uses in managing
the enterprise.
The
Company’s consolidated revenue of $513,000 and inventor royalties, contingent
legal fees, litigation and licensing expense of $385,000 for the six months ended
April 30, 2021 were solely related to our encrypted audio/video
conference calling technology, which is included in our Other
segment. All our revenue is generated domestically (United States)
based on the country in which the licensee is located.
Item
2. |
Management’s Discussion and
Analysis of Financial Condition and Results of
Operations. |
Information
included in this Quarterly Report on Form 10-Q (this “Report”)
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Forward-looking statements are not statements of historical
facts, but rather reflect our current expectations concerning
future events and results. We generally use the words “believes,”
“expects,” “intends,” “plans,” “anticipates,” “likely,” “will” and
similar expressions to identify forward-looking statements. Such
forward-looking statements, including those concerning our
expectations, involve risks, uncertainties and other factors, some
of which are beyond our control, which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. These risks, uncertainties and factors include, but are
not limited to, those factors set forth in our Annual Report on
Form 10-K for the fiscal year ended October 31, 2021 and the
condensed consolidated financial statements included in this
Report. Except as required by applicable law, including the
securities laws of the United States, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. You are
cautioned not to unduly rely on such forward-looking statements
when evaluating the information presented in this
Report.
GENERAL
We
discuss the description of our business in the Notes to our
Condensed Consolidated Financial Statements.
RESULTS OF OPERATIONS
Three months ended April 30, 2022 compared with three months ended
April 30, 2021
Revenue
We
had no revenue during the three months ended April 30, 2022 and
2021.
Over
the past several years, our revenue, if any, was derived from
technology licensing and the sale of patented technologies,
including revenue from the settlement of litigation. We have not
generated any revenue to date from our therapeutics or vaccine
programs. In addition, while we pursue our therapeutics and vaccine
programs, we may also make investments in and form new companies to
develop additional emerging technologies. We do not expect to begin
generating revenue with respect to any of our current therapy or
vaccine programs in the near term. We intend to achieve a
profitable outcome by eventually licensing our technologies to
large pharmaceutical companies that have the resources and
infrastructure in place to manufacture, market and sell our
technologies as therapeutics or vaccines. The eventual licensing of
any of our technologies may take several years, if it is to occur
at all, and may depend on positive results from human clinical
trials.
Inventor Royalties, Contingent Legal Fees, Litigation and Licensing
Expenses
We
had no inventor royalties, contingent legal fees, litigation and
licensing expenses during the three-month periods ended April 30,
2022 and 2021.
Research
and Development Expenses
Research
and development expenses are related to the development of our
cancer therapeutics and vaccine programs and our anti-viral drug
program, and increased by approximately $713,000 to approximately
$1,735,000 in the three months ended April 30, 2022, from
approximately $1,022,000 in the three months ended April 30, 2021.
The increase in research and development expenses was primarily due
to an increase in employee stock option compensation expense of
approximately $529,000, an increase in employee compensation and
related costs, other than stock option compensation expense, of
approximately $254,000, an increase in outside research and
development expense related to our anti-viral drug program of
approximately $81,000, offset by a decrease of approximately
$158,000 in outside research and development related to our CAR-T
therapeutics program.
Research
and development expenses incurred in the three months ended April
30, 2022 associated with each of our development programs consisted
of approximately $709,000 for CAR-T therapeutics, approximately
$695,000 for cancer vaccines and approximately $331,000 for
anti-viral therapeutics.
General
and Administrative Expenses
General
and administrative expenses increased by approximately $439,000 to
approximately $1,854,000 in the three months ended April 30, 2022,
from approximately $1,415,000 in the three months ended April 30,
2021. The increase in general and administrative expenses was
primarily due to an increase in employee compensation and related
costs, other than stock option compensation expense, of
approximately $250,000, an increase in investor and public
relations expense of approximately $199,000, an increase in
employee stock option compensation expense of approximately
$54,000, offset by a decrease of approximately $52,000 of
consultant stock option and warrant expense.
Interest Income
Interest
income was approximately $1,000 and $0 in the three month periods
ended April 30, 2022 and 2021.
Net Loss Attributable to Noncontrolling Interest
The
net loss attributable to noncontrolling interest, representing
Wistar’s 5% ownership interest in Certainty’s net loss, was
approximately $44,000 and $38,000, respectively, in the three
months ended April 30, 2022 and 2021.
Six months ended April 30, 2022 compared with six months ended
April 30, 2021
Revenue
We
had no revenue during the six months ended April 30,
2022.
For
the six months ended April 30, 2021, we recorded revenue of
approximately $513,000 from one license agreement. The license
agreement provided for a one-time, non-recurring, lump sum payment
in exchange for a non-exclusive retroactive and future license, and
covenant not to sue. Pursuant to the terms of the agreement, we
have no further obligations with respect to the granted
intellectual property rights, including no obligation to maintain
or upgrade the technology, or provide future support or services.
Accordingly, the performance obligations from this license
agreement were satisfied and 100% of the revenue was recognized
upon execution of the license agreement.
As
discussed in Note 1 to our condensed consolidated financial
statements, as part of our legacy operations, the Company remains
engaged in limited patent licensing activities which we do not
expect to be a significant part of our ongoing operations or
revenue, nor do we expect these activities to require material
financial resources or attention of senior management.
We
have not generated any revenue to date from our therapeutics or
vaccine programs. In addition, while we pursue our therapeutics and
vaccine programs, we may also make investments in and form new
companies to develop additional emerging technologies. We do not
expect to begin generating revenue with respect to any of our
current therapy or vaccine programs in the near term. We intend to
achieve a profitable outcome by eventually licensing our
technologies to large pharmaceutical companies that have the
resources and infrastructure in place to manufacture, market and
sell our technologies as therapeutics or vaccines. The eventual
licensing of any of our technologies may take several years, if it
is to occur at all, and may depend on positive results from human
clinical trials.
Inventor Royalties, Contingent Legal Fees, Litigation and Licensing
Expenses
We
had no inventor royalties, contingent legal fees, litigation and
licensing expenses during the six-month period ended April 30,
2022.
Inventor
royalties, contingent legal fees, litigation and licensing expenses
for the six months ended April 30, 2021 were approximately
$385,000. Inventor royalties and contingent legal fees are expensed
in the period that the related revenues are recognized. Litigation
and licensing expenses related to patent assertion, other than
contingent legal fees, are expensed in the period
incurred.
Research
and Development Expenses
Research
and development expenses are related to the development of our
cancer therapeutics and vaccine programs and our anti-viral drug
program, and increased by approximately $1,723,000 to approximately
$3,573,000 in the six months ended April 30, 2022, from
approximately $1,850,000 in the six months ended April 30,
2021.
The
increase in research and development expenses was primarily due to
an increase in employee stock option compensation expense of
approximately $1,446,000, an increase in employee compensation and
related costs, other than stock option compensation expense, of
approximately $340,000, an increase in outside research and
development expense related to our anti-viral drug program of
approximately $96,000, an increase in outside research and
development expense related to ovarian cancer program of
approximately $71,000, an increase of approximately $59,000 of
consultant stock option and warrant expense, offset by a decrease
of approximately $180,000 in outside research and development
related to our CAR-T therapeutics program and a decrease in license
fees of approximately $110,000.
Research
and development expenses incurred in the six months ended April 30,
2022 associated with each of our development programs consisted of
approximately $1,452,000 for CAR-T therapeutics, approximately
$1,403,000 for cancer vaccines and approximately $718,000 for
anti-viral therapeutics.
General
and Administrative Expenses
General
and administrative expenses increased by approximately $948,000 to
approximately $3,896,000 in the six months ended April 30, 2022,
from approximately $2,948,000 in the six months ended April 30,
2021.
The
increase in general and administrative expenses was primarily due
to an increase in employee stock option compensation expense of
approximately $550,000, an increase in investor and public
relations expense of approximately $432,000, an increase employee
compensation and related costs, other than stock option
compensation expense, of approximately $226,000, offset by a
decrease in directors stock option expense of approximately
$154,000 and as decrease in consultant stock option and warrant
expense of approximately $124,000.
Interest Income
Interest
income was approximately $2,000 and $1,000 in the six month periods
ended April 30, 2022 and 2021.
Net Loss Attributable to Noncontrolling Interest
The
net loss attributable to noncontrolling interest, representing
Wistar’s 5% ownership interest in Certainty’s net loss, was
approximately $94,000 and $62,000, respectively, in the six months
ended April 30, 2022 and 2021.
LIQUIDITY AND CAPITAL RESOURCES
Our
primary sources of liquidity are cash, cash equivalents and
short-term investments.
Based
on currently available information as of June 10, 2022, we believe
that our existing cash, cash equivalents, short-term investments
and expected cash flows will be sufficient to fund our activities
for at least the next twelve months. We have implemented a business
model that conserves funds by collaborating with third parties to
develop our technologies. However, our projections of future cash
needs and cash flows may differ from actual results. If current
cash on hand, cash equivalents, short-term investments and cash
that may be generated from our business operations are insufficient
to continue to operate our business, or if we elect to invest in or
acquire a company or companies or new technology or technologies
that are synergistic with or complementary to our technologies, we
may be required to obtain more working capital. We may seek to
obtain working capital during our fiscal year 2022 or thereafter
through sales of our equity securities or through bank credit
facilities or public or private debt from various financial
institutions where possible. We cannot be certain that additional
funding will be available on acceptable terms, or at all. If we do
identify sources for additional funding, the sale of additional
equity securities or convertible debt will result in dilution to
our stockholders. We can give no assurance that we will generate
sufficient cash flows in the future to satisfy our liquidity
requirements or sustain future operations, or that other sources of
funding, such as sales of equity or debt, would be available or
would be approved by our security holders, if needed, on favorable
terms or at all. If we fail to obtain additional working capital as
and when needed, such failure could have a material adverse impact
on our business, results of operations and financial condition.
Furthermore, such lack of funds may inhibit our ability to respond
to competitive pressures or unanticipated capital needs, or may
force us to reduce operating expenses, which would significantly
harm the business and development of operations.
During the six months ended April 30, 2022, cash used in operating
activities was approximately $3,503,000. Cash provided by investing
activities was approximately $2,100,000, resulting from the
proceeds on maturities of short term investments of approximately
$6,349,000, which was offset by the purchase of short term
investments totaling approximately $4,249,000. Cash provided by
financing activities was approximately $7,000. As a result, our
cash, cash equivalents, and short-term investments at April 30,
2022 decreased approximately $3,496,000 to approximately
$32,231,000 from approximately $35,727,000 at the end of fiscal
year 2021.
CRITICAL ACCOUNTING POLICIES
The
Company’s condensed consolidated financial statements are prepared
in conformity with accounting principles generally accepted in the
United States of America. In preparing these financial statements,
we make assumptions, judgments and estimates that can have a
significant impact on amounts reported in our condensed
consolidated financial statements. We base our assumptions,
judgments and estimates on historical experience and various other
factors that we believe to be reasonable under the circumstances.
Actual results could differ materially from these estimates under
different assumptions or conditions. On a regular basis, we
evaluate our assumptions, judgments and estimates and make changes
accordingly.
We
believe that, of the significant accounting policies discussed in
Note 2 to our consolidated financial statements in our Annual
Report on Form 10-K for the fiscal year ended October 31, 2021, the
following accounting policies require our most difficult,
subjective or complex judgments:
|
● |
Revenue
Recognition; and |
|
● |
Stock-Based
Compensation. |
Revenue
Recognition
Our
revenue has been derived solely from technology licensing and the
sale of patented technologies. Revenue is recognized upon transfer
of control of intellectual property rights and satisfaction of
other contractual performance obligations to licensees in an amount
that reflects the consideration we expect to receive.
Our
revenue recognition policy requires us to make certain judgments
and estimates in connection with the accounting for revenue. Such
areas may include determining the existence of a contract and
identifying each party’s rights and obligations to transfer goods
and services, identifying the performance obligations in the
contract, determining the transaction price and allocating the
transaction price to separate performance obligations, estimating
the timing of satisfaction of performance obligations, determining
whether a promise to grant a license is distinct from other
promised goods or services and evaluating whether a license
transfers to a customer at a point in time or over time.
Our
revenue arrangements provide for the payment, within 30 days of
execution of the agreement, of contractually determined, one-time,
paid-up license fees in settlement of litigation and in
consideration for the grant of certain intellectual property rights
for patented technologies owned or controlled by the Company. These
arrangements typically include some combination of the following:
(i) the grant of a non-exclusive, retroactive and future license to
manufacture and/or sell products covered by patented technologies
owned or controlled by the Company, (ii) a covenant-not-to-sue,
(iii) the release of the licensee from certain claims, and (iv) the
dismissal of any pending litigation. In such instances, the
intellectual property rights granted have been perpetual in nature,
extending until the expiration of the related patents. Pursuant to
the terms of these agreements, we have no further obligations with
respect to the granted intellectual property rights, including no
obligation to maintain or upgrade the technology, or provide future
support or services. Licensees obtained control of the intellectual
property rights they have acquired upon execution of the agreement.
Accordingly, the performance obligations from these agreements were
satisfied and 100% of the revenue was recognized upon the execution
of the agreements.
Stock-Based
Compensation
The
compensation cost for service-based stock options granted to
employees, directors and consultants is measured at the grant date,
based on the fair value of the award using the Black-Scholes
pricing model, and is recognized as an expense on a straight-line
basis over the requisite service period (the vesting period of the
stock option) which is one to four years. For employee options
vesting if the trading price of the Company’s common stock exceeds
certain price targets, we use a Monte Carlo Simulation in
estimating the fair value at grant date and recognize compensation
cost over the implied service period.
For
stock awards granted to employees and directors that vest at date
of grant, we recognize expense based on the grant date market price
of the underlying common stock. For restricted stock awards vesting
upon achievement of a price target of our common stock, we use a
Monte Carlo Simulation in estimating the fair value at grant date
and recognize compensation cost over the implied service period
(median time to vest).
The
Black-Scholes pricing model and the Monte Carlo Simulation we use
to estimate fair value requires valuation assumptions of expected
term, expected volatility, risk-free interest rates and expected
dividend yield. The expected term of stock options represents the
weighted average period the stock options are expected to remain
outstanding. For employees we use the simplified method, which is a
weighted average of the vesting term and contractual term, to
determine expected term. The simplified method was adopted since we
do not believe that historical experience is representative of
future performance because of the impact of the changes in our
operations and the change in terms from historical options. For
consultants, we use the contract term for expected term. Under the
Black-Scholes pricing model, we estimated the expected volatility
of our shares of common stock based upon the historical volatility
of our share price over a period of time equal to the expected term
of the grants. We estimated the risk-free interest rate based on
the implied yield available on the applicable grant date of a U.S.
Treasury note with a term equal to the expected term of the
underlying grants. We made the dividend yield assumption based on
our history of not paying dividends and our expectation not to pay
dividends in the future.
We
will reconsider use of the Black-Scholes pricing model and the
Monte Carlo Simulation if additional information becomes available
in the future that indicates another model would be more
appropriate. If factors change and we employ different assumptions
in future periods, the compensation expense that we record may
differ significantly from what we have recorded in the current
period.
EFFECT OF RECENTLY ISSUED PRONOUNCEMENTS
We do
not believe that any of the recently issued accounting
pronouncements will have a material effect on the Company’s
consolidated financial statements.
Item
3. |
Quantitative and Qualitative Disclosures About Market
Risk. |
As of
April 30, 2022, we had investments in short-term, fixed rate and
highly liquid instruments that have historically been reinvested
when they mature throughout the year. Although our existing
instruments are not considered at risk with respect to changes in
interest rates or markets for these instruments, our rate of return
on these securities could be affected at the time of reinvestment,
if any.
Item
4. |
Controls and
Procedures. |
We
carried out an evaluation, under the supervision and with the
participation of our management including our Chief Executive
Officer and our President, Chief Operating Officer and Chief
Financial Officer, of the effectiveness of the design and operation
of our disclosure controls and procedures pursuant to Rule
13(a)-15(b) of the Exchange Act. Based upon that evaluation, our
Chief Executive Officer and our President, Chief Operating Officer
and Chief Financial Officer concluded that our disclosure controls
and procedures are effective as of the end of the period covered by
this Report.
There
was no change in our internal control over financial reporting
during the second quarter of fiscal year 2022 that has materially
affected, or is reasonably likely to materially affect, our
internal control over financial reporting.
PART II. OTHER
INFORMATION
Item
1. Legal
Proceedings.
Other
than lawsuits related to the enforcement of our patent rights, we
are not a party to any material pending legal proceedings, nor are
we aware of any pending litigation or legal proceeding against us
that would have a material adverse effect upon our results of
operations or financial condition.
Item
1A. Risk Factors.
There
have been no material changes in our risk factors from those
disclosed in our Annual Report on Form 10-K for the fiscal year
ended October 31, 2021.
Item 2. Unregistered Sales of Equity
Securities and Use of Proceeds. None.
Item 3. Defaults
Upon Senior Securities. None.
Item 4. Mine Safety Disclosures.
Not Applicable.
Item 5. Other
Information. None.
Item
6. Exhibits.
|
31.1 |
Certification of Chief Executive Officer, pursuant to Section 302
of the Sarbanes-Oxley Act of 2002, dated June 10,
2022. |
|
31.2 |
Certification of Chief Financial Officer, pursuant to Section 302
of the Sarbanes-Oxley Act of 2002, dated June 10,
2022. |
|
32.1 |
Statement of Chief Executive Officer, pursuant to Section 1350 of
Title 18 of the United States Code, dated June 10,
2022. |
|
32.2 |
Statement of Chief Financial Officer, pursuant to Section 1350 of
Title 18 of the United States Code, dated June 10,
2022. |
|
101.INS |
Inline XBRL Instance Document |
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101.SCH |
Inline XBRL Taxonomy Extension Schema |
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101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase |
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101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase |
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101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase |
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101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase |
|
104 |
Cover Page Interactive Data File (formatted in Inline XBRL and
contained in Exhibit 101) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
ANIXA BIOSCIENCES, INC. |
|
|
|
|
By: |
/s/
Dr. Amit Kumar |
|
|
Dr.
Amit Kumar |
|
|
Chairman
and Chief Executive Officer |
June
10, 2022 |
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Michael J. Catelani |
|
|
Michael
J. Catelani |
|
|
President,
Chief Operating Officer and |
|
|
Chief
Financial Officer |
June
10, 2022 |
|
(Principal
Financial and Accounting Officer) |
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