Anixa Biosciences Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Anixa Biosciences Inc. filed its Q1 2024 10-Q, showing increased R&D and G&A expenses year-over-year.</b>

AI Summary

Anixa Biosciences Inc (ANIX) filed a Quarterly Report (10-Q) with the SEC on March 12, 2024. Anixa Biosciences Inc. reported financial results for the quarter ended January 31, 2024. Research and development expenses for the three months ended January 31, 2024, were $1,078,000, compared to $1,001,000 for the same period in 2023. General and administrative expenses for the three months ended January 31, 2024, were $778,000, compared to $756,000 for the same period in 2023. The company's fiscal year ends on October 31. Anixa Biosciences Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking Anixa Biosciences Inc, this filing contains several important signals. The increase in R&D spending suggests continued investment in the company's drug development pipeline. Higher G&A costs could indicate increased operational overhead or administrative activities supporting growth initiatives.

Risk Assessment

Risk Level: medium — Anixa Biosciences Inc shows moderate risk based on this filing. The company operates in the pharmaceutical sector, which is subject to significant regulatory hurdles, lengthy development cycles, and high failure rates, as evidenced by the nature of R&D expenses.

Analyst Insight

Monitor the company's progress in its research and development programs and any upcoming clinical trial results or regulatory milestones.

Key Numbers

• 1,078,000 — R&D Expenses (Three months ended January 31, 2024)
• 1,001,000 — R&D Expenses (Three months ended January 31, 2023)
• 778,000 — G&A Expenses (Three months ended January 31, 2024)
• 756,000 — G&A Expenses (Three months ended January 31, 2023)

Key Players & Entities

• Anixa Biosciences Inc. (company) — Filer of the 10-Q report.
• January 31, 2024 (date) — End of the reporting period.
• October 31 (date) — Fiscal year end.
• Delaware (location) — State of incorporation.
• ITUS Corp (company) — Former company name.
• COPYTELE INC (company) — Former company name.

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The pharmaceutical industry is subject to extensive government regulation, which can impact product development, manufacturing, and marketing.
• Need for Additional Funding [medium — financial]: The company may require additional capital to fund its operations and research and development activities, which may not be available on favorable terms.
• Dependence on Key Personnel [medium — operational]: The success of the company may depend on the continued service of key management and scientific personnel.

Key Dates

• 2024-01-31: Quarterly Period End — Financial results for the period.
• 2024-03-12: Filing Date — Submission of the 10-Q report.
• 2023-10-31: Fiscal Year End — Marks the end of the company's fiscal year.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and condition on a quarterly basis.)

Filing Documents

• form10-q.htm (10-Q) — 599KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-009683.txt (&nbsp;) — 3658KB
• anix-20240131.xsd (EX-101.SCH) — 28KB
• anix-20240131_cal.xml (EX-101.CAL) — 39KB
• anix-20240131_def.xml (EX-101.DEF) — 138KB
• anix-20240131_lab.xml (EX-101.LAB) — 245KB
• anix-20240131_pre.xml (EX-101.PRE) — 200KB
• form10-q_htm.xml (XML) — 512KB

Financial Statements

Item 1. Financial Statements. 1 Condensed Consolidated Balance Sheets (Unaudited) as of January 31, 2024 and October 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudited) for the three months ended January 31, 2024 and 2023 2 Condensed Consolidated Statements of Equity (Unaudited) for the three months ended January 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended January 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 18

Controls and Procedures

Item 4. Controls and Procedures. 18

OTHER INFORMATION

PART II. OTHER INFORMATION 19

Legal Proceedings

Item 1. Legal Proceedings. 19

Risk Factors

Item 1A. Risk Factors. 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 19

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 19

Other Information

Item 5. Other Information. 19

Exhibits

Item 6. Exhibits 19

SIGNATURES

SIGNATURES 20 ii PART I. FINANCIAL INFORMATION Item 1. Financial Statements. ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) January 31, 2024 October 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 998 $ 915 Short-term investments 22,800 22,929 Receivables 391 270 Prepaid expenses and other current assets 1,030 1,242 Total current assets 25,219 25,356 Operating lease right-of-use asset 153 166 Total assets $ 25,372 $ 25,522 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 364 $ 206 Accrued expenses 1,242 1,770 Operating lease liability 54 52 Total current liabilities 1,660 2,028 Operating lease liability, non-current 108 123 Total liabilities 1,768 2,151 Commitments and contingencies (Note 10) - - Equity: Shareholders' equity: Preferred stock, par value $ 100 per share; 19,860 shares authorized; no shares issued or outstanding - - Series A convertible preferred stock, par value $ 100 per share; 140 shares authorized; no shares issued or outstanding - - Preferred stock, value Common stock, par value $ .01 per share; 100,000,000 shares authorized; 31,754,375 and 31,145,219 shares issued and outstanding as of January 31, 2024 and October 31, 2023, respectively 318 311 Additional paid-in capital 255,738 252,222 Accumulated deficit ( 231,451 ) ( 228,196 ) Total shareholders' equity 24,605 24,337 Noncontrolling interest (Note 2) ( 1,001 ) ( 966 ) Total equity 23,604 23,371 Total liabilities and equity $ 25,372 $ 25,522 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data) 2024 2023 For the Three Months Ended January 31, 2024 2023 Reven

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View this 10-Q filing on SEC EDGAR