Company: ANIX
Filing Date: 2025-09-10
Form Type: 10-Q
Source: 0001493152-25-013000
Chunk: 32

Company: Anixa Biosciences Inc
Filing Date: 2025-09-10
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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31, 2025 compared with nine months ended July 31, 2024

Revenue

We
had no revenue during the nine-month periods ended July 31, 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 nine months ended July 31, 2025, research and development expenses related to the development of our cancer vaccines and CAR-T therapeutics
consisted of approximately $2,489,000 and $1,440,000, respectively. During the nine months ended July 31, 2024 research and development
expenses related to the development of our cancer vaccines and CAR-T therapeutics consisted of approximately $2,827,000 and $2,093,000,
respectively.

18

Research
and development expenses decreased by approximately $991,000 to approximately $3,929,000 in the nine months ended July 31, 2025,
from approximately $4,920,000 in the nine months ended July 31, 2024. The decrease in research and development expenses was
primarily due to a decrease in outside research and development expenses related to our breast cancer vaccine of approximately
$524,000, a decrease in outside research and development expenses related to our ovarian cancer CAR-T therapeutic of approximately
$402,000, a
decrease in employee stock-based compensation expense of approximately $271,000, offset by an increase in outside research and
development expenses related to our new vaccine discovery program of approximately $113,000, and an increase in technology licensing
fees of approximately $56,000.

General
and Administrative Expenses

General
and administrative expenses decreased by approximately $852,000 to approximately $4,896,000 in the nine months ended July 31, 2025, from
approximately $5