Anixa Biosciences: R&D and G&A Expenses Decline in Q2

TL;DR

Anixa Biosciences cut R&D and G&A costs Y/Y for Q2. Less burn rate.

AI Summary

Anixa Biosciences Inc. filed its 10-Q for the period ending April 30, 2024. The company reported research and development expenses of $1.1 million for the six months ended April 30, 2024, a decrease from $1.3 million in the same period of 2023. General and administrative expenses also decreased to $1.5 million for the six months ended April 30, 2024, compared to $1.7 million for the prior year period.

Why It Matters

The decrease in operating expenses could indicate improved cost management or a shift in strategic focus for Anixa Biosciences, potentially impacting future profitability and resource allocation.

Risk Assessment

Risk Level: medium — Biotech companies often face high risks due to the nature of drug development and regulatory hurdles, and Anixa's financial performance and specific project updates are crucial for assessing its risk.

Key Numbers

• $1.1M — R&D Expenses (6M) (Decreased from $1.3M in prior year period.)
• $1.5M — G&A Expenses (6M) (Decreased from $1.7M in prior year period.)

Key Players & Entities

• Anixa Biosciences Inc. (company) — Filer of the 10-Q
• April 30, 2024 (date) — End of reporting period
• $1.1 million (dollar_amount) — Research and development expenses for six months ended April 30, 2024
• $1.3 million (dollar_amount) — Research and development expenses for six months ended April 30, 2023
• $1.5 million (dollar_amount) — General and administrative expenses for six months ended April 30, 2024
• $1.7 million (dollar_amount) — General and administrative expenses for six months ended April 30, 2023

FAQ

Filing Documents

• form10-q.htm (10-Q) — 771KB
• ex10-1.htm (EX-10.1) — 217KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 8KB
• ex10-1_001.jpg (GRAPHIC) — 24KB
• image_002.jpg (GRAPHIC) — 2KB
• 0001493152-24-022573.txt ( ) — 4431KB
• anix-20240430.xsd (EX-101.SCH) — 29KB
• anix-20240430_cal.xml (EX-101.CAL) — 41KB
• anix-20240430_def.xml (EX-101.DEF) — 139KB
• anix-20240430_lab.xml (EX-101.LAB) — 247KB
• anix-20240430_pre.xml (EX-101.PRE) — 204KB
• form10-q_htm.xml (XML) — 624KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements. 1 Condensed Consolidated Balance Sheets (Unaudited) as of April 30, 2024 and October 31, 2023 1 Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended April 30, 2024 and 2023 2 Condensed Consolidated Statements of Equity (Unaudited) for the three months ended April 30, 2024 and 2023 3 Condensed Consolidated Statements of Equity (Unaudited) for the six months ended April 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended April 30, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6

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. 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 21

Controls and Procedures

Item 4. Controls and Procedures. 21

OTHER INFORMATION

PART II. OTHER INFORMATION 22

Legal Proceedings

Item 1. Legal Proceedings. 22

Risk Factors

Item 1A. Risk Factors. 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 22

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities. 22

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 22

Other Information

Item 5. Other Information. 22

Exhibits

Item 6. Exhibits. 22

SIGNATURES

SIGNATURES 23 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) April 30, 2024 October 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 995 $ 915 Short-term investments 22,244 22,929 Receivables 218 270 Prepaid expenses and other current assets 757 1,242 Total current assets 24,214 25,356 Operating lease right-of-use asset 141 166 Total assets $ 24,355 $ 25,522 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 215 $ 206 Accrued expenses 1,410 1,770 Operating lease liability 56 52 Total current liabilities 1,681 2,028 Operating lease liability, non-current 93 123 Total liabilities 1,774 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; 32,006,460 and 31,145,219 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively 320 311 Additional paid-in capital 257,893 252,222 Accumulated deficit ( 234,590 ) ( 228,196 ) Total shareholders' equity 23,623 24,337 Noncontrolling interest (Note 2) ( 1,042 ) ( 966 ) Total equity 22,581 23,371 Total liabilities and equity $ 24,355 $ 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) For the three months ended For the six months ended April 30, April 30

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