Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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 July 31, 2024

☐ 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

incorporation or organization)

(I.R.S. Employer

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

☒

☐

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

☒

☐

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

☐

☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

On September 6, 2024 the registrant had outstanding 32,179,492 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		1

Item 1. Financial Statements.		1

	Condensed Consolidated Balance Sheets (Unaudited) as of July 31, 2024 and October 31, 2023	1

	Condensed Consolidated Statements of Operations (Unaudited) for the three and nine months ended July 31, 2024 and 2023	2

	Condensed Consolidated Statements of Equity (Unaudited) for the three months ended July 31, 2024 and 2023	3

	Condensed Consolidated Statements of Equity (Unaudited) for the nine months ended July 31, 2024 and 2023	4

	Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended July 31, 2024 and 2023	5

	Notes to Condensed Consolidated Financial Statements (Unaudited)	6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		17

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

Item 4. Controls and Procedures.		21

PART II. OTHER INFORMATION		22

Item 1. Legal Proceedings.		22

Item 1A. Risk Factors.		22

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

Item 3. Defaults Upon Senior Securities.		22

Item 4. Mine Safety Disclosures.		22

Item 5. Other Information.		22

Item 6. Exhibits.		22

SIGNATURES		23

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)

	July 31, 2024			October 31, 2023

ASSETS
Current assets:
Cash and cash equivalents	$	1,225		$	915
Short-term investments		19,520			22,929
Receivables		410			270
Prepaid expenses and other current assets		1,515			1,242
Total current assets		22,670			25,356

Operating lease right-of-use asset		238			166
Total assets	$	22,908		$	25,522

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	302		$	206
Accrued expenses		1,678			1,770
Operating lease liability		24			52
Total current liabilities		2,004			2,028

Operating lease liability, non-current		213			123
Total liabilities		2,217			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; 32,146,460 and 31,145,219 shares issued and outstanding as of July 31, 2024 and October 31, 2023, respectively		321			311
Additional paid-in capital		259,317			252,222
Accumulated deficit		(237,867	)		(228,196	)
Total shareholders’ equity		21,771			24,337
Noncontrolling interest (Note 2)		(1,080	)		(966	)
Total equity		20,691			23,371

Total liabilities and equity	$	22,908		$	25,522

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)

	2024			2023			2024			2023
	For the three months ended						For the nine months ended
	July 31,						July 31,
	2024			2023			2024			2023

Revenue	$	-		$	-		$	-		$	210

Operating costs and expenses:
Inventor royalties, contingent legal fees, litigation and licensing expenses		-			-			-			161
Research and development expenses (including non-cash stock-based compensation expenses of $462, $520, $1,471 and $1,517, respectively)		1,925			1,088			4,920			3,154
General and administrative expenses (including non-cash stock-based compensation expenses of $717, $697, $2,228 and $1,990, respectively)		1,667			1,756			5,748			4,855
Total operating costs and expenses		3,592			2,844			10,668			8,170

Loss from operations		(3,592	)		(2,844	)		(10,668	)		(7,960	)

Interest income		277			296			883			751

Net loss		(3,315	)		(2,548	)		(9,785	)		(7,209	)

Less: Net loss attributable to noncontrolling interest		(38	)		(37	)		(114	)		(88	)

Net loss attributable to common shareholders	$	(3,277	)	$	(2,511	)	$	(9,671	)	$	(7,121	)

Net loss per common share attributable to common shareholders:
Basic and diluted	$	(0.10	)	$	(0.08	)	$	(0.30	)	$	(0.23	)

Weighted average common shares outstanding:
Basic and diluted		32,054			30,974			31,804			30,941

The accompanying notes are an integral part of these condensed consolidated financial statements.

ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

(in thousands, except share data)

FOR THE THREE MONTHS ENDED JULY 31, 2024

	Shares		Par Value		Additional Paid-in Capital			Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity
	Common Stock
	Shares		Par Value		Additional Paid-in Capital			Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity

Balance, April 30, 2024		32,006,460	$	320	$	257,893		$	(234,590	)	$	23,623		$	(1,042	)	$	22,581
Stock option compensation to employees and directors		-		-		1,094			-			1,094			-			1,094
Stock options issued to consultants		-		-		23			-			23			-			23
Offering expenses related to an at-the-market offering		-		-		(45	)		-			(45	)		-			(45	)
Common stock issued in an at-the-market offering, net of offering expenses of $139
Common stock issued in an at-the-market offering, net of offering expenses of $139, shares
Common stock issued upon exercise of stock options		80,000		1		193			-			194			-			194
Common stock issued to consultants		60,000		-		159			-			159			-			159
Common stock issued pursuant to an employee stock purchase plan
Common stock issued pursuant to an employee stock purchase plan, shares
Net loss		-		-		-			(3,277	)		(3,277	)		(38	)		(3,315	)
Balance, July 31, 2024		32,146,460	$	321	$	259,317		$	(237,867	)	$	21,771		$	(1,080	)	$	20,691

FOR THE THREE MONTHS ENDED JULY 31, 2023

	Shares		Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity
	Common Stock
	Shares		Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity

Balance, April 30, 2023		30,958,665	$	310	$	249,496	$	(222,995	)	$	26,811		$	(898	)	$	25,913
Stock option compensation to employees and directors		-		-		1,153		-			1,153			-			1,153
Stock options issued to consultants		-		-		47		-			47			-			47
Common stock issued upon exercise of stock options		55,029		-		3		-			3			-			3
Common stock issued to consultants		4,076		-		17		-			17			-			17
Net loss		-		-		-		(2,511	)		(2,511	)		(37	)		(2,548	)
Balance, July 31, 2023		31,017,770	$	310	$	250,716	$	(225,506	)	$	25,520		$	(935	)	$	24,585

The accompanying notes are an integral part of these condensed consolidated financial statements.

ANIXA BIOSCIENCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

(in thousands, except share data)

FOR THE NINE MONTHS ENDED JULY 31, 2024

	Shares		Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity
	Common Stock
	Shares		Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity

Balance, October 31, 2023		31,145,219	$	311	$	252,222	$	(228,196	)	$	24,337		$	(966	)	$	23,371
Stock option compensation to employees and directors		-		-		3,440		-			3,440			-			3,440
Stock options issued to consultants		-		-		101		-			101			-			101
Common stock issued in an at-the-market offering, net of offering expenses of $139		785,290		8		2,976		-			2,984			-			2,984
Common stock issued upon exercise of stock options		123,999		1		317		-			318			-			318
Common stock issued to consultants		89,336		1		254		-			255			-			255
Common stock issued pursuant to an employee stock purchase plan		2,616		-		7		-			7			-			7
Net loss		-		-		-		(9,671	)		(9,671	)		(114	)		(9,785	)
Balance, July 31, 2024		32,146,460	$	321	$	259,317	$	(237,867	)	$	21,771		$	(1,080	)	$	20,691

FOR THE NINE MONTHS ENDED JULY 31, 2023

	Shares		Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity
	Common Stock
	Shares		Par Value		Additional Paid-in Capital		Accumulated Deficit			Total Shareholders’ Equity			Non- controlling Interest			Total Equity

Balance, October 31, 2022		30,913,902	$	309	$	247,123	$	(218,385	)	$	29,047		$	(847	)	$	28,200
Balance		30,913,902	$	309	$	247,123	$	(218,385	)	$	29,047		$	(847	)	$	28,200
Stock option compensation to employees and directors		-		-		3,265		-			3,265			-			3,265
Stock options issued to consultants		-		-		175		-			175			-			175
Common stock issued upon exercise of stock options		84,411		1		80		-			81			-			81
Common stock issued to consultants		17,554		-		67		-			67			-			67
Common stock issued pursuant to an employee stock purchase plan		1,903		-		6		-			6			-			6
Net loss		-		-		-		(7,121	)		(7,121	)		(88	)		(7,209	)
Balance, July 31, 2023		31,017,770	$	310	$	250,716	$	(225,506	)	$	25,520		$	(935	)	$	24,585
Balance		31,017,770	$	310	$	250,716	$	(225,506	)	$	25,520		$	(935	)	$	24,585

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)

	2024			2023
	For the nine months ended July 31,
	2024			2023
Cash flows from operating activities:
Reconciliation of net loss to net cash used in operating activities:
Net loss	$	(9,785	)	$	(7,209	)
Stock option compensation to employees and directors		3,440			3,265
Stock options issued to consultants		101			175
Common stock issued to consultants		255			67
Amortization of operating lease right-of-use asset		28			34
Change in operating assets and liabilities:
Receivables		(140	)		(288	)
Prepaid expenses and other current assets		(273	)		(65	)
Accounts payable		96			(171	)
Accrued expenses		(92	)		(14	)
Operating lease liability		(38	)		(34	)
Net cash used in operating activities		(6,408	)		(4,240	)

Cash flows from investing activities:
Disbursements to acquire short-term investments		(47,307	)		(27,502	)
Proceeds from maturities of short-term investments		50,716			22,493
Net cash provided by (used in) investing activities		3,409			(5,009	)

Cash flows from financing activities:
Proceeds from sale of common stock in an at-the-market offering, net of offering expenses of $139		2,984			-
Proceeds from sale of common stock pursuant to an employee stock purchase plan		7			6
Proceeds from exercise of stock options		318			81
Net cash provided by financing activities		3,309			87

Net increase (decrease) in cash and cash equivalents		310			(9,162	)
Cash and cash equivalents at beginning of period		915			12,360
Cash and cash equivalents at end of period	$	1,225		$	3,198

Supplemental disclosure of non-cash investing activity:
Operating lease right-of-use asset	$	(100	)	$	-

Supplemental disclosure of non-cash financing activity:
Operating lease liability	$	100		$	-

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 unless otherwise indicated.

Anixa Biosciences, Inc. is a biotechnology company developing vaccines and therapies that are focused on critical unmet needs in oncology. Our vaccine programs include (i) the development of a vaccine against breast cancer, initially focused on triple negative breast cancer (“TNBC”), the most lethal form of breast cancer, (ii) the development of a vaccine against ovarian cancer, and (iii) a vaccine discovery program utilizing the same mechanism as our breast and ovarian cancer vaccines, to develop additional cancer vaccines to address many intractable cancers, including high incidence malignancies in lung, colon and prostate. 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) until March 2023, the development of anti-viral drug candidates for the treatment of Covid-19.

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. The license agreement requires us to make certain cash payments to Cleveland Clinic upon achievement of specific development milestones. Utilizing this technology, we are working in collaboration with Cleveland Clinic to develop a method to vaccinate women against contracting breast cancer, focused initially on TNBC. The focus of this vaccine is a specific protein, α-lactalbumin, that is only expressed during lactation in a healthy woman’s mammary tissue. This protein disappears when the woman 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.

In October 2021, following the U.S. Food and Drug Administration’s (“FDA”) authorization to proceed, we commenced dosing patients in a Phase 1 clinical trial of our breast cancer vaccine. This study, which is being fully funded by a U.S. Department of Defense grant to Cleveland Clinic, is a multiple-ascending dose Phase 1 trial to determine the maximum tolerated dose (“MTD”) 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. During the course of the Phase 1 study, participants will receive three vaccinations, each two weeks apart, and will be closely monitored for side effects and immune response. The first segment of the study, Phase 1a, will consist of approximately 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. Studies show that 42% of TNBC patients will have a recurrence of their cancer, with most of the recurrences occurring in the first two to three years after standard of care treatment. In January 2023, the number of participants in each dose cohort was expanded, and as of August 2023, we had completed vaccinating all patients in these expanded cohorts. In December 2023, we presented the immunological data collected to date at the San Antonio Breast Cancer Symposium. The data presented show that in the vaccinated women who had been tested to date, various levels of antigen-specific T cell responses were observed at all dose levels. Subsequently, we began vaccinating participants in additional dose cohorts at varying dose levels of the different key components of the vaccine. Further, in November 2023, we commenced vaccination of participants in the second segment of the trial, Phase 1b, that includes participants who have never had cancer, but carry certain mutations in genes such as BRCA1, BRCA2 or PALB2, that indicate a greater risk of developing TNBC in the future, and have elected to have a prophylactic mastectomy. Finally, in January 2024, we commenced vaccination of participants in the third segment of the trial, Phase 1c, that includes post-operative TNBC patients that have residual disease following treatment and are currently undergoing treatment with pembrolizumab (Keytruda®). We anticipate presenting the most recent data from each of the three arms of the trial at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2024.

We hold an exclusive worldwide, royalty-bearing license to use certain intellectual property owned or controlled by Cleveland Clinic relating to certain ovarian cancer vaccine technology. The license agreement requires us to make certain cash payments to Cleveland Clinic upon achievement of specific development milestones. 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 during 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.

In May 2021, Cleveland Clinic was granted acceptance for our ovarian cancer vaccine technology into the National Cancer Institute’s (“NCI”) PREVENT program. The NCI is a part of the National Institutes of Health (“NIH”). The PREVENT program is a peer-reviewed agent development program designed to support pre-clinical development of innovative interventions and biomarkers for cancer prevention and interception towards clinical trials. The scientific and financial resources of the PREVENT program are being used for our ovarian cancer vaccine technology to perform virtually all pre-clinical research and development, manufacturing and Investigational New Drug (“IND”) application enabling studies. This work is being 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 payment of any future consideration by the Company to NCI.

In May 2024, based on the positive clinical results to date in the development of our breast cancer vaccine, we entered into a Joint Development and Option Agreement with Cleveland Clinic to collaborate in efforts to develop additional vaccines for the prevention or treatment of cancers. Working with Cleveland Clinic researchers, we will focus on the same novel scientific mechanism as in our breast and ovarian cancer vaccines, and work to discover additional retired proteins that may be associated with other forms of cancer, specifically high incidence malignancies in the lung, colon and prostate.

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 NCI 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, such equity stake subject to dilution by further funding of Certainty’s activities by the Company. Due to such Company funding, Wistar’s equity stake in Certainty was 4.4% as of July 31, 2024.

Certainty, in collaboration with the H. Lee Moffitt Cancer Center and Research Institute, Inc. (“Moffitt”), has begun human clinical testing of the CAR-T technology licensed by Certainty from Wistar aimed initially at treating ovarian cancer. After receiving authorization from the FDA, we commenced enrollment of patients in a Phase 1 clinical trial and treated the first patient in August 2022. Further, in May 2023 and August 2023, we treated the second and third patients in the trial, respectively, at the same dose level as the first patient, and the treatment was well-tolerated by the patients. In February 2024, May 2024 and June 2024, we treated the three patients, respectively, of the second dose cohort, where the patients were administered a three-times higher dose of cells than the patients in the first cohort. The treatment appears to have been well-tolerated by the patients. While the dose levels in the first two cohorts were expected to be sub-therapeutic, two of the six patients treated to date are exhibiting some anecdotal signs of efficacy. Both have shown signs of tumor necrosis, and one is more than 16 months past initial treatment. In the case of this patient, due to the encouraging results with her initial treatment, we sought single patient IND permission from the FDA to re-dose her. This re-dosing has been approved by the FDA, and we anticipate administering her second treatment in the coming weeks.

This study is a dose-escalation trial with two arms based on route of delivery—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 up to 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 the maximum tolerated dose is reached, the rate of patient enrollment, the significance of efficacy data and how long we maintain the two different delivery methods.

Over the next several quarters, we expect the development of our vaccines and therapeutics to be the primary focus of the Company. As part of our legacy operations, the Company remains engaged in limited patent licensing activities of its various patent portfolios. 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 vaccine or therapeutics programs. In addition, while we pursue our vaccine and therapeutics 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 vaccine or therapy programs in the near term. We hope 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 vaccines or therapeutics. 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 September 6, 2024, 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. The Company has approximately $20,745,000 of cash, cash equivalents, and short-term investments at July 31, 2024 compared to approximately $23,844,000 at October 31, 2023 which is a reduction of approximately $3,099,000 during the nine months ended July 31, 2024. Therefore, the Company believes that it has sufficient cash, cash equivalents, and short-term investments to operate its business, as currently contemplated, for significantly longer than 12 months from the date of this Report. We have implemented a business model that conserves funds by collaborating with third parties to develop our technologies. During the nine months ended July 31, 2024, we raised approximately $2,984,000, net of expenses, through an at-the-market equity offering of 785,290 shares of common stock, under which offering we may issue up to $100 million of common stock. Under our at-the-market equity program, which is currently effective and may remain available for us to use in the future, as of July 31, 2024, we may sell an additional approximately $97 million of common stock.

2. SIGNIFICANT ACCOUNTING POLICIES

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 fiscal year ended October 31, 2023. The accompanying October 31, 2023 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 July 31, 2024, and results of operations and cash flows for the interim periods represented. The results of operations for the three and nine months ended July 31, 2024 are not necessarily indicative of the results to be expected for the 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 nine months ended July 31, 2024 (in thousands):

Balance, October 31, 2023	$	(966	)
Net loss attributable to noncontrolling interest		(114	)
Balance, July 31, 2024	$	(1,080	)

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 consist primarily of employee compensation, payments to third parties for research and development activities and other direct costs associated with developing our therapeutics and vaccines. We recognize research and development expenses as incurred. Advance payments for future research and development activities are deferred and expensed as the services are performed. We recognize our preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions, clinical research organizations (“CROs”), clinical manufacturing organizations (“CMOs”), and other parties that conduct and manage various stages of research and development activities on our behalf. Fees for such services are recognized based on management’s estimates after considering the activities and tasks completed by each service provider in a given period, the time period over which services are expected to be performed, and the level of effort expended in each reporting period.

Investment Policy

The Company’s investment policy is to acquire U.S. government debt securities with fixed maturities and contractual cash flows that the Company has the positive intent and ability to hold to maturity. These securities are recorded at amortized cost, net of any applicable discount which is amortized to interest income, and are accounted for as held-to-maturity securities.

3. 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

We account for stock options granted to employees, directors and others using the accounting guidance in ASC 718, Stock Compensation (“ASC 718”). We estimate the fair value of service-based stock options on the date of grant, using the Black-Scholes pricing model, and recognize compensation expense over the requisite service period of the grant. We recorded stock-based compensation expense related to service-based stock options granted to employees and directors of approximately $1,094,000 and $1,153,000 during the three months ended July 31, 2024 and 2023, respectively, and approximately $3,440,000 and $3,265,000 during the nine months ended July 31, 2024 and 2023, 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 $23,000 and $47,000 during the three months ended July 31, 2024 and 2023, respectively, and approximately $101,000 and $175,000 during the nine months ended July 31, 2024 and 2023, respectively.

Stock Option Plans

During the three and nine months ended July 31, 2024, 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 July 31, 2024 and 2023, we did not grant any options to purchase shares of common stock, and during the nine months ended July 31, 2024 and 2023, we granted options to purchase 1,350,000 shares and 1,505,000 shares of common stock, respectively, to employees, directors and consultants, with exercise prices ranging from $3.17 to $4.39 per share, pursuant to the 2018 Share Plan. During the three months ended July 31, 2024, stock options to purchase 80,000 shares of common stock were exercised on a cash basis, with aggregate proceeds of approximately $194,000. During the three months ended July 31, 2023, stock options to purchase 160,000 shares of common stock, of which 115,417 shares were withheld, were exercised on a cashless basis and stock options to purchase 10,446 shares of common stock were exercised on a cash basis, with aggregate proceeds of approximately $3,000. During the nine months ended July 31, 2024, stock options to purchase 123,999 shares of common stock were exercised on a cash basis, with aggregate proceeds of approximately $318,000. During the nine months ended July 31, 2023, stock options to purchase 161,111 shares of common stock, of which 116,225 shares were withheld, were exercised on a cashless basis and stock options to purchase 39,525 shares of common stock were exercised on a cash basis, with aggregate proceeds of approximately $81,000.

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 nine months ended Jul 31, 2024 is as follows:

SCHEDULE OF OPTION ACTIVITY

	Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Options outstanding at October 31, 2023		1,189,000		$	2.94
Granted		1,350,000		$	4.38
Exercised		(63,000	)	$	2.40
Expirations		(313,907	)	$	4.21
Options outstanding and exercisable at July 31, 2024		1,126,000		$	2.97	$	822

The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2024:

Range of Exercise Prices		Number Outstanding and Exercisable		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price
$	0.67 - $2.27		316,000		3.0	$	1.11
$	2.58 - $3.13		301,000		1.5	$	2.91
$	3.46 - $5.30		509,000		3.1	$	4.17

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 July 31, 2024, the 2018 Share Plan had 938,907 shares available for future grants. Information regarding the 2018 Share Plan for the nine months ended July 31, 2024 is as follows:

SCHEDULE OF OPTION ACTIVITY

	Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Options outstanding at October 31, 2023		10,241,000		$	3.67
Granted		1,350,000		$	4.38
Exercised		(60,999	)	$	2.73
Expirations		(313,907	)	$	4.21
Options outstanding at July 31, 2024		11,216,094		$	3.74	$	1,513
Options exercisable at July 31, 2024		7,695,385		$	3.55	$	1,381

The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2024:

		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		5,353,879		5.7	$	3.24		5,028,261		5.5	$	3.26
$	3.96 - $5.30		5,862,215		7.7	$	4.20		2,667,124		7.1	$	4.09

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 ESPP was adopted by our Board of Directors on August 13, 2018 and approved by our shareholders on September 27, 2018. During the three and nine months ended July 31, 2024 and 2023, employees purchased 2,616 and 1,903 shares, respectively, with aggregate proceeds of approximately $7,000 and $6,000, respectively.

Warrants

As of July 31, 2024, we 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.

Information regarding the Company’s warrants for the nine months ended July 31, 2024 is as follows:

SCHEDULE OF WARRANTS ACTIVITY

	Shares		Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value
Warrants outstanding at October 31, 2023		300,000	$	6.56
Warrants outstanding and exercisable at July 31, 2024		300,000	$	6.56	$	0

The following table summarizes information about the Company’s outstanding and exercisable warrants as of July 31, 2024:

SCHEDULE OF OUTSTANDING AND EXERCISABLE

Range of Exercise Prices				Number Outstanding and Exercisable				Weighted Average Remaining Contractual Life (in years)				Weighted Average Exercise Price
$	6.56				300,000				1.6			$	6.56

Stock Awards

During the three months ended July 31, 2024 and 2023, we issued 60,000 shares and 4,076 shares of common stock, respectively, to consultants providing investor relations services and recorded expense of approximately $62,000 and $17,000, respectively. During the nine months ended July 31, 2024 and 2023, we issued 89,336 shares and 17,554 shares of common stock, respectively, to consultants providing investor relations services and recorded expense of approximately $158,000 and $67,000, respectively. As of July 31, 2024 and 2023, approximately $97,000 and $0, respectively, was recorded as a prepaid expense.

4. 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 instruments 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 instruments 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 instruments 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 instrument.

The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of July 31, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Money market funds:
Cash equivalents	$	1,090	$	-	$	-	$	1,090
U.S. treasury bills
Short-term investments		-		19,520		-		19,520
Total financial assets	$	1,090	$	19,520	$	-	$	20,610

The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2023 (in thousands):

	Level 1		Level 2		Level 3		Total
Money market funds:
Cash equivalents	$	778	$	-	$	-	$	778
Certificates of deposit:
Short term investments		-		720		-		720
U.S. treasury bills:
Short-term investments		-		22,209		-		22,209
Total financial assets	$	778	$	22,929	$	-	$	23,707

Our non-financial assets that are measured on a non-recurring basis are property and equipment and other assets which are measured using fair value techniques whenever events or changes in circumstances indicate a condition of impairment exists. The estimated fair value of prepaid expenses and other current assets, accounts payable and accrued expenses approximates their individual carrying amounts due to the short-term nature of these measurements. Cash equivalents are stated at carrying value which approximates fair value.

5. ACCRUED EXPENSES

Accrued expenses consist of the following as of:

SCHEDULE OF ACCRUED EXPENSES

	July 31,		October 31,
	2024		2023
	(in thousands)
Payroll and related expenses	$	900	$	1,114
Accrued royalty and contingent legal fees		626		626
Accrued other		152		30
Accrued expenses	$	1,678	$	1,770

6. 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 nine months ended July 31, 2024 and 2023, were stock options to purchase 12,342,094 and 11,473,236 shares, respectively, and warrants to purchase 300,000 and 300,000 shares, respectively.

7. EFFECT OF RECENTLY ADOPTED AND ISSUED PRONOUNCEMENTS

In October 2021, the FASB issued Accounting Standards Update 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. The adoption of this standard did not have a material impact on our consolidated financial statements and related disclosures.

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to provide more disaggregated expense information about a public entity’s reportable segments. The amendments in this update should be applied retrospectively and are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. We began a detailed assessment of the impact that this guidance will have on our consolidated financial statements and related disclosures, and our analysis is currently ongoing.

In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to require disaggregated information about a reporting entity’s effect tax rate reconciliation as well as information on income taxes paid. The amendments in this update should be applied prospectively, with an option to apply them retrospectively, and are effective for fiscal years beginning after December 15, 2024 for public entities. We began a detailed assessment of the impact that this guidance will have on our consolidated financial statements and related disclosures, and our analysis is currently ongoing.

8. 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, the effects of which have not been determined by the Company. We have no unrecognized income tax benefits as of July 31, 2024 and October 31, 2023 and we account for interest and penalties related to income tax matters, if any, in general and administrative expenses.

9. 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, as amended, will expire on September 30, 2027, 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 lease, as amended, resulted in a right-of-use asset and lease liability of approximately $250,000 with a discount rate of 12%. Rent expense was approximately $16,000 and $17,000, respectively, for the three months ended July 31, 2024 and 2023, and approximately $49,000 and $50,000, respectively, for the nine months ended July 31, 2024 and 2023.

For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The remaining 62-month lease term as of July 31, 2024 for the Company’s lease includes the noncancelable period of the lease and the additional two-year option period that the Company is reasonably certain to exercise. All right-of-use assets are reviewed for impairment when indications of impairment are present.

As of July 31, 2024, the annual minimum future lease payments of our operating lease liabilities were as follows (in thousands):

SCHEDULE OF MINIMUM LEASE PAYMENTS

For Years Ended October 31,	Operating Leases
2024 (remaining)	$	11
2025		56
2026		63
2027		65
2028		66
2029		63
Total future minimum lease payments, undiscounted		324
Less: Imputed interest		(87	)
Present value of future minimum lease payments	$	237

10. 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.

License Commitments

As of July 31, 2024, our commitments under certain technology license agreements related to our therapeutic and vaccine development programs for the next twelve months, were approximately $150,000.

Research & Development Agreements

We have entered into certain research and development agreements with various third-party vendors related to the manufacturing and stability testing of the materials necessary for the development of our breast cancer vaccine and our CAR-T therapeutic, as well as basic research related to our new cancer vaccine discovery program. As of July 31, 2024, future payments the Company may make under these agreements, dependent upon, among other things, development of analytical methods, formulation feasibility studies, stability testing, and results of manufacturing processes, may be approximately $4.3 million and such payments may be made over up to a five-year period.

11. 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 three reportable segments, each with different operating and potential revenue generating characteristics: (i) CAR-T Therapeutics, (ii) Cancer Vaccines and (iii) Other. The following represents selected financial information for our segments for the three and nine months ended July 31, 2024 and 2023 and as of July 31, 2024 and October 31, 2023, in thousands:

SCHEDULE OF SEGMENT INFORMATION


	For the Three Months Ended July 31,						For the Nine Months Ended July 31,
	2024			2023			2024			2023
Net loss:
CAR-T Therapeutics	$	(1,145	)	$	(1,091	)	$	(4,115	)	$	(2,999	)
Cancer Vaccines		(2,160	)		(1,390	)		(5,628	)		(3,261	)
Other		(10	)		(67	)		(42	)		(949	)
Total	$	(3,315	)	$	(2,548	)	$	(9,785	)	$	(7,209	)
Net income/(loss)	$	(3,315	)	$	(2,548	)	$	(9,785	)	$	(7,209	)

Total operating costs and expenses	$	3,592		$	2,844		$	10,668		$	8,170
Less non-cash stock-based compensation		(1,179	)		(1,217	)		(3,699	)		(3,507	)
Operating costs and expenses excluding non-cash stock-based compensation	$	2,413		$	1,627		$	6,969		$	4,663
Operating costs and expenses excluding non-cash stock-based compensation:
CAR-T Therapeutics	$	789		$	713		$	2,943		$	1,930
Cancer Vaccines		1,614			855			3,988			1,966
Other		10			59			38			767
Total	$	2,413		$	1,627		$	6,969		$	4,663
Operating costs and expenses excluding non-cash stock-based compensation	$	2,413		$	1,627		$	6,969		$	4,663

	July 31, 2024		October 31, 2023
Total assets:
CAR-T Therapeutics	$	7,493	$	7,523
Cancer Vaccines		15,290		17,215
Other		125		784
Total	$	22,908	$	25,522
Total assets	$	22,908	$	25,522

Operating costs and expenses excluding non-cash stock-based compensation is the measurement the chief operating decision-maker uses in managing the enterprise.

The Company’s consolidated revenue of $210,000 and inventor royalties, contingent legal fees, litigation and licensing expense of $161,000 for the nine months ended July 31, 2023 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, 2023. 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 July 31, 2024 compared with three months ended July 31, 2023

Revenue

We had no revenue during the three months ended July 31, 2024 and 2023.

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 three months ended July 31, 2024 and 2023.

Research and Development Expenses

Research and development expenses are related to the development of our cancer therapeutics and vaccine programs and the expenses incurred in the three months ended July 31, 2024 consisted of approximately $666,000 and $1,259,000 for CAR-T therapeutics and cancer vaccines, respectively.

Research and development expenses increased by approximately $837,000 to approximately $1,925,000 in the three months ended July 31, 2024, from approximately $1,088,000 in the three months ended July 31, 2023. The increase in research and development expenses was primarily due to an increase in outside research and development expenses related to our breast cancer vaccine program of approximately $694,000 and an increase in outside research and development expenses related to our CAR-T therapeutics program of approximately $235,000, offset by a decrease in outside research and development expenses related to our ovarian cancer vaccine program of approximately $99,000.

General and Administrative Expenses

General and administrative expenses decreased by approximately $89,000 to approximately $1,667,000 in the three months ended July 31, 2024, from approximately $1,756,000 in the three months ended July 31, 2023. The decrease in general and administrative expenses was primarily due to a decrease in director stock option compensation expense of approximately $97,000 and a decrease in director fees of approximately $53,000, offset by an increase in employee stock option compensation expense of approximately $60,000.

Interest Income

Interest income decreased by approximately $19,000 to approximately $277,000 in the three months ended July 31, 2024, from approximately $296,000 in the three months ended July 31, 2023, due to the decreased average dollar amount held in short-term investments, offset by increased interest rates.

Net Loss Attributable to Noncontrolling Interest

The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, increased by approximately $1,000 to approximately $38,000 in the three months ended July 31, 2024, from approximately $37,000 in the three months ended July 31, 2023, as Certainty’s net loss increased.

Nine months ended July 31, 2024 compared with nine months ended July 31, 2023

Revenue

We had no revenue during the nine months ended July 31, 2024. For the nine months ended July 31, 2023, we recorded revenue of approximately $210,000 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.

Inventor Royalties, Contingent Legal Fees, Litigation and Licensing Expenses

We had no inventor royalties, contingent legal fees, litigation and licensing expenses during the nine months ended July 31, 2024. Inventor royalties, contingent legal fees, litigation and licensing expenses for the nine months ended July 31, 2023 were approximately $161,000. 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 the expenses incurred in the nine months ended July 31, 2024 consisted of approximately $2,093,000 and $2,827,000 for CAR-T therapeutics and cancer vaccines, respectively.

Research and development expenses increased by approximately $1,766,000 to approximately $4,920,000 in the nine months ended July 31, 2024, from approximately $3,154,000 in the nine months ended July 31, 2023. The increase in research and development expenses was primarily due to an increase in outside research and development expenses related to our breast cancer vaccine program of approximately $1,088,000, an increase in outside research and development expenses related to our CAR-T therapeutics program of approximately $642,000, an increase in employee compensation and related costs, other than stock option compensation expense, of approximately $120,000, an increase in consulting fees of approximately $72,000, an increase in employee stock option compensation of approximately $57,000, and an increase in outside research and development expenses related to our new cancer vaccine discovery program of approximately $56,000, offset by a decrease in outside research and development expenses related to our ovarian cancer vaccine program of approximately $195,000 and a decrease in consultant stock option expense of approximately $103,000.

General and Administrative Expenses

General and administrative expenses increased by approximately $893,000 to approximately $5,748,000 in the nine months ended July 31, 2024, from approximately $4,855,000 in the nine months ended July 31, 2023. The increase in general and administrative expenses was primarily due to an increase in investor and public relations expense of approximately $611,000, an increase in employee stock option compensation expense of approximately $128,000, an increase in consulting fees of approximately $48,000, and increase in legal fees of approximately $34,000, an increase in consultant stock option expense of approximately $29,000, and an increase in patent-related expenses of approximately $26,000.

Interest Income

Interest income increased by approximately $132,000 to approximately $883,000 in the nine months ended July 31, 2024, from approximately $751,000 in the nine months ended July 31, 2023, due to increased interest rates and the increased average dollar amount held in short-term investments.

Net Loss Attributable to Noncontrolling Interest

The net loss attributable to noncontrolling interest, representing Wistar’s ownership interest in Certainty’s net loss, increased by approximately $26,000 to approximately $114,000 in the nine months ended July 31, 2024, from approximately $88,000 in the nine months ended July 31, 2023, as Certainty’s net loss increased.

LIQUIDITY AND CAPITAL RESOURCES

Our primary sources of liquidity are cash, cash equivalents and short-term investments.

During the nine months ended July 31, 2024, cash used in operating activities was approximately $6,408,000. Cash provided by investing activities was approximately $3,409,000, resulting from the maturities of short-term investments of approximately $50,716,000, offset by purchases of short-term investments totaling approximately $47,307,000. Cash provided by financing activities was approximately $3,309,000, resulting from the sale of 785,290 shares of common stock in an at-the-market equity offering of approximately $2,984,000, net of expenses, proceeds from stock option exercises of approximately $318,000, and proceeds from the sale of common stock pursuant to an employee stock purchase plan of approximately $7,000. As a result, our cash, cash equivalents, and short-term investments at July 31, 2024 decreased approximately $3,099,000 to approximately $20,745,000 from approximately $23,844,000 at the end of fiscal year 2023.

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, 2023, the following accounting policies require our most difficult, subjective or complex judgments:

	●	Revenue Recognition,
	●	Stock-Based Compensation, and
	●	Research and Development Expenses.

Revenue Recognition

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.

Research and Development Expenses

We recognize research and development expenses as incurred. Advance payments for future research and development activities are deferred and expensed as the services are performed. We recognize our preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions, clinical research organizations (“CROs”), clinical manufacturing organizations (“CMOs”), and other parties that conduct and manage various stages of research and development activities on our behalf. Fees for such services are recognized based on management’s estimates after considering the activities and tasks completed by each service provider in a given period, the time period over which services are expected to be performed, and the level of effort expended in each reporting period.

At each balance sheet date, management estimates prepaid and accrued research and development costs by discussing progress or stage of completion of activities with internal personnel and external service providers, and comparing this information to payments made, invoices received, and the agreed-upon contractual fee to be paid for such services in the applicable contract or statements of work.

In addition, we allocate certain internal compensation costs to research and development expenses based on management’s estimates of each employee’s time and effort expended.

EFFECT OF RECENTLY ISSUED PRONOUNCEMENTS

We discuss the effect of recently issued pronouncements in Note 7 of the condensed consolidated financial statements, included elsewhere in this Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk. Not applicable.

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 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 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 three months ended July 31, 2024, 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.

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, 2023.

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

During the nine months ended July 31, 2024, the Company issued an aggregate of 89,336 shares of our common stock to companies in payment of investor relations services. The common stock was issued in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act as they were issued to recipients, without a view to distribution, and were not issued through any general solicitation or advertisement.

Item 3. Defaults Upon Senior Securities. None.

Item 4. Mine Safety Disclosures. Not Applicable.

Item 5. Other Information.

As of July 31, 2024, there were no Rule 10b5-1 plans in place for any of our directors or officers.

Item 6. Exhibits.

31.1		Certification of Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated September 6, 2024.
31.2		Certification of Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, dated September 6, 2024.
32.1		Statement of Chief Executive Officer, pursuant to Section 1350 of Title 18 of the United States Code, dated September 6, 2024.
32.2		Statement of Chief Financial Officer, pursuant to Section 1350 of Title 18 of the United States Code, dated September 6, 2024.
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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
September 6, 2024		(Principal Executive Officer)

	By:	/s/ Michael J. Catelani
		Michael J. Catelani
		President, Chief Operating Officer and Chief Financial Officer
September 6, 2024		(Principal Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION

I, Dr. Amit Kumar, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Anixa Biosciences, Inc.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	By:	/s/ Dr. Amit Kumar
		Dr. Amit Kumar
		Chairman and Chief Executive Officer
September 6, 2024		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION

I, Michael J. Catelani, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Anixa Biosciences, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	By:	/s/ Michael J. Catelani
		Michael J. Catelani
		President, Chief Operating Officer and Chief Financial Officer
September 6, 2024		(Principal Financial and Accounting Officer)

Exhibit 32.1

Statement of Chief Executive Officer

Pursuant to Section 1350 of Title 18 of the United States Code

Pursuant to Section 1350 of Title 18 of the United States Code, the undersigned, Dr. Amit Kumar, the Chairman and Chief Executive Officer of Anixa Biosciences, Inc., hereby certifies that:

	1.	The Company’s Form 10-Q Quarterly Report for the period ended July 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ Dr. Amit Kumar
		Dr. Amit Kumar
		Chairman and Chief Executive Officer
September 6, 2024		(Principal Executive Officer)

Exhibit 32.2

Statement of Chief Financial Officer

Pursuant to Section 1350 of Title 18 of the United States Code

Pursuant to Section 1350 of Title 18 of the United States Code, the undersigned, Michael J. Catelani, the President, Chief Operating Officer and Chief Financial Officer of Anixa Biosciences, Inc., hereby certifies that:

	1.	The Company’s Form 10-Q Quarterly Report for the period ended July 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	By:	/s/ Michael J. Catelani
		Michael J. Catelani
		President, Chief Operating Officer and Chief Financial Officer
September 6, 2024		(Principal Financial and Accounting Officer)

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Jul. 31, 2024	Sep. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--10-31
Entity File Number	001-37492
Entity Registrant Name	ANIXA BIOSCIENCES, INC.
Entity Central Index Key	0000715446
Entity Tax Identification Number	11-2622630
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3150 Almaden Expressway
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95118
City Area Code	(408)
Local Phone Number	708-9808
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	ANIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,179,492
Entity Listing, Par Value Per Share	$ 0.01

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,225	$ 915
Short-term investments	19,520	22,929
Receivables	410	270
Prepaid expenses and other current assets	1,515	1,242
Total current assets	22,670	25,356
Operating lease right-of-use asset	238	166
Total assets	22,908	25,522
Current liabilities:
Accounts payable	302	206
Accrued expenses	1,678	1,770
Operating lease liability	24	52
Total current liabilities	2,004	2,028
Operating lease liability, non-current	213	123
Total liabilities	2,217	2,151
Commitments and contingencies (Note 10)
Equity:
Preferred stock, value
Common stock, par value $.01 per share; 100,000,000 shares authorized; 32,146,460 and 31,145,219 shares issued and outstanding as of July 31, 2024 and October 31, 2023, respectively	321	311
Additional paid-in capital	259,317	252,222
Accumulated deficit	(237,867)	(228,196)
Total shareholders’ equity	21,771	24,337
Noncontrolling interest (Note 2)	(1,080)	(966)
Total equity	20,691	23,371
Total liabilities and equity	22,908	25,522
Series A Convertible Preferred Stock [Member]
Equity:
Preferred stock, value

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 31, 2024	Oct. 31, 2023
Preferred stock, par value	$ 100	$ 100
Preferred stock, shares authorized	19,860	19,860
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,146,460	31,145,219
Common stock, shares outstanding	32,146,460	31,145,219
Series A Convertible Preferred Stock [Member]
Preferred stock, par value	$ 100	$ 100
Preferred stock, shares authorized	140	140
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Income Statement [Abstract]
Revenue				$ 210
Operating costs and expenses:
Inventor royalties, contingent legal fees, litigation and licensing expenses				161
Research and development expenses (including non-cash stock-based compensation expenses of $462, $520, $1,471 and $1,517, respectively)	1,925	1,088	4,920	3,154
General and administrative expenses (including non-cash stock-based compensation expenses of $717, $697, $2,228 and $1,990, respectively)	1,667	1,756	5,748	4,855
Total operating costs and expenses	3,592	2,844	10,668	8,170
Loss from operations	(3,592)	(2,844)	(10,668)	(7,960)
Interest income	277	296	883	751
Net loss	(3,315)	(2,548)	(9,785)	(7,209)
Less: Net loss attributable to noncontrolling interest	(38)	(37)	(114)	(88)
Net loss attributable to common shareholders	$ (3,277)	$ (2,511)	$ (9,671)	$ (7,121)
Net loss per common share attributable to common shareholders:
Basic	$ (0.10)	$ (0.08)	$ (0.30)	$ (0.23)
Diluted	$ (0.10)	$ (0.08)	$ (0.30)	$ (0.23)
Weighted average common shares outstanding:
Basic	32,054	30,974	31,804	30,941
Diluted	32,054	30,974	31,804	30,941

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Research and Development Expense [Member]
Non-cash stock-based compensation expenses	$ 462	$ 520	$ 1,471	$ 1,517
General and Administrative Expense [Member]
Non-cash stock-based compensation expenses	$ 717	$ 697	$ 2,228	$ 1,990

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance at Oct. 31, 2022	$ 28,200	$ 309	$ 247,123	$ (218,385)	$ 29,047	$ (847)
Balance, shares at Oct. 31, 2022		30,913,902
Stock option compensation to employees and directors	3,265		3,265		3,265
Stock options issued to consultants	175		175		175
Common stock issued upon exercise of stock options	81	$ 1	80		81
Common stock issued upon exercise of stock options, shares		84,411
Common stock issued to consultants	67		67		67
Common stock issued to consultants, shares		17,554
Common stock issued pursuant to an employee stock purchase plan	6		6		6
Common stock issued pursuant to an employee stock purchase plan		1,903
Net loss	(7,209)			(7,121)	(7,121)	(88)
Balance at Jul. 31, 2023	24,585	$ 310	250,716	(225,506)	25,520	(935)
Balance, shares at Jul. 31, 2023		31,017,770
Balance at Apr. 30, 2023	25,913	$ 310	249,496	(222,995)	26,811	(898)
Balance, shares at Apr. 30, 2023		30,958,665
Stock option compensation to employees and directors	1,153		1,153		1,153
Stock options issued to consultants	47		47		47
Common stock issued upon exercise of stock options	3		3		3
Common stock issued upon exercise of stock options, shares		55,029
Common stock issued to consultants	17		17		17
Common stock issued to consultants, shares		4,076
Net loss	(2,548)			(2,511)	(2,511)	(37)
Balance at Jul. 31, 2023	24,585	$ 310	250,716	(225,506)	25,520	(935)
Balance, shares at Jul. 31, 2023		31,017,770
Balance at Oct. 31, 2023	23,371	$ 311	252,222	(228,196)	24,337	(966)
Balance, shares at Oct. 31, 2023		31,145,219
Stock option compensation to employees and directors	3,440		3,440		3,440
Stock options issued to consultants	101		101		101
Common stock issued in an at-the-market offering, net of offering expenses of $139	2,984	$ 8	2,976		2,984
Common stock issued in an at- the market offering, net of offering expenses of $139, shares		785,290
Common stock issued upon exercise of stock options	318	$ 1	317		318
Common stock issued upon exercise of stock options, shares		123,999
Common stock issued to consultants	255	$ 1	254		255
Common stock issued to consultants, shares		89,336
Common stock issued pursuant to an employee stock purchase plan	7		7		7
Common stock issued pursuant to an employee stock purchase plan		2,616
Net loss	(9,785)			(9,671)	(9,671)	(114)
Balance at Jul. 31, 2024	20,691	$ 321	259,317	(237,867)	21,771	(1,080)
Balance, shares at Jul. 31, 2024		32,146,460
Balance at Apr. 30, 2024	22,581	$ 320	257,893	(234,590)	23,623	(1,042)
Balance, shares at Apr. 30, 2024		32,006,460
Stock option compensation to employees and directors	1,094		1,094		1,094
Stock options issued to consultants	23		23		23
Offering expenses related to an at-the-market offering	(45)		(45)		(45)
Common stock issued upon exercise of stock options	194	$ 1	193		194
Common stock issued upon exercise of stock options, shares		80,000
Common stock issued to consultants	$ 159		159		159
Common stock issued to consultants, shares	60,000,000
Net loss	$ (3,315)			(3,277)	(3,277)	(38)
Balance at Jul. 31, 2024	$ 20,691	$ 321	$ 259,317	$ (237,867)	$ 21,771	$ (1,080)
Balance, shares at Jul. 31, 2024		32,146,460

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Jul. 31, 2024 USD ($)
Statement of Cash Flows [Abstract]
Offering expenses	$ 139

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Reconciliation of net loss to net cash used in operating activities:
Net loss	$ (9,785)	$ (7,209)
Stock option compensation to employees and directors	3,440	3,265
Stock options issued to consultants	101	175
Common stock issued to consultants	255	67
Amortization of operating lease right-of-use asset	28	34
Change in operating assets and liabilities:
Receivables	(140)	(288)
Prepaid expenses and other current assets	(273)	(65)
Accounts payable	96	(171)
Accrued expenses	(92)	(14)
Operating lease liability	(38)	(34)
Net cash used in operating activities	(6,408)	(4,240)
Cash flows from investing activities:
Disbursements to acquire short-term investments	(47,307)	(27,502)
Proceeds from maturities of short-term investments	50,716	22,493
Net cash provided by (used in) investing activities	3,409	(5,009)
Cash flows from financing activities:
Proceeds from sale of common stock in an at-the-market offering, net of offering expenses of $139	2,984
Proceeds from sale of common stock pursuant to an employee stock purchase plan	7	6
Proceeds from exercise of stock options	318	81
Net cash provided by financing activities	3,309	87
Net increase (decrease) in cash and cash equivalents	310	(9,162)
Cash and cash equivalents at beginning of period	915	12,360
Cash and cash equivalents at end of period	1,225	3,198
Supplemental disclosure of non-cash investing activity:
Operating lease right-of-use asset	(100)
Supplemental disclosure of non-cash financing activity:
Operating lease liability	$ 100

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Jul. 31, 2024 USD ($)
Statement of Cash Flows [Abstract]
Offering expenses	$ 139

BUSINESS AND FUNDING

9 Months Ended

Jul. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BUSINESS AND FUNDING

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 unless otherwise indicated.

Funding and Management’s Plans

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Jul. 31, 2024

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Noncontrolling Interest

Balance, October 31, 2023	$	(966	)
Net loss attributable to noncontrolling interest		(114	)
Balance, July 31, 2024	$	(1,080	)

Revenue Recognition

Cost of Revenues

Research and Development Expenses

Investment Policy

STOCK-BASED COMPENSATION

9 Months Ended

Jul. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

3. STOCK-BASED COMPENSATION

Stock Option Compensation Expense

Stock Option Plans

Stock Option Activity

2010 Share Plan

SCHEDULE OF OPTION ACTIVITY

	Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Options outstanding at October 31, 2023		1,189,000		$	2.94
Granted		1,350,000		$	4.38
Exercised		(63,000	)	$	2.40
Expirations		(313,907	)	$	4.21
Options outstanding and exercisable at July 31, 2024		1,126,000		$	2.97	$	822

The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2024:

Range of Exercise Prices		Number Outstanding and Exercisable		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price
$	0.67 - $2.27		316,000		3.0	$	1.11
$	2.58 - $3.13		301,000		1.5	$	2.91
$	3.46 - $5.30		509,000		3.1	$	4.17

2018 Share Plan

SCHEDULE OF OPTION ACTIVITY

	Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Options outstanding at October 31, 2023		10,241,000		$	3.67
Granted		1,350,000		$	4.38
Exercised		(60,999	)	$	2.73
Expirations		(313,907	)	$	4.21
Options outstanding at July 31, 2024		11,216,094		$	3.74	$	1,513
Options exercisable at July 31, 2024		7,695,385		$	3.55	$	1,381

The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2024:

		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		5,353,879		5.7	$	3.24		5,028,261		5.5	$	3.26
$	3.96 - $5.30		5,862,215		7.7	$	4.20		2,667,124		7.1	$	4.09

Employee Stock Purchase Plan

Warrants

As of July 31, 2024, we 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.

Information regarding the Company’s warrants for the nine months ended July 31, 2024 is as follows:

SCHEDULE OF WARRANTS ACTIVITY

	Shares		Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value
Warrants outstanding at October 31, 2023		300,000	$	6.56
Warrants outstanding and exercisable at July 31, 2024		300,000	$	6.56	$	0

The following table summarizes information about the Company’s outstanding and exercisable warrants as of July 31, 2024:

SCHEDULE OF OUTSTANDING AND EXERCISABLE

Range of Exercise Prices				Number Outstanding and Exercisable				Weighted Average Remaining Contractual Life (in years)				Weighted Average Exercise Price
$	6.56				300,000				1.6			$	6.56

Stock Awards

FAIR VALUE MEASUREMENTS

9 Months Ended

Jul. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

Financial assets and liabilities recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of July 31, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Money market funds:
Cash equivalents	$	1,090	$	-	$	-	$	1,090
U.S. treasury bills
Short-term investments		-		19,520		-		19,520
Total financial assets	$	1,090	$	19,520	$	-	$	20,610

The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2023 (in thousands):

	Level 1		Level 2		Level 3		Total
Money market funds:
Cash equivalents	$	778	$	-	$	-	$	778
Certificates of deposit:
Short term investments		-		720		-		720
U.S. treasury bills:
Short-term investments		-		22,209		-		22,209
Total financial assets	$	778	$	22,929	$	-	$	23,707

ACCRUED EXPENSES

9 Months Ended

Jul. 31, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES

5. ACCRUED EXPENSES

Accrued expenses consist of the following as of:

SCHEDULE OF ACCRUED EXPENSES

	July 31,		October 31,
	2024		2023
	(in thousands)
Payroll and related expenses	$	900	$	1,114
Accrued royalty and contingent legal fees		626		626
Accrued other		152		30
Accrued expenses	$	1,678	$	1,770

NET LOSS PER SHARE OF COMMON STOCK

9 Months Ended

Jul. 31, 2024

Net loss per common share attributable to common shareholders:

NET LOSS PER SHARE OF COMMON STOCK

6. NET LOSS PER SHARE OF COMMON STOCK

EFFECT OF RECENTLY ADOPTED AND ISSUED PRONOUNCEMENTS

9 Months Ended

Jul. 31, 2024

Effect Of Recently Adopted And Issued Pronouncements

EFFECT OF RECENTLY ADOPTED AND ISSUED PRONOUNCEMENTS

7. EFFECT OF RECENTLY ADOPTED AND ISSUED PRONOUNCEMENTS

INCOME TAXES

9 Months Ended

Jul. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

8. INCOME TAXES

LEASES

9 Months Ended

Jul. 31, 2024

Leases

LEASES

9. LEASES

As of July 31, 2024, the annual minimum future lease payments of our operating lease liabilities were as follows (in thousands):

SCHEDULE OF MINIMUM LEASE PAYMENTS

For Years Ended October 31,	Operating Leases
2024 (remaining)	$	11
2025		56
2026		63
2027		65
2028		66
2029		63
Total future minimum lease payments, undiscounted		324
Less: Imputed interest		(87	)
Present value of future minimum lease payments	$	237

COMMITMENTS AND CONTINGENCES

9 Months Ended

Jul. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCES

10. COMMITMENTS AND CONTINGENCES

Litigation Matters

License Commitments

As of July 31, 2024, our commitments under certain technology license agreements related to our therapeutic and vaccine development programs for the next twelve months, were approximately $150,000.

Research & Development Agreements

SEGMENT INFORMATION

9 Months Ended

Jul. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

11. SEGMENT INFORMATION

SCHEDULE OF SEGMENT INFORMATION


	For the Three Months Ended July 31,						For the Nine Months Ended July 31,
	2024			2023			2024			2023
Net loss:
CAR-T Therapeutics	$	(1,145	)	$	(1,091	)	$	(4,115	)	$	(2,999	)
Cancer Vaccines		(2,160	)		(1,390	)		(5,628	)		(3,261	)
Other		(10	)		(67	)		(42	)		(949	)
Total	$	(3,315	)	$	(2,548	)	$	(9,785	)	$	(7,209	)
Net income/(loss)	$	(3,315	)	$	(2,548	)	$	(9,785	)	$	(7,209	)

Total operating costs and expenses	$	3,592		$	2,844		$	10,668		$	8,170
Less non-cash stock-based compensation		(1,179	)		(1,217	)		(3,699	)		(3,507	)
Operating costs and expenses excluding non-cash stock-based compensation	$	2,413		$	1,627		$	6,969		$	4,663
Operating costs and expenses excluding non-cash stock-based compensation:
CAR-T Therapeutics	$	789		$	713		$	2,943		$	1,930
Cancer Vaccines		1,614			855			3,988			1,966
Other		10			59			38			767
Total	$	2,413		$	1,627		$	6,969		$	4,663
Operating costs and expenses excluding non-cash stock-based compensation	$	2,413		$	1,627		$	6,969		$	4,663

	July 31, 2024		October 31, 2023
Total assets:
CAR-T Therapeutics	$	7,493	$	7,523
Cancer Vaccines		15,290		17,215
Other		125		784
Total	$	22,908	$	25,522
Total assets	$	22,908	$	25,522

Operating costs and expenses excluding non-cash stock-based compensation is the measurement the chief operating decision-maker uses in managing the enterprise.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Jul. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Noncontrolling Interest

Balance, October 31, 2023	$	(966	)
Net loss attributable to noncontrolling interest		(114	)
Balance, July 31, 2024	$	(1,080	)

Revenue Recognition

Cost of Revenues

Research and Development Expenses

Investment Policy

SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Jul. 31, 2024

Accounting Policies [Abstract]

SCHEDULE OF CHANGES IN NONCONTROLLING INTEREST

Balance, October 31, 2023	$	(966	)
Net loss attributable to noncontrolling interest		(114	)
Balance, July 31, 2024	$	(1,080	)

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Jul. 31, 2024

Warrant [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

SCHEDULE OF WARRANTS ACTIVITY

Information regarding the Company’s warrants for the nine months ended July 31, 2024 is as follows:

SCHEDULE OF WARRANTS ACTIVITY

	Shares		Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value
Warrants outstanding at October 31, 2023		300,000	$	6.56
Warrants outstanding and exercisable at July 31, 2024		300,000	$	6.56	$	0

SCHEDULE OF OUTSTANDING AND EXERCISABLE

The following table summarizes information about the Company’s outstanding and exercisable warrants as of July 31, 2024:

SCHEDULE OF OUTSTANDING AND EXERCISABLE

Range of Exercise Prices				Number Outstanding and Exercisable				Weighted Average Remaining Contractual Life (in years)				Weighted Average Exercise Price
$	6.56				300,000				1.6			$	6.56

2010 Share Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

SCHEDULE OF OPTION ACTIVITY

	Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Options outstanding at October 31, 2023		1,189,000		$	2.94
Granted		1,350,000		$	4.38
Exercised		(63,000	)	$	2.40
Expirations		(313,907	)	$	4.21
Options outstanding and exercisable at July 31, 2024		1,126,000		$	2.97	$	822

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE

The following table summarizes information about stock options outstanding and exercisable under the 2010 Share Plan as of July 31, 2024:

Range of Exercise Prices		Number Outstanding and Exercisable		Weighted Average Remaining Contractual Life (in years)		Weighted Average Exercise Price
$	0.67 - $2.27		316,000		3.0	$	1.11
$	2.58 - $3.13		301,000		1.5	$	2.91
$	3.46 - $5.30		509,000		3.1	$	4.17

2018 Share Plan [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

SCHEDULE OF OPTION ACTIVITY

	Shares			Weighted Average Exercise Price Per Share		Aggregate Intrinsic Value (in thousands)
Options outstanding at October 31, 2023		10,241,000		$	3.67
Granted		1,350,000		$	4.38
Exercised		(60,999	)	$	2.73
Expirations		(313,907	)	$	4.21
Options outstanding at July 31, 2024		11,216,094		$	3.74	$	1,513
Options exercisable at July 31, 2024		7,695,385		$	3.55	$	1,381

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE

The following table summarizes information about stock options outstanding and exercisable under the 2018 Share Plan as of July 31, 2024:

		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		5,353,879		5.7	$	3.24		5,028,261		5.5	$	3.26
$	3.96 - $5.30		5,862,215		7.7	$	4.20		2,667,124		7.1	$	4.09

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Jul. 31, 2024

Fair Value Disclosures [Abstract]

SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of July 31, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Money market funds:
Cash equivalents	$	1,090	$	-	$	-	$	1,090
U.S. treasury bills
Short-term investments		-		19,520		-		19,520
Total financial assets	$	1,090	$	19,520	$	-	$	20,610

The following table presents the hierarchy for our financial assets measured at fair value on a recurring basis as of October 31, 2023 (in thousands):

	Level 1		Level 2		Level 3		Total
Money market funds:
Cash equivalents	$	778	$	-	$	-	$	778
Certificates of deposit:
Short term investments		-		720		-		720
U.S. treasury bills:
Short-term investments		-		22,209		-		22,209
Total financial assets	$	778	$	22,929	$	-	$	23,707

ACCRUED EXPENSES (Tables)

9 Months Ended

Jul. 31, 2024

Payables and Accruals [Abstract]

SCHEDULE OF ACCRUED EXPENSES

Accrued expenses consist of the following as of:

SCHEDULE OF ACCRUED EXPENSES

	July 31,		October 31,
	2024		2023
	(in thousands)
Payroll and related expenses	$	900	$	1,114
Accrued royalty and contingent legal fees		626		626
Accrued other		152		30
Accrued expenses	$	1,678	$	1,770

LEASES (Tables)

9 Months Ended

Jul. 31, 2024

Leases

SCHEDULE OF MINIMUM LEASE PAYMENTS

As of July 31, 2024, the annual minimum future lease payments of our operating lease liabilities were as follows (in thousands):

SCHEDULE OF MINIMUM LEASE PAYMENTS

For Years Ended October 31,	Operating Leases
2024 (remaining)	$	11
2025		56
2026		63
2027		65
2028		66
2029		63
Total future minimum lease payments, undiscounted		324
Less: Imputed interest		(87	)
Present value of future minimum lease payments	$	237

SEGMENT INFORMATION (Tables)

9 Months Ended

Jul. 31, 2024

Segment Reporting [Abstract]

SCHEDULE OF SEGMENT INFORMATION


	For the Three Months Ended July 31,						For the Nine Months Ended July 31,
	2024			2023			2024			2023
Net loss:
CAR-T Therapeutics	$	(1,145	)	$	(1,091	)	$	(4,115	)	$	(2,999	)
Cancer Vaccines		(2,160	)		(1,390	)		(5,628	)		(3,261	)
Other		(10	)		(67	)		(42	)		(949	)
Total	$	(3,315	)	$	(2,548	)	$	(9,785	)	$	(7,209	)
Net income/(loss)	$	(3,315	)	$	(2,548	)	$	(9,785	)	$	(7,209	)

Total operating costs and expenses	$	3,592		$	2,844		$	10,668		$	8,170
Less non-cash stock-based compensation		(1,179	)		(1,217	)		(3,699	)		(3,507	)
Operating costs and expenses excluding non-cash stock-based compensation	$	2,413		$	1,627		$	6,969		$	4,663
Operating costs and expenses excluding non-cash stock-based compensation:
CAR-T Therapeutics	$	789		$	713		$	2,943		$	1,930
Cancer Vaccines		1,614			855			3,988			1,966
Other		10			59			38			767
Total	$	2,413		$	1,627		$	6,969		$	4,663
Operating costs and expenses excluding non-cash stock-based compensation	$	2,413		$	1,627		$	6,969		$	4,663

	July 31, 2024		October 31, 2023
Total assets:
CAR-T Therapeutics	$	7,493	$	7,523
Cancer Vaccines		15,290		17,215
Other		125		784
Total	$	22,908	$	25,522
Total assets	$	22,908	$	25,522

BUSINESS AND FUNDING (Details Narrative) - USD ($)	9 Months Ended
BUSINESS AND FUNDING (Details Narrative) - USD ($)	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Cash equivalents and short term investments	$ 20,745,000		$ 23,844,000
Payments for proceeds from investments	3,099,000
Proceeds from sale of common stock in an at-the-market offering	2,984,000
Common Stock [Member]
Proceeds from sale of common stock in an at-the-market offering	$ 2,984,000
Shares issued, at-the-market offering	785,290
Value of additional shares available for sale	$ 97,000,000
Common Stock [Member] \| Maximum [Member]
Value of shares available for issuance	$ 100,000,000
The Wistar Institute [Member]
Percentage of common stock issued	5.00%
Equity stake percentage	4.40%

SCHEDULE OF CHANGES IN NONCONTROLLING INTEREST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Accounting Policies [Abstract]
Beginning balance			$ (966)
Net loss attributable to noncontrolling interest	$ (38)	$ (37)	(114)	$ (88)
Ending balance	$ (1,080)		$ (1,080)

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Jul. 31, 2024
Accounting Policies [Abstract]
Revenue recognition percentage	100.00%

SCHEDULE OF OPTION ACTIVITY (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Jul. 31, 2024 USD ($) $ / shares shares
2010 Share Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Options outstanding \| shares	1,189,000
Weighted Average Exercise Price Per Share, Option outstanding \| $ / shares	$ 2.94
Shares, Exercised \| shares	(63,000)
Weighted Average Exercise Price Per Share, Exercised \| $ / shares	$ 2.40
Shares, Options outstanding \| shares	1,126,000
Shares, Options, exercisable \| shares	1,126,000
Weighted Average Exercise Price Per Share, Option outstanding \| $ / shares	$ 2.97
Weighted Average Exercise Price Per Share, Option, exercisable \| $ / shares	$ 2.97
Aggregate intrinsic value, Option outstanding \| $	$ 822
Aggregate intrinsic value, Option, exercisable \| $	$ 822
2018 Share Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares, Options outstanding \| shares	10,241,000
Weighted Average Exercise Price Per Share, Option outstanding \| $ / shares	$ 3.67
Shares, Granted \| shares	1,350,000
Weighted Average Exercise Price Per Share, Granted \| $ / shares	$ 4.38
Shares, Exercised \| shares	(60,999)
Weighted Average Exercise Price Per Share, Exercised \| $ / shares	$ 2.73
Shares, Expirations \| shares	(313,907)
Weighted Average Exercise Price Per Share, Expirations \| $ / shares	$ 4.21
Shares, Options outstanding \| shares	11,216,094
Shares, Options, exercisable \| shares	7,695,385
Weighted Average Exercise Price Per Share, Option outstanding \| $ / shares	$ 3.74
Weighted Average Exercise Price Per Share, Option, exercisable \| $ / shares	$ 3.55
Aggregate intrinsic value, Option outstanding \| $	$ 1,513
Aggregate intrinsic value, Option, exercisable \| $	$ 1,381

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE (Details)	9 Months Ended
	Jul. 31, 2024 $ / shares shares
2010 Share Plan [Member] \| Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, Lower	$ 0.67
Range of Exercise Prices, Upper	$ 2.27
Number of Option Outstanding \| shares	316,000
Number of Options, Exercisable \| shares	316,000
Weighted Average Remaining Contractual Life	3 years
Weighted Average Exercise Price	$ 1.11
2010 Share Plan [Member] \| Range Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, Lower	2.58
Range of Exercise Prices, Upper	$ 3.13
Number of Option Outstanding \| shares	301,000
Number of Options, Exercisable \| shares	301,000
Weighted Average Remaining Contractual Life	1 year 6 months
Weighted Average Exercise Price	$ 2.91
2010 Share Plan [Member] \| Range Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, Lower	3.46
Range of Exercise Prices, Upper	$ 5.30
Number of Option Outstanding \| shares	509,000
Number of Options, Exercisable \| shares	509,000
Weighted Average Remaining Contractual Life	3 years 1 month 6 days
Weighted Average Exercise Price	$ 4.17
2018 Share Plan [Member] \| Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, Lower	2.09
Range of Exercise Prices, Upper	$ 3.87
Number of Option Outstanding \| shares	5,353,879
Number of Options, Exercisable \| shares	5,028,261
Weighted Average Remaining Contractual Life	5 years 8 months 12 days
Weighted Average Exercise Price	$ 3.24
Weighted Average Remaining Contractual Life	5 years 6 months
Weighted Average Exercise Price	$ 3.26
2018 Share Plan [Member] \| Range Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of Exercise Prices, Lower	3.96
Range of Exercise Prices, Upper	$ 5.30
Number of Option Outstanding \| shares	5,862,215
Number of Options, Exercisable \| shares	2,667,124
Weighted Average Remaining Contractual Life	7 years 8 months 12 days
Weighted Average Exercise Price	$ 4.20
Weighted Average Remaining Contractual Life	7 years 1 month 6 days
Weighted Average Exercise Price	$ 4.09

SCHEDULE OF WARRANTS ACTIVITY (Details) - Warrant [Member] $ / shares in Units, $ in Thousands	Jul. 31, 2024 USD ($) $ / shares shares
Shares, Warrants outstanding \| shares	300,000
Weighted Average Exercise Price Per Share, Warrants outstanding \| $ / shares	$ 6.56
Shares, Warrants outstanding \| shares	300,000
Shares, Warrants exercisable \| shares	300,000
Weighted Average Exercise Price Per Share, Warrants outstanding \| $ / shares	$ 6.56
Weighted Average Exercise Price Per Share, Warrants, exercisable \| $ / shares	$ 6.56
Aggregate intrinsic value, Warrants outstanding \| $	$ 0
Aggregate intrinsic value, Warrants exercisable \| $	$ 0

SCHEDULE OF OUTSTANDING AND EXERCISABLE (Details) - Warrant [Member] - $ / shares	9 Months Ended
	Jul. 31, 2024	Oct. 31, 2023
Range of Exercise Prices	$ 6.56
Number of Warrants Outstanding	300,000	300,000
Shares, Warrants exercisable	300,000
Weighted Average Remaining Contractual Life	1 year 7 months 6 days
Weighted Average Remaining Contractual Life	1 year 7 months 6 days
Weighted Average Exercise Price	$ 6.56	$ 6.56
Weighted Average Exercise Price Per Share, Warrants, exercisable	$ 6.56

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Proceeds from options exercised	$ 194,000	$ 3,000	$ 318,000	$ 81,000
Value of shares purchased			7,000	6,000
Number of shares issued services	60,000,000
Share based compensation epenses			$ 3,440,000	$ 3,265,000
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding	300,000		300,000
Warrant per share	$ 6.56		$ 6.56
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option to purchase common stock exercised	80,000	55,029	123,999	84,411
Proceeds from options exercised	$ 1,000		$ 1,000	$ 1,000
Shares purchased			2,616	1,903
Value of shares purchased
Number of shares issued services		4,076	89,336	17,554
Prepaid expense	$ 97,000	$ 0	$ 97,000	$ 0
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Option to purchase common stock exercised	80,000	10,446	123,999	39,525
Proceeds from options exercised	$ 194,000	$ 3,000	$ 318,000	$ 81,000
Option to purchase common stock exercised cashless basis		160,000		161,111
Option to purchase common stock withheld		115,417		116,225
2018 Share Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares options, granted			1,350,000
Option to purchase common stock exercised			60,999
Shares available for future grants	938,907		938,907
Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employee stock purchase percent			85.00%
Shares purchased			2,616	1,903
Value of shares purchased			$ 7,000	$ 6,000
Employees and Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,094,000	$ 1,153,000	3,440,000	3,265,000
Consultants [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 23,000	$ 47,000	$ 101,000	$ 175,000
Employees and Consultants [Member] \| 2018 Share Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares options, granted			1,350,000	1,505,000
Employees and Consultants [Member] \| 2018 Share Plan [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share exercise price	$ 3.17		$ 3.17
Employees and Consultants [Member] \| 2018 Share Plan [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share exercise price	$ 4.39		$ 4.39
Consultant [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares issued services	60,000	4,076	89,336	17,554
Share based compensation epenses	$ 62,000	$ 17,000	$ 158,000	$ 67,000

SCHEDULE OF FINANCIAL ASSETS MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 20,610	$ 23,707
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,090	778
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19,520	22,209
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		720
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	1,090	778
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,090	778
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments
Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	19,520	22,929
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	19,520	22,209
Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		720
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments
Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Payables and Accruals [Abstract]
Payroll and related expenses	$ 900	$ 1,114
Accrued royalty and contingent legal fees	626	626
Accrued other	152	30
Accrued expenses	$ 1,678	$ 1,770

NET LOSS PER SHARE OF COMMON STOCK (Details Narrative) - shares	9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	12,342,094	11,473,236
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares	300,000	300,000

INCOME TAXES (Details Narrative) - USD ($)	Jul. 31, 2024	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized income tax benefits	$ 0	$ 0

SCHEDULE OF MINIMUM LEASE PAYMENTS (Details) $ in Thousands	Jul. 31, 2024 USD ($)
Leases
2024 (remaining)	$ 11
2025	56
2026	63
2027	65
2028	66
2029	63
Total future minimum lease payments, undiscounted	324
Less: Imputed interest	(87)
Present value of future minimum lease payments	$ 237

LEASES (Details Narrative) - Almaden Expressway San Jose [Member]	3 Months Ended		9 Months Ended
	Jul. 31, 2024 USD ($) ft²	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) ft²	Jul. 31, 2023 USD ($)
Lease area \| ft²	2,000		2,000
Lease expiration date			Sep. 30, 2027
Lease extension			an option to extend the lease an additional two years
Base rent			$ 5,000
Annual rent increase percentage			3.00%
Right of use asset obtained in exchange for operating lease liability			$ 250,000
Discount rate	12.00%		12.00%
Rent expense	$ 16,000	$ 17,000	$ 49,000	$ 50,000
Remaining lease term	62 months		62 months

COMMITMENTS AND CONTINGENCES (Details Narrative)	9 Months Ended
COMMITMENTS AND CONTINGENCES (Details Narrative)	Jul. 31, 2024 USD ($)
Technology License Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
License commitment	$ 150,000
Research And Development Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payments for research and development	$ 4,300,000
Research and development payment period	5 years

SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Segment Reporting Information [Line Items]
Net income/(loss)	$ (3,315)	$ (2,548)	$ (9,785)	$ (7,209)
Total operating costs and expenses	3,592	2,844	10,668	8,170
Less non-cash stock-based compensation	(1,179)	(1,217)	(3,699)	(3,507)
Operating costs and expenses excluding non-cash stock-based compensation	2,413	1,627	6,969	4,663
Total assets	22,908		22,908		$ 25,522
CAR-T Therapeutics [Member]
Segment Reporting Information [Line Items]
Net income/(loss)	(1,145)	(1,091)	(4,115)	(2,999)
Operating costs and expenses excluding non-cash stock-based compensation	789	713	2,943	1,930
Total assets	7,493		7,493		7,523
Cancer Vaccines [Member]
Segment Reporting Information [Line Items]
Net income/(loss)	(2,160)	(1,390)	(5,628)	(3,261)
Operating costs and expenses excluding non-cash stock-based compensation	1,614	855	3,988	1,966
Total assets	15,290		15,290		17,215
Other [Member]
Segment Reporting Information [Line Items]
Net income/(loss)	(10)	(67)	(42)	(949)
Operating costs and expenses excluding non-cash stock-based compensation	10	$ 59	38	$ 767
Total assets	$ 125		$ 125		$ 784

SEGMENT INFORMATION (Details Narrative)	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details Narrative)	Jul. 31, 2024 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2024 USD ($) Segment	Jul. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			3
Revenue				$ 210,000
Royalties, legal fees, litigation and licensing expense				161,000
Other Segment [Member]
Segment Reporting Information [Line Items]
Revenue				210,000
Royalties, legal fees, litigation and licensing expense				$ 161,000