Company: ANIX
Filing Date: 2025-05-28
Form Type: 10-Q
Source: 0001641172-25-012701
Chunk: 20

Company: Anixa Biosciences Inc
Filing Date: 2025-05-28
Form: 10-Q
Item: Part I, Item 8
Chunk 20
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31, 2024. Except as required by applicable
law, including the securities laws of the United States, we undertake no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. You are cautioned not to unduly rely on such forward-looking statements
when evaluating the information presented in this Report.

GENERAL

We discuss the description of
our business in the Notes to our Condensed Consolidated Financial Statements.

RESULTS OF OPERATIONS

Three months ended April 30, 2025 compared with
three months ended April 30, 2024

Revenue

We had no revenue during the three-month
periods ended April 30, 2025 and 2024.

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 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 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.

Research and Development
Expenses

During the three months ended
April 30, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of
approximately $898,000 and $424,000, respectively. During the three months ended April 30, 2024 research and development expenses related
to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $848,000 and $798,000, respectively.

Research and development expenses
decreased by approximately $324,000 to approximately $1,322,000 in the three months ended April 30, 2025, from approximately $1,646,000
in the three months ended April 30, 2024. The decrease in research and development expenses was primarily due to a decrease in outside
research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately $204,000, a decrease in employee stock-based
compensation expense of approximately $105,000, and a decrease in employee compensation